Hey Ianpec i will start testing your system from monday to start with a fresh week.I have a few more questions till then:
Do you use fibs to set profit taking levels or stop loss ?
Do you use trailing stops (OR any other scaling method)?
What is the Risk : Reward ratio you use if you use (maybe at that high percent of win it doesn’t matter :rolleyes:) ?
Do you use chart pattern analysis or only basing the trade on the indicators which are set up?
Ex: I saw a system here on babypips forums,which has great results trading butterfly and ABCD patterns.
Looking forward to your updates for v3. The results that you have posted look very strong, but I’m still struggling to see something similar when I implement the strategy…I’ll have to go back and read through the different aspects of each indicator that are utilized and see if I’m missing something.
Hi All, I have been following this thread for the last few weeks and read every post here. Been trying to trade this on demo and having a lot of issues with consistency.
Jan, would you be willing to post the rules for version 2 here? as like (for example) 1. look for …2. Always…
my win rate is around 50-60% and i know yours is close to 95% , killing me to know where i’m going wrong here. thank you
I also look forward for a set of rules too,not necessary an EA but some rules,and then i`ll find some1 to make an ea from that.And also can you please respond to this too.Thanks much bro!
Hey Ianpec i will start testing your system from monday to start with a fresh week.I have a few more questions till then:
Do you use fibs to set profit taking levels or stop loss ?
Do you use trailing stops (OR any other scaling method)?
What is the Risk : Reward ratio you use if you use (maybe at that high percent of win it doesn’t matter ) ?
Do you use chart pattern analysis or only basing the trade on the indicators which are set up?
Ex: I saw a system here on babypips forums,which has great results trading butterfly and ABCD patterns.
Hey,
1.Yes i do use fibbs somethimes for profit taking especially on strong moves, it has to be move about 50 pip from its low or high to current low or high for me to use it but usually it depends on pairs on yen pairs its double of that. If move is very strong for example 8 consequentive bullish candles on m15 with 100 pip move i use 50 fibb target or 30 fibb target and then set BE SL.
I dont use fibbs for SL.
2.Nope.
3.I have written previously if you have strategy that has high percentage of winners it matters way less than to most other people that use systems based on 7-3 rule (7 winners 3 loosers). My usuall performance lately is 20 or 30 winners on 1 looser, but it matters a lot that you know what market is doing and if you have DD on certain position if it is safe to add on it or not. My usual lot size is 0.5-1 lot with 1:1000 leverage on 5000 eur deposit.
4.I dont believe much in chart patterns if we are speaking of head and shoulders and similar woodoo patterns:D But i strongly believe in Price action and always price action is on first place when making plan for trade never base it solely on indicators.
But as for Indicator signal Ichimoku Kijun signal is up to pair with Price action signal strenght and its always very important for consideration of trade entry.
I also look forward for a set of rules too,not necessary an EA but some rules,and then i`ll find some1 to make an ea from that.And also can you please respond to this too.Thanks much bro!
Sorry i know there is alot still to be said and written on entry especially Kijun related stuff, i will certainly post it soon, forgive me for my laziness over summer:D
Ex: I saw a system here on babypips forums,which has great results trading butterfly and ABCD patterns.
As for butterfly patterns those are good and work usually 8 of 10 times but they are quite rare and if you want high % returns over month i dont think its possible to achive over 30% return with them with similar RR ratio that i use at momment. Could be but with real experianced user of such patterns. I did use them before but its completly oposite of my personal trading style. It need decent preparation ahead and always calculating possible patterns ahead, not in my taste i like to be free trader, get as much entries as possible when i want to enter them. ABCD patterns or Eliot waves are something i dont use at all, its too much woodoo based trading, when i trade i need strong confirmation of CURRENT and latest PA move either rally or just retracement i dont really care too much what PA was doing 5 waves before unless it is all part of huge and strong move on higher tf and it is directly impacting entry position of trade.
No problem just take your time, but we will need some rules sooner or later,since there are too many free variables.I know it’s a hybrid system,it would not hurt if you could describe some rules to make it more mechanic,or atleast specify what key entries or exits to look for @ different type of volatility enviroments.We all thank you very much :60:
I think version 2 has a pretty good outline starting on page 12. Have you read through all of that? He talks about each indicator and also provides example charts.
Yep i read it all,but still leaves us with many variables like entry/exit points not specified only that bollinger bands pivot points and ichimoku kumo serve as support/resistance levels,but which is stronger than the other,how to detect a trend,a reversal,a breakout,fakeout.It gives illustrations but it’s not very clear to every situation,so for experienced traders its good since they know well the market but for newbies its not that clear.I`m doing demo for quite a while and tested many systems but didn’t found any which might be profitable in the long run,it works for 1 week,2,3 but not for years,so i would really need iron rules which to follow for years instead of speculation.
Okay here is update on how i trade news. By news i mean anything that has two (medium) stars of impact on economic callendar. I use this site for callendar: Economic Calendar - Investing.com
The most important part is that for entry to be valid after news release it has to be quick move of at least 20 pips. That is the minimum if its less just dont bother trading it.
For news trading always use M5 chart becouse only there required technical information can be read correctly.
Usually you wait for news release and enter 5-15 minutes after release depending how quick price stops.
For entry to be valid this required conditions have to be meet:
1.Price going outside Bollinger band. Bollinger band should be in contracted state (visually represented in non expanded “tunnel” state), this is not required but it is better if it is in such condition.
2.Move has to be quick on 1-3 M5 candles usually of at least 20 pips size. Bigger the move bigger the TP.
*Additionally it is preffered if Kijun is flat before you enter, this is the safest way of entering (kijun flattens on candle open or close usually) it is not required but if you want the safest entry thats the way to go. Usually what i do is enter ahead even when kijun is not flat and if it flattens durring my entry few minutes after i enter additional position. *
System is 95% reliable on news entries but BE AWARE!:
This only works on “casual” economic news but you have to STRONGLY AVOID CENTRAL BANKS such as FED, ECB or BOJ. When news releases or their meetings are released those moves can move way out of extremes and do damage to account. The only exception is FED meeting which is quite often spiky movement of up and down, it is recommended if you trade it do some research ahead what is planned to be spoken if its very strong important news comming from FED chairman rather avoid trading it.
Here are chart examples (right click and open image to see it in full resolution):
I managed to catch profit from the USDJPY also as shown on your chart using the pipdaq setup! I always find it interesting that different traders can profit from the same moves using totally different information and concepts of where the market may be going next!
So, did anyone trade the USD news even though it was “high” importance? It appears this strategy of using the Bollinger Bands held up nicely for it. Enter when it left the bands and TP set for the Kijun pulled in quite a few pips on EU.
Irvinfitness if you are refering to todays FOMC then yes i did wanted to. Then i made the most stupid decision i made for past few months for sure. In middle of news i went to grocery store missed all move. Predicted 40 pips fake spike on USD pairs due to BB contracted state which all happened on scenario , including all pairs and gold i could have made 200-300 pips in 10-30 minutes as i have planned it all ahead. I missed all by going into grocery store. Again by far the most stupid decision i have made in few months…for sure.
But it shows that system overall is profitable if you follow its rules, even only by trading news you can gain really heavy profits in single day. You can basically only trade this system on news and if you are satisfied with 300-500 pips a month that can be surely done, simply follow rules explained above on screenshots, and maybe i didnt mention but the best entry that you can get durring news is when BB is in contracted (tunnel) state, if you see such entry increase your lot size couse its a real money there to be made.
i got some pips too during the news event, and it would have been more if i would have been able to observe more pairs (which is quite impossible on my small laptop).
how do you manage that ? do you have several monitors ? or do you click through all of the charts like a maniac ?
Oh maybe i didnt mention but i use BB Alert indicator which was made for news trading especially. I wait for alert to pop up and then i check on chart and enter. Will post indicator later tomorrow.
