Phil,
No, I did not try an automated program, and I’m not quite sure using a program is going to be successful with the Bernie’s system.
I change the SL manually, I target positive. I try to set the SL at positive first, and only then follow the price (4pips from behind), if I can. As you see, it does not happen at all times:).
Differences… No, not emotions… I’d say it depends on how fast we make changes and how fast the broker allows us to make changes at each particular situation.
Hey Bernie and friends,
Remember me? It’s been a while! Well, I’m going to give the goji system my best effort, since it seems to be working for some. I became one of those people who thought that I could “SEE” price action, and trade on intuition. Well, my account went up about 20%, and then crashed hard. I lost about a third of my beginning equity. I just don’t think I have the discipline. So now I’m giving the goji another go. Before, I didn’t have the patience, but now, I feel I won’t get anywhere unless I have some. Even if I don’t use this system for the long run, I think I need some practice at NOT making trades every single minute. And I need structured trading hours so I can run my business and NOT stare at the computer screen from 8 AM to 4 PM. Well, first trade of the goji system I took at 2:20 PM, and it hit TP of 13 pips at 2:23 PM. This won’t be a normal trading time for me. I’ll probably try to keep it to 8-11 AM, and maybe 3-4 PM if I’ve had a productive day. I haven’t decided, but I may start posting trades on here as well. Perhaps I’ll be more inclined to stick with it if I’m recording somewhere besides my daily profit/loss spreadsheet.
Right on!
Neal
February Total (after starting the Goji System): +13 pips.
Anybody - looked at Gojilovers description of the goji strategy. Sorry Im sort of in dumb mode whilst reading it - can someone explain something to me please. When the candle crosses and is, say, above the ema, at what point do you decide to go short as the move upwards could be continuous. You may have gone short and the market is long. What is the signal to place a trade ?
“What is the signal to place a trade ?”
My understanding is when the candle closes above/below the ema, then enter with the next candle.d.
I think you enter when the candle hits the next pip level ending in “0” or “5”. So, if the candle closed below the 10 EMA at 1.2848, just after crossing it, you would place your sell limit order at 1.2845.
That’s it for the day for me. Took one more trade at 3:30 at 1.2840 that hit my stop loss at 3:32 at 1.2843 for +3 pips.
February total is now +16. Tomorrow I will see if I can muster up the patience to avoid my money losing whims again!
hi all,
genghis, i am not totally sure what you are asking, but will be more than glad to answer when we get on the same page.
i hope some of you were more successful than i was this afternoon. beginning at 3:15 pm, the e/u started doing its 10 ema two step every five minutes. however, i canceled my long order at 3:32 pm, because i was not fast enough to get my order done right at 3:30. my order was actually listed at 1.2839-9. at 3:30 pm price jumped up several points, bounced back and forth and i never did get filled. NOW THIS IS IMPORTANT, AND NOT REALLY COVERED IN ANY OF THE RULES. I CANCELED AT 3:32 PM BECAUSE I DID NOT WANT TO GET FILLED WITH PRICE DROPPING BACK DOWN, THUS MOMENTUM MOVING AGAINST ME. PRICE HAD BEEN UP TO AROUND 1.2847-48, AT THAT POINT. now, if you had gotten filled, this should have been a profitable trade for you and depending on how you played it, because price was swinging up and down at that point, you may have even been able to get a TP trade out of it. i can not say for sure, because i was out of the trade. I WILL NEVER CHASE! i know price did get close to a TP and then dropped down 5-6 points. had i gotten filled, i probably would have generated 6-7-8 points. oh well, i will see what 7:00 pm looks like. i think the aussies have a rate decision this evening. NOTE: during this session i will have two screens up and will be monitoring both the e/u, and a/u. also, i will only be involved with one pair after an execution.
later,
goji, bernie
thank you very much for the assistance. Its 9 pm on a monday night and I’m on my pc …sigh
Yeah, that 3:30 trade was crazy. I had my candles expanded so I could tell where the M5 candle closed. It was a fraction of a pip away and I barely got my order placed in time. If I had been late I would have done just as you did Bernie, and canceled it. I never want to place a long order that’s triggered by a candle going short.
hi all,
i see some questions and comments have come in since this morning. i will review and post comments later. now, i will focus only on this evenings trades. we had one on the a/u, and one on the e/u. neither one produced much but they were both profitable. for me, that is the key. this evening i worked less than a half hour and produced +5 pips. for me, that is worth it. when i add that to what was generated this morning, it equals a +14 pips. i am satisfied. the evening’s trades:
7:05 a/u eol, .6310
7:09 long, .6310
7:14 exit, .6312, had been to .6316-7, +2
7:20 e/u eol, 1.2825
7:21 long, 1.2825
7:21 exit, 1.2828, had been to 1.2832-5, +3, +5
there were no TP trades today, but +14 for the day is fine with me.
february total, +14
see you in the morning, or maybe a little later from now and i may have some comments,
goji, bernie
Bernie,
What makes you prefer to trade a/u with spreads around 3p. and e/u 7-8p.m. with spreads 2p. and above rather than e/u early morning with spreads 0.9-1.2p.?
Thanks
hi all,
read all of your comments, keep up the good work. chasing, the reason i am exploring the a/u and e/u at 7:00 pm is that 7:00 pm is the aussie/asian open. i know the market is supposed to be less volatile, however, to date, i think the 3:00-4:00 pm slot has been successful, so i decided to try another time slot. if successful, it may give those who must work a 9:00 am to 5:00 pm the opportunity to get involved. remember, this is just an experiment for the week, maybe month, to see how it goes. if it is not working i will eliminate it.
bernie
I’m guessing you boys and girls live across the atlantic. Not sure what the rules and reg s are there but here in the UK scalping to that degree will lead to a suspension of your account. Did some backtesting and here s an idea to improve the strategy. Trade in the direction of a 100 regression line on the 10 minute chart. Its less manic.
Hi Gengis,
not me I am from the Uk but live in the UAE, can you explain your strat abit more what is a 100 line? Are you apply the same principles too?
hi all,
oanda does not present a regression line. i do not know the uk’s rules on scalping, however, we had three trades this morning, in three hours time and two of this mornings trades took some time. I SINCERELY HOPE THAT ALL OF YOU WERE ABLE TO GET TWO OF THESE TRADES. i know some of you are not using the goji candle, as yet. anyway, here are the trades, all TPs:
8:40 eol, 1.2870
8:44 long, 1.2870
8:45 moved S/L to 1.2866
8:48 exit, 1.2882-9, TP, +12.9
9:30 goji candle, formed because the next two candles were IBs (inside bars)
9:45 eol, 1.2955 eos, 1.2930
9:46 short, 1.2930, canceled long immediately
9:50 moved S/L to BE
9:51 exit, 1.2918.1, TP, +12.9
10:00 eos, 1.2905
10:05 canceled short
10:05 eol, 1.2950
10:06 long, 1.2950
10:07 exit, 1.2962-9, TP, +12.9 +38.9
february total, +52.9
see you at 3:00 pm
goji, bernie
Bernie, everyone,
My trades this morning.
8:40 - long - exit at +3 (if I had not been so quick moving the SL, would have gotten a TP trade:));
10:05 - long - exit at TP +12.9.
This makes +15.9 for the morning and +19 for the month.
Hi all,
Well done Bernie, think me and chasing are chasing you know, Im not quite the same as yours but I did well here are mine…
8.40 eol 1.287 BE - maybe I moved to fast but I didnt lose!!
10.05 eol 1.295
hit TP 1.29636 +13.6 weird i went in 2nd candle… btw my TP is set at 13.0
11.00 eol 1.297
move sl and hit at 1.2976-3 +6.3
Total for the day = +19.9
Total for Feb = +27.8
I think to be honest when the market is looking more agreesive like to day I might move my TP a little higher to catch more I can still control the SL along the way?
Well, last night I made a trade around 9:00 PM, a stupid time to trade I know, and it hit stop loss at -10. So, yesterday I was at +6 pips for the day. Today I missed the 8:40 trade, but I did catch the 10:06 AM for a TP of +15 pips (yes, I just can’t leave this system alone). I also got restless and decided to play with a reentry procedure when price was too far above the EMA. I would enter at the “05” or “10” above or below the last candle’s high or low IF that candle was the opposite direction of the preceding candles (basically, if that candle was a pullback from the prevailing trend). This resulted in 2 B/E’s and one +7. Both of the B/E’s could have been +5 if I was quick enough moving the S/L. I had one other +2 at 11:01 before taking a break.
Today’s pips: +24
February total: +30
So, Bernie, I guess I should go back and reread some of this thread that I missed when I was away playing rogue scalper and losing money. I had no idea you have a rule about inside bars. Maybe if I can pick up on that I’ll ditch my trend reentry provision, however, I may still test it and see how it does over time.
I felt so much more relaxed today utilizing this system. I made a modest profit in 5 trades. Last week I had a few days where I went negative in the hundreds just to end the day with $30 profit. Even though those days ended up profitable in the end, they turned my account into a ticking time bomb. Also, at the end of those days my eyes were bugged out and I felt like I had been in battle. It’s no way to trade.
Philbot44 - I was looking at G’s strategy, got advice how he was applying it and unless I misunderstood , which is a distinct possibility I thought it was a bit manic. Anyone can correct me on this as I am no expert but the USD / CHF in my humble opinion bounces up and down like a yo yo. So what i did was, given markets range 80% of the time ( I am lead to believe) I thought G’s got a good strategy - works well as has been demonstrated but requires a quick trigger - and if your system slows or freezes your service provider will be quite keen to spank your bottom ! So what I have been doing is introducing the linear regression line calibrated to 100 with G’s 10 MA, I go to the 1 hour chart and establish S and R. Drill to 10 minute and if price is above 100 LR and MA has crossed LR and a bullish candle has cut tha MA take price. Do this only as prices approach S and R as you are capitalising on the pullback in a ranging market. Works in all currencies. Of course stay away if there is a news announcement.