The goji system, for lack of a better name

Trading Systems
501

Today’s trades:

[Disclaimer: While my trading is still highly erratic, if you had seen me last week, you’d realize this is a huge improvement]

8:45 entered long at 1.2790, S/L -10 at 8:48. This was a mistake. I forgot my own rules about the opposite candle entry.

8:50 entered long at 1.2800, S/L -10 at 8:50. This was a goji inside bars trade. It was stopped out almost immediately. I should have known 1.2800 wasn’t a smart level to get into a trade when it hadn’t been comfortably above that level in a while.

9:02 entered short at 1.2780, +4 pips at 1.2775. This happened after too many opposite candles in the downtrend. I really need to write this possible rule down and follow what I decide. This lasted ten minutes and was very frustrating. I think part of the stress in a trade like this comes from not being entirely confident in the rule. Also, I was down -20 and it’s hard for me not to want to “revenge trade” myself back into the positive for the day. I need to remember, it’s not about a single day. It’s about how the results shape up over time. I’m not wired to act that way though!

9:30 entered long at 1.2815, B/E at 9:33. If I had been quick enough I could have grabbed a +5, but at least I didn’t lose pips on this one.

9:51 entered short at 1.2785, B/E at 9:57.

10:21 entered long at 1.2800, +4 at 10:23.

10:35 entered long at 1.2810, S/L -10 at 10:36. No good reason to enter this trade. I was anticipating one of my candle reversal patterns, but it didn’t even go red. This is what happens. Losing breeds more losing and then I ruin my account!

10:44 entered long at 1.2815, TP of +15 at 10:54. Another almost stopped out 10 minute trade. I’m REALLY straying from the rules. I need to take a break, walk the dogs, and be happy I didn’t destroy my account today. I hope some can learn from my inconsistency!

11:32 entered short at 1.2835, +5 at 11:38. I was preparing the order early and so I got in before the candle closed.

Today’s pips: -2
February Total: 88

Today’s advice: Do as Bernie does, not as I do.

502

Hello everybody,

My trades this morning:

9:30 - long at 1.2815 - exit at +4;

9:40 - short at 1.2795 - exit at SL -10;

9:50 - short 1.2875 - exit at +3;

10:20 - long at 1.28 - exit at +1;

11:35 - short at 1.283 - exit at +6.

It makes +4 for the day and +28 for the month.

503

Bernie,

Well,:slight_smile: the news at 8:30 - major or not, but the spread went up to 10p. Good thing you got away with it.

Could you please explain us what considerations you followed when you did not place:

  1. a “Goji Candle” order at 8:50;

  2. a short “regular” order at 1.2795 at 9:35.

Thank you

504

Yeah, I was watching that news release and thinking “Man, I possibly could have squeaked out a TP there, but getting filled with the 10 pip spread was dicey”. Alas, Bernie does it!

505

Hi Lava,

Your are a little like me as I have carried on too but interesting results to report.
btw Lave do you use the signal candle or the wick to set your entry point?

11.35 eos 1.2830 BE

12.00 eol 1.2863 now I have another screen that watches EMA steps and it was looking good so once i moved to BE I moved TP and then bak to moving SL until I enventually got +18

So.
Total for day now is +6.1

total feb = + 51.5 :wink:

506

Lavaman,

I think I might have a suggestion for you:). At least, this idea helps me stay organised and disciplined:).

I used to have the same problem with hundreds of trades within a short time, targeting hundreds of pips:D.

MAKE YOUR PIPS FAAAT! At least, for the “Goji” system.

Now, when my pip is $20, I appreciate EACH and EVERY of them. And I do not trade irresponsibly anymore. And 2p. per session is totally fine. 30p. would definitely be better, but I’ll take 2p. as well:)

Well, it’s just my experience. I realize, that for some people $20/p may be nothing.

Best of luck to everyone

507

hi all,

it’s 6 degrees here and i have nothing planned for the day. i jumped on baby pips and saw the comments. i thought that i would respond. i have several to make, one which i find almost unbelievable.

  1. first, i checked baby pips, as i usually do, for news at 8:30 am, first thing in the morning. they had nothing listed. now, after reading your comments, i checked with Forex Factory and they also showed no news at 8:30 am. all that said, i submitted the long and short orders for the goji candle trade at 8:15. once placed, i decided to brew some tea. i checked my computer several minutes later, no entry. during this time, pardon my being explicit, but i took my morning dump. i checked my screen again, not sure the time, secured my finished tea and got back to my computer. during this time the trade entered and closed and i came back to a very nice TP trade. I NEVER SAW THE SPREADS EXPAND, AND HAVE NO IDEA WHY THEY WOULD HAVE. i would really have been angry if i would have returned to a loser created by an expanded spread that was totally unexpected. as i said, UNBELIVABLE!

  2. chasing, i do not see a goji candle at 8:50 am. since phil also asked, i will review the rules for a goji candle trade. first of all, if you remember i tested the goji candle trades the last week of january. it provided several winners and it does fill in some of the time while waiting for a regular trade. that said, i am continuing its use. now i will use today’s trade to review. first, a goji candle does not become such until two more candles have closed. therefore, at 8:15 am this morning i entered two orders, one long, at 1.2840, and one short, at 1.2810. now i think the goji candle is a good addtion to our trading because it is based on the similar momentum we are looking for in our regular trading. the length of the 8:00 am goji candle was approximately 1.2838 and 1.2814. thus rounding up and down, you would get the entries i put forth. NOW THIS PART IS IMPORTANT, those next two candles must stay with in the top and bottom of the 8:00 candle. this is what creates the goji candle. TWO CANDLES, thus the trades were not entered until 8:15 am. now you could have more candles stay within the parameters of the goji candle. this may create a more dynamic breakout. THIS I REALLY DO NOT KNOW FOR SURE, it is suppsed to on four hour charts, but we are using five minute charts. I DO NOT THINK THE GOJI CANDLE IS ELIMINATED BY AN EXTENSIVE AMOUNT OF CANDLES, THOUGH. afterall, we will eventually get a break out and that is what we want to play. I WILL AGAIN REMIND YOU, WHICH I HAVE BEEN DOING, I IMMEDIATELY CANCEL THE OPPOSITE ORDER, upon entrance, so i do not forget about it. ok, i think i have reviewed the goji candle. questions, please!

  3. chasing, i will get back to you because i have forgotten the second part of your question. i think you took an incorrect trade and i did have an additional order entered, it was canceled and i do not think i recorded it. let me review and i will get back to you.

  4. ok, first, in reviewing the morning, i found a typo. i had the 9:20 order entered listed as 9:30. the order was actually entered at 9:20.

  5. chasing, the bottom of my red candle that started at 9:35 is 1.2794-6. at this point i entered an order short at 1.2790. in recording, i over looked this as at 9:45 i entered a long order, which was also canceled. lavaman also does not have an order listed here and phil said he did but he thought it was a mistake. i think this answers your questions. if not, please get back to me.

goji, bernie

508

chasingpips, thats what i am doing on my demo account: 2lots = $20/pip. when i go to open my real account, which kind of account do I open to get this same kind of $/p?

509

hi all,

i made some additional comments to my previous post, you may want to go back and re-read.

i wrote this and then went to trading. i hope you all got on board a little early today. as i told you, i had nothing else going on, thus i was early, had a TP trade and will quit for the afternoon session. the trade:

2:50 entered order short, 1.2815
2:55 short, 1.2815
2:56 moved S/L to 1.2820
2:57 moved S/L to BE
2:58 moved S/L to 1.2813
2:59 exit, 1.2802-1, hit TP, +12.9

see you at 7:00 pm

february total, +116.5

goji, bernie

510

Well, my trading went a bit haywire today. Again (I know I always say this), it didn’t get as bad as it has been, but I did enter some trades I shouldn’t have. I’m not good at losing, it’s something I need to improve upon. I was down by several pips, it seemed like I was getting filled by a lot of “touch-and-retreat” candles. Several of my trades lasted 5-10 minutes, way longer than I would have liked. Anyway, there were about 5 trades I didn’t even record, this just shows my impatience.

In my last trade I entered at 2:49 at 1.2820. I saw some serious momentum and started moving my TP and SL. I was stopped at 3:01 for +20 pips. I know I changed the system because I wanted to make up for lost pips. I need to get over that. It’s like, when I’m not trading I understand all the things like “Every trade is independent of every other” and “Hope is not a trading method”, but I forget them when I’m losing. Sorry I’ve brought all this psychology into the mix! I’m heavily considering dropping any changes to Bernie’s system and trading it exactly as he does (except my +15 TP level, I may experiment with that a bit more).

Tomorrow I’m either not going to trade, or I’m going to be seriously on defense. I’ve been known to go off the deep on Fridays, as they can be very difficult to trade.

So far, stats are better than they should be given some of my tendencies:

Today’s pips: +3
February Total: +93

Philbot44, I use the wick.

chasingpips, there’s no way I could trade $20 pips at this point. I need to become a better trade first. Still, risking $20 a trade ($2 pips) is no small thing for me, so I still don’t feel like I’m throwing money around like it’s no big deal.

Bernie, I watched the news and it was crazy. The spread did go up to 10 pips on Oanda, but you must have gotten in just before. Also, I usually try and take fast morning dumps, so I can be in and out before the close of the current M5 candle!

511

Bernie,

  1. The “Goji Candle” order at 8:50, in my understanding, should have been placed, because the 8:40 and 8:45 5min candles were within the range of the 8:35 5min candle.
    I do not trade these types of orders yet, but I monitor, like “what would have happened if I’d placed an order”.
    Please correct me if I misinterpreted something.

  2. 9:35 short - sorry, should be 9:40 short - aa, well, it’s really a wrong order… What was I looking at? :eek:

Thanks

512

Lavaman,

Well, I did not mean for you to make it necessarily $20, I meant make it whatever is significant for you.
Just a suggestion.:slight_smile:

513

dblyson,

Try the following formula.

You want to trade 200,000 EUR/US contracts. Assuming your account is in US, and EUR/US, let’s say, 1.28, you need the following amount of US:

EUR200,000x1.28=$256,000US.

Now divide $256,000US by the leverage ratio, let’s say, the leverage ratio is 50:

$256,000US/50=$5120US.

But you better deposit more than the minimum amount needed to trade your numbers, so in case you lose on a trade you don’t have to go down in the value of pips you trade.

514

hi all,

no trades tonight, very tight range in anticipation of major usa news, friday morning at 8:30 am. see you in the morning.

g, b

515

I have a lot of work to do to get my emotions in check. Honestly, I could have gone right back to where I started tonight. I try to make trades when there are none.

Not easy to admit…

Today’s pips: -39
February Total: 51

516

I don’t understand how anyone could have missed some big news events this morning at 08:30 EST (07:30 CST). I printed the F.F. calendar out last Sun. morning and they listed CAD bldg permits, EUR ECB Press Conf., and three USD - Unemployment, Prelim NonFarm Productivity & Prelim Unit Labor Costs. I’v never used B.P.s calendar or news as I think Oandas news service is tops and along with FF calendar that is my 1st 30 minutes every morning before pulling up a chart or having a 2nd cup of java. d.

My apologies if I misread some of the above comments but knowing the news before 10 pip spreads is fundamental.

517

hi dobro,

oh my? i have no idea what i was looking at this morning. i do not know how i missed that. i lucked out super large because there is no way that i would have allowed my goji candle trade to be executed with the proper information. thank you for the heads up. as such, this play was the wrong play as it was an absolute gamble on my part. i never want to be in a position where i am gambling. it is said that even a broken clock/watch is correct twice a day. i was right today, FOR ALL OF THE WRONG REASONS. let this be a learning lesson for all of us!

goji, bernie

518

Hey Dobro,

I see some of your posts on the EMA step have you been using it much, it does look like a good setup and even better if you use oanda due to be able to move stops easily.
I am using it to supplement this system but after i test it thoroughly i might give it a try what you think?

Bernie, ok on the goji candle now will watch out for them thanks - i think if i find one I will set TP slightly higher too or move TP as is gets momentum (only after I have moved to BE)

Lavaman, you was doing so well! can you ever say to yourself today I am going to have a rest? I was told if you do a book and write it down all your trades it helps as one it slows you down and when you read it later it can help…

519

Ok got up today 10.am and made some trades, if Id got up earlier I could of had 2 TP but here are my trades while most of you sleep

2.00 eol 1.287 ended BE (this should of been entered 1.2765 was mistake but it probably saved me some pips)

2.10 eos 1.2765 hit TP +15.6 why so much if set at 13, I do not know must of been going fast?

Question here, is that 2.10 now a Goji candle would you play it as one as the next 2 candles are within range or do we ignore the wicks for Goji candles?

Total for day now is +15.6
total feb = + 67.1

Now my account has been credited I will start next week with real money hopefully there should be no difference :stuck_out_tongue:

520

There’s a thing I don’t quite understand regarding Bernie’s yesterday 8:30am trade. If you get your order filled at the point when the spread is 10, and your SL is 10, do you not get stopped out right away?