Drinks on you Rei, if you reach TP…
i was stopped out by 2 pips. Today’s trade is an example of what backtesting would not have detected - whiplash stopped out. But on a 4hr chart, it would look like a breakeven trade (at this time).
Just closed 10 pips short of target, although price reached tp just a minuite or so later, thats as good as a win for me. Great results with this system in the last few weeks with 3 winning trades in about 4 weeks, I just wish phill was around to thank, i miss his input & analysis on this and many other threads here on babypips, hope he comes back soon
phil seems like to me that when something is deviating from it’s historical behavior, such as the NickB Method has recently, that he probably hits the books (so to speak). I bet he is either researching what is going wrong with that system, or is sharpening a whole new and different tool to go into his tool box. I saw in another thread recently where a trader presented their system and Phil initially said something about having tested a similar system on FF and that it had one year where it lost really big. Then he came back on the thread and said that he had been doing some backtesting and that the system actually looked pretty good and that he was going to keep working on it…it was about that time that he kind of disappeared…so he is probably up to his neck in something new. I am sure he will be back eventually, for now I am just glad for the tools he has given us / me. The thing that is great about Phil is that unlike so many so called “professional traders” is that he actually backtest systems before he trades them, he tracks his results in detail, and he talks about his results in terms of a multiple of risk instead of talking about in terms of pips (which is almost meaningless). His way of reporting results is the right way in my opinion.
I’m a bit stuck - can anyone help?
I newbie and just demo testing this system as an intro in forex and think I understand what to do. I’ve used IBFX so I can follow the meister’s teachings and hve the following for the 20.00 candle:
Hi 166.90
Low 166.69
ATR 448
I entered a buy stop as follows without aany problems:
Long 167.00
SL 166.69
TP 169.24
However, I can’t seem to enter the short side of the deal correctly. I tried a sell stop but kept coming with a message invalid SL/TP which isn’t very helpful. So I tried a sell limit with the following:
Short 166.59
SL 166.90
TP 164.35
and it accepted the order. Now the above figures are the same prices I entered for the sell stop so why didn’t it work? More pertinently I believe the short deal should have been triggered and I can see a subsequent candle low of 164.295 so it would have been a profitable transaction so why wasn’t the short deal triggered? 
Thanks in advance
Hey Guys,
Wow watched this weeks trade, TP met on first day of week, what a result! Now it’s my first week and i had it all down, entry points, stop losses, take profits. Clearly i had entered something wrong, i am using MT4 through IBFX and i was a bit confused on how to make this entry, there was two options when placing a pending order, buy stop or buy limit and vice versa. What is the difference? I should be able to do this trade in MT4 no?
Thanks guys
The pending trades in this system should be stop entries because we want the price to keep going once it has reached our entries. So if the buy stop triggers you want it to keep going up. Opposite for shorts.
Buy limit is when you are trading in a channel and you want the price to rebound. If a buy limit triggers you want the price to start going down.
thanks a lot. an other question:
this sunday breakout method needs to set up 2 positions (1 long and 1 short) and for this week’s GBpUSd both stopped out before reaching TP. Am I right?
I can not understand in Phil’s spreadsheet that TP is half the weeklyATR(14) and move s/L to b/E when 2xprofit is hit. you have already banked your TP. and how to do the next step? in his backtest spreadsheet, I never see 2x profit taken. could you help?
see my other questions.
Actually this week was one loss on the long and one win on the short but some people will have different results because the data varies depending which broker you use. Half ATR is used to calculate the Take Profit but moving to break even is based on 2xRisk. Risk is the amount of pips between your entry and your stop. You should try trading on demo accounts if you aren’t sure about these concepts. I am actually using a demo at the moment. Haven’t made a cent from this strategy yet.
as GBPUSD is in 4 decimal places, 0.0001 = ATR of 1
0.0048 = ATR of 48
thanks i agree with you. hard to make a cent from this and easy to lose both positions. and only 1 trade per week. i’d rather do carry-trade. try James’ 40-100 pips a day method with your demo. i think much better you’ll find out.
you clearly need to do a bit more homework on this, & you totally misunderstood rei’s comment, this system has been profitable in the 3 months i have been trading it & according to phils backtest & live foreward testing for the last 3 or so years
different strokes for different folks!
no need to convince or discourage others from using or not using this strategy.
If it doesn’t work for you, just move on and no need to post here. If it works for you, stay on!
Grrr…I’m still smarting over being stopped out at 1.6690, and the price reversed at 1.6692.
Yea, what nutrader said.
I haven’t made a cent of real money yet, but I do have a profit in fake money. I’ll definately use this system when I go live.
Hi,
Is there any specific reason for not having an EA for this strategy?
Thanks
Arnab
don’t think so. i don’t use mt4 personally…
s050399b wrote an indicator though. could that be converted to EA?
would you mind show me the trade record or tell me where to find if someone already posted one somewhere? I can’t understand Phils backtest.thanks.
I think this strategy is pretty simple … and can be easly put in a EA… anyone know how do code it?
no idea how to write EA