after draging onto chart set ma metod to exponential and so on…
OzFx Daily Method PIP Update
AUD/USD First lot closed for +50 and then rest hit our SL at BE.
I am still holding EUR/AUD, USD/CHF and AUD/CAD.
Month Total: +320
Try using MT4. It has everything you need for this system.
My testing shows 5,3,3 works better on daily chart.
hi ozfx, i have some questions about your money management
let’s say you trade 5lot with stop loss 100 away so your max loss is about $5000. and you also take 1lot profit every 50 pips away… after the first 50pips profits you move your stop to BE.
from the recent trades, i found out that after +50pips move the price usually go back to BE point so basically you made $500 profits with $5000 potental risk…
dont you think the the risk-reward at 0.1R is a bit too risky? we need to be right +90% of the time to break even
what’s your input on it?
should we adjust the BE point?
Hi All,
Firstly thx to Ozfx for sharing the system…
have a question though - since this stategy is running on daily charts a new candle appears only at 7 EST NY in ODL’s case so does that mean that is the only time we might be able to enter a trade?
coz once you have seen a good signal shouldn’t we wait until a new candle is formed?
regards,
Pret
You are right about the potential risk. Lately the market has been very slow due to Chinese New Year Holidays and we saw several trades closing at BE after making 50 pips profit.
It is easier to say that risk/reward is not OK when the trade is closed. However when you place the trade in we don’t know whats going to happen and we expect our trade to do 1:1 or better 
I hope it make sense.
Cheers,
OzFx
7PM EST is the time when we enter new trades. We also enter at the open of the candle.
If you wait for the signal candle to complete and enter on next one then it most cases it will be too late. Feel free to test yourself
Cheers,
OzFx
Hi OzFX, Just refering back to what you said…7pm est is when we enter new trades…we also enter at open of the candle…but since we’re running this strategy on daily charts , that means we are entering a trade at 7 est -> 00:00 GMT which is when a new candle is formed right?
I will do some testing but if anyone does get the chance, pls reply
thx
Yes that is correct. I’ve been trading this system for about a week and I’ve had some pretty nice gains. I traded USD/CAD, GBP/USD and EUR/JPY. A news candle just stopped me out of USD/CAD though. I kinda cheat a little. After the 50 pip gain your suppose to move the rest of you entry oders up to break even well I move mine up 10 pips above breakeven just incase the trade decides to retrace I at least take something instead of just breaking even.
Assuming this is right…are there anyone in europe who’s testing / trading this strategy? do you stay up to mid night to place trades?
i’m real excited abt this strategy …just checking if there is anyone in my time zone
Also would �1500 be a good enough deposit to start with this strategy?
I just want to say this is my first post ever on here or any other forex related forum ever. I never posted because I feel I didn’t have much to contribute and i’m still learning and i’m sure always will be learning. I have being trading forex on demo accounts for about 6 months now and I have made money. Although I feel it has been dumb luck mostly.
I have gone through the baby pips school. I have also tried many , many different methods of trading forex. Alot of those methods I found on here. I agree with OZFX when he said that a system may work for someone else ,but not you and you have to find one that is easy for you to understand and use.
That is what I have found finally. I have to say thanks to OZFX because finally I feel like I have found a system that I get and feel I can make some good money at.
Here is my example: Last night at 7pm est USA. I went through all the currencies I had available to chart on my charting software(Metatrader). I found 5 that meet the requirements that OZFX laid out when he talked about his system. After that I set my SL and closed my laptop. I got up at 0600 to get ready for work. Skeptically I checked my forex demo account. BOOM 160 pips. 4 out of the 5 were winning trades on one had I lost on. The 4 winners = 160 pips the 1 loser = -17 pips.
I going to keep testing and updating on here ,but this is the first system that I have gotten this excited about. THANKS OZFX!!
ozfx, how are you? Thanks for sharing this system with us.
I saw your track record this month, so far you made an reasonable, more or less, an +100pips gain… my question is, even though the gain is positive, are you really profitable this month? what i mean is that for few trades you place 2 days ago all got stopped out so basically you had a -100 pips move for total 10 lots. Most of the winning trade you had this month so far are +50pips and then retraced to break even point, Since for every -100pips stop out on 5 lots, you need more than 10 winning +50 pips to make a profit.
Your entry signal is perfect. I�m just trying to get used to the money management.
Oz,
How does the system work in ranging markets? One thing I found with my system is in ranging markets it gets killed. This is typical of trending following systems. I have done a little MAE analysis on mine which helped tweak it for better results. Take a look at my blog.
Pete
the money managment works best over ranging market since it locks in profits as you go. ozfx system gives much eariler signals than SAR(sar is for trending market) over ranging market. incert SAR and take a look.
I am new to Forex trading so please bear with me while I ask a few questions. First, how often do you monitor your trade? I do need a few hours sleep at night so I am wondering how a person in CST does this. Also,why is it important to begin trade at the new candle? (7pmEST)
I noticed on one of your sample charts you showed the price movement over several days. Is this typical for this type of system?
Thanks so much for your help!
Hello Friends,
Friday turned out to be a killer day . When I was just about to close off EUR/CAD it started moving in our favor. It went and made us +150 pips. We still have 2 more lots open on this pair.
EUR/USD also moved significantly and 3rd lot closed for +150 pips. We still have 2 more lots open on this pair as well. USD/CHF is currently around +100 and we hope to make more out of this trade.
[B]Overall we made +300 pips in just one day and so far we are sitting at 26/31 successful trades.
Month Total: +520 Pips
[/B]
Cheers
Oz
I have a question on your Eur/usd trade. According to you system I received a long signal on thursday (2/14) and I entered the market at 1.4637. (AC turned green and above 0, Stoch above 0) I’m still up 30 some pips which is good so far. Now I do see a short signal that happened around (2/6) where one could have entered short at 1.4618 and it moved to around 1.4439. The market is back up as of friday to 1.4669/72 so it has retraced. If you are talking about the short trade you shouldn’t have anymore lots open am I correct. Could you please correct me if I’m wrong.
Yes, I enter at open.
�1500 is ok if you decide to trade with micro lots.
Would love to know more about your analysis, can you post something here