Hi Guys, I mentioned that this isn't a perfect art yet :-). As I said in an earlier post that a friend of mine mentioned that stops of 30 are to close so 50 was better. Eventually we will get there. At the moment im still in the trade at -350.... ...

daily range Strategy

Seekinglight, Thank you for your input.... Although I knew those figures before I never really thought about it like that... Does that sound strange????? But seriously that was a great post although simplistic it shows that it really is the trader ...

Breakout Strategy - The Pro's Way

llambert, generally speaking and don't take this as gospel cos im trialling it too. But at the moment I am simply leaving orders open until 24 hours later or profit has been taken. Now with regards to profit taking.... this may vary as you can see ...

daily range Strategy

Today seems to of been a great day on multiple currency pairs for breakouts. I can't help but fall in love with these sort of setups :. Honestly though do you guys think that one can consistently profit from just trading the perfect breakout ...

Breakout Strategy - The Pro's Way

Llambert - The way I have been looking at it is you reset the orders every 24 hours. So yes you take the opening price at 00:00am GMT. Brick911 - I haven't looked into any other pairs unfortunately otherwise I would offer some insight. Markj - I ...

daily range Strategy

Yeah Mondays are usually good to me to.... In fact early mornings are quite kind in general

I love Monday mornings...

Twinchell, Thats excellent... I think a thread like this where people can come and openly see other peoples success is important form many of the reasons stated earlier. Sometime we just need the reassurances that what we are doing is making other ...

Breakout Strategy - The Pro's Way

Well today was a great day for me.... I was in and out by about 10 oclock this morning with my profit in the bag, and a 1 lot left to ride the bigger move . How did you guys do with your breakouts today.

Breakout Strategy - The Pro's Way

Yes on days like these it is a great strategy.... But not all days make such a consistent breakout, which is our current problem. Some days it hits our entry trigger. Retraces a little then carries on going. We need to find a way of not getting ...

daily range Strategy

Hi Guys, OK results for today... We hit our profit target of 30 pips by 10am gmt. Not bad although I have spoken to another trader friend of mine who is very good and he mentioned we would need a wider stop. Maybe 50 pips. Has anyone got any ...

daily range Strategy

Thanks people for your input so far..... I thoght I should elaborate a little more on my take profit.... When I say take profit at 20 pips I mean I take 1 lot off the table and the leave the second lot on but move the stop loss to break even. I ...

Breakout Strategy - The Pro's Way

OK I basically wait for a close above support or resistance lines (Flags,Channels etc) then once the next candle moves a few pips beyond I enter with a profit target of 20 pips and 30 pip stop loss. Does this sound like the way you guys are doing ...

Breakout Strategy - The Pro's Way

Yes I do trade the GBP/USD. Why?

Breakout Strategy - The Pro's Way

Thanks Bemac.... I will read and digest this weekend :-). Pdhawan - My thinking is this. You take the price at Midnight GMT. You then enter the market once the price has moved exactly 50 PIPS in either direction. Your profit target is initially 30 ...

daily range Strategy

OK Here are the in depth results. Since November 1st 2005 there have been 263 trades. 20 Pips Profit target 2110 pips profit - 200 succesful trades vs 63 Losses = 76% Strike Rate 175 pips per month 25 Pips Profit target 2120 pips profit - 182 ...

daily range Strategy

Ok I've been doing some more back testing. I am testing with different profit targets. So far with a profit target of 20 pips and a stop loss of 30. Back to the beginning of november 2005 I have found that we would of made 2110 pips profit. 2110 in ...

daily range Strategy

pdhawan - No I haven't coded it, and to be honest I wouldn't know how. Is that a way of backtesting it? If so then please could you do it and let us know the results. I have only analysed the GBP/USD. Feel free to look at other pairs. I really feel ...

daily range Strategy

Yes its as simple as that. At Midnight GMT. You look at the price action see where the price is. Then put a buy and sell order in 50 points away, with a take profit order of 30 pips and a stop loss of 30 pips..... So effectively your straddling. ...

daily range Strategy

SMJones, I will definitely keep you guys posted on this. I am in the middle of doing back testing to 2002, and will continue forward testing. I guess with all that info we will all be in a better position to constructively comment. :-) Keep you ...

daily range Strategy