20 pips a day keeps stress away

[sunny12]

Hey Guys,

It seems that Sniper Forex Business is on sale:

http://cgi.ebay.co.uk/EXTREMELY-PRO...ItemQQimsxq20091219?IMSfp=TL091219206002r1399

Author clearly states that he does not have any time remaining as he plans to join a profession firm.

Really interesting development.....

Sunny

 

[bedsit]

Hey Guys,

It seems that Sniper Forex Business is on sale:

http://cgi.ebay.co.uk/EXTREMELY-PRO...ItemQQimsxq20091219?IMSfp=TL091219206002r1399

Author clearly states that he does not have any time remaining as he plans to join a profession firm.

Really interesting development.....

Sunny

Hi Sunny,

Thanx for the info. I've heard about system, but never explored it that much. Today I checked his video and looks like a nice simple system.

Just wondering why he is selling it – could it be because of markets being choppy lately, so sniper didn't perform well (it seems to me like a trend following system)?

Just guessing – would be nice if a Sniper user can shed some light on sniper's recent performance.:?:

 

[Da.DesiTrader]

Easy 20 pips on Claudia's system this morning.
That's what I like about these simple systems - you know very quickly if you are right of wrong - no waiting for hours no end.
Although important news at 13:30, I'll go for 14:15 break. May double the pips or break even today – you never no in trading.

and what system is that? Is this system of few pips above daily high and below daily low, one of Claudia's system?

 

[bedsit]

and what system is that? Is this system of few pips above daily high and below daily low, one of Claudia's system?

Hi DaDesi,

If you can read post #37 – I explained it there
.
I'm still testing it (doing really small trades on it) – last 8 days had 50% success which is not good as it has 1/1 risk reward. Anyway I'll keep doing it till end of Jan and see how it goes.



PS Just checked the chart – the price is going like a yo-yo.
Although it's not my style – did some scalping yesterday (stressful and profitable). I guess that would be more profitable on days like this than break out strategies.

 

[mrsoul]

Hi DaDesi,

If you can read post #37 – I explained it there
.
I'm still testing it (doing really small trades on it) – last 8 days had 50% success which is not good as it has 1/1 risk reward. Anyway I'll keep doing it till end of Jan and see how it goes.



PS Just checked the chart – the price is going like a yo-yo.
Although it's not my style – did some scalping yesterday (stressful and profitable). I guess that would be more profitable on days like this than break out strategies.

I hit a nice trade on eur/usd yesterday for 20 pips using your method.
However, your 50% success rate on Cable sounds a little discouraging.
I'll play eur/usd using this method until I conclude it will not work.
Hopefully, I can add to my profits this week.

Have you ever back-tested this system?

 

[bedsit]

I hit a nice trade on eur/usd yesterday for 20 pips using your method.
However, your 50% success rate on Cable sounds a little discouraging.
I'll play eur/usd using this method until I conclude it will not work.
Hopefully, I can add to my profits this week.

Have you ever back-tested this system?

Hey MrSoul,

nice to hear that and also 20pips on EURUSD. (not much experience with it, but I think daily range is smaller than Cable)

I did a bit of back testing in December and success rate was better. One guy suggested not to get discouraged and test the system for at least 20 trading days to get better picture about performance.

 

[mrsoul]

Hey MrSoul,

nice to hear that and also 20pips on EURUSD. (not much experience with it, but I think daily range is smaller than Cable)

I did a bit of back testing in December and success rate was better. One guy suggested not to get discouraged and test the system for at least 20 trading days to get better picture about performance.

How did you come up with the hours of 12 Noon- 2:15pm for your range?

 

[bedsit]

How did you come up with the hours of 12 Noon- 2:15pm for your range?

This time of the day is not something I invented – there are quite few systems out there that follow that time. The idea is based on European markets overlapping with New York opening. Also first 15 minutes after 14:00 (London time) are notorious for crazy moves, so its best to stay out of the market till 14:15 (and get an idea about future price moves)

IMO It is better to play the market than the other way round

 

[bedsit]

Results this week:

Market 1, System 4

To be continued next week...


Mind you, these are not my results – I managed to loose 1 trade through a mistake.

 

[bedsit]

I didn't do my homework yesterday. Only after losing trade realised NY was closed. If I've known I wouldn't have entered the trade at the first place (I mean system is based on NY opening – not NY being closed)
Good lesson for next time.

 

[Tenapenny]

I didn't do my homework yesterday. Only after losing trade realised NY was closed. If I've known I wouldn't have entered the trade at the first place (I mean system is based on NY opening – not NY being closed)
Good lesson for next time.

:cheesy: We've all done daft things. Just wondering what my next one will be.

 

[bedsit]

Results this week:

Market 2, System 3

If NY wasn't closed on Monday it could have been different.

Anyway, success rate in 15 days is 67% - not to my liking - risk/reward 1/1, possible slippages, spread, 1pip extra breathing space and other unpleasant surprises.

However, I'll test it one more week and see if it improves.

 

[AJ100]

Hi bedsit after reading this thread I think you should definately stick with this system after all anything over 50% success with 1/1 rr is profit and it probably only takes 10 mins to set up. I would trade this system but am in work during the day. I am thinking of getting an i phone tho and would trade this system using that if the charts were good enough on the phone.

 

[Lord Flasheart]

I dont wish to put a downer on things but experience tells me this is very fallable. If it was to work then I would also be looking at the dow futures at this time as there is often a connection. Please keep looking for good systems we all need them

 

[bedsit]

Hi AJ100,

I would say it's too early (after only 15 trading days) to get too excited and agree with Julian.
IMO there is no place for hope, greed & fear in trading business.

You should always think about risk when trading. What if system fails 5 days in a row? What about slippages (unless you use guaranteed stops which is expensive for this system)? It's reasonable to be aware of these possibilities (in trading you always go for probable outcome, there is no certainty).

According to that you should see what trade size you can afford – personally for new system I wouldn't risk more than 1% per trade (in normal trading I try not to risk more than 2% per trade)

Hope you don't mind me saying this – I'm just trying to be realistic (I read it in the books, but mostly learnt from painful mistakes).

 

[bedsit]

Results this week:

Market 1, System 4

As this is a statistical system, here are some statistics (LOL):
I've been testing the system for last 20 days. If I'm not mistaken success rate is 65% in 20 trading days. I include the day NY was closed. From quick research I could see that there are max 2 losing days in a row and max 4 winning days in a row.

So far I've been trading small size. Although the success rate is not as good as I wanted it to be, I'll go for 1% risk per trade from next week - that would be 5% loss if there are 5 losses in a row (hasn't happened in last 20 days, but you never know in trading). Some conservative traders would wait for 2 months before increasing trade size, but I kept losing interest with current size (only £1 per pip).

IMO if anybody wants to follow the system, should think first how much they are willing to lose per trade and how many losing days in a row they can put up with. Personally, I may lose enthusiasm after 3 losing days in a row.

Also, as any other system at certain point may stop working - than it's time to get something better.

Wishing to all the followers many happy pips.

 

[Da.DesiTrader]

bedsit.

I read Claudia's thread. I understand hear European session breakout system for GBP USD. But for your system, you havent clearly written it down anywhere.

Can you perhaps explain it in this format:

Time of trade: When do you start to notice the chart.
Range plotting: Do you plot including wicks or excluding wicks. Also range is from which (close) candle to which (close) Candle.
Spread consideration: What is your current spread on eur/usd and how do you build it in. IF your chart is midprice, then your spread consideration would be 1.5 (considering spread of 3). But what exactly do you do?

SL / TP is 20/20 so fine.

Thanks

 

[bedsit]

bedsit.

I read Claudia's thread. I understand hear European session breakout system for GBP USD. But for your system, you havent clearly written it down anywhere.

Can you perhaps explain it in this format:

Time of trade: When do you start to notice the chart.
Range plotting: Do you plot including wicks or excluding wicks. Also range is from which (close) candle to which (close) Candle.
Spread consideration: What is your current spread on eur/usd and how do you build it in. IF your chart is midprice, then your spread consideration would be 1.5 (considering spread of 3). But what exactly do you do?

SL / TP is 20/20 so fine.

Thanks

Hi DaDesi,
I explained it before, but anyway it's simple:
First I check the price range between 12:00 and 14:15 (London time)
I include all the prices (extremes, wicks ets)
After 14:15 I go for a break out of that range - if price goes higher I buy, if it goes lower I sell.
Prices are mid range (excluding the spread).
I exactly enter 1 pip above (or below the extreme) and put stop loss and profit target according to the mid range price. Spread is 1.5 pips each way and I include that as well.

 

[Da.DesiTrader]

Hi DaDesi,
I explained it before, but anyway it's simple:
First I check the price range between 12:00 and 14:15 (London time)
I include all the prices (extremes, wicks ets)
After 14:15 I go for a break out of that range - if price goes higher I buy, if it goes lower I sell.
Prices are mid range (excluding the spread).
I exactly enter 1 pip above (or below the extreme) and put stop loss and profit target according to the mid range price. Spread is 1.5 pips each way and I include that as well.

great and this is eur/usd not gbp/usd right?
were your stats not good with cable?

 

[bedsit]

great and this is eur/usd not gbp/usd right?
were your stats not good with cable?

I use this system on Cable only. It can be used on eur/usd (as it is based on European markets overlapping NY open), but I haven't done any testing on that pair. I wouldn't use same stop and profit target as I guess average daily range is different.