Forex trading strategy #52 (Forex Money Print Strategy)
Submitted by User on September 24, 2012 - 20:55.
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.
Edward Revy,
http://forex-strategies-revealed.com/
Copyright © Forex Strategies Revealed
Good lord. Here's what I've noticed here:
1. A solid system has been posted
2. People actually using the system, AS OUTLINED, are getting VERY similar results as the author ("if it's not broken, don't fix it!")
3. SOOO many people can't just leave it at that and must snipe at the author or the system
4. Old or new is IRRELEVANT...it's working, enjoy the pips!
Very good system. THANKS AND GOD BLESS YOU!
Drew,
can you upload the EA on a sharing site like 4shared or mediafire? I'd like to do a backtest. Thanks
hi guys.my name is greg.can someone please run a test for me?london and new york open.the same entries as the author but with 20sl on both orders and 40 tgt.cheers
Any suggestions on using this type of break out for US open? It's the only one I can fit into my schedule. Thanks
Hi all,
I've built a robot for this strategy based on the following rules
Entry offset from open of Tokyo and London opening (time can be optimised) = 20pips (can be optimised)
Take profit (TP) = 40 Pips (can be optimised)
Stop loss = (Entry offset x 2) + Take Profit
This means the stop loss of one pending order = Take Profit of the other order
New pending orders are only triggered when there are no trades open. For example, if a trade is open during the Tokyo session and it hasn't closed by the London open, then no pending orders are placed at the London open.
Can the original author confirm these are the correct rules?
I haven't worked out how to upload a file, but will upload the EA when I do.
For those who are new to MT4 and the Strategy Tester, please don't bombard me with questions about how to use the tool. There are many other (and better) sources for this information. I'm very interested to hear from people who are optimised this EA for different currency pairs and input settings.
Have fun,
Drew
Very Good Strategy we are (Group o Traders) testing this strategy. As per our experience if you put 25 pip rather than 20 pips. you have more chance that you will pick the right direction.
So far it works great.
Has anybody got a ea that I can backtest this strategy..
Thanks..
hotdiana4u
This is why most of us our losing traders. When someone comes up with a idea instead of helping him out we try fill them with our SMART ASS thoughts.
The strategy author wanted someone to share an EA that can be backtested. Has anybody done it apart from KIM.. NO?...
So I suggest to all to share an EA if there is any so everybody can do their own research.
Thanks
Steve
Hi All
I am a experienced trader if you take the years behind me into consideration, But I am sadly not successful yet. Trying this strategy in my demo account has given me a 70% wining rate. Can anybody share a EA on this, for me to do a backtest
You will end up with two position instead of squaring off. The two orders posted can be nested together and stop loss defined for both.
this strategy is completely registered by forexmegapips.com and this site (is removed now) is really owner of
the strategy . I have an professional ,very good EA at this strategy that cover losses by it's money management
concept ( 20pipsSL AND 40pipsTP ), that has a good trailing stop on it . I changed some parameters for GOLD
chart and it worked very very good with profit before (12 month ago) . I have the same golden results at Aud-Usd
but not in Gbp-usd because must change in parameters .
The PDF of strategy was focused on US broker platform ,but you can set it for opening of all sessions with some
changing in SL and TP . YYYeeees I'm completely professional and profited! in this old (until now) strategy ...!
Hi Kim
Surely, we are talking in two different languages.. and that usually happens in forums. Can you kindly share the EA that you use, so other users can test it themselves. Thanks for your interest Kim, your a great sport. ☺
Thanks..
Neobunsy (Strategy Author)
This is nothing more (and considerably less) than a standard OCO. OCO is a very common technique for an opening market, which is, essentially, 'going sideways' at that point, and just as common when a pair is in wobble land (going up, and, down), typically used also when stagnant-flat. OCO is also used when a doji is encountered since a doji says the market hasn't a clue which way to go. At 'opening time' you can sort of kind of, with a wing an a prayer say it's doji too.
OCO's are set like any other non-suicidal market order, an entry, a stop, a limit. The difference? there's two of them. One, the one you guessed 'correctly' cancels, totally, the one you got wrong and the benefit of a protective sop still in place (which, agreed, this 'idea' also provides)
To be fair, other than a lack of limit positions, there's nothing 'wrong' with this 'idea' (and that's all it is), but OCO is a well developed and more sophisticated approach that serves you better.
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