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Forex trading strategy #52 (Forex Money Print Strategy)

Submitted by neobunsy

******** FOREX MONEY PRINT STRATEGY *************

Hi Fellow Traders

I have trading a simple and straigtforward strategy which gave me 80% wins for 2 months with a 1:1 risk/reward. I want to get the opinon of others to possibly a fluent programmer to do a back test to check if the strategy is profitable in the long run.

Currency Pair: GBPJPY
Time: Tokyo Open and London Open

Strategy:
Set a Buy Stop order 20 pip above the opening price and a sell stop order 20 pips below the opening price.
The take profit is 40 pips for both the orders and no stop loss is used.

The Results:

1. Buy pending order is triggered and Buy T/P is achieved (40 pip gain) or
2. Sell pending order is triggered and Sell T/P is achieved (40 pip) or
3. Buy Pending order is triggered but Buy T/P is not achieved, the market reverses and the Sell order is triggered (40 pip loss)
4. Sell Pending order is triggered but Sell T/P is not achieved, the market reverses and the Buy order is triggered (40 pip loss)

The strategy has been highly profitable for me so far, However, I am still not confident to start compounding. Any constructive feedback, comments and advice are welcome as we are all in this together for the same purpose. Make our lives better.

No stop loss will result in getting a margin call sooner or later. That's a big no no strategy to me.

At what time open Tokyo and London for you???

MagicMeikel

Hi ALl

Re: Comment number 1, No stop loss is not an issue here because you have a pending opposite order just below or above. So the maximum loss you can get is 40 pips and therefore, the strategy has 1:1 Risk/ Reward ratio.

MagicMeikel: I take the GMT time for Tokyo and London opening, that should be standard no where what location we trade from.

hello there; I still don't understand the no stoploss
...If it goes up 20 pips your trade is triggered...then it does not get to TP and reverses
...now after it reverses and the other trade is triggered..it hits TP..
...however, the initial trade is on and if you are not at your computer, the initial trade will still be on continuing into the negative area, while the other is gaining pips...I pray that you understand this...So the initial trade is still on..I think that a SL is needed before the other trade is triggered in the other direction..I pray that this makes sense..Thankyou.

How about putting a stop loss at the same level as the two pending orders? If result no.3 or 4 occurred, it would limit the loss at 40 pips and reduces them further as the price goes further down/upwards.

OGGI E' IL 29/9/2012. L'ATR A 200 PERIODI SUL GRAFICO H8 E' 53. COME HA FATTO IL TUO GRAFICO A MUOVERE OLTRE 60 PIP PER DUE MESI SE LA MEDIA E' 53? SECONDO ME RACCONTI UN SACCO DI CAZZATE. PER SCRUPOLO LE ULTIME 3 SESSIONI ASIATICHE HO MESSO A MERCATO QUESTI ORDINI IN DEMO, E HO PERSO 3 VOLTE. SE NON HAI NIENT'ALTRO DA FARE EVITA ALMENO DI FARCI PERDERE TEMPO CON LE TUE CAZZATE. SENZA OFFESA. CIAO.

Hi,

Can you illustrate with a picture ??

Thanks for the share will test it out,do you only trade the gbpjpy will let you know my results.
Regards