You’re welcome to post the indicator if you want, I won’t personally use it.
This morning was really great for this strategy, the price broke above the reference candle to eventually hit 20 pip TP, and the 25 pip trailing stop was perfect for stopping the other open trades a little above BE, as the price reversed and went down to other 20 pip TP at 1.25803, the 25 pip trail did get hit about 5 pips negative, but ended total in good profit. Now, if I had an EA which re-entered trades when original entry point was hit again on way down, the second TP point of 40 pips would have been hit at 1.25603, but I am very happy with what I got, about 30 pips profit.
If someone is interested enough to create an EA, or even a script with the right settings would work ok (except it couldn’t reenter if price hit entry point again), I can list my wish list on a later post.
If I good understand your strategy I see 3 possible trades.
Green highlight is filtr I add to first hour candle low and high 3 pips. Look at this screenshot.
Yes, the price broke the high to eventually take 20 pip TP at 1.26453, then it went all the way to trigger sell stop to hit 20 pip TP at about 1.25803, then it retraced to 1.2606, above the original entry point of 1.26003, so if someone put another sell stop order, they could have profit at 1.25803 AGAIN, and 1.25603. for reentries like this, I would only want it to repeat no more than once, and only if the other sell orders had already been closed, whether for TP or trailing SL hits…very nice
That is correct, the high and low…the 3 pips part is only on the high because we are using bid chart, which displays bid price only. Congrats on the pips.
This morning yielded excellent results, as the high of the reference candle was broken, eventually going up over 40 pips, with the help of the NFP report. I had set 20, 40, and 60 TP points, so the 60 pip TP didn’t get hit, even though price went much higher than that, because I used a 25 pip trailing stop which was hit just after the 40 pip TP was hit, which ended me up 20+40+23 pips. I cancelled the sell stops because it’s Friday and I am very happy with the results. I will continue trading next week with these settings:
3 contracts on each side, 3 buy stops, 3 sell stops, with TP at 20, 40, 60 pips for each end of the candle stop entry orders, with 25 pip trailing stop on each order.
If this continues to do well, I will edit the first post to include these TP settings.
NOTE: It was funny seeing the NFP fade to the price of it’s hourly candle open after going up 50 pips, then zooming back up 90 pips…I was very happy with my earlier results, so I stayed out of that, but it was entertaining to watch.
Today’s sell stop was triggered shortly after the reference candle ended, and just hit first 20 pip TP, now the trailing stops are just past BE, so today looks really good for such a long consolidation…so long I think the real breakout will be substantial in the coming days with FOMC.
I simply placed a stop sell order on the bottom of the first hour of london open candle, $1.27824 with a 20 pip TP and SL at top of candle +3 pips, also with TP’s of 40 and 60 pips. I also still have my buy stop orders still pending at the top of that candle. Note that the price came within a hair’s breadth of hitting my SL, but that’s why it’s +3 pips from the top which was 1.28054 for me.
FOMC is the Fed’s meeting about what they are going to do…print money with QE3? or another Operation Twist? or nothing? the market is fairly flat in anticipation of this, because it is one of that last ones before US elections, which may put Bernanke out of a job. (whoop whoop!)…basically it’s a big news release like last friday’s NFP.
So…here’s how this morning should have went…sell stop hit to open orders, first 20 pip TP hit, trailing stop bringing SL down to BE which gets hit, closing other two sell trades, then price continuing up to open buy stop orders, which hit first TP, and currently hover at 10+ of entry price…two 20 pip TP’s right?
except the trailing stops failed to execute, so the other two trades went all the way to the other SL, same price as buy stops, for small loss…I had success with prior trailing stops, and the journal showed no history of the trailing stops being executed, so I’m having a hard time figuring out what I did wrong.
EDIT: my second buy TP was hit, 40 pips…I think I figuered out the trailing stop issue…the trade has to be in profit as many pips as the trailing stop is set for, which essentially means it’s a BE script…not exaclty what I need…I need the price to be able to retrace as much as -5 pips after barely hitting first TP, to give room for another go at it…anybody have a simple trailing stop script?..If the trailng stops had worked as intended, I would be up 20+20+40 pips, instead, its, +20, -30, -30, +20, +40=+20…I guess 20 pip profitiable day is better than loss!
i must say that since trading your strategy i have been consistently profitable, thanks for that
so this morning was very stressful for me
everything started great, got up set the strats in order before i closed to go back to bed my trades closed i was up 20pips $200 ok thats good for the day only to notice that another trade activated and went the other direction lost -37pips -$370
i could have died because i did not practice risk management today but i enter some traders on the eur/usd and aud/usd and played it safe made back my loss to BE my account and +$66 profit for the day i am out till tomorrow.
but if i my tp had hit on my losing trade i would have made $216 profit but heck dwell not on what have happy thank god i was able to at least make profit matters not how small.
This morning was just fabulous! The ruling from the German court came very soon after placing the orders, so the sell stop was triggered first, with the 20 pip TP getting hit, with the other two trades stopping out with 20 pip trailing stop at about 5 pips positive each, then, the price triggered the buy which hit both 20 pip and 40 pip TP’s, with the third trade hitting trailing SL for about 30 pips, so over 106 pips total in the account!
@harrilalchadd…it sounds like you may be using the wrong pending order entry type on your buy order…it should have been a buy stop, which would have netted you whatever your TP was up to 50 pips, not a loss. If you post a chart with some horizontal lines drawn where you placed your pending orders, I may be able to help you.
Yesterday’s open trade was manually closed at +30 pips (the buy stop with 60 TP that was never hit).
Great,you guys doing on the right track. London candle is a key. London where the real money makes the move. However i see 8h EDT candle (NY) also sets the top/bottom of NY session. Ny guys seems to want moving the price back before shooting it up again. I need to understand more interaction btw NY and London. What if NY guys think when they open the chart and see London guys already eaten up all pip budget of EUR for a day ( ADR) ? How they can make money in their seesion afterward ? Are they going to revenge London counterpart ? Or someone to move early but Lond guys keep pressing it down ?Sort up. If you guy trading gold you know that well, 8 EDT bar is a killer or saviour depending on your own…faith of that day:)
I see a guy who cut the day into 4 parts and treat each of 6 hour periods as an independent one. Kind of super intraday trading. Relativity cut into 3, each got 8 hours, maybe Asia seems to play a bigger role
Sometimes, looking back at price history, after the trend of the london session is played out before the NY open, the price does reverse and trend beyond the london open price. Since I leave my bracketed pending orders open all day, they catch and ride this when it happens. Other times this reversal happens very fast, like this morning. probably 80% of the time both of my buys and sell orders will be opened in a given day.
Interesting strategy and very similar to one I’ve been testing. I’m relatively new to forex, but love researching and testing mechanical systems. If nothing else, it helps me learn how the market moves.
I’ve actually been tracking both the LO and NYO breakout using the 3 AM EST and 8 AM EST candles. The management of the trades once entered aren’t quite the same as yours, but after about 2 months of tracking, the NYO set up has been outperforming the LO.
If nothing else, you might want to consider using the NYO candle for your reversal breakout (if not already triggered) as it would get you in the reversal trade at a more favorable position than waiting for price to hit the opposite end of your LO order. Best of luck!
I see, you were talking about AUD\USD pair on your loss? I only trade EUR\USD. It has a better win\loss ratio.
Your EUR\USD chart shows perfect entry points-good job! The sell was good for up to 38 pips, and the buy was good for 55 pips…with a 20 pip trailing stop, both entries would have been impossible to lose with!
@MoeMoney…good point, I’ll look into that. thanks.
Actually i begin thinking the same tactic for today, FOMC. But you doing superior and far ahead. Yes, wednesday was good for your strategy.Congratulation
Thank for sharing. Actually, i has been thinking for gold at 8EDT where 5$-10$ for SL but not yet realized. The problem of gold is not happening everyday. So let forget it.
Some guy set earlier at “7h30-8h30EDT” candle as a referenced point. The beauty of this kind strategy is saving time. We dont need starring the screen all the time. IMHO, the big guys make money quite fast within 2 hours of trading
