So, today’s trades were first losers of the month…tomorrow’s another day…
This morning saw a loss on the sell side, followed by profit taking on all three buy trades, which netted 26 pips positive.
Results for the week is 260 pips, 3 losses out of 10 possible trades.
The last two day’s losses on the sell side were trades that were barely opened, so I am thinking about putting just a 1 pip buffer on the sell stop order placement, which would have meant 120 more pips this week. Sells are now against the trend, where last month they were with the trend. Overall, very happy with my system.
Congratulation. Thinking about an 8EDT candle, it promising. Once, i starred the chart and saw something in 8hEDT and 8hBST as well. I know but can not exploit it. I glad that you have got an effective tactic for that 8hBST candle.
Reminding me about some guy placing all stop orders for GBP/USD at 7h45-8h45EDT bracket.
if an 8hBST candle too small, i think it is better to step aside
This morning’s trades saw a loss on the sell side, missed TP by 3 pips, and two TP, 20 and 40 pips, hit on buy side, with 26 pip gain when the trailing SL was hit, for about 11 pip net gain.
The only change or improvement I would look at on this strategy is the ability to have trade go to BE at 10 pips, and if trade hits BE, have the stop entry be able to reenter if price breaks out again…this would trim losses way down.
Example of implementing this for last week’s and today’s trading would have saved
et gained an additional 202 pips from losses. The only way to implement this would be and actual EA, as it would have to re-enter pending orders with all the TP, SL and trailing SL settings again.
This morning has first 20 pip TP hit, with other sell trades closed at about BE, buy stop orders still pending.
Backtesting the month of June showed 1300 pip net gain using 20, 40, and 60 pip TP. Only one day had losses on both orders, one day was BE, and one day had -15 pip loss, these out of 22 trading days. I also tested 15, 30, 45 TP, with 15 pip trailing SL, and the result was 940 pips, so not as good, because the gains outweigh the losses with the larger TP.
If there was and EA that kept trades at 8+ pips with BE that reentered if price retraced back into the reference candle’s zone, there would have been an additional 400 pips profit for June.
hey
ok so i tried a strategy on monday had an extreme loss of 125 pips it was multiple open trades in one direction so nooo to that strategy any what is your sl for your 20-40-60 strategy and did you put the 1 pip buffer on the sell side entry
last we trades wasn’t bad for how i traded your 1st contract strat i made 91 pips good money make lol
but i still need to buck up and learn that 20-40-60 strat asap
hey also what risk ratio do you use with that strat since its 3 trades you are applying
On Monday, I had three sells with SL at top of candle +3 pips, when the SL was hit, it was 80 pip loss, combined. The buy stop orders barely made it past BE for the day, with 91 pips total, 11 PIPS NET. I always trade the same lot size, and SL always is the same price as the other order’s entry. It is important to let the other side (buy if selling, sell if buying) pending order open to allow it to catch reversals, at least until a couple hours before the next london open.
did you place the 1 pip buffer on the sell orders
Yes, 1 pip buffer to avoid that support being just tested and rebounded.
Hi pipcompounder.
Which broker do you use
Thanks for the reply.
I understand that in order for the trailing stop to work
in mt4 you need to have it running.If you close it then
the trailing stop wont work.Is this the case for you?
you’re right, I had a trailing stop loss a while ago get bypassed because my computer was off, thankfully it was on demo.
One way to fix this is with VPS. By having your Mt4 trading from a server that’s in a server farm and therefore the program is always running. A lot of brokers have vps services for the purpose of running MT4 for clients.
Do you even consider Monday is not so effective for this strategy ? IMHO, Monday and Friday are blacksheeps from the rest of the week
Hi there Pipcompounder,
Thanks for starting the thread. I’m interested in the trade management aspect of your strategy as I think this is often what makes or breaks a strategy. What sort of risks are you using for each of the trades?
If I understand it correctly, initially there are 8 trades (4 long and 4 short). Each “set” of 4 trades consists of a first trade with a very low target, and then 3 additional trades with progressively larger targets (20/40/60 pips). Do you risk a % per trade, or do you risk a % split evenly (or perhaps unevenly) accross all of the trades? Or, do you do something else…?
London rocks for All sell stops today. 57 pips taken home
Thanks Pipcompounder
Thanks Relativity for advanceVSA
Do it again for an 8hEDT candle lol
No probs => so long you are able to see the buildup to the breakout.
Anyway the reason I don’t use AdvancedVSA currently is because I find that I need more statistics to strengthen its use in other timings of the day. I am aware it does let one see the pre London build up well.
This morning was great for me, full TP on sells, 120 pips in the bag, 20+40+60…you can see why the 3 pip buffer on the buy side is important, it came very close to being triggered. My buy stop orders are still open should the reversing price continue, they will tigger open, also.
Thanks everybody for your interest.
@aztron and @colmex, I use a VPS, so my trailing stops are in effect the whole time.
@Jeffreyvnlk …I still trade mondays and fridays, the end of the month shows those add up, and news fridays are good, not bad, for this strategy.
@Jedster long time no type, lol, I myself have stopped using the 7 pip TP, not a great RRR, so I use just the 20, 40, 60 TP, so three orders total per direction. Because this is very statistical, I don’t use a fixed SL, it is simply the same price as the other direction’s entry, sortof like a OCO. Monday is perfect example of this, where the sell order didn’t quite reach first TP, so the trailing stop didn’t come on, so the SL was hit, however, the buy side took over from there and made enough pips to get to 11 pip positive for the day, not great, but better than a losing day. Now, all of that would be irrelavant if I had an EA which moved SL to BE at 7-8 pips positive and then reentered the 3 pending orders again at the same price as before, if the BE SL was hit and price was back inside the reference candle’s zone. Right now, I am about 350 pips positive for September, but with the ability to move that SL and re-enter if BE was hit, it would be over 800 pips, that’s a big difference!
Currently, I just wake up at just before 3am, and place my pending orders and go back to sleep, if I were superman, I could stay awake and manage the BE thing myself, but I have a job and a tired body to take care of.
hey
i very happy today i followed your 20-40-60 and i came out on top almost made back what i lost but its the middle of the week so very excited for tomorrow