I have been breaking my head with different strategies. Finally I have decided to follow one simple plan and am going to share it with you. One must have read similar strategies before, so I will not call it my strategy but my plan. I will try and post my daily results if I get time. Now lets go the plan.
Plan: Refer GBPJPY daily candle. Place two Stop-Entry orders. First order will be buy at today’s opening price plus 50 pips with stop loss at -100pips. Second order will be sell at today’s opening price minus spread minus 50 pips with stop loss again at -100pips. Close the trade at the end of the day. There will be lost trades which can be minimised using trailing stops of 30-50 pips. I believe the final result will be +pips at the end of the month.
Today is the 3rd day, I tried this plan. I made 237 pips so far. I did not let the trade run. I just quit it as I was scared of losing pips and was happy with what I got.
Nice plan but -100 stoploss for me seems to be a wide one:D
Why dont you backtest this strategy on your platform and see how it goes because you dont want to loss 100 pips on your live account… with a 50/100 reward/risk ratio seems does not look too attractive to me. Though the method seems stress-free but you really need to demo test it before you go live.
I have been reading the Cowabunga System daily update but it is less impressive. Cryten’s SuperNova is more superior. Also 100 pips stoploss is ok. I paper tested the results for last 2months and they are good. Thats the reason I have been trading this plan on my live account for last three days. It is too early to decide now but I will let you know the end result for October month.
Did I hear you say trading GBP/JPY using cowabunga in the thread link I sent you is less impressive? Are you sure you are not talking about GBP/USD?
I am really interested in this ‘Cryten’s SuperNova’ system, do you have a link that will give me more information about this trading system?
I will also appreciate it if you post your daily trading result of this ‘your plan’ here.:eek:
Sorry. I misunderstood your previous reply. I thought you were talking of the original Cowabunga System. I went through the link again and read your modifications. The results look good. I will put them on my charts today and give it a shot. Just to recheck, we need 15min GBPJPY chart, EMA4 and EMA8, Stochastics(10,3,3), RSI(14) and MACD(12,26,9) to trade your way. Please could you confirm that this is right.
Are you sure you are not talking about GBP/USD?
