The goji system, for lack of a better name

Trading Systems
301

hi all,

what a morning. i will write out all of the entered orders and cancellations because i believe it will help those learning. though, i admit, i will not always do this. perhaps it is the spirit of the new month or the new year!

8:15 entered order long, 1.3585
8:16 long, 1.3585
8:16 exit, 1.3575, hit S/L -10

8:20 entered order short, 1.3570
8:25 canceled short.
8:25 entered order long, 1.3605
8:40 canceled long
8:40 entered order short, 1.3575
8:45 canceled short
8:45 entered order long, 1.3620
9:00 canceled long
9:00 entered order short, 1.3575
9:05 canceled short
9:05 entered order long, 1.3600
9:09 long, 1.3600
9:13 exit, 1.3606, just missed TP at 1.3611-7 +6, -4

if you would go back about 4-5 hours you would see that the e/u took a major nose dive. i am sure that drop has created this action. we’ll see what happens going forward.

later,

goji, bernie

302

hi all,

what a grueling day. however, it was a profitable day and when considering the bottom line, what difference does it make how you earned your profit. we are traders, after all!

the rest of the morning’s orders and trade:

10:10 entered order short, 1.3595
10:25 canceled short
10:25 entered order long, 1.3630
10:28 long, 1.3630
10:32 exit, hit TP at 1.3642-5 +12.5 +8.5

january total, +11

BEFORE I CLOSE, TODAY IS A GOOD EXAMPLE OF THE BENEFIT ONE RECEIVES BY STICKING TO THE RULES NO MATTER HOW FRUSTRATING THAT MAY BE. ON MOST OF THE ORDERS TODAY, HAD YOU JUMPED THE GUN AND PLACED TRADES BEFORE GETTING A TRUE SIGNAL, YOU WOULD HAVE LOST MONEY. WE ARE NOT ABOUT LOSING MONEY, THEREFORE, YOU MUST STICK TO THE RULES.

later, i’ll be back at 3:00 pm,

goji, bernie

303

At the end of last week, I decided to try trading the Europe/Tokyo overlap from 2:00- 4:00 AM. I don’t have enough data yet, but it looks like it may be even more profitable than the NY/London overlap. It sure was last night when I caught that crazy nosedive! Anyone here ever thought of trading that time, or is it just too late/early for most?

304

hi lavaman, et al,

i would think that trading during that time frame should be just as positive, if not, as you say, more so. the basis of the system is still to get those mini-momentum trades. you would want activity in the markets and there is certainly enough activity going on to support the system during that time. i have traded during that period several times, primarily on nights i could not sleep. if memory serves me correctly, they have always been successful. for me, i do not want to become a slave to trading. there is no doubt in my mind that this simple little system could not be just as successful in other situations. if you choose to focus on that time frame, please feel free to comment on your successes.

i’ll be back, shortly,

goji, bernie

305

hi lavaman, et al,

this is another example of what i really like to do. if you would notice this afternoon’s trade. it was entered and exited in less than two minutes with a TP. now if i was really hooked, i would continue to sit here and wait for another trade. if i was gambler, perhaps i wold not be able to walk away. my action now, quitting for the day, i believe is one of the ingredients that separates this from gambling. i do not need the action and i will not risk a losing trade now that i have a nice profit for the day. i will see you all tomorrow morning.

the trade:

3:00 entered order short, 1.3995
3:01 short, 1.3995
3:01 exit, 1.3982-5, hit total profit, +12.5, +21 for the day

january total, +23.5

later,

goji, bernie

306

Hi gojilover

Good to see you’re still doing very well with the strategy. I’ve been following your success since the start. I hate to be a pain but could you give us all another run-down of the strategy ?

I notice there have been some minor changes to it since the start, like the smaller S/L and T/P

If it’s not too much hassel a full run-down would be excellent

Thanks and keep up the great work

:slight_smile:

doggie01

307

back by popular demand, ok, it was only one,

  1. 5 min. chart

  2. 10 ema

  3. candlesticks

  4. euro/us$, e/u (this was changed due to changings spreads at oanda)

  5. TP = 12.5, move to BE at +4

  6. S/L maximum = 10, but move the S/L often as profit improves

  7. two -10s, in succession and you quit for the day, also any total of -20

  8. as profit approaches TP, move S/L to as close as 1-2 pips to insure
    positive profit. I NEVER WANT TO ALLOW A PROFIT TURN INTO A LOSS.

  9. there is nothing wrong with taking numerous BEs. THEY ARE NOT LOSSES!

  10. candle must cross and close before orders are entered

  11. enter order long, rounding up to nearest XXXX5, or XXXX0, which ever
    comes first.

  12. oposite for shorts

  13. keep orders open until hit, UNLESS PRICE REVERSES, CROSSES, AND
    CLOSES IN OPPOSITE DIRECTION.

  14. if this occurs, re-enter order in opposite direction and close initial order.
    (see this morning’s trading which had numersous orders placed, not
    filled, and canceled )

i hope this helps those who may have wanted a refesher!

later,

goji, bernie

308

Thanks goji

A few questions …

What are you looking for in the candlesticks ?

Do you mean like a non-automatic trailing stop ?

Do you mean set our T/P at the nearest XXXX5 or XXXX0, never inbetween ?

Thanks

doggie01

309

doggie,

your answers:

  1. candlesticks are just what i use

  2. yes

  3. no, your TP should be established at 12.5 when trade executes. oanda allows TP and S/L to be pre-set.

all trades are entered ending in either XXXX5, or XXXX0

ex. prices closes at 1.3753 and you are going to be long, enter order at 1.3755.

ex. price closes at 1.3757 and you are going long, enter order at 1.3760

310

Great, thank you

I know you use candlesticks over other charting options but do you read the candlesticks and look out for anything such as Master Candles or Reversal Candlestick Patterns for example ?

Also, being a Oanda trader, have you ever used Heikin-Ashi Candles with this strategy ?

Thank you

doggie01

311

hi doggie, et al,

first, to doggie, no and no, for short term momentum i don’t think the candles will tell me much, probably the same for the ha’s.

since i started recording in baby pips i have not had what happened to me this morning happen. true to my rules, however, and i am quitting for the morning as we suffered two consecutive S/Ls on the first two trades. i wll come back this afternoon.

the trades:

7:55 entered order long, 1.3345
7:56 long, 1.3345
7:59 exit, 1.3335, hit S/L, -10

8:15 entered order short, 1.3320
8:17 short, 1.3320
8:19 exit, 1.3330, hit S/L -10, -20

later,

goji, bernie

312

hi all,

well, my mother told me there would be days like today! there are many excuses that one could make for a day like today. it sure felt like oanda was hunting my stops. this is i am sure how these feelings get started. well, if you trade long enough you are going to have days like today. it is why we limit our losses. at this point you must be able to turn this into a learning experience. yes, i could continue to trade and might be able to get back some of today’s losses. BUT I WILL NOT. i will not because i do not want a -30 to turn into a -60. if i would continue to trade now my emotions may wind up playing heavily on my trading. I AM NOT HAPPY WITH TODAY’S LOSSES. right now i am a loser and i do not like to be labeled such. i will sleep well tonight and get up tomorrow morning and go back to work. afterall, is there anybody who has ever worked and not had a bad day at the office?

today’s final trade:

3:00 entered order long, 1.3525
3:01 long, 1.3525
3:02 exit, 1.3515 -10, -30

january total, -7

later,

goji, bernie

313

hi all,

well, this is another day where staying true to your system can challenge the trader. the system has worked extremely well, for a very respectable three months. then a day like yesterday occurs. one day does not a profitble system break. ok, the first trade of the day was a BE and then another loser. this follows major news and a rapidly moving market in the e/u. you had no signal for the major advance and you watched that large green candle go almost straight up. then the short signal and subsequent loser. this equals four consecutive maximum S/Ls in a row. I HATE TO LOSE, have i ever said that. well, i stayed true to the system and it rewarded me slightly after my self appointed quitting time. i wound up a winner for the day, and even a small winner for the month! i will be back at 3:00 pm. the trades:

8:15 major news, no trade

9:10 entered order short, 1.3665
9:15 canceled short
9:15 entered order long, 1.3705
9:15 long, 1.3705
9:15 exit, 1.3705, had been to 1.3709, BE

9:20 entered order short, 1.3685
9:20 short, 1.3685
9:21 exit, 1.3595, hit S/L, -10

9:55 entered order short, 1.3660
9:58 short, 1.3660
9:59 exit, 1.3655, had been to 1.3650 +5, -5

11:00 entered order long, 1.3650
11:01 long, 1.3650
11:02 exit, 1.3662-5, hit TP, +12.5 +7.5

january total, +.5, and that is on the winning side!

later,

goji, bernie

314

hi all,

it took awhile to get to the final trade of the day but it was well worth waiting for. OK, LESSON TIME, we took our lumps yesterday, we did not panic or throw out the baby and the bath water. staying the course has gotten us back on track.

REMEMBER ONE OF MY ANALOGIES: we are in a marathon of thousands of 100 yard dashes. we slipped and fell and did terribly in yesterday’s 100 yard interval. today, was another matter and we are back to winning.

this afternoon’s trade:

3:30 enter order long, 1.3630
3:30 long, 1.3630
3:32 exit, 1.3642-5 +12.5 +20

january total, +13

see you tomorrow morning,

goji, bernie

315

i can spell throw!

316

hi all,

today is a good example of having a slightly elevated ratio than 1:1. with our 1.25:1, this morning’s session was a winner.

the morning’s trades:

9:55 entered order short, 1.3730
9:56 short, 1.3730
9:59 exit, 1.3740 hit S/L -10

right after the exit e/u dropped 40+ pips!

10:30 entered order long, 1.3745
10:35 canceled long
10:35 entered order short, 1.3720
10:40 canceled short
10:40 entered order long, 1.3750
10:40 long, 1.3750
10:41 exit, 1.3762-5 +12.5 +2.5

january total, +15

back this afternoon,

goji, bernie

317

bernie, when do you trade throughout the day? i believe i saw you say earlier 8am-11am EST. what about in the afternoon?

318

hi db et al,

i trade the hour leading into the stock market close, thus 3-4:00 pm est. i am prepping as i type!

bernie

319

hi db et al,

when i was answering your question, i thought about adding that you should pay careful attention to the 3:20 pm fake out. this is a phenom that i became of aware of during my stock trading days and it seems to work on currencies, at least the e/u. a number of my trades tend to occur either right around 3:00 pm or 3:20 pm. i am only going off of memory here so if one would go back and check you may be able to refute these comments, but i do not think so!

this afternoon’s trade:

3:15 entered order short, 1.3715
3:15 short, 1.3715
3:18 exit, 1.3702-5 +12.5 +15

january total, +27.5

NOTE: THIS AFTERNOON’S TRADE IS A VERY GOOD EXAMPLE OF WHY ONE SHOULD HAVE THEIR TPs AND S/Ls SET AHEAD OF TIME. PRICE WENT ONLY SLIGHTLY BELOW OUR TP AND IF YOU TRIED TO DO THIS MANUALLY, YOU WOULD HAVE MISSED SOME OF THE PROFIT AS PRICE JUMPED BACK UP.

see you all in the morning,

goji, bernie

320

hi all,

the e/u was dancing prior to the major news, jobs report at 8:30 am. i know this news normally moves the market. the anticipation was that the report was going to be very negative and it was. i decided to take no trades before hand. as the spreads came back to normal, after the news, i entered an order at 8:45, short at 1.3640. it was entered at 8:46 and exited within the minute. we hit our TP at 1.3627-5, and were closed out. most of you know, i like to quit early on fridays. therefore, have a great weekend everybody. i am finished for the day.

january total, +40

later,

goji, bernie