Just entered my first trade with this system. USD/JPY. Looks like its going in the right direction (fingers crossed)
Hello to everyone!!!
Good news, I’ve got a winner, actually two! The EUR/JPY and GBP/JPY positions closed at take profit, respectively +180 and +200 pips.
Bad news, the NZD/USD position ended quickly at SL, -50 pips. No worries, that’s part of the game.
Now some stats for 11 trading days:
7 trades closed, 3 winners, 4 losers
3 losses in a row, followed by 3 wins in a row
+230 pips in the result
Win rate so far is 42%
Drawdown so far was 200 pips
At the moment I have three open positions, all floating in the green:
USD/CAD
AUD/USD
USD/JPY
So far the results are great, especially considering the effort and time involved in trading this system. It’s great to train your discipline, too. I hope I won’t be disappointed later, though.
Thats all for now
A question to Toby: What would be the course of action in a situation where you have an open position, still waiting to be closed at SL or TP and a new IB forms? Should I ignore it or close my open position and put a pending order on for the new signal? Well, basically I’m talking about AUD/USD right now (see your chart).
Thanks!
i’ve normally open another posistion and put pending order again but i’ve always consider my account (money management), good to hear that your enjoying the system sheriff keep it up!!! for all the follower of this system i think this song is suitable for this system, Stop Crying Your Heart Out - YouTube
Thanks for prompt answer. So if I understand it right if I have an open position for a particular pair it is OK to put another pending order for the same pair if a signal forms. If the new signal is in the same direction as the open position I would say it makes sense in terms of riding the trend, but if the new signal would be in the opposite direction, would you take it Toby?
the trend wont change that fast, if the direction of the trend changes in some cases and your first order triggered, it’s gauranteed you’re going to win or lose cause our stop value is very small, always follow the direction of the trend (SMA21) if you’ve seen an inside bar opposite to the trend zoom out to see the big picture it could be a pullback only, also keep on eye all the time on the support and resistance level.
My USD/JPY trade hit for 100 pips today! I currently have an open position in AUD/USD floating in the green.
This week has been great, my us/cad just closed with 100 profit,i missed on the us/jpy as i didnt log on that evening, but got the eur/jpy and gbp/jpy with 180 and 200 profit,cant complain. This is all on demo (shame). I got 2 losses ( cable and nzd/us) !
Toby, quick question: do u take all trades if they qualify the rules EVEN if the entry point is 20/30 pips away from a resistance/support line?? Or do u filter them…
Thxs again for a great strategy!
Isabelle
What’s everyone’s thoughts of a sell on the Gbpusd found this morning? SMA21 looks a little flat but slightly down. Thoughts?
I place a po. 
I think the MA is flat, if you see it as slightly down it probably means it is flat, because you’re trying to see what’s not there. I’m pass on this trade.
Ok guys, here it goes: Two winners today!!! No losers!
USD/JPY closed at TP +100 pips
AUD/USD closed at TP +100 pips
USD/CAD floating in green.
So far (since 27th of February) I had 5 winners and 4 losers, 430 pips up over all, win rate is 55% now. So far so good!
Hi sheriff,
Are you sticking to the rules as is? ie not moving stop loss to break even ever, just once trade is set you leave it?? I’ve been moving to BE when up say around 30-50 pips. It’s ultraconcervative, and actually leads to situations where i stopped out at BE on the AUDUSD that you got. But you should have stop lossed out on NZDUSD where i broke even.
So yeh, Are you sticking to the rules as is?
im happy for you sheriff, with your 430 pips gain you need at least 8 consecutive loss to breakeven, but i dont think its gonna happen especially if you stick to the rule, your in right direction happy pipping!!!
Think i’ll start trading this along with pins and other patterns at S&R.
Do you ever take into account S&R levels? And what is the thinking behind the TP and SL of the different pairs? To do with the range?
Thanks!
hey benjamin welcome, yep, you need to take into account the support and resistance level and regarding the tp and sl of the different pairs, that’s my personal computation based on my experience of each pairs and yes your right that’s something to do with daily average range.
Hi WAN,
Yes, I’m sticking to the rules like glue. There are several reasons for this: first this system makes sense to me (trend is your friend, break out, concrete rules etc.), I trust that this is a profitable system and Toby has shared it after trading it for 4 years, and finally I’m training my discipline and I’m trying to rule out emotions (it has been a great draw back in my trading). So for now, I’m definitely sticking to the rules.
EDIT: One more thing about setting BE stops: In my opinion a major strength of this system is the RR ratio of 1:2, by using BE stops you are lowering your R:R what may damage your over all gain. Check my stats (not the latest one), I had more losers than winners, but still I was up 230 pips. Say I would use BE stops, the picture might be different. And, in order to set the BE stops you have to monitor your trades, I can’t do that, and this system is about the opposite of monitoring your trades. So, yeah I’m sticking to the rules.
There is one more thing, if you have set rules and you stick to them it is much easier to spot flaws or weaknesses as well as get solid data on performance.
By the way, my USD/CAD trade is still hanging in there in the green, its been six trading days since the order filled, my longest trade ever!
No new signals today, well, I can’t complain, It’s been a great week! Toby thanks for the system and well wishing!
Hi again Toby, have you every thought about using two brokers? One which uses GMT and one which uses EST. This way you could possibly get more signals as the daily candles start and finish at different times. What do you think? Also; if you average out your pip gain, what would you say is the monthly gain (roughly).
Thanks! Ben.
Hi, everyone!
USD/CAD still floating in green, 7 trading days already! Longest trade ever!
New USD/JPY orders in! Thats all for today. Over and out.
Hmmm… on my platform (FXPro) USD/JPY is not an inside bar.