when it moved a 100 points i moved my stop loss to breakeven and then to 1.6175, i did not follow the rules strictly, so i moved my stop loss again to 1.6185, when it kept moving upwards, was stopped out this morning with +60pips,
I cancelled my sell order. The take profit was to be at 170pips as my atr was showing 340, it has moved approx 133pips from sunday. According to the rules not worth getting back into the trade
Hope this helps roundrock, are you also doing this strategy?
Yes, I am still trading this system. This week’s long trade came back down to breakeven because of the UK GDP news. I was monitoring so I got out with a tiny profit. That makes it the second week in a row we almost hit the profit target before dropping to BE.
thanks nixie for the reply. right now i am struggling with these timezones. i live in india time zone, my charting software FXCM runs in GMT+1(dont know how to change that), London market opens in GMT and this strategy is in PST
i have gone thru the posts and i am confused on what bars to be considered for break out. Sunday Midnight to Monday 4AM PST (including 4AM bar ?). that means i need to wait till Monday 4:59 AM PST ? Is that correct ?
also if i miss the initial entry and the price is still in the range , can we enter (as long as opposite trade is not triggered ?)
ok, i have located the sunday 20:00 GMT 4 hr bar and the high is 1.6106 low is 1.6088. adding 10 pips the long entry would be 1.6116 but nixie got 1.6125, can someone confirm these numbers ? also the price is right now at these levels, can i enter NOW ?
i havent read all the posts … here are few things we might try for backtesting
take only the 2nd trade when the 1st is failed. skip the first trade. let it fail and enter 2nd trade (in opposite direction). normally hitting stoploss on both directions is rare. also when 1st break-out fails, 2nd trade will be very volatile !!!
dont take every week. take only when last week is failed. or when 2 consequitive weeks have failed , take 3rd week. having a long losing streak is rare.
dont enter at system entry price, wait for retracement and enter at a discount. this gives better risk reward ratio. but you may miss the bus too !!!
double the lot size for 2nd trade when 1st has failed.
all these are independant startegies , they dont need to happen simultaneously…
My broker time is gmt +2, which cannot be changed, I am based in london and it can be quite confusing at times but will try to simplify…
the time frame for this stratedy is sunday 20:00-00:00gmt, since my broker is 2 hours ahead, it works out to be 10:00 - 02:00am.
I also downloaded interbank demo so i could get this period, as my broker starts from 23:00, so i compare both.
I got 1.6125 because i added the spread to the highest point reached during this period. Also, you need to note that different brokers will quote different data feed, so we all are not going to get the exact same entry unless we use the same broker.
As i said in the last post i did not follow the stratedy to the letter, i borrowed from gus stratedy as well which i found on here, which is very similar to this. I hope this has helped you roundrock, i have not fully back tested this method, simply read through the whole thread and did my own back test for the last two months. I am currently demoing this method on the euro/jpy, (only my first week!), lost on the buy, made a tiny gain on the sell. I hope to do this live should it prove overall to be worth it.
I have only just started using this method, so still very new at it!, but there are others on here which know more about it than i do hope this helps roundrock
We could use a trailing stop right, like when the price reaches 2x SL, trailing stop would automatically change from the initial SL to the new 2x SL, aka breakeven point, am I right?
Note that this is just my own embellishments to this wonderful strat.
1st TP is always 1:1 RR (unless there is a strong support line before that).
That is part of my overall Money management plan and will never change.
2nd TP, is at an area where I had a strong support line drawn since June last year and tested several times since.
Looking at the PA, perhaps I should have placed TP2 slightly above the support line, but there is still time
I believe in S/R lines more than something like ATR. But that is just me
hi all, thanks for sharing this wonderful strategy…
i was late for the sunday entry but looking at the current price now (monday 0gmt), the price back to the about the same level (now is 1.5944), so i entered pending order based on this strategy. please let me know if i have the right calculation based on the ATR(14) for profit…
i’m using fxdd and look at 1Feb 0gmt(hope that’s the correct 4hr candle) the details are as follow:
thanks Sean… my short was triggered as well and still in position…
oh… so we can use this strategy for EUR/JPY… will try next week…
(i have been reading this threads for quite sometime but 1600ish threads are jz bit too much to read them all… so, i only covered some parts of the threads - so probably i’m missing bit here and there… )
