Advanced system #14 (Simple trading with Daily range)
Submitted by User on March 6, 2009 - 07:22.
Submitted by Stuart (BE)
This method is basically to do with what a pair moved like the previous 24 hour period.
In this, I will use the GBPJPY, but one could use it on any pair.
Method/Strategy:
You choose your own 24 hour period move - here as an example I will be using 21:00 to 21:00 GMT+1 (my local time).
Mark the High, Low and Close for selected 24 hours.
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Hello all,
As promised, my live results for the week. My week is from Monday 07:59 GMT to Monday 07:59 GMT.
EURUSD: +132
GBPJPY: + 380
GBPUSD: + 345
EURGBP: + 109
GBP CHF: + 164
The 3 open trades that carried over the weekend: EURUSD hit SL of -53, GBPJPY I closed with 81 pips in profit, and the GBPCHF I also closed with 14 pips in profit.
I have added more pairs to trade this method, and will keep you updated on the performance of all 10 pairs.
Thanks,
Stuart
hello Stuart
in my previous post I meant no criticism, I think you have a good system, most successful traders I know use breakouts. I just wanted to emphasize the importance of keeping your risk as low as possible. If you could bring your reward to risk up even at the cost of a lower win rate it would be worthwhile. Wish u every success in your trading.
On those days when you have a huge move out of the ordinary i.e. that example you said were you had a 700 pip move in one day... what you could do the next day or you could do this any day you want & this would be to calculate the pivot and then place a buy and sell order. Example place a buy order 10 pips above the pivot or sell 10 pips below the pivot & take profit would be 10 pips & stop loss would be 10 pips or whatever you think would be good.
Hi all,
I know my reward/risk ratio isn't the best ... at 1:1.8 to be exact, it is pretty darn ugly.
My way of thinking, please correct me if I am wrong though, by trading now 10 pairs, when I loose on one or two at 1:1.8, it will gain on the others? Right now I am concentrating on being profitable on PIPS at the end of each day.
So far, I have not had a negative day. Some days I am sure will break even, some will even be in a minus figure, but the plan is to have a positive figure at the end of each day/week/month ... and so on.
Your ideas and thoughts are always helpful.
Stuart
Hi Stuart
This method is quite fascinating ! - I just wondered if you are know setting both long and short orders or if you are just placing an order in the direction of the trend ?
Please keep us updated with your results - I am taking a daily cutoff at 9pm GMT and placing the next days trades immediately after that.
Cheers
David (Manchester UK)
Hi David,
Thanks for your interest. By placing, or starting and ending your 24 hour period at 9pm GMT, should work the same as mine, as the CLOSE price actually plays a major roll ... and of course the previous days movement. Please let us know what results you achieve during that time frame.
Today I am testing a reward/risk ratio of 1:1 just to see what results I get? I will post my findings here for all.
Thanks, and happy trading.
Stuart
Hi Stuart,
When you look at the COG lines to determine the direction of the trades , which timeframe do you use ?
Thanks for sharing your system.
Hi
On the COG lines, when I confirm direction, I use the 1 hour time frame.
With the testing yesterday on the ratio of 1:1 with the reward risk, most of the pairs hit their SL, resulting in -136 pips for the day! Thus proving that the current settings of 1:2, it is more profitable by a mile?
Thanks,
Stuart