Hi Pippin Tagz. I already have two open trades for GBP/JPY, so instead of placing new pending orders I'll wait for the previous orders to take profits. But, yes; it is a IB and comply with the rules to set a PO.
So when you see an IB forming, basically leave your pending order till it gets triggered?Say for example you see an IB and 2 days later has not yet triggered and another one forms do you then move your pending order for the new IB or leave it pending with the previous order you placed and add another pending order for that specific currency?
You can do both. Depends on the strength of the trend and money management.
IB on CAD/JPY on Alpari UK
I also have CADJPY on mine,he doesnt have it in his forst post though but I reckon if you follow the rules and stick to them, you can run this method on most currencies though
Sorry guys, need help with the rules.
When you say 5 pips above, or 50 pips below or above, which price are you looking to hit above/ under? Is it the closing price, opening price, or highest price or lowest price?
Thanks in advance!
Highest and lowest price. Po 5 pips above or below the ib
Bullish trendYour entry price or the price at wich the pending order will trigger is 5 pips + spread of the highest price reached by the IB candle. Your Take Profit will be set 100 pips above the entry price and the Stop Loss 50 pips below the entry price (100 pips above and 50 pips below depends on the pair. GBP/JPY is 200 above and 100 below)
Bearish trendYour entry price will be 5 pips - spread below the lowest price reached by the IB candle. Take profit 100 pips below the entry price and the Stop Loss 50 pips above the entry price
I hope this helps. Any other question are welcome.
So how is things going here?
IB on AUD/CAD
How is everyones trades going here? Had a few good results here so far...
Just found this thread and it looks really interesting, I have a few questions though.How many pips a month can you expect from this system and usually what is the highest number of losing trades in a row?
I am sure TOby would also want to comment on your question, you do not get to trade everyday with this system though, but when you do your R:R is 2:1 which means even if you do have a losing trade a winning trade will make back what you lost in a way..Also I have been using this system a bit and so has one person I know of called JP2012, always welcome to ask how he has been doing with this system though...But as I say, I have a had a few winners and a few losers so far with this, but still in profit though..
where is toby? i see him not present here for a while.
How have you been doing these few weeks on this system then?
Hi, this system is taken from Dean Saunder's 10 min wealth building system. And I have evolved this system to further level where less discretion is required and there is no 21 SMA flat/trending confusion anymore. Anyone can join me on skype to trade this system live on daily basis.
I have also read about Dean Saunders, and this is on the same principle of that.....
What have you done to this system to make it better?
I am happy to trade on skype with you although I am in South Africa, so times might differ,,,,,
Icequebe,Some months ago you posted that you were working with a system that was making you 40% per month profit. Is that still working or have you found something better? Please update with some info if you please. Happy trading and thanks for any update!Moneyferret
So give me the details as to your skype info and times of trade, please. Moneyferret.
Anyone still trading this? Using Toby's recommended pairs, how many trades be week/ month are you finding?
The beginner's guide to FX trading