Profitable and easy GY System

I have been using a pretty simple GBP/JPY system for 7 months. I thought I would share this information and hopefully get some feedback to make it even better. This system currently uses no indicators, it is simply based on the fact that the GBP/JPY has a big daily range 200-300 pips on almost all days.

It consists of two main orders both set up to grab a break out one buy order above the current price one sell order below the current price. I use pretty tight money management every trade has a set stop loss to minimize risk.

This system has been making 5-10% per month with a max drawdown of 5% over the last 7 months. I am posting yesterdays set up where I banked 120 pips. I will be posting more about the system in the coming days if you would like more detailed information just reply.

If you have any comments or suggestions please post them they are much appreciated.

Looks interesting. Could you explain all the rules?

Steve.

I watch the market for signs of a reversal. I use the management system above to cover me if I am wrong. I normally move my stop to break even after I am in profit half the channel. Example If I was using 120 pip channel like in the post above, once I see 60 pips in profit I would move my stop to break even.120 pips is my max channel 95% of my trades range from 80-120 pip channels. The main goal is to lock in 1:1 risk to reward ratio but if the market is running like the GY does I will trail my stop with the market. I will post some trade over the next week so everyone can get a feel for it.

Happy trading!

Forexrazor_com said:

I watch the market for signs of a reversal. I use the management system above to cover me if I am wrong. I normally move my stop to break even after I am in profit half the channel. Example If I was using 120 pip channel like in the post above, once I see 60 pips in profit I would move my stop to break even.120 pips is my max channel 95% of my trades range from 80-120 pip channels. The main goal is to lock in 1:1 risk to reward ratio but if the market is running like the GY does I will trail my stop with the market. I will post some trade over the next week so everyone can get a feel for it.

Happy trading!

Click to expand...

Excellent, I will look in. It would be good if you could explain the mechanical rules as you go. For example, what causes a 'set up' and then what 'triggers' the actual trade.

Steve.

Trade results

Today’s trade was break even. I had 100 pips of profit but it didn’t hit my target. At 3:50am EST I signaled a sell at 200.20 and a buy at 201.40. Once I had half my channel in profit (60 pips) I moved my stop to break even. The market continued down to 199.20 and then reversed back to my entry so it was break even for me. I will post my next call in real time.

Happy Trading

GammaJammer said:

Just a thought, but your system seems smple enough that you could code for it in FX Engines (or Hive Trader - the retail equivalent, which is free). Have you done anything like this?

GJ

Click to expand...

Not at this time. I think it is something I am looking to do in the near future. We talked about MT4 I am not familiar with FX Engines is it API based?

New Trade

Place a buy stop at 202.20 and a sell stop at 201.20

So what's your relationship with this place ?

Trade 0060 update

Place a stop at 202.70 to lock in break even

New trade

Place a buy stop at 203.30 and a sell stop at 202.50

A Dashing Blade said:

So what's your relationship with this place ?

Click to expand...

I am a trader threre

Hi Forexrazor,

Could yu please explain a little better the entry method and the setups you look for with this way of trading. Also how has it been going last few months?

thank you in advance,

Dave.