For my two cents I would stay with the Toby123 strategy. It is now my first choice strategy.
boom 200 pips gbpjpy!!! thanks greg.
Toby123, your the Man! I did not do as well as you but not bad. 121 pips on gbpjpy and 86 on th eur/jpy. I placed another position on the eur/jpy after a retrace. The eurjpy ran the same way as the gbpjpy.
I need to learn to trust your 2 to 1 ratio.
I got the GBPJPY trade also.
In GBPUSD now. up 65 pips or so. I’ve set a stop at 25 pips (really still need to work on this. I’m just not a fan of being up so far and then having it reverse…)
And AUDUSD buy just also got taken. up 12 pips right now.
With that GBPJPY trade it will be a very good week (Bar the USDCAD -50 earlier…it happens).
Hi Greg how did you manage to get an 86 pip profit from eur/jpy? I was stopped out for a 90 loss? What was your entry figure, tp and sl ? I did manage to bank 150 on Gbp/jpy so am very happy about that
I was stopped out on EJ too…
bot at 102.698 on 2/16 at 9:10 am PST
sold at 103.379 on 2/16 at 12:39 pm PST
This was not a daily TOBY trade but I took it due to the pullback on 2/15. It was a good opportunity while trading the GJ.
86.3 pips I think I was on a 30 minute time frame and set the trade window during the pullback. I took the gbp/jpy on the daily per toby123 inside bar and took the on the big retrace with an RSI set at 5 to help ID the trade. At 5 am PST the RSI crossed the 50 percent line on the RSI and I set my entry above the price bar trading range hoping that the market would bounce up.
Ok, in fact the 2/10 inside DAILY resulted in a loss on the 2/15 bar… Just to make sure my broker was telling the true…
Sorry for my english
I see nothing on the scan this morning.
However, my USDCHF trade started yesterday (a pending order from last week i think). Currently -20 pips =( We’ll see how it goes.
by nothing i mean no valid entries based on Toby’s initial currency pair list.
I know this sounds strange, but have any of you back tested with a 15 pip tp & sl. I have almost 70% success with something similar. I just think chasing 100+ pips in current markets is unrealistic when you can be more successful chasing 15 with the same ROI. Not to step on your toes Toby as I do like the system.
It is likely that you are correct, but waiting for a daily inside bar set up for 15 pips is not what Toby123 strategy is about in my mind. With a 2 to 1 risk a trader does not need a winning percentage.
If you are looking 15 pips a trade I would scalp the european open or london open. There are a number of breakout strategies you might like for that strategy. Also using pivots and using set ups for 14 pips is doable.
For me Toby123 is for the suggested targets is still better than being chopped up in small time frames.
Stop lossed out now on USDCHF =(
No one else get this? (i thought it was a still valid pending order)
15 pip tp and sl?? what does it mean? 15 pips of taken profit as well as 15 pips of stop loss? 1:1 ratio?
I don’t want you too change the system to a London open breakout strategy. I was just wondered if anybody with an EA had thought about back testing less pips that’s all. Seeing as the back tests done in the past were not that great and showed losses some years.
I do like the system but after being stopped out a few times and reading the poor back tests was thinking about how to make it more successful. I maybe wrong but I think a lot of us Newbies chase a lot of large pip gains without thinking of ROI. Plus it maybe less successful with a 15 pip tp who knows was just a thought.
how’s it going guys? we have a few stopped out at the moment, but hey its part of the business, sometimes right sometimes wrong, as long as in the long term we’re winning, the most important of all,… but anyway really appreciated all the contributor of this thread, you guys are so helpful !!! my suggestion is stick to the rules and you will see at the end your still in profits, patience must needed here and this strategy is not scalping were trading with the trend… so sometime might take days or even weeks to see the result!!! cheers!
I agree with Tobey123. In the long run this method flat out works. However if a person is fairly new to forex trading this is not an easy method to use. There are not as many entries as a typical forex strategy disucussed on this web and others.
Although I’m new to the inside bar daily trading I have traded daily engulfing bars for a time. In my humble opinion in the long term it works, but a trader can have losing months and still come out well ahead with this type of strategy.
I will say that when the market is oversold or overbought a trader can use their own judgement on wether a trade should be taken. That being said an overbought area could just be embedded and continue to pay off. Best like Toby123 says stick to the strategy.
I love this strategy,trying it out on my demo acct (capital spreads).last week had 3 winners for 480 pips after 5 or 6 losses so still in profit by a bit. I am closely monitoring the SL as i wonder if we would get better result by increasing them (as well as TP),once i have more substance i will post my results. Many thxs Toby for sharing this strategy,if it manages to get me where i want to be, i will buy u a pint!!!
usdjpy is forming inside bar (buystop) watch this pair!
i think it is a little risky…the price is at pretty goood resistance after a very long bullish run…do you usually bend the rules in these cases, or stick to the strategy?
In setting targets stops with the Toby123 I like to consider pivots. In looking at limits and stops I like to set a targer under a pivot or point of resistance and the stop below the point of support. For example there is a pivot at 80.60, instead of setting my target at 100 pips I will set it just below the resistance level of 60.6. This means my gain if hit would be about 75 pips. In the case of the stop there is a support pivot at 79.04. Since a 50 pip stop falls naturally below that pivot I don’ make any changes becuase I alread have a support leve at a good position. So my risk reward would be about 75/50.