That’s a tricky one. I set up pending orders for both directions the minute the Sunday candle closes, so I’ve never gotten in late and don’t have any experience with it.
Personally I wouldn’t get in late unless it’s maybe only 20 pips or so above the line. No real reason behind that, just my personal opinion, so feel free to ignore it.
Anytime you get in late you’re upping your risk and lowering your potential reward. I just don’t like that.
And don’t fret about leaving pips on the table, it’s impossible to get every singe pip out of a trade. You did just fine! If you try and do it you’ll just end up cutting yourself short in the long run.
My short trade closed at breakeven, since I prefer the “all or none” way of doing things, but your way is fine too.
I hit a take profit on the long side just a bit ago. It got close to hitting break even, but barely missed. I’m on Oanda and had moved my stop to exactly 1.5984. Anyone else have a winner this week. A great start to this system for me!
i started trading this system this week, i took the short trade which closed out at break even but missed the long trade, in future i will follow your method of setting pending orders for both trades as soon as the sunday candle closes.
Interesting system. I haven’t check all the pages but noticed you posted the Sunday candle a few times. Will you post the candle every week?
Question about the spread. If my broker has a 5 pip spread. Then my long entry should be the sundays 20:00 close high +15 rather then the +10 you mentioned?
Yes, I post the numbers for the entries, stoploss, and takeprofit amounts every week a few minutes after the Sunday candle closes.
You’re right about adding in the spread, if you’re using pending orders. If you’re hitting the button manually when you see the line get crossed you don’t need to worry about it, but with pending orders you have to add the spread into the long trades.
Thansk for the quick reply. I guess I will be joining tomorrow. If I understood the risk calcuations correctly. I willing to risk 200 dollars. Say the stop loss is 50 pips that means 4 mini lots max?
The close would be at 0:00 gmt correct? so you would be posting around 7pm EST?
If this is your first week trading this system I would suggest you don’t risk real money though, just in case you have a problem. Do at least one week demo trading first.
And yes, the close is at 00:00 GMT, but EST is -4 GMT, not -5, so it would be 8pm EST.
I do all my charting on an IBFX demo account, so that’s where my price levels come from, but I enter all my trades with Oanda.
The broker you use won’t affect profit/loss in the long run, but there will be differences.
For example, My long trade closed out at breakeven last week by 1 pip, but Lavaman was using a different broker and his didn’t get triggered. He ended up staying in and won 200+ pips.
Things like that happen, but in the long-term it will all even out.
Thanks for the quick answer, So you would suggest using IBFX for charting? For other currencies pairs can I use my broker’s charts which are based on EST and use the EST close which would be 8pm?
Correct, with an EST based broker the Sunday candle would be the 4H candle that closes at 8pm. If your broker shows that candle than there’s no need for a separate demo account, just go with whatever values you broker displays.
