Has anybody used this Manual Trading Strategy

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Hi,

I only watch 4 pairs and was very wary due to today being Monday [the last 3 months have been pretty poor on Mondays IMHO!!].

Anyway, I took 55 pips on EURJPY - and that's me done for the day!

Hope the chart attaches OK!

[edit: price bounced back up off the daily pivot, so looks like my target was just right]

Looks very good your trade. Did you go for 55pips in advance or spontaniously?
I took this trade too, but my profittarget is 70, so I jumped out when it came back...

This monday was really tricky, at the moment I am about -170pips....but that's only the beginning of the week....
 
Hi Lucca,

Well, I was aiming for the daily pivot, but price started to falter a little bit before it got there.

So, in anticipation of a bounce without it actually reaching the pivot, I closed my position.

Sorry to hear you're down 170 pips. What trades did you take? Can you post up your charts so we can analyse and learn together?

I am VERY wary about trading at all on Mondays these days. I reckon Mondays have been poor for at least 3 months now...................

[edit: i am experimenting with pivots as targets. IMHO, pivots are a hit an miss thing when you are trying to ENTER trades based on them, but they can be very effective as targets. I am also looking at ATR. Using 1 x ATR for sl and tp1 and 2 x ATR for tp2. ATR is very interesting because it adapts to current conditions and prevents you from going for ridiculously large targets.]
 
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Hi Biobob,
the yesterday moves has been very slow and too small for my 70pips targets.
Let's talk from today...:))
I catched 260 pips with all 4 pairs.
In gbpusd and gbpjpy I jumped out before the report, but after the retracement I went short on both.
eurusd and eurjpy went down directly to my targets. In that way it was very easy and to get these moves fxpro helps a lot.

see the charts.
 

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Hi Biobob,
the yesterday moves has been very slow and too small for my 70pips targets.
Let's talk from today...:))
I catched 260 pips with all 4 pairs.
In gbpusd and gbpjpy I jumped out before the report, but after the retracement I went short on both.
eurusd and eurjpy went down directly to my targets. In that way it was very easy and to get these moves fxpro helps a lot.

see the charts.

Hey! Lucca!! That's AMAZING!! WELL DONE mate!!!

That's great! I missed the start of the moves today due to doing other things!!
 
Hey! Lucca!! That's AMAZING!! WELL DONE mate!!!

That's great! I missed the start of the moves today due to doing other things!!

Yes it was really great and very easy with these incredible moves today :

eurusd: 180 down
gbpusd: 180 down
eurjpy: 251 down
gbpjpy: 280 down..

The most beautiful thing is: fxpro shows most times the beginning of good moves.
After today we can look forward for some nice long trades....:))
 
New live results from 28.4.2010

gbpusd: +69pips
gbpjpy: -60pips and +60pips
eurusd: -32pips
eurjpy: +70pips

Total: +107pips

2 bad fxpro entries but 3 profitable ones....:)
 

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results 29.4.10:

Today was a bit too much, first -170 then 2 great fxpro entries and moves...
In the evening I risked one gbpjpy and eurjpy, but jumped out because I wasn't sure what would happen. gbpjpy would have been a profit.....but you never know in advance...

Total result: -47pips

Hey Biobob, did you make any trades too?
 

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Hi Lucca,

I haven't taken any trades - been doing some other stuff - so not been able to focus completely.

However, I have been observing and I am refining the way I want to trade this because of a number of reasons.

Your successes are impressive! Well done!!

I will be a bit more active next week and will post my charts.

Have a good weekend!

BioBob
 
Hi Biobob,

great, I am looking forward how you will do it on your way next week...:)
From this week I learned: first, to stay as long in the trades as possible to reach target and second, looking for really good fxpro entries and not scalping around....
In that way I will continue the next weeks.

Here are my todays results (already finished..at 12.00)

gbpusd: +1pip (wasn't really moving...and exit)
eurusd: +45pips (great entry and move, exit manually)
eurjpy: +73pips (that was a perfect fxpro entry and tp filled)
gbpjpy: +40pips (entry ok, move was too slow for me today, didn't want risk more)
For this week I traded enough....
editing: there was a perfect entry signal in gbpusd: gbpusd: +11pips (because of the reports I exit manually)


Total: +170pips, great day....

Result for this week: +320pips
With 1 lot that would have been about $3000 (I did trade with less...)
 

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new week, new luck....:D
This was a nice monday:

gbpusd: -8pips
gbpjpy: +26pips (-39,-20,+85)
eurjpy: +28pips
eurusd: +31pips

total: + 77

Great jpy moves....
I changed my template (from rickyc2511) a bit as I read in the donnaforex forum, the largest thread about this profx:
http://www.donnaforex.com/forum/index.php?topic=327.msg2860#msg2860
 

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Results from today: 4.5.2010: finished at noon.

gbpusd: +39 (very choppy...)
eurjpy: +49 (editing: I made one more short trade: +31pips)
eurusd: +40

total: +159pips
 

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Results from today: 4.5.2010: finished at noon.

gbpusd: +39 (very choppy...)
eurjpy: +49 (editing: I made one more short trade: +31pips)
eurusd: +40

total: +159pips

Hey! Good going Lucca.

My only concern is that when we don't get these nice big moves, you will get hammered. Nevertheless, this strategy picks out some good entries, but I think it's best to come up with different trade management rules than the authors recommend, because a bad month could wipe your account.

I am not interested in 70 pip stops. I know conventional wisdom is that it's ok because you just size your position accordingly, but I think that's bull! Smaller position = less profit. It actually makes a HUGE difference to the profitability of a strategy.

I would much rather make 20 pips with a bigger position than aim for 100 pips with a smaller position. The probabilities of correctly picking a 20 pip move are higher than correctly picking a 100 pip move.

And there are ways of getting into these trades WITHOUT having such a huge initial stop.

I am taking small targets with small stops. My average TP1 is 20 pips, average TP2 is 40 pips. Average SL is 20 pips. I open 2 positions. When I hit TP1, I close 1 position and move SL on remaining position to BE.

I didn't trade on Monday due to bank holiday in UK, and I stopped trading yesterday after I got 28 pips.

Like yesterday, I was TOTALLY happy taking 28 pips and then watching everything freefall for 100pips+. It REALLY doesn't bother me! I got what I wanted and then got out!

Tally for Tues/Wed this week:

+1
+1
+25
+20
+1
+23
= 71

And I have a "risk free" trade still open on EURJPY which is currently at +16.

I only took 2 trades so far today, and when this one closes [whether at target or be], I will be done for the day.

Get in and get out! Don't be greedy!

Sorry if this seems like a lecture, but just trying to pass on some of my experiences of the last 18 months of trading!
 
Hi BioBob

Yes you are right with not using 70pips sl.....I do it in the same way. I use the white MA line as stop, my largest stop today was 40 (in gbpjpy) but normally between 20-30pips.

But I like the target of 70pips, because this target is very often hit in one week....and I like more to stay longer in such moves than scalping for less pips...

Are you using the M30 or shorter timeframe?

I stay in the M30 and when I am not sure if the move goes on, I change down to M1 to observe what happens....but I try to get the 70pips target.

Today in the morning I was down -167pips, all nice rule entries, but the price turned round and stopped me out.
Then in the afternoon I entered in all 4 pairs short an could catch 250pips (gbpjpy and eurjpy hit the 70pips targets).

Todays result: +83

I wish you nice trades tomorrow.
Lucca123
 

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Hey Lucca!! Good work!!

I use 30min tf.

I have spent ALL day reading that other thread. Very interesting, although it disintegrates towards the end and the main guys say they are not using it any more!! DESPITE them banging on about how important it is to stick to one system etc!!!

What are your moving averages?

Interesting!!!!

I am still convinced of the merits of this strategy.

With a little bit of discretion and thought I am certain it can be VERY profitable.........
 
Todays live results, I think I've done today...:D

gbpusd: +25pips
gbpjpy: +78pips
eurjpy: +44pips

Total: +147pips

Great profx entry signals and great moves. In gpbusd I wasn't sure if move continues, for that reason I exit manually. Same thing with eurjpy.
 

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Hey Lucca!! Good work!!

I use 30min tf.

I have spent ALL day reading that other thread. Very interesting, although it disintegrates towards the end and the main guys say they are not using it any more!! DESPITE them banging on about how important it is to stick to one system etc!!!

What are your moving averages?

Interesting!!!!

I am still convinced of the merits of this strategy.

With a little bit of discretion and thought I am certain it can be VERY profitable.........

Hi BioBob,

Yes this thread in donnaforex.com is amazing, a lot of reading.
I don't know why they change all, when it works so fine. This week will my best week I ever traded forex....and I will continue in that way...

I use the MA from rickyc template (red:42, white:21, blue:11)
Here you will find the template:
http://www.donnaforex.com/forum/index.php?topic=1712.0

Cheers,
Lucca123
 
Hi BioBob,

Yes this thread in donnaforex.com is amazing, a lot of reading.
I don't know why they change all, when it works so fine. This week will my best week I ever traded forex....and I will continue in that way...

I use the MA from rickyc template (red:42, white:21, blue:11)
Here you will find the template:
http://www.donnaforex.com/forum/index.php?topic=1712.0

Cheers,
Lucca123

Hi Lucca, well done for getting to grips with Profx, I've just bought the system, wish me luck! :)

can I ask, what ENTRY method do you use? i.e. After the signal candle on m30 has painted? second candle after signal candle?

Also to trade the 4 pairs , what time do you start? are you in the UK?

tahnks and good luck
 
Hi stricky1967

you bought the system too, great....:)
I love it, because you can go back in time on the charts and see what you could have done...and..how many many of profx entries are leading you into really great moves...

my entries: always M30, normally in the bar after the arrow bar, all indicators correct.
Sometimes I enter into the signal bar, on that way the stoploss on my white MA is much smaller...like today in gbpjpy....

my biggest mistakes some weeks ago were entering too early when the rules weren't filled.
That way I made one week -400pips. After analyzing that week, the result with correct entries would have been about +300pips....a really amazing difference...

Until then I am really disciplined and try to do the right thing.

I trade all 4 pairs to spread the risk, but sometimes they all go into the wrong direction. Most of these days I could recover from the loss with trades later in the day....hoping it will stay like that...

I am in switzerland and start checking the charts at about 8.00am.....

I wish you very good luck, attention to the reports these days....
Lucca
PS: a great ressource to checkout is the performancearchive of forexeasystems.com:
http://www.forexeasystems.com/forex_ea_softwares/profx/performance_archive/
 
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