Trade 17
15/17
15 pips
215 pips
I missed the trade earlier in the evening, but got this one on another 5 minute chart. I referenced the 15 minute chart prior to setting the trade. It was not quite oversold on RSI but I took the risk.
GJ
greg, very much appreciate your contribution here. still a bit unsure on some of the judgement calls and find i am only comfortable with the 5" chart. but,
4:00 buy 1.2084, close 1.2099, +15
6:30 buy 1.2133, close 1.2151, +18
8:25 buy 1.2149, close 1.2155, +6
Pipwolf, Congrats on the trades. I find that the judgement calls are an issue for me. However there is still a payoff. Any strategy to me is just a framework for making judgement calls. I think too many traders look for a strategy that will make the decisions for them.
Again, nice work.
GJ
please explain exactly your entry point, is it when the price crosses the middle? if not, where do you actually enter?
Yes, the middle Donchain is a good guide, but it is only that. The slope of the trend, confirmation of long term trend is also important. In my opinion, no trades are alike, they only have similar characteristics.
GJ
trade 18
16 of 18
36 pips
246 total
This is a classic 10 20 strategy trade. This one was set up on a 15 minute chart. I have had a really good run during the last 18 trades. One in the evening and one in the morning. I missed a good one last night, but another came in a little later.
This is not a complex strategy. Rather basic, but it works as scalping strategy as well as longer set ups. I like the 15 and sometimes the 4 minute. I do best when I have moderate targets. The results I’m posting are real trades including all loosing trade too.
GJ
PS Ignore the second chart.
Trade 19
17 of 19
13 pips
259 total
Last trade of the week. Not the best set up, overbought but a winning trade. I kept the target below the recent high.
GJ
Hi Greg
Like the strategy. I’m new to trading and are looking for basic strategies to start out with.
You say you normally break even. Do you mean that you do not normally make any profit on this over the long run or not yet due to other trading.
Regards
Steve
Steve,
Actually I do make money on this method. See the trading record. Prior to implementing this strategy I broke even as a trader. Now that I use this strategy with the eur/usd, on 5 minute and 15 charts in the event and morning session I have a 85 percent win rate (I don’t expect this win rate to continue, it is likely to settle down to about 70 percent). I used to overtrade, now just one or two trades a day and no trading on Fridays. Money management is just as important as strategy. I post all my trades now winners and losers with a commentary. It actually helps me trade better. If you are interest feel free to ask questions.
There are other factors in judging a win rate such as average win and average loss. Babypips is a great place to start out. Be sure to go through the pip school. Know that Forex is a killer. I think most successful trades spend about 4 years developing the skill. Now if you have experience with trading equities etc. that will help.
GJ
I think that would be the average.
Though there are cases of some taking it on like duck to water, I think its in the minority.
This a concept trade from Friday morning using a 400 tick time frame. It would have gained 35 pips.
The tick chart could work will for this strategy.
GJ
These four sample trades are all consistent with 10/20 strategy rules. Falling donchian channels, overbought RSI and declining 50 sma. Entry would have worked well entry just below center donchian channel. Stops would have worked just above upper donchian channel. I will be watching the 400 tick charts next week.
GJ
hi greg,this looks interesting,please keep us posted on how your doing,i shall be setting a chart up next week.good luck.
It could be setting up for a nice long on the eur/usd on the 30 minute chart. Donchain channels are up and RSI is oversold. We will see if it catches hold for a run. I would like to see it cross the center Donchian channel.
GJ
Hi mate,
Glad u seem to have found something u are comfortable with.
What sort of r/r are you getting with these trades? I know that the winrate is high but still interested in the r/r
At present the R/R is dependent on donchian channels and recent support and resistance levels. At times my stop is longer than my target, but not always. Frankly, I have not worked out risk reward to a comfortable level yet. I’m open to suggestions and ideas.
Thanks,
GJ
greg, found time to take one today. prior donch looked close and undetermined. waited for it to widen and head down. sell 1.2271, set sl at recent swing high 1.2290 risking -19, though i came very close to bailing prematurely. exit on reverse to donch middle line 1.2227, +44. thanks.
Very nice trade. I often feel tempted to bail, but overall I do best when I stay with the trade. Please continue to post trades.
Thanks,
GJ
Three hour chart long. Not really seeing any good set ups today. This three hour long looks OK. We will see.
GJ
