hi all,
here’s the 7:00 pm trade:
7:05 long, 6526
7:13 exit, 6536 +10
i did not realize the spread was four when i took this. i watched it closely and took a 10 pip profit. it could have been more but i did not want it to reverse on me.
goji, bernie
hi all,
i am early. i didn’t trade at 2:00 am/1:00 am, thinking i needed to rest. as such, i got up early. a trade presented itself and i naturally took it. i was hoping to get in and get out long before the major news, which i did. now i am going back to sleep/rest! the trade:
7:15 short, .6588, line two cross and close. (number lines starting from top)
7:40 exit, .6576, after touch of line 4, +12
march total, +231, i think i genreated 100 pips this week, amazing, considering the trading sessions i missed!
after two weeks, it looks like all four time slots are producing profits.
2:00 +71
8:00 +61
3:00 +51
7:00 +72 (-39)
i am finished for the day and week. have a great week end everyone,
goji, bernie
Hello Bernie, everyone,
Bernie, congratulations on another successful week, your numbers must help you feel well:)
I keep trading the original goji system, I took two trades this morning. Both look just beautiful when you look at the chart:
8:10 - 10X long at 1.289;
8:55 - 10X short at 1.2905.
Both would have been TP trades for me, HAD I NOT TOUCHED THE SL!!!
Take two TP and you are free to go!
But, you never know for sure. I got +11 on both of them.
March total +120.6.
Have a great weekend everyone.
Hi Bernie,
I’d like to ask you a couple of questions regarding the latest setup you described in your post #759.
Is there an initial pre-determined SL?
How do you manage/plan to manage a trade when/if it goes against you? Do you stay in until you are stopped out or you exit early at some point when you see it’s not going right this time?
Thanks.
hi all, chasing,
i use a s/l of 12, though the lines would have to be very far apart for a total s/l to occur. i work the trade off of the lines, further explanation to follow in example trade. i do not move the s/l line like i used to. in this system, the ideal trade goes from line 1 to line 5, or 5 to 1.
example: e/u, friday, 3-13-09
8:45 short, 1.2927, s/l would be touch of line 5
8:50 crossed and closed below line 3, touch of line 3 = s/l
8:55 touched but pulled back from line 4, line 3 still s/l
9:00 crossed and close below line 4, line 4, new s/l
9:05 near touch of 5, exit on close of candle, 1.2893, +34 pips
chasing, i allow the 5 lines to help me manage the trade. i do like this method a lot. so far, as the above trades shows, this works well with the e/u also. like anything new, i think, you need to practice using it, either with demo or reduce way down the amount of units you apply.
hope this helps,
goji, bernie
Hi Bernie,
Glad to see you are feeling better. I understand the setup that you have described above. From observation it would appear that this perfect setup does not happen to many times on most trading days. And since I refuse to sit in front of the computer all day that leaves the other setups you describe as the more likely ones to trade from. So can you tell me if the 9:10 candle meets the conditions of the expanded setup. The candle opens below line 4 (counting top down) and closes above line 4. Enter on open of the 9:15 candle at 1.2904 with sl at touch of line 4. This candle crosses line 3 and goes on to touch line 2. The cross of line 3 would mean that your new sl would be a touch of line 3. But now when do you tp. Is it the touch of line 2 or is it the fact that there was a pullback from line 2 and therefore you exit on the open of the 9:20 candle? Hope you can follow what I am asking.
Hello everyone nice to see you are all doing well, I was busy again but I am back for a while now so would like to catch up on the recent changes.
Bernie,
Please can you explain the 5 lines again are they all EMA’s ? I would like to understand this new method a little more it does look interesting.
Do you still use the Teamspeak server if so maybe I could see you in there thsi week to explain.
Thanks
Phil
hi all, phil, ez, et al,
phil & ez, first go back to post 759, i did a review of the system then. i think that should answer some of your questions. yes, the 9:10 is the signal candle to enter at the open of 9:15, at 1.2903. now the exit is the tricky part on this trade. i would exit off of the touch of line 2, then pull back, finally exit on close. as such, i probably would have done this on the perfect trade example at 8:55. under the rules, i would have re-entered at 9:05.
now this part may help you the most. i have been trading one and done at four intervals during the day; 2:00 am, 8:00 am, 3:00 pm, and 7:00 pm. thus, had i been trading the e/u, on friday morning, this is the actual trade i would have taken:
8:10 long, 1.2884, knowing there is news at 8:30
8:20 touched line 2, but pushed through, regardless, i would exit at 8:28
8:25 i would have exited as close to the touch of line 1 as possible. as such this trade would have produced around 30 pips of profit and i would have been finished, as it was friday. had it not been friday, i would have returned a trade 3:00 pm, another trade at 7:00 pm, and finally, one trade at 2:00 am. remember, this is what i am doing and i have been recording the success at each time. you are free to do as you will and skip what ever times you wish. i have been thinking about taking two trades at 8:00 am. we shall see how i feel next week. hope this all helps.
goji, bernie
ps. if i trade monday morning, i will be on teamspeak
Hi Bernie,
Thanks for the explanation.
“like anything new, i think, you need to practice using it, either with demo or reduce way down the amount of units you apply.”
12p. SL is not quite enough. Might stop you out of eventually profitable trades. Should be somewhere 15 to 20. The larger the SL, the smaller the pip value:).
Won’t it make sense to place an order in the opposite direction on closing of a candle that crosses and closes above/below line 1/5 respectively?
Hi Bernie, ChasingPips, Lavaman, and everyone else on this thread,
I have read this whole thread up untill now and noticed all the changes that were made to the original system and then some of those changes were removed and now there is a new system that Bernie is trying out and looks like he is having a great success with that as well. Congratulations Bernie. I am inspired by your patience and dicipline in trading.
Anyways, I will be trading next week using the old system. We’ll see how it goes and hopefully I can make some pips next week. I will be trading the 8am, 3pm, and the 7pm session. I am relatively new in Forex and I have had trouble sticking with a trading system before so we’ll see how that works out. I will be posting my trades here, maybe that will help me stick with a plan and exercise good money management.
Also, congratulations chasingpips on your success with this system. I know you’ve had quite a bit of trades before that didn’t work out but you learned from them and now looks like your trading is improving. I hope I can accomplish that as well by posting in this thread.
See you guys on Monday and good luck.
FxAviator
Hi Aviator,
Summarizing my experience trading the original Goji system, I made two types of mistakes. First, I was way too fast moving the SL, thus I got BE or +1/+2/+3 on TP trades, while getting the full SL on losers; and, secondly, I ignored unfavourable market conditions that happen from time to time, and stubbornly placed orders instead of staying aside. This is basically it. I hope you’ll not repeat what I did wrong. All the best.
Hi Chasingpips,
I appreciate the heads up and I will try my best not to repeat the same mistakes. So do you wait for the trade to move in your favor by 4 pips before you move the S/L to BE? Just wanted to confirm that.
Thankyou and have a great weekend.
Yes, the general idea is to move the SL to BE when +4 to protect yourself from a loss and move it further to protect your profits, but the way you move it… It’s really discretionally. There’s no strict line that works 100% of the time. Some say its better not to touch the SL at all.
In my previous post what I meant I did wrong was moving to BE when
+1, to +1 when +2, etc. At the same time, I see nothing wrong with moving the SL to +10 when +11:).
Got it. Thanks for clarifying it.
Can’t wait to try this system out.
Hello everybody,
Can I try to seek some clarity with the trading times if not for everyone but at least for me :).
If we are using Oanda then we could all set it to the same offset time so if you can give me your oanda offset Bernie I can set mine the same and hopefully the times will be same on the chart.
If this fails then its going to have to be the more convuluted method i.e.
Can you tell me with respect to your trade times below what the time will be w.r.t. London GMT and I can do the other changes from there as I live in UAE.
Bernie TradeTimes London GMT
2.00am
8.00am
3.00pm
7.00pm
Hope method one works its seems so much easier?
Thanks
Phil
If both you and your friend would like to look at a chart with the same time zone, you can set both your charts to any time zone (as long as they’re the same). If you want to know what time OANDA’s trading SERVER operates at, then it is EST (GMT - 4).
hi phil
i wasn’t quite sure what the off set is. here is what oanda told me.
from this i would believe they are on the same time i am on thus, the gmt-4?
does this help you?
goji, bernie
ps. i am trading these times because they match up to the following:
2:00 am euro zone opening
8:00 am new york opening
3:00 pm one hour before the nyse close
7:00 pm aussie, orient opening
hi all,
we missed you this morning chasing. ez had a very nice trade on the e/u. i was able to eke out a BE trade but i had to wait forever for it. near the end i could have taken a 6-7 pip profit, but i had waited so long i was hopig for a touch of line 5. a funny thing happened on the way to a touch of line 5. the unexpected news phantom came about and expanded the spreads. i was lucky that this happened just after i moved S/L to BE. thus, i am taking my BE and going home. the trade:
8:10 short, .6623, stop loss, line two, at -12, or .6635
8:50 S/L to mid line, .6626
9:00 S/L to BE
9:00 exit, BE, spreads expanded and took me out. i was not aware of any news that would move the markets. i may have missed something?
back at 3:00
goji, bernie
Hello Everyone,
The first two sessions went really well. I wasn’t planning on trading the 2am session but I couldn’t sleep so I went ahead traded that as well. Before I list all my trades, I would like to tell you that I am trying something a little bit different than what Bernie was doing. I am also using the original goji system. I am opening 2 lots at a time. First one I close at TP, which is 12.9 and second lot I let it run with a trailing stop of 20. I am also using EUR/USD and GBP/USD. Please let me know what you guys think and what changes do you think I should make. Below are the trades for today.
GBP/USD 03/16/09 02:41:46 entered long at 1.40605 and closed at 1.40450. Net profit +15.5pips - This trade I kind of screwed up on because this was my first trade using trailing stops and I was trying to move around the stop loss. And also I forgot to buy 2 lots in this trade so I ended up just running this with a trailing stop.
EUR/USD 03/16/09 07:35:43 Short at 1.30301 and closed at 1.30185. Hit Stop Loss - 11.6. 10+spread.
GBP/USD 03/16/09 08:02:53 long at 1.41825 and close at 1.42165. I bought 2 lots of this one and closed the first one at TP and the second one at +34. I had a trailing stop on this one of 20pips and TP of 35. It went a couple of times to almost 35 and then reversed. It seemed like the price was forming a new resistance so I decided to close the position and take my 34pips. Best trade of the day…
EUR/USD 03/16/09 08:12 long at 1.30450 and first lot was closed at 1.30579 at the TP level. and the second one was stopped out at 1.30531. +12.9 - This one also had gone more than 20pips and then it reversed.
This concludes my trading for the morning session. I will be back at 3pm.
2am +15.5
8am +35.4
Month to date +50.9
Hi everyone,
I am between strats at moment but not using my own money
Been doing some reseach on Pivot points and resistance levels and I think it could be worth your while before trading to plot the horizontal lines for these for key pivot points and also chack back on the graph for good support resitance levels.
I beleive that these will really help you with moving the SL’s if it breaks one of them then thats the time to move it or if you see it stalling out on one simply close at price rather than wait for it to reverse?
It takes about 10 mins to add these lines but worth it
Phil
Hi Phil,
I’ve read on other posts before too that Pivot lines can be very useful but I haven’t been able to figure out how to draw them on the chart. Would you be able to breifly explain the easiest way to draw them.
Thanks for you help.