Attached is an interesting 3 hour chart that meets the criteria.
I will monitor to see if it is a good long.
GJ
I will monitor to see if it is a good long.
40 pips winner on a short with the 15 chart. This trade used the idea that a not impressive jobs report was coming out and there was time to get in for a chunk of the move.
GJ
29 pip win on a two hour chart. I will move the second contract to BE.
This strategy works, not much interest, pretty simple, no brainer. Longer time frames work even better than short time frames.
Greg
I took profit on second contract at 37 pips. This total trade ran over a day, but finally the bottom feel out. Perhaps it will run longer but it looks pretty oversold at this time.
Greg
Early entry. This long could well be too early, but there are signs of a shift to long. Time will tell if this is just a retrace to the longer short trend.
Another winner! The first two contracts 12 pips, 20 pips, the third up 30 pips moved stop to BE and was stopped out at BE.
The last trade was a looser. Just missed my target and then the market turned. Dropped 28 pips.
Greg
I will be watching for a retracement to the long side now. This could be too early to go long, but I like Friday’s actions to watch for long set ups.
The shift to long in the eur/usd continues although bumpy. I picked up 60 pips early and currently have two long positions one with a 12 pip target and another at 70 pips. We will see if the long trend continues.
Greg Jones
The eur/usd has been a wide ride this week. I don’t always stick the the 10/20 strategy, if I did I would do better.
Greg
Last trades
65 pips
28
11
-26
-82
30
38
The first trade a short was a classic 10/20 trade. Donchian Channels down, with RSI over bot. 16 pips gained.
The second trade is a little more risky, not by the rules, but the eur/usd had bottomed out and had support so I took a chance on a rebound, 24 points.
Two things that have developed. I trade just the eur/usd now and watch the /es. I noticed that the /es was stronger this am than the eur/usd, to me that also helped in determining the rebound long trade. Often the /es leads the eur/usd. In addition the market is making a case in turning from a short overall trend to a long trend.
I recognize that there is very little interest in the Strategy 10/20, but writing about is a good disciple for me. In my last 8 trades I won 6 lost two for gross 214 pips, lost 104 pips for a net gain of 110 pips. These returns for about a week of trading are pretty typical of my results.
A note to Newbees. There are many really good strategies on Babypips. But you will loose money at Forex. Money management and patience in entry/exit are critical in my mind. Overtrading has been my worst enemy in trading. In addition, a trader must be clever and very humble in accepting reasonable gains. I have given back plenty of pips by not taking profit. Why, greed.
Know that I’m no expert, but if you are looking for the Holy Graile, look into yourself for the Graile. The market is every changing and will not conform to your thinking, be clever and patient.
Thanks,
GJ
PS Lately setting stops has been very tricky. I have been correct about the direction but have been stops out. I’m watching support levels on longer time frames.
1 Like
A 19 pip move on the long. A pretty straight forward trade. That’s 129 net pips for the week. Unless something good comes up that is probably enough for this week. I’m think we are in for some correction to finish out the week. The S and P Futures hit a high of 1375 and the long wave could be spent for the week.
GJ
Keep it up! 100 pip weeks aren’t anything to sneeze at. How long have you been using this system? Are you live trading or using demo? What’s your average pip haul over the entire time you’ve been using the system? Thanks.
MoeMoney,
Thanks for the interest. Live trading, but at micro level. I have traded for a number of years, during the last couple of months I have been trading this system. In the last few weeks I have shifted to just trading the eur/usd and now only trade Late Asian market/early London and early New York. There are exceptions but generally that’s when I trade.
Until recently I have been a pretty much break even trader. This is much better than my days when I slowly lost money. I trade much less now looking for quality set ups within trends and periodic reversal moves after a large spike in the market.
The last three weeks I have averaged 100 pips a week. I feel about being in correct direction of the trade but I get stopped sometimes and the markets returns to the direction of my trade.
Patience, money management, cleverness of the trade and sizing the amount of the trade are super critical. I have found that by just trading the eur/usd I get more in tune with how it moves. The movement changes overtime in a very organic way. I think the best traders have a since for the cycles of the market. It all has to come together to trade successfully.
This posted strategy flat out works. There is very little interest in it compared to other strategies which I do apreciate.
This is a very basic strategy. But it must be honed carefully by the trader.
My plan is to progress from micros to minis as I improve my implementation of 10/20.
Thanks,
GJ
Finally, 16 pips and almost stopped out. I shortened my target after it just missed hitting earlier.
GJ
Donchian Channels_middle_line.zip (2.68 KB)
greg, will be looking at your good idea. can’t quite figure out how to attach an unzipped indi, but found this one and thought you might want it for the thread. if not, let me know and i will delete. thanks.
pipwoof, Thanks for zip, but unable to open it. You know I have worked with and modified many strategies over the years. At this time settling into this trend retracement strategy feels like home. I have come the conclusion that patience, cleverness, sizing of units and placement of stops is much critical than a particular strategy. After the great search for the Holy Graile setting in on one strategy with the eur/usd feels good. My primary chart is the 15 minute but I check and recheck longer time periods too. So many variable to consider so even one strategy is important. This last week was 8 out 10.
GJ