hello SJ!
Just want to ask if the Jonkie indicator you are refering to is the one on post 70?
@kbforex: i am referring to an incomplete updated version that has yet to be posted, but i can tell you that once its out you will be VERY happy with it
Great. You’re the best!! Looking for 250 pips this week. With 250 pips per week and proper money management you can easily be a millionaire in a year or two. Maybe even sooner.
@traderjosh: absolutely correct! if you do the manual backtest yourself and see what you could’ve made over the past couple weeks even, it’s a great sentiment
but remember its all up to you whether or not you have what it takes to manage your emotions, it’s not easy or everyone could do it!
Now I would suggest trading the 4 hour charts because I know they have the most profit potential, but that is if you don’t miss a candle, on the 1 hour charts AT THE MOST you could only reasonably trade 3/4 candles, and even that is still grueling (I know from experience), but I don’t know your situation and If you’d even want to be at your computer every 4 hours, so trade what you’re comfortable with anything will be profitable assuming you trade the system to the letter
I just close my eur/jpy buy because I realize another signal indicates sell. price move up in my broker before i do that, got a little extra food $ =)
Sidetrack, how do I use EA in MT4? I search online but still could not understand, I am lesser than a newbie when it comes to computer language stuffs.
How did you do that? Market is close.
Hi mario, eur/jpy is open at my broker, albeit at high spread. I just need to get rid the wrong trade =)
@SithJawa, I am from this tiny island call Singapore. I read that you are trading forex as a job, I am envy of that. How long have you been doing this?
Great thanks to you SithJawa for sharing you wonderful system. I’m trading this system since last Monday. I am newbie in forex. Although, I in red last week due to my incompetency. I strongly believe that I’ll be in green sooner of later.
Thanks Jonkie for you indicator, being using it and look forward for your new update version.
And thanks everyone for sharing…
One noob question. How you guys set your half TP in forex.com MT4? Currently if I buy a pairs. I’l place half a “sell limit” at 1x ATR(14) for half TP. Is that what you guys do? Or is there any other ways?
@seablue, I’m from this tiny island also… Lol. Btw, which broker you used? Thanks
Singapore has a higher economic freedom index than the USA, I think better than all other countries in the world.
Seablue, if you already closed your trades, than it’s too late anyway, but we ignore signals after 12:00 EST, which I know is very different time than Singapore, but the markets really do close 4 hours after that, then open 4:00 EST Sunday, but at that point traders take a day (24 hours) to settle on solid sentiment, which is what drives this strategy and makes it successful…just think of it that the time period between those two times have no real sentiment…that’s why last 5 Monday’s had loser trades…and the fact the market is closed is why your spreads are so high.
@Seablue: aha awesome trade, its not too difficult, although you have to keep your computer on at all times if you were to use it, that or pay for a vps every month :3 the vps is basicly a server that runs the EA 24/7 for you
If when the EA is done it is profitable I will give everyone my email address and whomever emails me I’ll give it to along with a detailed explanation of how to use it
I’ve been trading the forex live maybe 4-5 months, I’m not sure exactly how long because my life has pretty much been blurred since I started learning the forex I have spent a majority of my day everyday since I started studying, analyzing, back testing etc. hundreds of hours have gone in to it At least, but now it is my primary source of income even after my other investments which include real estate, stocks, and avocado fields
@dtt: I’m sorry you were negative last week, please feel free to ask any questions you have and I’ll be happy to help
In the mean time though I would STRONGLY suggest you demo trade this strategy until you are consistently profitable with it, especially because your losses were not system incurred that means either the mistakes were emotional or mechanical, and in either case it’s detrimental, take this time to learn from your mistakes and master the system, it is very complex and there are many rules that need to be applied, you will have time to rebuild your account in another week, this system and the markets aren’t going anywhere so when you trade this again live you want to be prepared as possible! Think of it like it is, this is a full time job at a 1.5 trillion dollar a day business, why even apply if you don’t have the experience or training? I’ll be here to help you out in whatever way you need, if you haven’t already done so I would suggest going through the babypips school Atleast a couple times, memorize it! The information is invaluable, think of it as your job training manual, the test will come when you live trade and although you failed last week you have an unlimited amount of chance to study and take it again
Placing limit orders is a good automatic way if your broker allows hedging, however you do have to pay the spread for the extra order, I just set price alerts to let me know when my half tp has been hit then I close it manually
Btw the stop loss has been changed to ATR (14) x .75
@pipcompounder: Again, I think I’m going to trade at the midnight candle Monday, that is 8 hours after market open, I am giving monday another chance soley because I think it would be so lame if this can be traded on every pair in every market condition but cant be traded on every day, however RECENT data does suggest Mondays have been nothing but losers, but the market has also been in a lull that it just broke out of, all the volatility is back so we will see how the market reacts, plus I hear that there is a strong bullish sentiment so we will see although it would be nice having three day weekends… If this Monday doesn’t perform well I’ll see what would be the next time to start trading statistically
Last week, I started demoing this Monday morning at the noon candle and that and the next 4 hour candle at 4:00 EST were winners, that’s what prompted me to trade this live starting on the next candle, 8:00, because I could see this strategy already panned out more pips in that time than my previous strategies for the whole prior week!
Thanks for making clear when you were starting, I thought before that you had meant 24 hours after that…now I’ll have to decide if I’ll start that early, too…
This ATR thing has me fired up! Especially the GJ pairs, as last week the ATR was about 70 pips, twice what the 40/40/70 targets panned out!
Edit: last Monday and Tuesday were bank holidays, and I think there were similar things like that for previous Monday’s, so maybe that was why they were screwy
Nice! Do you like avocado?
In oanda the market never closes! So one can trade the weekend with higher spread.
About trade hours, do you think that monday 00:00 Est (GMT -5) is good time to start? And friday finish and close everything one hour before market close to avoid the higher spread?
Thanks
@pipcompounder: only 13 more hours and ahh that would explain it… Where do you see things like that?
@medisoft: My mom is from Guatemala and I was born there too because my mom wanted her family to be a part of one of her children’s births (at the time we lived in Latvia), so whenever she goes to Guatemala I go with her, and her family loves guacamole!! I like eating avocado with salt and lemon, tis most awesome
And yes I am trading at 00:00 EST, that is in 12 1/2 hours I think that is a great start and I trade until 12EST Friday, typically at that time I close out all my trades and don’t trade anymore
@sith what is the reason for only using high volatility pairs? Does this method not work too well for lower volatility pairs? If so what pip ranges would you use at a minimum according to atr? Ea sounds good sith! Have you got it yet?
@dtt, I am using oanda, haha nice to see fellow countryman here. Referring to your question, I personally enter 2 orders with same size with different TP. Oanda do not allow hedging =(
@pipcompounder, thanx for advise, actually the candle is at 12:00 EST friday, I am asleep and miss it. My time is just exactly 12hrs ahead, so its easy to read.
I personally think also that this strategy might be affect before london open (monday EST 0700) because major players are at london/new york (EST 0800)? I am thinking this maybe is more efficient when normal players are in the game…
Or maybe tokyo players should be considered big players too and normal flow should start from sunday EST 0700, but just last few mondays are losers because of bank holidays? Just a newbie’s thoughts…
@SithJawa, when you backtest, besides this past few mondays, are the previous mondays achieving similar returns?
@juicypips: originally i chose the 4 pairs i trade because of their low spreads and high volatility, i backtested all of them meticulously over months to see the optimum settings to trade them, but now because of the ATR stops and tp’s we can trade literally ANY pair we want even low volatility pairs like EUR/USD, because the settings can now be completely tailored to any market without even trying, so feel free to use your favorite pairs! i myself will continue to use the 4 pairs i posted because i’ve used them long enough and am very familiar with their movements now
And what the programmer did was make an EA specifically for each entry, so an EA specifically for indecisions candles, one for inside bars and etc., now he is compiling them all together I have forward tested those EA’s individually and they look great
i cant wait till its all together and done
@seablue: That is an extremely interesting point! You might be right, i can’t believe i’ve never considered that… I’m going to backtest sentiment with each session now, meaning i am going to see if the weekly or even daily sentiment is set during the asian or the european sessions, great call!
But yes my original backtests never showed obvious problems with mondays
@aserafino: It hasn’t been updated in a while :3
I’m from México, and love guacamole with some spicy “tree chile”.
I’m going to adjust my trading hours! I think it id enough that time to win good percent.
@ jaws how acurrately do you calculate the percentages for body sizes etc do you include the pipettes? Iv just been rounding the pipettes to nearest pip for ease do you think this is detrimental?
@juicypips: For the most accurate results possible i do is include the pipettes in my calculation every time, you have to use a calculator for accuracy everytime and the extra digit in price improves accuracy alot i wouldn’t round anything up or down as that does change the price and even a 1 pipette difference could be the difference between buying and selling, or entering and not entering
The only time you should ever have a problem is when you are figuring out which way to trade on the 1 hour chart of an indecision candle and the close of the final candle is the same as that of the first candle, in which case you just dont trade the signal, and if you had been rounding it up or down you would essentially be gambling on which direction it would go :3