g/u failed this morning using the standard setup. I was going for a 12 pip tp and it got to about three pips of target then retraced. I didn’t manage the trade but I set a 24 pip stop loss that was hit. The 12 TP and 24 SL worked yesterday for me with g/u.
What TP/SL did you use for g/j and e/j? I assume you lost out on the g/u.
Hi Talon,
Maybe FXCM’s terminology is confusing you.
“Entry Limit” simply means “a TP (limit) order linked to a particular entry order”.
And “Entry Stop” simply means “a SL (stop) order linked to a particular entry order”.
If you understand the 4 basic order types — market order, entry order, TP (limit) order, and SL (stop) order —
then, you’re good to go. If not, write back, and I’ll try to help you further.
Note: the TP and SL orders on the charts I have posted on this thread are the types of orders that the National Futures Association (NFA) has now OUTLAWED, effective the end of this month.
Specifically, a TP or SL order linked to a particular position will no longer be allowed.
So, don’t get comfortable with these order types, UNLESS your broker is outside the U.S., or you intend to move your forex account out of the U.S. — which I am seriously considering doing.
Let me know if you need more info on this topic.
Clint
No I actually won the g/u as well. I didn’t loose on 4 of them g/u, g/j, e/j and u/j. I used about 120 pips on g/u, g/j, e/j as SL, they do need that great amount of SL. 25 pip SL is not for g/u, it is more like you can use 25 SL for e/j because of movement volume. with my g/u I was down by-80pips and that got back on track and I got my 15 pips.
I don’t think I am successfull yet, I am still in the testing mode.
So for g/u, you’re saying you have a 120 SL for 15 TP? That does seem very risky. But you did better than me today:(
Lol, takes 8 trades to win back 1 loss. Oh and weren’t you using 50 pips the other day. So, to get back on track…
This is a breakout strategy, if it doesn’t breakout then it’s just not your day…wait for the days that it does and take your profit 
As you will see from the earlier posts, there are many methods that you can pick according to your risk.
I can spend some time looking at these other pairs but then it works on GU, I don’t want to double my risk adding other pairs into the equation unless something is wrong with the strategy on GU. 
Risking 120 pips for a 15 pip profit seems absolutely suicidal to me. That’s about 10:1 Risk:Reward.
You have to get a win rate of over 95% just to break even. Just imagine the unthinkable - two straight losses. That’s -240 pips. That’s enough to wipe out 16 consecutive wins…
It’s great that you’re demoing and not trading it live. I do hope it turns out well for you, but I had to voice my doubt.
I expect the GBP/USD to move down to 1.5900, or possibly lower, maybe as soon as 06:00 GMT Thursday (that will be
7am London, 2am New York).
Here’s why I’m looking for 1.5900. On the DAILY G/U chart (below), I read the long-term, mid-term, and short-term trendlines,
as follows:
The descending trendline (not labeled) on the left marks the long-term down-trend which began almost one year ago.
Line 1 marks EITHER a retracement of the long-term down-trend OR the beginning of a reversal of the long-term down-trend. We won’t know which, for some time time yet. For now, we will simply refer to Line 1 as the mid-term trendline.
Line 2 represents an acceleration of the Line 1 up-trend. This acceleration ended when Line 2 was broken (near the intersection
of Lines 2 and 3).
Line 3 marks the short-term down-trend which has been underway since about July 1.
Within three days from now (maybe sooner), one of the two lines — Line 1 or Line 3 — will be broken.
If Line 1 is broken, the mid-term up-trend represented by Line 1 will be seen as a retracement of the long-term down-trend,
which has run its course.
If Line 1 holds, and Line 3 is broken, then Line 1 will be seen as potentially representing a reversal of the long-term down-trend.
If both Line 1 and Line 3 are broken, the market will be telling us it doesn’t have a clue where it’s going. In that case, it might track in the general direction of Line 6.
Line 6 marks the intersection of Lines 1 and 3, at about 1.5900 (or a little lower). That intersection point marks the limit of where the market can go before it MUST break one, or both, of Lines 1 and 3.
I think a test of the 1.5900 price point is inevitable.
Why should the market observe these trendlines, or any other trendlines? Who knows? That’s just the nature of markets.
It has to do with mass psychology: Trader Joe thinks that everyone else pays attention to trendlines and support and resistance levels, so Joe pays attention, too, thus contributing to a self-fulfilling prophesy.
As long as we’re able to observe what the market is responding to, we’re able to tag along with the market.
More later.
Clint
[QUOTE=SanMiguel;118670]Lol, takes 8 trades to win back 1 loss. Oh and weren’t you using 50 pips the other day. So, to get back on track…
This is a breakout strategy, if it doesn’t breakout then it’s just not your day…wait for the days that it does and take your profit
As you will see from the earlier posts, there are many methods that you can pick according to your risk.
I can spend some time looking at these other pairs but then it works on GU, I don’t want to double my risk adding other pairs into the equation unless something is wrong with the strategy on GU. :D[/QUOTE
oh yes, yes, I still made my 60 pips which was my 2nd entry, I got in at 1.6050 for that one (which I should of mention that) and got out at i think around 1.5992. I am trying 2 styles of trading. My back testing showed 10-15 pips would be almost impossible to loose, I found out that it was a perfect record for 50 entries, but again with forex there is no such thing as perfect. I will see which one to follow.
I just want to throw in a screenshot from a few days ago with a trendline that I thought was interesting. True, it was violated for a month, but validity returned and there were a few pretty nice V-shaped bounces off of it.
I guess that drawing trendlines and S/R is part science and part art.
Clint,
I didn’t know you could make a career out of studying gbp/usd.
Really helpful to someone inexperienced like me.
Thank you. I’ve learnt so much recently
Thanks Clint, now I understand. I was just confused by the terminology.
Your analysis is very insightful too, thanks again!
But I would be surprised if you get 1 loss in 50 trades though.
Two reasons to stay out of the market tonight:
B[/B] Tonight looks like a mirror-image of last night. Tonight we have a clear upward channel, with the period LOW made very soon after the opening of the period, and the period HIGH made at 01:40 GMT. Last night didn’t work out too well. So, we have to ask, is tonight going to be just like last night, except in the opposite direction?
B [/B]The Bank of England (BoE) will announce their Interest Rate Decision at Noon London Time on Thursday (that will be 11:00 GMT, and 7am New York time). This interest rate is equivalent to the U.S. Fed Funds Rate — that is, it’s the interest rate at which banks in Britain can lend their official reserves to other banks. Also, expected at Noon (London time) is a Statement regarding the BoE policy on so-called Quantitative Easing — that is, policy on expansion of the British money supply.
All of this will happen 7 hours after the close of our Strategy’s 10-hour “overnight” period. In other words, if we take a position in the GBP/USD tonight, most likely we will be out of that position before the BoE Rate Decision is announced. But, the judgment-call we have to make tonight is this: with the Rate Decision coming in 7 hours, or less, will the GBP/USD behave normally tonight, or will it go into hibernation awaiting the Rate Decision? “Normal” would be good for our Strategy; “hibernation” would not be.
[B]Considering these two factors, I think staying out of the market tonight would be the conservative thing to do.
Or, if you choose to trade the Breakout Strategy tonight, you might trade a smaller position than you normally would.[/B]
If you choose to trade tonight, here are some numbers:
B[/B] The period HIGH was 1.6109 Bid on the 01:50 GMT candle.
The period LOW was 1.5998 Bid on the 18:10 GMT candle. If you want to place a SELL ENTRY ORDER tonight, I think you should use 1.5984, which occurred 90 minutes before the start of the period.
Adding 9 pips to the HIGH, and subtracting 6 pips from the LOW, your ENTRY ORDERS would be:
Buy at 1.6118
Sell at 1.5978
Set your SL’s and TP’s according to your trading plan.
B[/B] Resistance and Support:
R: 1.6245 (July 7)
R: 1.6200 (July 7)
R: 1.6164 (July 7)
R: 1.6132 (July 8) — this is very close to the Buy price, above
S: 1.5936 (June 7)
S: 1.5895 (June 8)
S: 1.5852 (May 28)
S: 1.5802 (June 8)
If you trade tonight, I think you should actively manage your trade. Don’t let losses get out of control. If you don’t like the price action you are seeing, close your position, and come back tomorrow night.
Clint
Morning,
Thanks Clint for your chart, looks good, IBFX demo chart on 5 mins gives me 1.6106 and 1.5995 as high and low.
Don’t think it is important.
Sitting in my chair and wondering why I actually get up at 4 GMT (Midnight) instead of 5GMT (0100AM) looking over the chart back, I don’t think trading would have started earlier then 5GMT.
Hmmmmmmmmmmmmmm.
Yeah, I don’t know if we ever got to the bottom of this one or the reasoning
I start my trades at 6am GMT ie when Frankfurt opens as I class that as the end of the low volume period. Clint and others use an earlier time.
Today, I had my reistance point at 1.6140 and my BUY seems to have just been triggered. Fingers crossed.
If the trade isn’t over in an hour or so I will close it due to the news reports coming out as Clint mentioned above.
Hi all g/u in at 6124 out at 6139 total of 15 pips, g/j in at 150.75 out at 150.95 total of 20 pips and e/j in at 130.17 and out at 130.32 total of 15 pips. 50 pips in no time, I will wait now for my other one. since I have started I took 12 trades and 12 wins. I hope it continues please keep your fingers crossed. I really need a scalping system combining it with my price action system (longer term) will rock.
I will not enter to get 60 pips tonight it looks risky to me, i will wait for tomorrow night.
I hope you guys entered and got your 10 pipitas.
Looks pretty much likes it’s hibernating. I’m out of this one for today.
The reason was that Trev traded this on different time periods &
found that he had best results from the 1900hrs to 0500hrs London
time, when the markets were at there quietest.
As has been implied it is up to you personally to find the best trading
strategy for yourself, if that means getting up at unearthly times or
staying awake into the night & it brings a profit then so be it.
I have no quarms in getting up at 4 am doing some early morning
analysis then making my profit by 10am. I can then spend the rest
of the day doing what I want, 6hrs work :lmao: work it can hardly
be called that.
Get a profitable system stick to it.
PS I do not mean to imply that trading is easy, it has taken me some
very late nights & very early mornings to get to where I am now.
:wishes: daydreamerforex
just woke up and this monster went up almost 100 pips, if I didn’t had the day off I could of been with it for more pips which I had to go back to bed.
