I'm getting slapped around like a b--ch on gbp/jpy... if I get stopped out this time, I'll have to take risk up to 9% and trade 40k lots. HOW much longer can we continue to have these false moves!... the good news is I covered eur/gbp for a nice big profit. What happened was when I went to close out the trade, I went to short 20k instead of buy to cover 20k, so I was short 40,000 and didnt notice till much later. + 875.20 on that trade Todays PNL : - 41.24 + 798.89 ytd PNL
Results for gbp/jpy and gbp/chf. Both had good moves last night, but jpy ended up a loser because I had lost more pips than I had made back. - 241.04 I'll post gbp/chf chart later.
Here are the trades for 1/11: 3 winners / 1 loser -241 + 84.24 + 651.66 .......... gbp/chf + 40.8 Here is the gbp/chf chart. Total pnl for the year >> 1,334.59
Very interesting idea. I wish you the best and may even sim some FX with ya. What I don't like is that when you lose, you lose quite a bit. Eg. assuming range of 0 and 100, if it goes to T1 and then BE, you make 25% but when you lose, you lose 150% (100+50 add on). I wonder if having just one target is better than two, or if some other exit mechanism is better (candle price action perhaps?). Best of luck! Will be following!
Thanks. The risk reward isnt that great, but for a trader to be profitable with this system, and actually make some money, they need to (at least for now) take some bigger risks. Because most breakouts fail, (which leads me to believe why so many breakout threads die after a few pages) we need to take some profit at the 25% line if price decides to reverse. Price simply cant wipsaw forever, it will choose a direction at some point. If you notice price to be ranging, and it looks choppy..then move your swing points to the next largest high and low. By looking at this drawing i did, you can see price making higher highs AND lower lows......how often do you see this happening in the markets? post a chart if you see this. It doesn't happen a lot, and when it does, its fairly short lived. This type of pattern will kill me, but again, its rare to find. The whole point of me trading these breaks is to capture BIG moves, and try and just stay alive until then. The big move can always be just around the corner, even if it is just a 10 to 20% chance. If you only use one target, I think you'd be selling yourself short, and leaving a lot of money on the table. I'm still working on the MM issue with this system and will probably issue some new rules soon.