Developing a system #15 (Kevin's trading system)
Submitted by User on May 2, 2009 - 08:51.
This is something I just started to look at but the back testing I have done from Feb 1st to April 22 showed good results. I thought I would put it here and get some opinions and also maybe some input.
GBP/JPY
Take the high and low from 5pm est through the 1 am est hour. (Enter trade at 2 am est) Add 5 pips to the high for you buy and minus 5 pips to the low for the sale use a 100 pip stop and a 100 pip tp. Close all unfilled orders and any open positions at 6:59 est. Take a look and let me know what you think.
Thanks,
Kevin
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
EST should be Eastern Time - New York time.
Thomas
Kevin.
Excuse my ignorance but is EST EasternStandardTime (NYC) or EnglishSummerTime (GMT+1) ?
Thanks.
Hello Indrek,
No I have not tried it on other pairs, it would be interesting to see if it would work on other pairs.
Kevin
Hello everybody,
It seems to me that this system may work on different pairs. At least EURJPY that is similar to GBPJPY in its movements. Kevin, have you checked other pairs besides GBPJPY?
Regards,
Indrek
You enter both a buy and sell at the same time.
kevin here's what i suggest i couldnt include it in my last post above where i gave my opinion about holding winners. At 0700 if your trade is in profit do not close but move sl to breakeven and use a 4 bar trailing stop see this page for an example of the 4 bar trailing stop please see http://www.fxstreet.com/forum/showthread.php?t=51151 you'll find the trailing stop makes all the difference
At 0700 if the trade is at a loss close it.
I manually checked it over the past month its a great idea Kevin congratulations but you need some way to let winning positions run rather than close at 100 pips tp or at 0700am.
By closing you are seriously limiting your profit and over time your profitability may go down to break even or over all loses. Holding winners is just so critical.
Take a look at the first strike and first strike plus system its a similar to yours and you'll be able to see the value of letting your winners run.
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