Full results today:
EUR/JPY - Win (Hit TP for +32)
USD/CAD - Loss (Hit SL for -34)
GBP/JPY - Win (Hit TP for +61)
AUD/USD - Win (Hit TP for +36)
EUR/USD - Win (Hit TP for +52)
GBP/USD - Win (hit TP for +73)
FTSE - Win (Hit TP for +24)
Net total a pretty good 244 points for the day.
It is an issue trying to get all the orders in. I messed up yesterday because i was in a rush and lost 2 that should have won because i entered incorrect High/Low prices into my spreadsheet.
I usually enter the ATRs at about 9. Then at 9:40 i start entering the High/Low values into my spreadsheet to calculate the price/TP/SL. Then its about 9:50 - 9:55 ish when i start to enter the orders. I check that the high/low i have already entered has not been broken (enter new price if so) then enter the orders. I am normally done by 10:05 but there have been a few close ones. I think you would have to be super organised to do more than 7/8 instruments.
EUR/JPY - Win (Hit TP for +32)
USD/CAD - Loss (Hit SL for -34)
GBP/JPY - Win (Hit TP for +61)
AUD/USD - Win (Hit TP for +36)
EUR/USD - Win (Hit TP for +52)
GBP/USD - Win (hit TP for +73)
FTSE - Win (Hit TP for +24)
Net total a pretty good 244 points for the day.
It is an issue trying to get all the orders in. I messed up yesterday because i was in a rush and lost 2 that should have won because i entered incorrect High/Low prices into my spreadsheet.
I usually enter the ATRs at about 9. Then at 9:40 i start entering the High/Low values into my spreadsheet to calculate the price/TP/SL. Then its about 9:50 - 9:55 ish when i start to enter the orders. I check that the high/low i have already entered has not been broken (enter new price if so) then enter the orders. I am normally done by 10:05 but there have been a few close ones. I think you would have to be super organised to do more than 7/8 instruments.
Got to say i am not feeling too good about todays orders. 2 of mine wont be trading today because of BB range over 80%. All the others also have massive ranges. GBP/USD is 100 points. A bad loss day today would wipe out a fair chunk of the weeks gains. Dont know how to play it really. Moving the stop to BE at 50% always results in a stop out for me but i might move it to 50% the other side (reduce my potential losses), that still gives it the BB range worth of space.
Just to confirm, was one of your no trades the FTSE?
When you've had gains like you have this week, I'd be inclined to stay out if it looks suspect. Is there anything we can add to the system to indicate this is not a looking good for GBP/USD?
Are you using the same 'to trade or not to trade' criteria for the FX, as with the FTSE?
Haven't yet tried to get historical data for the FX ATRs, where do you get yours?
Cheers,
Steve.
Yes, FTSE and EUR/JPY. I use the same criteria of range over 80%. I am not sure it is a proper ATR i use. I have one of TROs range indicators and just change the charts to daily. It seems to give the same results as Tommorton gets and its fast to use. I think the 80% is probably a bit optimistic. I think i will probably stay out over 70% in future. There have been wins at 69% but i think its probably unrealistic to think GBP/USD is going to hit its target. Could be wrong.
Also i think you are right, i have had a good week so far and taking a low probability trade would not be a good idea. I have cancelled orders on GBP/USD and EUR/USD as both have a range over 70%.
Also i think you are right, i have had a good week so far and taking a low probability trade would not be a good idea. I have cancelled orders on GBP/USD and EUR/USD as both have a range over 70%.
terrysmith2000
Junior member
- Messages
- 10
- Likes
- 0
I read with interest some of this information here about the "Big Ben" trading system. I am new to Big Ben and I would like to know more about it and adopt it as one of my strategies. Can anyone tell me where I would get the system or what the trading parameters are??
I would be grateful for any information that anyone can help me with
Terry Smith
I would be grateful for any information that anyone can help me with
Terry Smith
Hi terry - Post No.1 sets out the basic method but here have been a couple of modifiers since then. Basically, see the high-low range 0800-1000hrs. Then buy if price goes through the high, sell if it goes through the low. Use the value of the range to set your respective stop-loss and profit target levels.
If the BB range is very high compared with ATR, you might consider passing that trade. If the range is very low compared with ATR, you might consider using a higher profit target.
That's about it really but see if you can find a magazine article that's on the web as a pdf on Big Ben as applied to GBP/USD, from about 2004, I can't find it right now.
If the BB range is very high compared with ATR, you might consider passing that trade. If the range is very low compared with ATR, you might consider using a higher profit target.
That's about it really but see if you can find a magazine article that's on the web as a pdf on Big Ben as applied to GBP/USD, from about 2004, I can't find it right now.
terrysmith2000
Junior member
- Messages
- 10
- Likes
- 0
Many thanks, I appreciate that, I will do some searching and see what I come up with.
Many thanks again. I will watch with interest.
Terry Smith
neil
Legendary member
- Messages
- 5,169
- Likes
- 752
Is this the article Tommo?
http://www.forextac.com/bigben-strategy-the-logic.html:)
http://www.forextac.com/bigben-strategy-the-logic.html:)
A poor day. Only 3 traded, all lost for -155 ish. Didnt play EUR/USD or GBP/USD because although the range was below 80% it was over 70% and the stop would have been 100 points. Had i traded them both would have expired positive for about 20 points between them.
Always tomorrow.
Always tomorrow.
Thinking about the merits of the respective currency pairs. I'm not at all used to Forex so please steer me right if I have taken a wrong direction.
If FTSE100 Rolling Daily mid-price is 5715, amount risked at £1 per point = £5715.
So if pips are 2 x 5715, as say EUR/AUD (mid-price 1.4250, 14250 pips), risk at £1 per pip is more than double FTSE100 position's risk.
If FTSE100 Rolling Daily mid-price is 5715, amount risked at £1 per point = £5715.
So if pips are 2 x 5715, as say EUR/AUD (mid-price 1.4250, 14250 pips), risk at £1 per pip is more than double FTSE100 position's risk.
If the above is so, all the pairs carry higher risk than the FTSE100 for equivalent stake. The pairs with less than 2 x FTSE100 risk are -
AUD/JPY
AUD/USD
CHF/JPY
EUR/GBP
NZD/USD
USD/CAD
USD/CHF
USD/JPY
(noting that GBP/USD is not up there).
Discounting AUD/JPY as it duplicates AUD/USD (and has a wider spread than AUD/USD).
Discounting USD/CAD as it duplicates AUD/USD.
This leaves -
AUD/USD
CHF/JPY
EUR/GBP
NZD/USD
USD/CHF
USD/JPY
as optimal pairs to trade alongside the FTSE100.
Does this seem rational?
AUD/JPY
AUD/USD
CHF/JPY
EUR/GBP
NZD/USD
USD/CAD
USD/CHF
USD/JPY
(noting that GBP/USD is not up there).
Discounting AUD/JPY as it duplicates AUD/USD (and has a wider spread than AUD/USD).
Discounting USD/CAD as it duplicates AUD/USD.
This leaves -
AUD/USD
CHF/JPY
EUR/GBP
NZD/USD
USD/CHF
USD/JPY
as optimal pairs to trade alongside the FTSE100.
Does this seem rational?
Hi Shakone. I have been shadowing FTSE100 Rolling Daily chart for over 9 weeks so far. To last night, 48 sessions, of which -
19 hit profit target
10 hit stop-loss
12 expired before either target or stop hit (8 positive, 4 negative)
7 sessions had no trade signalled
Av win (where target hit) +36pts.
Av loss (where stop hit) -34pts.
This is a system that orthodox rules will tell you cannot work. 1 trade per day, 1:1 r:r and only 66% win rate. On the other hand, it's quick, easy and dependable.
But it seems GBP/USD has quite a good hit rate (possibly better than FTSE). how many weeks stats have you got for it? I didnt play it today because the risk looked too much.
Over past 2 weeks USD/JPY has only won once by the looks of it. AUD/USD is quite good performer and has a good spread but USD/CAD seems to have the slightly better hit rate (apart from the last couple of days
). Not looked at the others.For my experiment this week its not looking promising. At the moment i am up 179 points. A losing day tomorrow will likely wipe that out. Already had 2 losing days this week so probability would suggest a fair chance for a better day tomorrow.
