my reason for closing:
- trend line resistance
- and it’s close to our TP (closing 50 pips earlier)
I don’t think its a good idea to close out early with this system. But you can move the stop loss to BE now. At least you breakeven on the long trade if it turns around now.
Same posting ? Means on the first post ?
Thank you !! Got it, Post no:986.
I’m still in the trade. It’s too early to call this a trendline bounce.
You’re almost always going to have some minor resistance around a trendline, but if you exit at every minor S+R area you’ll never make money. The only reason to exit early is because of a true trendline bounce, complete with a significant drop in pips and a long wicked candle signalling a possible price reversal.
I have moved the trade to BE though. When I was testing various rules to come up with the system I didn’t have the visual indicators we have now (just data on a spreadsheet), so I never really noticed that the BE point can sometimes be unusually close to the TP.
I think changing the BE point to 50% TP might be a good idea, but I’d have to test it before I made any permanent changes. For now I’ll just evaluate it on a case-by-case basis. 
Hey phil
I just joined this forum and after going over some threads was wondering
if you have further back tested the eur/jpy because you stated earlier that the GBP/USd was different from the other years in that it made steaady profits over time while others had some lossing years.
I had also back tested a similar strategy to yours but one difference is that I always placed a third trade ONLY if the first two trades(short and long) ended in a loss.This is because the first two trades may have been as a result of some ‘clumsy spikes’. This third trade is the same as the first trade which was stoppped out. Why not back test and see if it is of any use. it could yeild losses but a win in a third trade may cover for the losses and give a profit still
I also would like to know when exactly to use ATR value and when to set my entry values
Finally sometimes the value of the ATR is in thousand eg 5415 do I use half of this value or is this an error?
Thanks a million
I have backtested EUR/JPY far enough back that I’m convinced it’s profitable, but it does have bad years. The good thing is that those bad times are easily recognizable because of the Risk:Reward ratios.
During the bad times the R:R on EUR/JPY drops to less than 2R, and a lot of the time it’s closer to 1R. Of course you’ll have a few losing weeks before you know the R:R has dropped, but once you see it just stop trading EUR/JPY.
As for the ATR, you’re getting such a large number because you’re using a 5-digit broker. 5415 means the ATR is 541.5 pips, so your TP would be 270.
I think the idea about taking a third trade is great!! It will need to be backtested of course, but it may turn out well for the weeks that trades get stopped out early because of wild price spikes.
I’ll put it on my to-do list and do some backtesting on it.
Crap! I just missed the GBP/USD long TP by 1 pip!
It’s was 35 pips down from the TP before I noticed, so I’m going to leave it and hope it goes back up.
EDIT: It went back up and I’m out 7 pips below the TP. 7 pips is close enough for me after the bounce 1 pip from the target. 
Damn, I wish i had caught that, just checked my charts price reached 12 pips short of TP for me, it is now 50 pips down, i dont want to close now, hoping price will bounce back up
Phill it seems your TP or your feed is about 10 pips different than mine My TP this week was 16467 I am guessing your was about 10 pips lower correct?
I can see the sense in this modification although obviously it depends on the statistics. I await the results with interest!
My TP triggered on the news spike.
Same for me
Hey phil
I just joined this forum and after going over some threads was wondering
if you have further back tested the eur/jpy because you stated earlier that the GBP/USd was different from the other years in that it made steaady profits over time while others had some lossing years.
I had also back tested a similar strategy to yours but one difference is that I always placed a third trade ONLY if the first two trades(short and long) ended in a loss.This is because the first two trades may have been as a result of some ‘clumsy spikes’. This third trade is the same as the first trade which was stoppped out. Why not back test and see if it is of any use. it could yeild losses but a win in a third trade may cover for the losses and give a profit still
I also would like to know when exactly to use ATR value and when to set my entry values
Finally sometimes the value of the ATR is in thousand eg 5415 do I use half of this value or is this an error?
Thanks a million
Deja vu.
I’m not sure if you reposted that because you felt some of your points were not initially answered but if that is the case, please re-read the first few pages of this thread. The strategy is clearly defined within the first few posts and common queries were answered within the first few pages. Although there are 30 pages now to this thread it is worth spending the time reading all of them if you can as there is useful information throughout this thread.
Do you want me to modify the EA for EURJPY, if less than 2R = no trade?
one thing that I observed:
- it seemed good that previously weekly range is more than ATR(14) weekly
New changes to the EA:
[ Change Log ]
- moved the function that checks if the order has been close by SL/TP to the top, it should be checked first before “closing orders” or “move to BE”
- added a “Lets_Go_Trading” flag, it will be activated after the breakout box has been calculated, and deactivated when it’s after friday 12pm GMT
Hi guys,
I am thinking of making a lot size, risk to reward ratio calculator based on the lines you put on the screen.
Use Case:
- there’s 6 lines on the screen, 3 of them belong to the “buy side”, 3 of them belong to “sell side”
- the buy lines are blue in color, and the sell lines are red in color
- there’s Buy entry, buy SL, and buy TP
- there’s Sell entry, Sell SL, and Sell TP
- u can move the lines to any position on the screen, and lot size and RR ration will be display on the lines itself
Do you think it would be useful?
Any suggestions?
It should be quick to do
Yeah, my TP was 1.6454.