this sucks! It’s not how trailing stop suppose to work!
What broker do you use? Mine charging me interest for this swap.
The .0600 means 600 pips. Mine says 555 for the weekly ATR(14) as of last Friday. My guess is that your broker excludes Sunday data in the calculation so your number is 50 pips higher than mine.
In the long run I don’t think it will make too much of a difference. Your results won’t be exactly the same as mine but they’ll be close enough not to cause any major problems.
I don’t pay any attention to the swap. It’s an insignificant amount when you compare it to the profits of the winning trades, plus this system trades both longs and shorts so it will even out over time.
It’s just the power of compounding. If you compound your winnings into every new trade your money goes up quick.
If you start with $1000 dollars and make just 2% per week your money will grow like this:
After 1 year: $2800
2 years: $7800
3 years: $22000
4 years: $61000
5 years: $172000
6 years: $482000
7 years: $1.3 million
Making 2% per week is not hard. This system alone has averaged out to 0.7% per week so far this year, if you don’t close your profitable trades out early. :D.
Not closing out early is what I have to learn!!! 2 weeks in a row now, I’ve moved Stop too soon. Earned PIPS but leaving a lot on the table. Trading the rules set in advance really makes a difference. When I’ve followed the Sunday breakout rules, I’ve profited. When I did not follow them I lost out on a great opporutunity. Also, I’ve been trading Tymen’s candlestick method and the same thing there…when I dont follow the rules it’s a bad trade and when followed it’s been sucessful.
I did the same thing when I was new, it’s just a lesson that will come with time.
There will be plenty of time for breaking the rules once you get more experience. I break the rules on the systems I trade on occasion, but I know why I’m breaking the rules, I’m not just doing it because I don’t want to lose. 
Where is this Tymen’s candlestick method?
We just broke through the support level at 1.6238. I predict a winner coming soon!!
Hi phil838,
Looking at the daily chart, there seemed to be a support at 1.5801
i was thinking this: I will move my target profit of 1.6120 to 1.5800 and put a SL at 1.6200 something like that.
What do you think?
It’s like Sunday Breakout + SL Lines?
I do stuff like that on occasion, but I never settle for less than my original profit target.
When the price is close to the profit target I sometimes turn off my automatic TP order and try and get some more pips out of the trade. I always set my stoploss at the original TP level though.
Thanks! Got it!
If you get stopped out, say mid week will you cancel your other order or hope it triggers and profits?
What other trading systems do you use that can be set in advance?
me too.
Starting with $20,000 and if you make only 2% on your capital per day for 200 days then you will have $1,049,697.95
One question, when do you remove the long entry?
Yeah, but 2% per day is a pretty lofty goal, and $20,000 is more money than most people on this forum have to start with.
Are you currently making 2% per day? If so would you care to show us how?
I wish I could too! It was only hypothetical.
I don’t have a hard rule for that, I just look at the charts and see what’s going on.
For example. Say our target this week is 250 pips, and last weeks range was 500 pips. The short trade triggers, goes 100 pips and then reverses.
We still have 400 pips of potential movement on the long side and a target of only 250 pips, so I’d go for it! But if the short trade ate up all the range, I’d sit it out.
I don’t believe I’ve had one trigger after Wednesday, and even those are rare. 95% hit on Tuesday or before. If I did have one still pending and it didn’t get hit by Wed. night I’ll probably shut it off.
I only trade two “systems.” This one, and the NickB Scalp Line system (which can be set up in advance). These make up about half my trades.
The other half aren’t based on a system, but on chart analysis in general. S+R lines, trendlines, candle patterns, price action, etc.
I’m working on developing a trendline system with mechanical rules like this one, but I’m still testing it. I’ll post it on Babypips when I’m done.