JL Method in honor of ForexPhantom

jayboii478 · September 6, 2015, 11:18pm

Np man! Yea that pair gave some nice pips last week and the week before, but entry can be choppy! High volatility can cause indicators to be a little off lol

chiniebwoy · September 7, 2015, 2:47pm

Fotovinic:

Hi team,

Hope everybody’s weekend is good! Been observing USDCAD and wanted to place a trade on Friday because I believed that it will continue on the uptrend further (which it did!) but decided not to take the risk due to the NFP and was glad I didn’t. As the saying goes, ‘It’s better to be out of a trade and wishing you were in it than in a trade and wishing you were out of it!’

Anyway, was thinking if anybody is keen to share his/her win-rate with the current method so far? It will be good to have a rough idea of how it works in relation to each individual’s way of trading as I understand that some of us may use it with price action or other indicators. This way, at least we would have a sense of how the base method functions in different variations. I’ll start with mine.

So far, I use 1/2/4 LWMA on my chart and I trade largely with trend. I do counter-trend occasionally but it depends on whether I feel that the market is volatile enough for me to do so. Otherwise I believe with trend is the best way to go.

I’ve placed 27 trades since 20 Aug 2015 and 21 were winners (80%) (doesn’t have to hit TP. I calculate winners if the trade is in profit by the time I close them)

I usually put a S/L of 100 pips and so far, only 1 has gotten hit because the moment the 1 LWMA starts to flatten or reverse significantly, I close my trade entirely whether it is in profit or loss. Credit goes to Jay as I believe I adopted it from his way of managing S/L.

My Reward/Risk varies because I seldom put a T/P when I open my trades. I just let them run till they are 75 pips in profit before I close partial position and move my S/L to B/E. The way I see it, my R:R averages 1:1 that way.

I’ve made 12% of my account in 3 weeks and overall the strategy is very effective IMO.

Assuming that it is this consistent, 12% in 3 weeks is around 16% a month which translates to 192% per year. (which bank gives you such an interest rate!?!?)

Therefore, this strategy is the most effective one which I’ve came across to date.

Fotovinic,
I have not been keeping a record but I can easily say that I’m at about 70%. I made some bad trades last week. Those were more about eagerness and being trigger happy.
My trigger happiness often times do pay off. Took two trades last night (audnzd and gbpnzd) and two this morning (eurnzd and eurcad) and they all paid off. Mind you, I wasn’t gambling. The indicators did line up in my favour).
I’m now looking at a number of pairs usdcad, eurcad, eurnzd, nzdusd and gbpnzd. To a lesser extent the gbpusd and the audnzd. I know the volatility of the gbpnzd and the eurnzd pairs but they’re worth the risk.

David

Snipes · September 7, 2015, 10:54pm

Hi Guys

still in with CadChf Sell at 0.73282 (-1 pip so far)

then got in on
AudCad buy @ 0.92540
AudJpy buy @ 82.860
AudNzd buy @ 1.10806
AudUsd buy @ 0.69491
EurJpy buy @ 133.158
GbpJpy buy @ 182.398

all with 100 S/L

week total -82 pips

Snipes · September 7, 2015, 11:06pm

There is another system I am following that uses average daily range (in pips) which for now (I. Think) might help with a stop loss view as well as to see whats “left” in the market.
Still figuring it out but I have a sense and view that it might just be useful going forward.

Will keep yall posted

jayboii478 · September 7, 2015, 11:19pm

Sounds good man! I haven’t gotten in anything yet, it’s labor day here in the US so i didn’t do much trading today. If i take any trades tomorrow I’ll post the trades i take!

Happy trading

Jason

Snipes · September 8, 2015, 2:58am

Update
AudJpy 14 pips locked in.
EurJpy 54 pips locked in.
GpbJpy 10 pips locked in.

others still running…

tedm · September 8, 2015, 9:04am

Does anyone else have a problem with deciding if a pair is ranging or trending?

Sometimes it’s obvious, of course, but other times it’s not. Do you use 1D or 1W
to help you decide. Or some other method?

Thanks in advance.

jayboii478 · September 8, 2015, 10:45am

Hey Tedm and great question!
I use the D1 and W1 chart to decide the trend, I use period separators from the MT4 platform and that separates each month on the D1 and each year on the W1. Then I look at the D1 to start if over the past month or so it has been ranging going up and down but not making new higher highs or lower lows, its ranging, but if it has been consistently making higher highs or lower lows than it’s trending. If D1 is choppy than i go to W1 and look at the past 6-10 candles and see if they’re making new higher highs or lower lows to be trend line, or just bouncing up and down for ranging.

If you need more clarification let me know!

jayboii478 · September 8, 2015, 10:47am

AUDUSD for a short looks good, after 1 and 4 cross, nice seperation between the 1 and 4 and a strong down trend

NZDUSD for a short looks good, strong downtrend and hitting the 38.2% fib now

AUDSGD for a short looks good, hitting 50% fib, good after 1 and 4 cross I’d think

Those are my suspects for now,

Happy trading

Jason :64:

jayboii478 · September 8, 2015, 10:56am

Wednesday and Thursday we got bank rate statements, the biggest movers in Forex in my opinion, they will destroy you if you try to trade them, DO NOT trade while that news is going on! Babypips ECONOMIC calender’s here has those dates and times for you. Also after the bank rate statements are released I would look up a article for them and read what happened, it will give you a good idea what will be going on with that currency. Bank rate’s are one of the most important things for a currency in Forex.

Forex Calendar: Economic Calendar for FX Trading News & Event Risk This for economic events/news here at babypips for anyone who wasn’t aware of it.

tedm · September 8, 2015, 11:45am

Thanks, jayboii478. I’ll use your method tomorrow when I do my preparation.

Ted

Snipes · September 8, 2015, 3:07pm

CadChf stopped out -73

AudCad +6
AudJpy +138
AudNzd +9
AudUsd +74
EurJpy +64
GbpJpy +190

Day total +483
Week total +328

Wins 6 lost 2 (75%)

chiniebwoy · September 8, 2015, 3:40pm

Well done Snipes!
one question: I had to ininstall and reinstall my MT4 platform this morning. Because I did that I’ve lost the original forexphantom indicator. Would it be possible to send it to me? I tried to download the zip file from the original forexphantom thread but it’s not working.
Thanks.
David

jayboii478 · September 8, 2015, 5:23pm

Np hope it works out for ya!

Snipes · September 8, 2015, 10:11pm

Hi Chinie

Thanks

Will do as soon as I get to my laptop

Snipes · September 8, 2015, 10:32pm

Hi Chinie

attached

daily crossover system.zip (629 Bytes)

Snipes · September 8, 2015, 10:48pm

My 9 September 2015 trades I am in

Had the wrong data on previous post. that was for another strategy/system

GBP/AUD sell @ 2.19332 (+101) closed

Still running
CHF/JPY buy @ 1.22411 (+98) closed
EUR/NZD sell @ 1.76549 (+137) closed
NZD/USD buy @ 0.63478 (+32) closed
USD/JPY buy @ 1.19826 (+100) closed

S/L of 100. moved to B/E after +50 and then trail for 50. (profit is profit). Others with below 50 I have manually closed …

Day +469
Week +798
11 wins, 2 losses ( 85%)

Will edit this post as the trades closes.ALL CLOSED

chiniebwoy · September 8, 2015, 11:24pm

Received Snipes. Muchas gracias!

David

Snipes · September 8, 2015, 11:27pm

[QUOTE=“chiniebwoy;721762”] Received Snipes. Muchas gracias! David[/QUOTE]

You most welcome.
Must say after a bit of quiet and no real trades for me, this week is awesome. The less (indicators) the better.

chiniebwoy · September 8, 2015, 11:50pm

I wonder if persons realise how insane your results are. Look at the number of pips you have won over such a short period.
I’ve bought EAs/robots and signal services that give results that can’t even begin to compare to this. Since Sunday, and I ought to start posting my trades, I’ve netted 537 pips with a loss of 53 pips. A few days.

In case you think I’m joking, here are two screen shots of my account. The second one is a continuation of the first. Cut and paste and stick in your browser.

Thirteen trades in all. twelve wins, one loss.

David