if you were trading last week, you ended up nicely positive. Seems like things are changing in our favour again:) I stayed out of GU as I stated earlier but if you traded it as per plan, you had 3 wins and 1 loss. I cought only 1x1 but I believe we are going to move again which will bring us more winners...
On UJ there were 2wins and 1 loss which I also had on my account. One trade is still open, hopefully it will reach the TP:)
I know we have had another hard time weeks before this one, but we have to stick to the plan and hold on...
UPDATE: I just took GU buy from Friday. With the same amount risked, which means I risk much less, because the price is lower. So if it goes against me, I will lose much less than if the trade got triggered on Friday as it should but with much higher profit potential...
Hi Tomas,
ReplyDeleteJust for your information, neither of my broker feeds (FXPro and Alpari) have triggered a buy trade for Friday.
Dave
Hi Tomas,
ReplyDeleteSame by me. I didn't have a trade on Friday. Also Monday of last week triggered a sell trade (which turned out to be a loss) - it appears so on your chart also (it happened on the 9 oclock candle).
hi Tomas,
ReplyDeleteyeah, it was some tough beginning of the month, but its getting better now. hope we will end up at least with a small profit by the end of the month.
i have a question you might be able to answer. i am using alpari uk as a broker who is using bid price for charts. when you place buy stop order, do you add spread for price at which you want to enter (also for SL, TP)? say 1minute daily indicator say upper band is 1.5500 - so you would set buy stop at 1.5504 (1pip buffer and 3pips spread)? do you do this for sell stop orders (deduct the buffer and spread)?
tonny
Hi guys,
ReplyDeletemy broker FXclearing last Friday has high 1.5732 on 11:00 candle and the band high is 1,5728. It seems like sometimes the difference with brokers are quite high. Nevertheless, it turned to a loss today...:(
Tonny,
I do it this way. When upper band is 1,5500, I put buy stop @1.5502, my spread is 2 pips. I dont put that one more pip as the manual says and I think it is OK...
Tomas,
ReplyDeleteI guess the differences between broker prices will average out over the long term (some you win, some you lose).
Tonny,
I do things a bit different to Tomas, I add 2 pips to my buy orders to cover the spread. So I enter 3 pips above the upper band. I do this for both GBP/USD and EUR/GBP pairs.
Dave
thank you for clearing that out Tomas!
ReplyDeleteDave,
do you trade EUR/GBP with this system?
tonny
Hi Tonny,
ReplyDeleteYes, its actually giving me much better results than GBP/USD.
Breaout time 23:00 - 08:00 London time works best for this pair, to catch the European open.
Dave
Thanks guys for your posts... And thank you Dave for a good hint with EG:)
ReplyDeleteDave, one thing to ask... 23-8 on EG London time? or GMT?
ReplyDeleteThanks
Hi Tomas,
ReplyDeleteEG is an often overlooked pair in my opinion, probably because its quite a dull mover. But its breakouts are generally true. Just eyeball this month for starters.
I think 8AM LONDON time is best. I have back-tested this pair from Jan 2009 on that time and it seems ok. The normal 9AM London time is just too late for this pair.
EG is a very technical pair and I also find that it respects daily pivot levels extremely well, hitting the levels very often 'to the pip'. This allows you to judge the TP easier.
I must have spent the best part of 100 hours of manual back-testing 1MD on various pairs/times etc, and this seems a great partner to G/U.
Hope that helps you.
Dave
Thanks Dave, very nice of you sharing this here!
ReplyDeleteDave,
ReplyDeleteone more:) I looked back to August 18th and there were 18 wins and 12 losses on EG with my broker. There are two losses quite often and one win and one loss a day more often... do you have the same experience? Also my broker has 5 pips spread on this one so you put your orders at 5+1 pip? That would mean more losses with my broker I think... How do you cope with this?:)
Thanks
My broker OANDA has normally a 1 pip spread on this pair, and my other broker (FXPro) has the same, so your spread is very high. I would not trade this pair unless you can get a better spread.
ReplyDeleteAugust as a whole was a tough month (I think thats true for every pair). I recorded:
13xA, 3XB, 1XC and a whopping 4XD (excl NFP).
This adds up to about +6% on my account, so you could say a great result!
To look at a good month, see March this year. And maybe look at April for a typical month.
I made about 30% in March (risking just 3%) and in April I think it was about 15%.
I mostly trade set-and-forget style because I cannot always monitor the charts (thank goodness, so no fiddling!). However, like you, I never try to let a near-winner turn into a loser. I don't close early and take profits, but just move stop to B/E. Therefore I record a number of B/E trades. Some of these might have turned out to be winners, but most would have been losers.
Cheers
Dave
Thanks Dave, great post. I have a demo with FxPro, so I might use them in near future for 1 MD as well. Or do you trade it with Oanda?
ReplyDeleteYour results are great I think, when having a bigger account, 10-20% p.m. is a wonderful result!
I don't use FXPro for 1MD, but I do use them for other strategies. I currently use OANDA, but will be changing to Alpari because they permit hedging which is essential for 1MD (i.e. to have both a Long and a Short position open - which happens often with 1MD).
ReplyDeleteOANDA do not allow this directly, but I get around it by using a sub-account for the opposite trades.
I have had no problem whatsoever with FXPro, or OANDA.
I seemed to have settled at 3% risk on 1MD, having started at 5% to build up my account. So 10%-20% p.m. is I feel a very good result for such little effort.
thank you for sharing the ideas guys.
ReplyDeletei was just wondering when exactly do you move SL to break even?
hmmm, will do little research on eur/gbp as soon as i get time and include it in my trading! excellent idea.
i am using alpari uk as a broker. quite happy with spreads: eur/gbp has around 2 pips spread, the same for usd/jpy, gbp/usd around 2,5 pips spread.
good luck
tonny
Tonny,
ReplyDeleteI think it's very important with this strategy that you do NOT move your SL to B/E too soon. You need to take as many full winners as possible, because the win probability is not that high, plus we have (with the standard rules) a slightly negative win/loss ratio. i.e. we stand to lose slightly more than we win.
My own rule is 90% of the range. In otherwords, I will never let a trade that has achieved 90% of target (but fails to hit TP) from becoming a loser.
I will allow all other trades that don't reach 90% of TP to retrace all the way back to my SL if that's how the market wants to play.
Dave
thank you for the answer Dave!
ReplyDeleteit does make sense. will start doing it also i think. but trying not to get too emotional about trades.
tonny