Big Ben on the FTSE100

Mr. G said:
Just reading through Claudia's thread; it seems she (the method?) has gone off the boil. I might have a watch next week.
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I aim to steal some pips from the GBP/USD, then move on to the FTSE at 10. I will post results of the Claudia123 trades here too.
 
Good luck, sounds like would fit in with your strategy:clover:

Did read it before and seemed nice and simple as it seemed to work at the time. Will be interesting to see forward tested results
 
0/1 on Day 1 for Claudia123 on GBP/USD for -21pips.
No FTSE100 Big Ben trade today as LSE closed.
 
tomorton said:
0/1 on Day 1 for Claudia123 on GBP/USD for -21pips.
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Backtesting these trades doesn't look any better than 50/50. Rationally, I can't see how it would be a high probability trade - the buy and sell levels aren't real resistance/support so it's not a true break-out trade. No more of these for me until further notice.
 
tomorton said:
Backtesting these trades doesn't look any better than 50/50. Rationally, I can't see how it would be a high probability trade - the buy and sell levels aren't real resistance/support so it's not a true break-out trade. No more of these for me until further notice.
Click to expand...

Tom, have you read John Piper's "the Way to Trade"? Publishers are FTPitman . You can probably get it from the library, if you haven't. Like all books, you have to separate the wheat from the chaff but he has a thing in his bonnet about entering right on the limits of the pattern, where no-one else wants to go. The reason he does this is because it gives him a very low risk on entry but the rewards can be excellent. I tried this, this morning, with the GBP/USD and got good results with a short, entering at 1.5570. Nothing clever about it---I just took it, as it seemed to be by the book (his!) along with a risk of 10 points. Actually, the risk should have been less but I thought that it would have been a bit close. He gets this from MP, which is why I have been poking into it. However, his attitude to MP makes much more sense to me because he applies it directly to the bar chart, without all those letters and a bell curve.

Anyway, thought I'd mention it.
 
Splitlink said:
Tom, have you read John Piper's "the Way to Trade"? Publishers are FTPitman . You can probably get it from the library, if you haven't. Like all books, you have to separate the wheat from the chaff but he has a thing in his bonnet about entering right on the limits of the pattern, where no-one else wants to go. The reason he does this is because it gives him a very low risk on entry but the rewards can be excellent. I tried this, this morning, with the GBP/USD and got good results with a short, entering at 1.5570. Nothing clever about it---I just took it, as it seemed to be by the book (his!) along with a risk of 10 points. Actually, the risk should have been less but I thought that it would have been a bit close. He gets this from MP, which is why I have been poking into it. However, his attitude to MP makes much more sense to me because he applies it directly to the bar chart, without all those letters and a bell curve.

Anyway, thought I'd mention it.
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cheers, I will have to have a look.
 
nice work again. i'm about sqaure, well a little bit up with a stop at break even for the day so i guess that will do me. i've been too biased waiting for the big move down (that may never come!) this is where the good discipline and systematic approach can keep you open minded. are you ditching the fx experiment to stick to the ftse?
 
today was -6,-6,-6,+6.7,+7.7,+7.7 giving +4.10

chop suey to say the least. all the trades were up at some point. all were shorts.
 

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I'm on my second trade -7 and this one about +2. If I get stopped it will be -10. I'm going out!
 
I got the direction wrong, to-day. If you do that you might as well get out on the break brcause, if you don't, you'll only lose more.
 
StephenMcCreedy said:
nice work again. i'm about sqaure, well a little bit up with a stop at break even for the day so i guess that will do me. i've been too biased waiting for the big move down (that may never come!) this is where the good discipline and systematic approach can keep you open minded. are you ditching the fx experiment to stick to the ftse?
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Yes. Claudia123's system has no logical basis in the sense that there are no behavioural characteristics of the market that it relies on. Sticking with Big Bens for day-trades, plus swing trades for longer-term.
 
Hi, Tom,

I'm still practicing with Piper's method of using MP. I'm into profit, today, as I was on Monday. Yesterday I took two losses but I kept them small.

It strikes me that there are many ways to skin a cat. Using the 30M chart with candles, to-day, I could see that the MP 1 bar is nothing more than the pin bar, discussed on so many threads, already.

What ever it is, you can see that it has taken off to-day, with the added comfort that I considered it a very low risk trade and I increased my stake on it.
 
As a rough guide, for a target, I find that 0.5% above my average is an indication for taking profit. That would have been 5270 so, when I saw signs of contraction I closed at 5280.8 , +42
 
Took this morning's long just after 10:00 but after such a large positive candle immediately preceeding, I am taking profits early this time for +19pts only = 6/7 over 7 days for +161.
 
hi tom so in around 280 and out around 300? good work. i find myself fighting the market quite often, this does keep you open minded as to direction i guess. i don't see this strength lasting, but then i've been saying that for some time now! it's amazing when you compare how weak the usa is compared to europe. will we follow suit in the end? i'm not sure but the divergence is significant
 
tomorton said:
Took this morning's long just after 10:00 but after such a large positive candle immediately preceeding, I am taking profits early this time for +19pts only = 6/7 over 7 days for +161.
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Correction 6/7 for +162.

Also note if I had stayed in, I would have got the full Big Ben range, not just a third of it. Ah well...
 
Going amazingly well at the moment tom'. I do wonder if Market conditions are just working particularly well for the system at the moment and how it will work in the longer term but following with interest as even if the edge reduces substantially an edge is an edge.
 
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