Horizontal Line continues

[Fxtraveller]

Another day another method. I guess I cant stop system hopping.... but I firmly believe that certain criteria (that suits my personality) HAS to be met:

1) P/L ratio- 5-7 pips scalp just doesnt do it for me, no matter how much I try. the spread alone accounts to some 20-40% of it.

I need at least 1:1. 20 pips loss, 20+ profit. Add a method that is 60+% winner- you profit. Add money management - more profit.

2) I HAS to be simple. TRO's statements that we dont need lagging squigglys FINALLY went through my skull and stayed there. a HL- Horizontal Line, be it S/R. fibos or pivots.... all I need from a method is an HL.

3) It HAS to suit my hours. I work afternoons and I cant lift myself up from bed for London session.


Having said that, I have found a method that allows me to put limit orders at midnight GMT 00 and go to sleep and just wait for the results.

Id like to share it here on kreslik, keep a thread of my trading, and discuss it with anyone who is willing to.

[Fxtraveller]

Found the Idea here:
http://www.forexfactory.com/showthread.php?t=170790

I took the squiggly out, and put in a tighter SL and TP.

The Indicator:
Simple indy showing Daily pivots, Support 1, S2 , S3 AND
Resistance 1, R2 , R3 AND
the middle points between them.

How:
Simply enter when price reaches the MS1 OR MR1.
BUY when price reaches MR1
SELL when price reaches MS1
Author puts order 5 pips above/below the areas
I put 2-3 pips, it doesnt affect the results so far, only gives a few extra pips of profit.

When:
my broker is gmt 00, so new pivots appear at midnight local, so I put the buys and sells before sleep and see the results the next day. If yours is diffrent, give it a go, it might work for you as well.

Money Management:
I put 3 lots, take 2/3rds quickly (TP1= 17-25 pips), let 1/3rd run for at least double (TP2). Thus I calculate my pips :

example:
TP1= 20 pips (x2)
TP2= 40 pips
Overall profit= 20 x 2 + 40 = 80 pips.

SL: Ideally- the Low/High of the candle that triggers the trade. But it can happen at any time, so I simply put 20-25 pips SL.

TP1= SL
TP2= TP1 x 2 (double or more), SL moved to entry point.

[Fxtraveller]

Results for wednesday:

SELL EURJPY -20 (x2) - 20 = -60 pips
Buy EURJPY (price reversed) = +17 x 2 = 34 pips (price reversed and stopped out the 1/3rd)
BUY GBPUSD = +93 pips
BUY EURUSD= -78
SELL EURUSD =+36
BUY GBPJPY= +86 ( a SL of at least 40 pips is required)

Overall: -138 + 249= +111 pips

[Fxtraveller]

results for thursday:
SELL GBPUSD @ 1.6264 = +84 pips (TP1 hit, TP2= double TP1 also hit)
BUY EURJPY @ 136.89 = +77 pips (TP1 and TP2 hit)
SELL EURUSD @ 1.4144 = - 60 pips (would be a winner if could apply the rule of High/Low as SL of the trigerring candle, oh well).

Performance per pair so far :
eurusd: -102
eurjpy: +51
gbpusd: +177

Note: these results can vary significantly if multiple lot trading, Trailings are modified or exit filters added

GBPUSD not one loser so far.

[prochargedmopar]

Keep it rollin.

[Fxtraveller]

GBPUSD- no trade. could not put a sell order at midnight, price was hovering right next to MS1.

EURUSD- +20 pips. Loser on Buy, winner on Sell, but thanks to multiple lot trading, Sell covered the losses and came out with 20 pips gain.

EURJPY- -20 pips.

Gbp/jpy- winner big time, but wont bother including its results anymore because of my brokers "slippage", would enter me 10-15 pips LATE, thats unacceptable.

Overall: break even, 0 pips today =]

OVERALL results (excluding g/j)


Wednesday: +25
Thursday: +101
Friday: 00 (yes, exact break even)

Results Per Pair:
GBPUSD : +177 (the champ)
EURJPY: +31
EURUSD: -82

Thus E/U is out, leaving me with just 2 pairs (thank god for that =).

By observing Price action around Pivot point, I have decided to trade the Pivot Point itself.

Results are:

Friday:

Eur/Usd : +21
Gbp/Usd: -22
Eur/Jpy: +21
Gbp/jpy: +30 (could have been up to 80)

Once again, I will not trade gbpjpy anymore due to "slippages".
Overall profit, so will keep demoing to find some consistency.

Below are the pictures as usual.

[MightyOne]

I really love how you are spreading out your trades into multiple pairs.

Where one pair might have a bad day another will have a good day and a happy market makes for a happy trader

[Fxtraveller]

It is thanks to TRO that I regard a loss as something normal, "since anything can happen" and I go where price goes (buy when goes up, sell when goes down).

And it is thanks to you, MO, that I learned to cut my losses short and keep my SL to a minimum. (mostly- 20 pips)

Regards.

[TheRumpledOne]

Fxtraveller:

Is this you http://fxtraveller.com/ ?

This has to be you: http://www.forexfactory.com/showthread.php?p=2784710

[Fxtraveller]

TRO

1) http://fxtraveller.com/ - thats not me.... but I am amazed of the coincidence regarding the nick name and the idea behind the nickname. The difference is he has already (according to him) achieved what I am dreaming of.
2) that IS me, keeping same trading log on two forums , 1 being my fav (kreslik) and second because its very popular and the origin of the idea (fxfactory).