Forex trading strategy #52 (Forex Money Print Strategy)

To the comment on OCO orders...just be careful that when you hit your TP level, the other stop order is still live. So yes, it's like an OCO order BUT remember to cancel your other stop order when you hit your TP. Example, say my buy stop is triggered, I hit my TP...my sell stop is still live.

This exactly what i said ten days ago.

Insider

Yes.. thats exactly right.. hats off for the guy or girl who submitted this strategy.. this makes a lot of sense cos GBPJPY is so volatile and a retracement within a short range is so uncommen with this pair. I think this will work well in newyork opening.

What we should all do is try to support the author and to learn from each other.

Any one know programming to backtest this strategy?

clive

The original poster IS trading with a stop loss - its just not obvious. What he's done is created an indirect OCO order. For example, if the buy stop order is triggered then his 'stop loss' is really his sell stop order. So in essence it's an OCO order because the first stop order triggered indirectly cancels the second stop order b/c the second stop order transforms into his stop loss.

Hi neobunsy thanks for the advise !!
i am te new user of forex so i have not more much experience like you . i have a request for you if you please share this idea again by capturing it . I mean a video will be very helpful for me & all the new users .
Thanks

Sarmad

Hello everyone.

I am new @ this forex business and @ the moment i am still on the research journey. I must say this website has some good advises. And a big, big-up goes out to u all who contributes to this side. Big up.

Getting back to business. As i said before that i am a newbie, so be patient with me everyone.

1. I am looking for a simple but yet effective strategy to get started in forex.
2. I don't know how to trade using charts, so for this too i need a chart trading strategy that is simple but also producing some good results.
3. What is the best entry level to start trading as a newbie, 15min, 30min, 4hour.

Regards
Lazarus (South Africa)

STATE DISCUTENDO SU COME USCIRE DA UNA STRATEGIA DOVE NON SI DEVE ENTRARE.GBP/JPY, ATTUALMENTE, NON HA LA FORZA PER MUOVERE 80 PIP IN UNA SOLA DIREZIONE, IN NESSUNA SESSIONE DI TRADING. QUESTA STRATEGIA NON PUO' FUNZIONARE, CON QUESTI PARAMETRI.

Hi Insider.

Understood,, and we are cool.. let me try to help you more.. I know some webtraders do not have the hedging option and the trades get cancelled or averaged when u try to hedge. You can tryusing a non USA MT4 broker to test this out, it sure looks promising..

For the people who are not comfortable with stop loss i can recommend the following..

1. Use a stop loss of 40 pips for each pending order, but when a pending order is triggered, cancel the other pending order.

or

2. use a 80 pip stop loss, when you hit 80 pip stoploss from any trade the other will be in a 40 pip profit.. therefore,your net loss is 40 pips giving u a 1:1 riks reward

neobunsy (strategy Author)

Sounds like you have been very lucky thus far. Congratulations! Trading without a stop loss is an huge risk in my books.

"User",
Whatever your name is. "Guy" never meant to be disrespectful.

But you could have signed your post.

And yes I'm from North America, but not the USA.

Insider

Re: Comment September 29, 2012 - 03:34.

Yep it sure can happen and it will, thats why you need to close both trades once a t/p is hit in one side. So in your scenario sell order is -80 pips and buy order is +40 pips so the net loss is 40 pips. Still the 1:1 risk reward ratio is there. Understood?

Insider.. I must say im a bit annoyed at your comment " I am sure this what the guy who posted this first had in mind" I am just trying to help out others here and learn something new so be mindful of your vocabulary selection.

You must be using a USA broker and heding is not allowed by them. If you like to test this strategy you can demo trade on a FSA Registered UK broker and see the results.

neobunsy (strategy Author)

Hi All

Im the "guy" who submitted the strategy and thank you for all your comments..

Regarding Stop loss (Submitted by User on September 27, 2012 - 14:3

Sure Friend, you can add a stop loss but my recommendation is to add the stop loss at 80 pips not 40 pips.

The reason being is that if you use a 40 pip stop loss there is a chance of you getting stopped at both ends. with a 80 pip stop loss you will only get stopped out when a take profit is achieved at one side. Hope this is clear, If not I will be glad to clarify this fully to you. You will catch the ropes soon dont worry.

I too do not sit down the computer all day staring at the screen, but i keep an eye on the price, and I manually close the trades when a take profit is achieved in one side.

Re: September 28 13:57 comment.. mate, please update in English, I tried to use google translater to understand what you meant but as usual not successful.

Re: September 29 03:32 -
Thanks for testing this out, please ensure we use a command to cancel both trades when a t/p is achieved at one side.

neobunsy (strategy Author)

I dont know who your broker is, but with mine if i have an open position (let s say a buy ) and i get an opposite position triggered (in this instance a sell order), then one cancels the other one and I have 0 position open at this point.

I am sure this what the guy who posted this first had in mind.

Insider

The Results: (extended)
Buy Pending order is triggered, the market reverses and the Sell order is triggered, the market reversed to north and never come back to south : You have TP 40 Pips from the Buy Order - but unlimited Loss from your Sell Order with NO Stoploss. Can this happen ? Always !

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