wan, first i dont trade audcad so im not familiar with that pair and i dont really know the daily average range, but 10 pips is too tight for stop loss., or maybe not … only my opinion, just to let you know that this system require a bit of time so exercise patience, either you loss or win, thats why the ratio play a vital part here yesterday i had 2 losses =120 pips, but today i got it back,. hopefully at the end of the week possitive, lol. cheers buddy!
Cheers Toby, AUDCAD was mentioned as apossible trade a few pages back. I’m using your list of pairs on the first page as priority. This trade came up and I figured I’d try it anyway. Re: the 10 pips. That was +10 so a profit. Basically I took the profit as soon as I can because of recognizing a resistance level after placing the trade. Otherwise yeh I understand the 50/100 pip ratio for loss/win in use here. And yep, it’s very important to this strategy maintaining a winning edge.
Nice to wake up and see some pips! Both of my pending trades were triggered.
AUDJPY: +92pips, locked in 52pips
GBPJPY: +71pips, locked in 25pips
Remember, I am using a 14SMA.
Thanks again for sharing your system Toby.
When I first saw this thread I backtested it for a couple of months and determined what entries, exits and trade management worked for me. I think this is important for everyone who is new here to do. What works for Toby may not work for anyone else. Every trader is different. Find what works for you and don’t be afraid to change the rules. Just remember to follow those rules.
Good move locking in pips on the audjpy Jonah. I’m in it now. Down 2 pips and should’ve gotten out before but didn’t see it trigger. It’s up at a bit of a height the audjpy so best to take profit
I use the bar close for my entries rather than the bar high/low (worked better for me in testing). Otherwise I would be down also. AUDJPY looks to have plenty of room to run, so I will keep moving my stop higher if it keeps going up. In profit either way.
This thread has helped my trading immensely. It has taught me to follow rules and not to trade against the trend.
Hi toby,
do you see inside bar daily chart of USDCAD? I have fxcm demo which closes day at 5 PM EST and looks like inside bar but may be 2 pips over. What are your thoughts?
Regards,
FX280, I see the current bar as 1.4 pips below the previous. Therefore unfortunately not a trade by my viewing. It may be different for others but thats what I see. Shame though, SMA21 going down pretty good. I Don’t see any trades for today, what have others got?
Jonah, thats interesting about using the close…
I see an inside bar on XAGUSD (silver).
My charts (IBFX) show an inside bar on the following pairs:
AUDNZD - Downtrend.
EURGBP - Uptrend.
GBPAUD - Flat, so no trade.
GBPCAD - Uptrend.
Thanks jonah, here’s my comments.
AUDNZD - last bar went just a tad low, maybe 1-2 pips, cant tell right now but see it below the preceeding bar. Other than this, yes SMA down
EURGBP - SMA too flat for me
The other 2 i dont have charts for =(
anyone else got hit with the USDCHF 9 hrs ago?
Hi All,
i entered USD/CAD
Sell stop - 0.99527
TP - 0.98327
SL - 1.00127
Has Any body seen this?
I am Using aaafx and My Day candle starts @ Midnight GMT!
sorry to burst your bubble guys, there is no such trade for usdcad, usdchf and gbpjpy if you follow the rules,
and be careful cause its a first friday of the week, unemployment rate is just around the corner.
Hi Toby,
this is the image of the USD/CAD which i used to base my sell trade on, can you please tell me where i went wrong as it seems to comply with the criteria you set
regards
Michael
hey mike, the bar that you point out the low is 0.9964, the previous bar low is 0.9962 so bisically exceed 2 points and not consider inside bar . cheers!
Thanks For pointing that out,
i did not quite see that! i guess i assumed it was without verifying!
Michael
Why is gbpjpy breaking the rules?
i know gbpjpy is inside bar but if you check sma21 is totally flat is not trending up, but i said before its completely up to you, just be careful if your trading live. cheers! joroel!
here’s the inside bar for tonight!
eurusd buystop
gbpusd buystop
usdjpy sellstop
notice another inside bar for usdcad and usdchf, but i wont take it, one pending for those pairs is enough for me, because there is news feed due tomorrow.
market movement tomorrow is very volatile!!! exercise cautions if your trading live.
EURUSD is currently stuck at resistance. GBPUSD however broke through resistance a few days ago.