10.3 SCALPER/RANGE TRADE SYSTEM

[nanningbob]

I have been doing my penny thing testing every type of strategy I could think of. The one that has worked the best so far has been a SL of 50 and TP of 50 and closing all trades with every session. My money management was 1/2% on a trade so what that means if I hit the SL of 50 I lost 1/2% of my account and if I won I won 1/2% of my account. I also put one jump in the MPTM of at 15 profit move TP to +5. This allowed me to give my trades some more breathing room. I also tried to make sure I didnt load up on a particular currency pair, like JPY crosses, so if they all went bad I wouldnt get 4 or 5 SL but 1 or 2 at best. I tried to mix and match every session. I ended up 12-8 for the day with a 1 1/2% increase in my account. My average profit was 15 and my average loss -17. I had one trade hit the +50 and one trade hit the -50. The rest I closed out manually 2-3 hours into the session or they hit the +5 jump SL. The total pips for the day was 144 which means for every 50 pips I win I increase my account 1/2%. I will continue this formula for the rest of the week and see how it goes. If it works out I will post it as my update on page 1 this weekend.

I have been testing all sorts of strategies so for the month I am 115 wins 194 losers, but those losers have been cut real short. However so have been many of my winners. So playing around with this but I like the strategy.
1. Bad JPY session, the pivots adjust at Euro or USA for the new direction of the day.
2. Often bad starts are made up at the end of the day.
3. Good starts, I should quick trading and keep my profits. LOL So most of my testing has kept my account about even for the month. Now to finish strong with a set strategy and see how it works.

Overall getting to some final conclusions here.

[gustav213]

Here are the three profiles for the USA, London and Asia open adjusted to work with Cowboy IBFX.

Thanks kwanann for the original post.

[nanningbob]

AUDCAD, nice trade of 27 pips

EURAUD, 80pips on the table

EURCAD, another 30 pips

GBPAUD, 64pips

USDCAD, loss of 28pip

Total potential pips: 173

of course in real life.. i wimped out way before that

They all made it to R/S 1 at least, so maybe a good referencepoint to TP?

I remember nanningbob mention something about using R/S as TP/SL points, for me i prefer a hard SL of 50, BE at 10 and JS at 15 thereafter, find that to be the best option so far to catch a big trend and close out on whiplash, it also means that i can set MPTM to handle this for me once i get the setup the trade and rule out human emotion (as if )


The reason i wimped out was because i got totally burned playing JPY today (would have got a nice profit if i held the trade, but that's always the case), so decided to play it safe, pips in my account is always better than floating pips

Good suggestion. I added a little bit to your idea and will play it again today.

[nanningbob]

A quote:
"There was arguable a short squeeze on positions taken with a sub-zero interest rate expectation but the delay of the open-ended asset purchasing to 2014 was disappointing but ultimately will not be reason enough for longer-term yen shorts to be scared off. The Bank of Japan and Abe are (for now) grudgingly on the same page it seems and after the burst of yen strength there will likely be a re-evaluation of what the BOJ’s next step will be and then that will fuel the next wave of yen selling."

AUD/JPY
Looks like for now the yen weakness will hold between these two areas for now. If price breaks above that top red line then Yen weakness will continue. If not it will bounce between the two red lines. This run has gone on for 4 months now and may take a breather. Especially if the AUD does a rate decrease then this pair will range. I would not expect much more from this run for now.　I dont know how you are sitting but it may hold in this area for a while. JPY really jumped around on that news report yesterday.

I marked in pink the last time price was in this area and you can see a lot of movement.

[kwanann]

AUDCAD, nice trade of 27 pips

EURAUD, 80pips on the table

EURCAD, another 30 pips

GBPAUD, 64pips

USDCAD, loss of 28pip

Total potential pips: 173

of course in real life.. i wimped out way before that

They all made it to R/S 1 at least, so maybe a good referencepoint to TP?

I remember nanningbob mention something about using R/S as TP/SL points, for me i prefer a hard SL of 50, BE at 10 and JS at 15 thereafter, find that to be the best option so far to catch a big trend and close out on whiplash, it also means that i can set MPTM to handle this for me once i get the setup the trade and rule out human emotion (as if )


The reason i wimped out was because i got totally burned playing JPY today (would have got a nice profit if i held the trade, but that's always the case), so decided to play it safe, pips in my account is always better than floating pips

Good suggestion. I added a little bit to your idea and will play it again today.

Thx This has actually been my preferred trading pattern since I started with 10.2, yeah it might cut me out of major wins, but heck except for those idiotic trades that I did, my winning % is close to 95%

Had a nice run in the NY session primarily due to the ability to time shift in the DWMP pivots, up 2%. I also closed all my trades at NY close.

Still a far cry from recovering from my lost account, but at least that's better than nothing

[kwanann]

Here are the three profiles for the USA, London and Asia open adjusted to work with Cowboy IBFX.

Thanks kwanann for the original post.

hmm for Cowboy IBFX whats the suffix that is used to denote ecn?

i'm adding the P4 clock in cos it makes it easier to tell what time it is.

[kwanann]

Ok here's the updated profiles including the p4 clock so that's its easier to tell which part of the world is currently trading

As mentioned by nanningbob, it does not mean that we shouldn't trade other currencies, its just that those currencies where the traders are awake have a higher probability of bigger moves i.e more chance of either losing or winning $

For now, my strategy is to balance up my trades, at most 3 of the same pairs on either side. Trade based on 10.2a and 10.3 signal 1 hour before opening. Both red, put a sell, both green, put a buy.

I'm risking slightly more at this juncture 1.25% max loss per trade, average profit so far is at .5% so I would need about 3 profit trades for each loss trade. However with BE at 10,2, it has kept my loss trades to a minimum

[xrismak]

Ok here's the updated profiles including the p4 clock so that's its easier to tell which part of the world is currently trading

As mentioned by nanningbob, it does not mean that we shouldn't trade other currencies, its just that those currencies where the traders are awake have a higher probability of bigger moves i.e more chance of either losing or winning $

For now, my strategy is to balance up my trades, at most 3 of the same pairs on either side. Trade based on 10.2a and 10.3 signal 1 hour before opening. Both red, put a sell, both green, put a buy.

I'm risking slightly more at this juncture 1.25% max loss per trade, average profit so far is at .5% so I would need about 3 profit trades for each loss trade. However with BE at 10,2, it has kept my loss trades to a minimum

Kwanann, ( D Barbarian )
Your Name kind of Sounds like that of Konan the Barbarian's from the Marvel Comics... hehehehehehehe, that is if you see the Humour from my point of view and No disrespect meant to your Goodself .

Thanks, you are a Star @ making lifesimple4me.com with this Profiles Template.

Cheers,
xrismak

[nanningbob]

I have also set MPTM to include basket trading. If I understand it right, if all my trades equals 1% of my equity it will close all the trades including the pending trades and I will be done. Be interesting to see that if it does.

JPY is crashing since yesterday's news. Missed the entrances today hopefully get a retrace later.

[kwanann]

I have also set MPTM to include basket trading. If I understand it right, if all my trades equals 1% of my equity it will close all the trades including the pending trades and I will be done. Be interesting to see that if it does.

JPY is crashing since yesterday's news. Missed the entrances today hopefully get a retrace later.

had quite a nice run today with the JPY, sadly 2 of them got closed out at BE, but the last one went for a nice 60pips run and closed at 50+ pips

overall another 2% gain in the morning session, though i had a heart pain when it went close to 5% drawdown. i left some of them running to see how it works out eventually.