Well, a new trading week has started, and together with it, we received a surprise from GBPJPY as it opened at 193.40.
That's 430 pips between friday's closing price and monday's open. wow.
Anyway, so the trade wasn't triggered today. Oh well, tomorrow is also a day.
Candle opened at 189.32 and quickly began a strong down move, making our goal of 50 pips easy.
high for today:189.47
low for today:186.15
For the first day of the week starting 08 September the entry orders will be:
Sell Stop:185.92
Buy Stop:189.70
So far this strategy has produced:
Trades taken: 3
Wins:2
Loss:1
Pips:50 pips
Today GBPJPY continued its downtrend, but not enough to hit our TP. Actually, during the day it tried a bit of a retrace, so that our SL was hit. So, the total for today: -67 pips.
Today's high: 194.06
Today's low: 191.91
That means that our entry orders will be:
Buy stop:194.29
SL: 193.62
TP: 194.96
Sell stop: 191.68
SL: 192.35
TP: 191.01
So far this strategy has produced:
Trades taken: 2
Wins:1
Loss:1
Pips:0 pips
This was a great trade. From the beginning of the asian session GBPJPY started declining, and our entry order at 193.90 got hit. Soon afterwards, our TP got hit at 193.23, and thus resulting in 67 pips for today - 8 pips spread = 59 pips.
Now, yestersday's (02 September) numbers are as follows:
High: 194.86
Low: 192.57
That means that the following pending orders need to be placed:
Buy Stop: 195.09
SL: 194.26
TP: 195.99
Sell Stop: 192.34
SL: 193.24
TP: 191.67
So far this strategy has produced:
Trades taken: 1
Wins:1
Loss:0
Pips:59
So, yesterday's high was 196.88. That means:that we will set our buy stop at 197.11 (+23 pips from high) and our stop loss at: 195.98. Take profit will be 197.78
Buy: 197.11
SL: 195.98
TP:197.78
Yesterday's low was at: 194.13
Sell:193.90
SL: 195.03
TP: 193.23
As i said in my previous post, the pending orders set on Friday were:
Buy Stop: 200.58
TP: 201.25
SL: 199.91
Sell Stop: 197.37
TP: 196.47
SL: 198.04
Today however, GBPJPY opened at 196.75 and rapidly declined to 195.32. It closed at 198.32 on Friday, so that is a 300 pip move very rapidly.
Unfortunately, my order did not get filled, so 0 pips for today. One might think: I just missed a great opportunity, and be sad, i mean a 300 pip move like that in such a short time... but don't think/feel like that.
There will always be opportunities in forex. And remember,a no-trade is better than a losing trade.
0 pips for today
Total pips beginning September 01: 0
This is a daily breakout system. it is supposed to give you an average of 50 pips daily. ( a note: do not believe in those averages, pip win/loss ratio is much more important than daily pips, because there can be some good days and there can be some bad days).
System Setup:
Currency Traded: GBPJPY
Necessity: High and Low of the previous day
Entry: +/- 23 pips from the High/Low of the previous day
Exit: +/- 90 pips from the High/Low (including entry pips)
Stop Loss: 67 pips
Risk Reward Ratio: 1:1
Time to set trade: at the beginning of the Asian Session: around 12:30 am EST
I recommend using FXDD to try this out, as their candle closes when we enter new entry buy or sell stops.
I will be trading this method and posting results here, beginning from tomorrow, September 1st.
High of Friday, 29 Sept: 200.35
Low of Friday, 29 Sept: 197.60
Buy Stop: 200.58
TP: 201.25
SL: 199.91
Sell Stop: 197.37
TP: 196.47
SL: 198.04
