What should be done in a situation where a pending order is in place for a currency pair and a new signal forms, the old one is still valid, the SMA hasn’t changed the direction? Should the new pending order added to the previous one or should the previous one be canceled?
And about USD/CAD, my SMA is pointing up a bit, or it’s more flat. Over all it’s sloping down, but the latest price action isn’t so clear. Should I take a short, or stay out?
Sherrif, re: a new inside bar forming. Read Toby’s first post again. A new order is place and te old one is cancelled.
Lots of available inside bars this morning.
What’s everyone’s thoughts on the USDJPY? I’ve got it as not an inside bar by 0.2 pips, but taken it anyway…
Hi Sheriff,
I am staying out the US /CAD as SMA looks flat on my chart. As per Toby’s previous post, once a new inside bar forms, you need to take the latest IB as the signal and cancel your previous order. Create a new order with the new IB data.
same thing, if the SMA was changing direction and you still have a pending order, cancel it, if you go though this thread, Toby explained it somewhere.
Littlemay : interested by your system, in your own time, can you post it?
muchas gracias
Isabelle
Thanks for your replys! A lot of IB’s today! Hope I’ll get some nice pips out of it!
i am up 273 pips on my 3 JPY orders (eur/us and gbp) ! now i wish that was not on demo !
hope you guys will get some good pips out of this 3 trades !
cheerio
Isabelle
booyah!
101 pips on USD/CAD
73 pips on guppy (stopped out a little early)
still have open positions on the other pairs; waiting to hit tp.
Floating P&L 350 pips, on all three JPY pairs and Looney!!!:53: Hopefully the set TP’s will get hit :51:. I’m sticking to the original system rules.
Great run on these three. I took profit already. Probably a tad early but I like the gain I had and these prices are lofty API figured I’ll exit. That’s just me. Anyone in these based on the rules should do well
:53:USD/JPY closed at TP, even better, +101pips! EUR/JPY, GBP/JPY and USD/CAD still floating in the green, hopefully they will reach the TP’s. EUR/JPY came as close as 3.3 pips from TP, but ran out of steam :(. Patiance…
New orders in: AUD/USD short, NZD/USD new signal, edited previous orders. I’m still sticking to the rules:22:.
NZD/USD and AUD/USD shorts thrigered, EUR/JPY, GBP/JPY and USD/CAD still foating in the green, fingers crossed! Anyway, one win last week, the USD/JPY long trade, +101 pips.
Has any looked at the total outcome of the inside daily bars since this strategy was posted? I really like it and I think all the contributors have been very helpful, but what are the facts? Has there been a net gain over time? Thanks, GJ
Iv’e got positions now open for short NZDUSD short GBPUS short AUDUSD. All positive pips at the moment. We’ll see how we go.
Greg, So far i’ve been on this for coming up to 2 months now. I’m definately positive pips AT THE MOMENT. I’m probably up around, i’d say at least 5% of my account. From my recordings (and i may be just a little out, and i think some have had better performance just sticking straight to the rules), I’m up around 286 pips in about 1.5 going on 2 months now. Now, the percent up on your account that would put you would depend on your risk per trade. I’ve switched from demo to live with this so it’s a little difficult for me to calculate my percent gain on my account in total at the moment because i’ve changed my account sizes. Generally, my risk has been very very low at around 0.5% per trade. That’s given me about a 3% increase so far. Thats rather good considering my risk was so low. If you risk more like 5% then you would have been 30% up!
BUT it’s only been not even 2 months for me…ie, take a snapshot next week, and if i see a few losses, I could well be up by only say 1% or break even, or even down a little. So really, this needs more time.
I’m very interested in what everyone else is getting too. Also please express you’re risk per trade because that will govern your overall percent gain. Even just total pips gained tells the story anyway.
This isn’t exactly the biggest pip gaining strategy but it seems reasonably reliable…more testing to come.
hi wan73d, how do u take those valid trades with your MM? i mean u divide 0.5% among the trades equally? can u give an example?
New Pending order: Buy USD/JPY.
All the others are still floating in green pips. Man, this takes some patience.
I’ve been using this system for two weeks. In this time I had 4 trades that closed either at TP or SL, out of them I had one winner and 3 losers, in terms of pips I’m down 100 pips. Rght now I have 5 open positions and 2 pending orders. In terms of risk I have a per pip risk, not per position because I use spread betting for my trading, the lowest I can go is 1 GBP per pip. Not very flexible, but at least my gains (if any) will be tax free :D!
How do we judge the timeframe? For instance, my broker starts the new day at 00:00 New York. Some start at 00:00 GMT. Which is correct. If both are correct can we trade two lots at one time with different sl and tp?
steo, had a massive explanation written but for some reason the site kept crashing trying to post it.
basically i do 0.5% per trade risk based on my initial total account. I do not compound. This is just what i am trialling. 0.5% is very low risk so i will go up from here. Also the account i have now is just an amount i am ok with losing for the sake of exploring this system. Say it was $500 USD the i am ok with having my stop loss hit correlating to a $25 loss per trade. This would be about a volume of 0.05 per trade. Just an example. And i am no expert.
Josh, this was discussed earlier in the thread. I discussed it quite a bit. The original poster i believe goes off the GMT system. Therefore i am too. Toby i think originally said you should be able to use this system on any timezone, just stick to the rules…i’m not so sure…thats just me…
Thank You for that. If anybody else has input on this I would appreciate it. I am also wondering if this has been tested on weekly charts instead of daily. Maybe set the stop loss and take profit x4 (i.e. 200 sl 400 tp)
hi wan, is this what u r saying?
example
$10000 capital x 0.5% risk = $50 risk per trade
@SL of 50pips = 1 mini lot?
so u will risk 1 mini for each trade on a day meaning if u saw 3 signals u will take all 3 trades at 1 mini per trade, risking a total of 0.5% x 3 =1.5%?
Ouch!! My first trade with this system -50 pips USD/JPY System still looks good though.
Yea i also got a loss on USD/JPY but it seems that the market is going up now…