I am having a little trouble with the entry signals. Since there is a whole hour before the candle closes, during it’s development it can trigger the signals, but then change it’s direction and stops out at a loss. So I’m trying to filter out these false signals as much as possible.
Therefore, OzFx…looking for a rule of thumb, do you wait to enter the trade after the candle closes and the Stoch & AC has crossed the 0?. Also, do you take the trade if the 200 SMA is passing through the middle of or touching the candles and the other conditions are met?
Hi guys, I was testing this system with the eur/jpy works amazing on the daily time frame. I just had one question it says to set stop loss at a 100 pips, and when your first target is hit move it to break even. So doe this mean when my first stop loss is hit i move all the other stop loss’s down to about 50. Am confused on this can someone help, a example would be great. Thank you
Please I have some questions and will appreciate your answers:
I am interested in moving my stop loss too, how do you move a stop loss to break even? Does that mean there will be no losses if I move it to break even? How do I know or calculate what break even is? Is this the same way you ‘lock in profits’?
One more thing: I try setting Stop loss and Take Profit on Metatrader but have hardly been able to set it correctly as it keeps giving me errors. Could it be that the broker does not agree with the values I put in there? I have tried to set these values now without success, could someone tell me the possible reasons.
Both our NZD/JPY and AUD/JPY hit the first Profit Taking point at +50. Later on price movement stopped the rest the of the lots at break even.
Market has been a volatile due to less volume caused by Chinese New year holiday. We should see the market resumed to normal by next week and more pips in our account.
I’m not sure if it’s the broker or MT4 that sets limits but it seems there is some. I know my limits are a 10 pip minimum between the current price and a stop loss, and a 15 pip minimum between current price and trailing stop. So it will give me an error if I try to put in less than those numbers.
With that said, I would have to wait until I am up 10 pips before I can set my stoploss to the price I entered at to “break even”.
Both our NZD/JPY and AUD/JPY hit the first Profit Taking point at +50. Later on price movement stopped the rest the of the lots a break even.
Market has been a volatile due to less volume caused by Chinese New year holiday. We should see the market resumed to normal by next week and more pips in our account.
Break Even is the same price as your initial Buy or Sell price. It is the price that you opened your trade. So if you move your SL to BE then you can’t loose anymore and hence you lock in the profits
Does this strategy work on any pair. And what are the best pairs you’ve found that work well with this strategy. Also can you give me an estimate as to how many times this strategy works opposed to loses.
Hello everyone, i’ve tried this system on demo even before it was posted here. I went to Forexfactory to find a system on demo, After i posted my thread, OZFX was the first to send his system to me. I’ve tried his system on 8 pairs. I entered trades on all the pairs the same day. I came back 3 days later to check my demo and my target for all the pairs was hit for 100pips each
Maybe you guys can’nt remember me in this forum, but i’ve really been frustrated with my trades on forex over the last one year since i started learning. On the verge of giving up on forex, i discovered OZFX system and it is the BEST THING THAT EVER HAPPENED TO ME IN MY “FOREX WORLD”. oz, I’M grateful to you!
I entered a trade based on this system and am curious about something…according to the Charts i am looking at about what happened over night, my take profit should have been hit, but for some reason it did not go thru…any ideas?
Here is a pic of what i mean, the price went below the TP line, but my trade did not close…
I’ve been working on an EA to backtest for now. Right now I’m not using the same money management strategy as OzFz’s yet and instead going all in untill it gets stopped out by either take-profit, trailing-stop, or initial stop-loss.
So far some pairs are better than others, and if I change the s/l levels & t/s, then it’s different pairs fairing again. I’ve had ranging from a 80/20 win/loss, 40-60 win/loss but again if the wins are at 800 pips and the losses at 100pip, even at only 40% win, you can still make profit.
So I would say depending on the pair, you may need bigger or small stops for it to be successful. It just takes a long time to demo and find out.
OzFx, if your findings are similar or not, then pls share…thanks!
