HI
Ummm … just confirming coz I got this wrong last week. Do we have all pending trades set up by now ? or is it in the next hour ?
if RR less than 2 = skip?
Well it’s 00:11 London time right now so my understanding is your orders should already be in place…
US Time change back 1 hour this morning
Good point.
edit: I just removed all my R:R numbers — I was having a mental lapse — I was on the wrong chart!
I’m skipping this week,
Matt, you are correct on the time — the 20:00 GMT 4-hour candle corresponds to 3pm-7pm EST (standard time).
— but, according to the R:R rule, this week’s set-up should not be traded.
I’m trading both GBPUSD and EURJPY. Here are the details of my trade calculations (can anyone confirm these figures are right?)
GBPUSD:
weekly ATR is 389, half is 194
trigger (20:00GMT) bar high is 1.6435, low is 1.6386
my broker spread is 4 pips
BUY @ 1.6449, TP @ 1.6643, SL @ 1.6386
SELL @ 1.6376, TP @ 1.6192, SL @ 1.6439
EURJPY:
weekly ATR is 365, half is 182
trigger (20:00GMT) bar high is 132.35, low is 131.56
BUY @ 132.49, TP @ 134.31, SL @ 131.46
SELL @ 131.46, TP @ 129.68, SL @ 132.49
ALSO… a question I just thought up… I have a quick formula written up for calculating these values. When I calculate the take-profits, I am starting from the ENTRY value which includes compensating for the broker spread. Is this correct? It can be seen in the numbers above. Thanks! (Note: my guess is that a few pips isn’t going to matter much, but just trying to be faithful to the rules)
Not sure why my numbers are so different.
High = 1.64422
Low = 1.63459
TP = 192 (same as yours so this is ok)
I totally screwed up my previous post, so, I’ll try this again.
The weekly ATR(14) as of Friday’s close (10/30/09) was 380 pips (on my chart).
Therefore, TP = 190
Risk = range + 10 pips = 98 +10 = 108
Reward/risk = 190/108 — which is less than 2
Technically, we should not trade this week’s set-up. But, it’s a close call.
Hi all
I thought that R:R filter was only for EURJPY … so its for GBPUSD too right?? anyway… Im only trading cable,
My long has been triggered!!!
Thanks!
Hey Phil,
I just started reading this thread and have read the first 10 pages.
I haven’t had time yet to read all 150 pages so the answer to my question might have already been answered in previous posts. If so, I apologize.
My question is this:
Tonight the 4pm (EST) candle in the eur/jpy has a range of 179 pips.
Would you still make this trade or is the risk/reward too unfavorable?
Do you have any risk/reward criteria?
Thanks
As far as I know there isn’t a R:R filter for the GBP USD trade. The only thing to look out for is if the sunday data is unusually large, ie about 140pips. Although this week’s is quite large, I dont think it stops the trade. It is difficult though as there is no BE point this week.
I am in the long trade as well.
My eur/jpy 20:00 GMT bar shows a high of 132.77 and a low of 130.99.
I use FXCM as my broker.
Why would my 20:00 GMT bar have different high/low than yours?
Anyone else trading the Gus forex sunday BO startegy too???..
seems a very good strat… if we could automate it it would be great… 
thanks!
I am trading only GU this week. Your numbers match up with mine except for the TP on the sell side. My calculation comes to 1.6182 (1.6376 - .0194).
The formula I use to calculate the TP on the sell side (which could be wrong, btw) is:
SELL trigger_low - 10, TP @ entry - 1/2 of weekly ATR(14) + spread, SL @ trigger_high + spread
(trigger_low and trigger_high refer to the 20:00 GMT candle)
PS: Rei, just curious… my 20:00GMT candle is showing high=1.6435 and low=1.6385 … thats only a 50 pip range, not very big. What are you showing for that candle? I use an IBFX live mini account.
You could be right dusktrader. But, somewhere in the 150 pages of this thread, I read that you don’t have to factor in the spread when shorting.
I think you got it right s050399b. I see the same range.