After looking at the charts on Sunday night I had two inside bar signals from EUR/JPY and AUD/USD. So here is what I entered for those two pairs:
AUD/USD sell at 1.0366 st 1.0416 tl 1.0266
EUR/JPY buy at 109.90 st 109.00 tl 111.70
Currently as of this writing the EUR/JPY trade is in progress while the AUD/USD entry has not been triggered.
My advice for you, if I may. Don’t treat this system as day trading system, it isn’t one. I just put in my pending orders, and check on them the next night. Sometimes I might check during the day, but I won’t interfere with the trade, the outcome is known before the trade is taken, so it’s either a win or loss, or your pending order never gets filled. As simple as that. At least for me it is important to simply follow the rules and to be disciplined, then it becomes easier. Just my two pips.
By the way I’m in on EUR/JPY as well, and it’s working out well for me, I didn’t even knew that I was in the red. That’s one thing I really like about this system, you can be disciplined by stopping to stare at the charts all day long.
My long (meant long in time it was actually a short) USD/CAD trade closed at SL by the way, that’s ok, next one…
Ok guys some stats:
Today is a big day, one month since trading this system. Some stats for you:
I took 10 trades, 5 ware winners, and 5 ware losers. Guess what! I’m in profit! +370 pips!!! My best month ever in the whole of my 2 year long trading career!!! Thank’s Toby! Great system!!!
Some thoughts: this is a great result, taking in to account the little time (compared to staring at charts for 10h a day) and the low level of stress and frustration. This system gave me sound rules to follow, rules that make sense to me therefore easier to follow, it freed me from making subjective decisions ( you either have a signal or you don’t). So far I’m very happy.
Post your results, guys! And be honest about your approach (do you follow the rules or you have some other rules in place). Could you guys post your results from the last 4 weeks? Please comment on your approach. Toby you too!
I have been trading this system for about 6 weeks and have had 9 wins and 10 losses. For me why this strategy works so well is down to the 2:1 reward:risk ratio that Toby employs. Like you, I simply put my trades on as per the rules and don’t touch em. They either win or they lose. I don’t know the number of pips I’ve won with this strategy but I can tell you that I am up over 7% of my account, which I am delighted with, (I risk 1% to gain 2%).
I love the simplicity of this stategy and I have found that I have gained a lot of self discipline since I have started to use it. Take last week as an example, as per the rules I didn’t see any trades I could trade, so I just sat on my hands and didn’t get stressed about it. (Although I do think the fact that I am off to a winning start helps).
Thanks Toby, I owe you a beer!!!
Hi Rene,
Congrats on your great results! I’ve just started this system and have had 1 loss so far and my 2nd trade is in progress (EUR/JPY).
I’ve got a nice tip for you concerning position size, but it depends on what broker you use. If you use a broker such as Oanda, you can specify to the unit what your postion size is (i.e. you can trade 1.732 micro lots = 1732 units if you want). With this in mind, you can make your position sizes “dynamic” by using a simple rule of thumb correlating your position size with your account balance. Like this if you’re account is increasing you also increase your lot size, and your percentage risk / reward stays approximately the same.
For example: I have a 600 euro account. My rule of thumb is account balance x5 = units. This means I trade 3000 units = 3 micro lots. If I win a trade and my balance increases to 610 euro, I trade 3050 units. The opposite if my account decreases.
Lots of people always suggest picking your position size to always risk a certain percentage, but I like my rule of thumb because it simplifies things.
My EUR/JPY trade hit my profit target today for 180 pips! Thanks Toby. This was my first trade following this system in my live account. Hopefully there are many more winners to come! I still have pending orders for USD/CAD and AUD/USD. I’ll be sure to post stats in the future.
Congratulations, but I don’t think that you entered the trade corectly. You should have entered at about 109.87. For me, the trade is still open.
AUD/USD pending order is still active for you guys?
You’re right Octapop, I entered incorrectly. I placed my entry at 5 pips + spread above the close of the IB instead of the high of the IB. This was a mistake on my part because I intend to follow the rules exactly. Luckily it worked out for me but that might not be the case next time. I’ll consider it a lesson learned. Thanks for pointing that out.
My pleasure:) I am glad that you took profit.
Hello everyone, my CHF/JPY trade closed at 100 profit, i still have eur/jpy currently at + 89 pips (entered at 109.89) and my NZ/JPY one currently at +57 pips profit . i am experiencing with other pairs on top of those recommended by Toby. so far, so good. I like the simplicity of this strategy and the fact i only spend 30mn a day looking at charts/placing my orders in the evening when my son is in bed. it suits my lifestyle
Thanks to everyone for replies! I’m in EUR/JPY just like everyone else here. I have pending shorts on AUD/USD and USD/CAD, both are still valid.
For those who are trying out other pairs, could you comment on your choice of TP and SL on the pairs you choose and why you chose that particular pair. It would enhance our collective experience with this system. Thanks in advance!
hello Sheriff - regarding trying other pairs, i am looking at the below:
GOLD . sl 50/100 TP
AUD/JPY sl 60/120 TP
CHF/JPY / SL 50/100 TP (one winner today on that pair)
EUR/AUD SL 50/TP 100 (one winner last week on that pair)
NZ/JPY SL 50/TP 100 (ongoing trade currently in profit)
i just like to add to the list provided by Toby to get more choice really. I checked the charts for TP and SL and decided to keep them in line with the current strategy as they matched on the chart as well and looks good to me.
hope it helps
isabelle
Good evening
Looks like the EUR/JPY trade is still running but, it’s currently about +80. The AUD/USD entry is still waiting to trigger. Other than that I have no other signals at the moment. From some other posters it looks like maybe there are some additional pairs to look at. Will have to do some research on that.
And on the 3rd day, AUSUSD triggered…
how’s everyone here? you guys doing ok with the system? thanks to all the contributor of this thread and also by posting your result here really appreciate it, hope this system give us more pips for a long time cheers!!
Thanks for your reply! Wow, some strange crosses for my eyes (used to day trade EUR/USD for the most time). Did you choose these additional pairs because you’re familiar with them or you just checked the charts and picked them because they looked good for this system?
I’m looking to expand this system in some later stage, at the moment I’m training my discipline with the rules and pairs in the rules.
No new signals today, EUR/JPY floating in green, AUD/USD triggered today and now floating in red, hope it will turn around before my SL, it really looks like selling.
Hi Toby! Thanks for sopping by! I’m lovin’ this system! My monthly results are the best so far in my trading career! And at last I feel stable in my decision making process about trades!
Look like strong support @ 1.03380 on aud/usd. cheer
hi toby tks for the great system. been on demo since late jan 2012 and results are good. getting more than 5% monthly. could you share with us how u do ur MM? i m a little confused as sometimes there can be a few valid signals and those JPY crosses tend to mess with my head when it comes to MM. appreciate your advice. tks.