The goji system, for lack of a better name

Trading Systems
401

hi all,

i am a distributor for free life int. inc. which is the parent company of, initially it was goji juice, but they have advanced the formula and it is now gochi juice. the fruit drink is amazing, but that is another story. anyway, if anyone would care to PM me, the address is <[email protected]>. PB, i did not get the second picture either, i use mozilla and i am sure it is being blocked. i get everything but the picture?

nice to see all the comments. chasing, i totally understand the allure of generating more money with your trades. i have been there. it always seemed like i was taking two steps forward and three steps back. years ago, when trading stock options i was made aware of the following story. it deals with cab drivers in and around the seatac airport in seattle/tacoma washington, usa. most of the drivers were constantly looking for the long hauls, in terms of their passenger. however, there was one driver who just focused on the short runs. after several years the drivers were sitting around waiting for a batch of passengers and the topic of wages earned was brought up. the long haulers were astounded to learn that the guy who focused on the short trips was earning three times the amount of money that they were making. can this story be related to forex trading, maybe, maybe not? however, MY trading has turned completely positive since i have adopted this approach. thus, i remain reluctant to change but am willing to embrace anything which will improve it.

enjoy your weekend everybody,

goji, bernie

402

Bernie,

Yes, a good story.
And “two steps forward - three steps back” is EXACTLY what I got with the other system. Plus the amount of time spent is simply killing. Should have stopped after the last two steps forward:o

403

hi all,

this is two weeks in a row that i am offering you something from boris s. i think it fits perfectly with the goji system whereby, trend is almost unimportant and you could care less about getting in at the top or bottom. now, i know there are other systems and strategies and some i’m sure are much more profitable. however, all i want is my +12.9 pips on a fairly regular basis. i feel i am getting that and i am happy. here are boris’ thoughts: (which sort of amplify my recent comments to chasing!)

One of the great ironies of trading is that while nearly everyone talks about the value of following trend but almost no one actually does it. Think about how you win in trading. You win by being on the majority side of the move. It is the majority of traders that determines price. More buyers and price moves up. More sellers and price moves down.

Yet our instinct to pick a bottom or a top, to find a great “bargain” entry is overwhelming and mostly counterproductive to our trading. How many times have you tried to buy the bottom or pick a top only to be stopped out over and over again? No one is as guilty of this trading sin more than I. I am an inveterate top and bottom picker and have all the scars to prove it.

The process of top and bottom picking or “fading” as it is known amongst traders is only rarely a question of value. Mostly it is just a matter of ego. Every time we fade we say, “I know better! You, Mr. Market are wrong! I am smarter than you and will not follow you like all the rest of these suckers!” When we are right, the feeling is intoxicating - a thousand times more powerful than any other experience you have. Like David who has just beaten Goliath you feel invincible and omnipotent.

Unfortunately, those feelings are few and far between. The cold hard truth is that when you add up your P&L that single moment of glory is rarely worth the many unnecessary defeats that precede it. But as human beings we have an uncanny ability to gloss over our failures while amplifying our successes. In life, we rarely take a true accounting of our actions. But trading is one arena that does not tolerate our natural impulse to escape responsibility. That’s why the game can be so hard and unpleasant because it often speaks the truth. And the truth in trading is that we should be less like the American cowboy and more like the Buddhist monk - keeping our ego in check as we listen to what the market is trying to say.

Boris Schlossberg and Kathy Lien
BKForex Advisor

later,

g, b

404

hi all,

i have finally caught up with philbot’s second rendering of the goji system strategy and it is perfect. thank you very much phil.

goji, bernie

405

hi all,

i may have come up with something to use, after we have exited a trade or something that may be added and incorporated into the goji system as possible re-entry. the system deals with inside bars. are you all familiar with inside bars? if not here is an explanation. an example would be of the trade i placed this evening experimenting with what i had come up with. over the week end i read some of nick b’s info from “art of the chart,” and “forex4noobs.” he uses this system on four hour charts and waits four additional candles for trade confirmation. james, “100 pips per day,” uses something similar on mostly 15 minute candles plus one additional candle. i did some back testing on a five minute chart using nick b’s “master candle,” plus two candles to determine entrance, either long or short. the results were pretty good, so i decided to give it a try this evening, before things get hectic in the morning. the trade produced +5 pips. here is the example: (i am going to refer to our master candle as the GOJI CANDLE from now on!)

10:10 est. red candle with a range of 1.2899-7 to 1.2916-2, becomes the goji candle, BECAUSE THE NEXT TWO FIVE MINUTE CANDLES FALL WITHIN THE PARAMETERS OF THE now, GOJI CANDLE.

AGAIN, the candles that start both at 10:15 and 10:20, opened and closed within the parameters of the goji candle. therefore, orders are entered, LONG AT 1.2920 AND SHORT AT 1.2895. our normal rounding off entrances.

as this trade would have it, the third candle finished with in the 1.2999-7 and 1.2916-2 range of our goji candle, THUS WE WAIT.

during the fourth candle, the one that opens at 10:30, our LONG ORDER is filled at 1.2920. the trade then unfolded as follows, in the normal way that i write up trades:

10:25 entered order long, 1.2920
10:25 entered order short, 1.2895

10:31 long, 1.2920, at this point, YOU MUST REMEMBER TO CANCEL SHORT
10:32 exit, 1.2925, had been to 1.2928-6 +5

undoubtedly, there will be some questions. as is always the case, you may want to experiment with this on a demo account. you may also consider not using it at all. I AM GOING TO INCORPORATE IT INTO OUR STRATEGY FOR THIS, THE LAST WEEK OF JANUARY. WE ARE AHEAD FOR THE MONTH AND I WOULD RATHER EXPERIMENT WHEN AHEAD, rather than at the beginning of a new month. we shall see what we shall see.

january total +228.5

goji, bernie

406

hi all,

the 10:00 am est candle is shaping up as a possible goji candle.

g, b.

ps. the goji candle was confirmed, thus short at 1.3135 or long at 1.3185. we shall see!

pps. the 10:15 candle remained within the parameters of the goji candle.

ppps. like wise, the 10:20 candle, 10:25 candle, and 10:30 candle.

407

Hi bernie,

Why are you in all my 5 min boxes have not crossed in the last hour e/u is rising above the ema 10 all the time?

I just went in on my 19.40 candle for a BE wish I could match the same time on my screen lol

408

hi all,

phil, i was not in, however, i have made an addition, several posts back that you may want to read. with this possible trade i was able to give a five minute update of not being filled. although that trade did not take place as our traditional trade came into play and produced a TP.

i am quitting for the morning, thus here are the actual trades:

8:25 entered order short, 1.2980
8:25 short, 12980
8:26 exit, 1.2990 -10

8:40 entered order long, 1.3015
8:40 long, 1.3015
8:40 exit, 1.3027-9 +12.9, +2.9

10:00 housing news, no trades

10:40 entered order short, 1.3140
10:43 short, 1.3140
10:44 exit, 1.3127-9 +12.9 +15.8

january total, +244.3

see you at 3:00

no goji candle trades were entered this morning.

goji, bernie

409

phil, i placed this order at 10:40, SHORT 1.3140, but did not get filled until 10:43 and then wound up with a TP trade. did you enter a market order at 10:40? i am not sure how you got the BE on a trade i got a TP on? is your 19:40 the same as my 10:40 am est? bernie

410

Ok got the time sorted out must be the 1 hour diff I am GMT + 4 but its winter so changed it to gmt + 5 so times match yours now. As for the 10.40 I moved the SL too close I think hence the BE

Here is one I tried,

10.55 Short 1.3130-6 SL was 1.3141-5 so have same trouble as chasing ?
TP was 1.3117-6
and… I got SL at 1.3128-8 +1.8 :slight_smile:

Think I have it understood now so will start to monitor my performance as from tommorrow, even thou the SL is tricky I will get a feel for where +4 is from the current price soon

Thank bernie

ps. forgot about the news Im going to buy some clocks and timers too lol

411

Phew, my last trade was a definite roller coaster ride…almost hit my S/L @ -9 pips then flew all the way back to +12 :slight_smile:

Anyway,

05.46(pst) long 1.3040
05.53(pst) close order 1.3052 +12

08.41(pst) long 1.3170
08.48(pst) s/l hit, closed 1.3160 -10, +2

10.05(pst) sell 1.3125
10.05(pst) close order 1.3113 +12, +14

I am going to keep trading will post more

(This is still the semi-goji system where I wait for the entire candle to cross above 10EMA.)

412

hi all,

db, if it’s working for you, then keep up the very good work. i have been wanting to ask where are going to school. it is refreshing to know that a college student is also getting an additional education by trading, while learning forex.

ok everybody, i do not want to start banging the table with my recent addition. as far as i am concerned the jury is still out, however, it has produced two winning trades, thus far. also, had we not employed this strategy, we would have sat and watched the entire hour this afternoon. as such, i will break down the trade and spend a little more time reporting it to provide you with a learning experience. the trade:

3:25 the candle that started at 3:25 became a goji candle when the next two candles opened and closed within the parameters of the 3:25 candle, wicks included. the goji candle’s range was 1.3177-4 to 1.3206-1.

3:35 we enter two orders, one long one short, thus, at 1.3210, long, and 1.3175, short. (IF EITHER OF THESE TRADES GETS HIT, YOU MUST CLOSE THE OPPOSITE TRADE, IMMEDIATELY, SO THAT YOU WILL NOT FORGET ABOUT IT.)

3:41 the short trade was entered at 1.3175. I IMMEDIATELY CANCELED THE LONG TRADE.

3:44 exit, 1.3170, +5, had been to 1.3166-4

ok, i hope you were able to wade through my explanation. it is, naturally, at your discretion if you choose to implement the goji candle.

january’s total +249.3

tomorrow,

goji, bernie

413

hey goji, i will wait a little longer to see what happens with the goji candle that you are trying out right now before i make any changes.

i am a computer science major @ UCSB. my ultimate goal is if i get a system down to a T and consistently making profits, I want to write a program in C++/Java to do it automatically through interactive brokers (but that is far down the line).

in our case, calculate the 10EMA, see if candle closes above/below, and open corresponding orders. they dont make it too hard to write something like that, and I would be curious to see how it would work.

thanks for your continued support on this thread

414

Hello everyone,

I got a “fantastic” trading day again:mad:.

Started at 8:00.

Like Bernie did, got a loser at 8:25 short. The only difference is that I got -10.9. (By the way, I talked with an Oanda guy over the phone, asked him what to do in order not to get the spread added to my SL. The guy could barely speak English and finally told me there’s no way to do this).

Like Bernie did, got a winner at 8:40 long. The difference was - I got +10; moved the SL too soon.

THE MOST EXCITING PART.

Like Bernie did, placed a short order at 10:40. BUT, looking at the previous trade, where the price went “far away” after hitting TP, decided to set the TP at +50, thinking that I’ll keep moving the SL anyway, what’s going to be a problem?
And… LOST CONNECTION!!!
By the time I was able to reconnect again, the price went to ~+15 and got back in the negative, after what hit the SL!!!:mad::mad::mad:

Called Oanda about the connection - thay said they did not have problems of this kind at the time.

I traded couple more hours after that, the total for today is -16.3.

WOW.

Good luck to everyone.

415

hi all,

well, this is one of those days that can try the patience of this strategy. i am quitting early because of the major downward move after the news at 10:00 am est in the e/u. after such a move the market tends to take awhile to get back to the 10 ema. that said, i got out of a trade just prior to the announcement and i even had the proper direction of the major move identified. now, here’s what i tell my self at times like these. this time i would have made a very decent profit by staying put through the news. THIS TIME! how about next time? if next time i would give it all back then what is the use. bottom line, this would have been a gamble today. i do not want to gamble, thus, i exited the position at a break even, three minutes before the announcement. one other scenario that i would like to point out against the gambling. at 10:00 am est, the spread on e/u expanded to 10. depending on the e/u price at the time, the expansion could have stopped you out with something greater than a BE. i chose not to take the chance as i will into the future. you are always free to do what you will. meanwhile, i will add my 7.9 pips to my january total. this morning’s trades:

8:20 entered order long, 1.3190
8:30 long, 1.3190
8:30 moved stop loss to 1.3185
8:31 exit, 1.3185, -5, had been to 1.3192-6

8:55 entered order long, 1.3195
8:57 long, 1/3195
9:01 1.3207-9, hit TP, +12.9, +7.9

9:55 entered order short, 1.3210
9:57 short, 1.3210
9:57 exit, 1.3210, in anticipation of news at 10:00

10:00 news

january total, +257.2

i will be back at 3:00 pm est

goji, bernie

416

Yes now I have started and know I am trading the same times so can do the comparisons

8:55 entered order long, 1.3192 exit 1.3205 +13.0

9:55 entered order short, 1.3210 exit 1.3204-7 +5.3

+18.5 what a good start to my trading record for the month!! and yes I should not of done it near the news havent got me clocks timers yet will buy at weekend lol

417

hi all,

this afternoon’s second trade went rather slowly and i was able to record how i move the S/L. it also ended in a TP, which was beneficial since the first trade of the afternoon was a SL. i will admit that as we get near the end of the month i like to get perhaps more conservative, from football, a prevent defense, sort of. however, i moved the S/L pretty much as i normally would under like situations for this trade.

the afternoon’s trades:

3:00 entered order long, 1.3180
3:00 long, 1.3180
3:02 exit, 1.3170 -10

3:10 eol, 1.1385
3:15 long, 1.3185
3:16 moved S/L to 1.3179
3:18 moved S/L to 1.3186
3:21 moved S/L to 1.3189
3:22 exit, 1.3197-9, hit TP +12.9

notice again that this trade encompassed the 3:20 pm est fake out!

see you in the morning,

goji, bernie

418

hi all,

this afternoon’s second trade went rather slowly and i was able to record how i move the S/L. it also ended in a TP, which was beneficial since the first trade of the afternoon was a SL. i will admit that as we get near the end of the month i like to get perhaps more conservative, from football, a prevent defense, sort of. however, i moved the S/L pretty much as i normally would under like situations for this trade.

the afternoon’s trades:

3:00 entered order long, 1.3180
3:00 long, 1.3180
3:02 exit, 1.3170 -10

3:10 eol, 1.1385
3:15 long, 1.3185
3:16 moved S/L to 1.3179
3:18 moved S/L to 1.3186
3:21 moved S/L to 1.3189
3:22 exit, 1.3197-9, hit TP +12.9

notice again that this trade encompassed the 3:20 pm est fake out!

january total, +260.01

see you in the morning,

goji, bernie

419

hi all,

glitches are possible everywhere. i have no idea why the last post was duplicated? i attempted to edit it by putting in january’s total. oh well!

g, b.

420

hi phil,

how could you have done it wrong when you generated +5.3? i would have gladly taken +5.3 at that time. as i said, i knew the news was coming and did not want to get caught, thus, in my mind there is nothing wrong with a BE and i took it. remember, i am simply reporting what i do. on this particular trade you did a great job. you used my system and did better than i did. what more do you want? kudos and congratulations.

bernie