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Saturday, March 29, 2008

24-28 March

As I said that I test the OzFx system on GBP/JPY hourly this week (see previous post) and the result is great. So I open 2 positions for each entry signal, target is 35 pips and 200 pips with moving stop loss to break even after 1st target reached. Maximum loss is -120 and minimum win is +35.

I trade 17 signal this week, 13 wins and 4 losses, resulting +532 pips. I add OzFx_D1_Ind_v1.0 to help me identified where the original signal appears. You can find the indicator here.

Above is some of the trades I made. Download the templates here. You can see that sometimes I enter before stochastic cross '0' level as long the price close crossing the heiken ashi smoothed. I also use trendlines for some entries. I made up my mind for the heiken ashi settings, I will use 2,2,3,2 (default is 2,6,3,2). I will only use this method for GBP/JPY for now.

Previous Week Result

Monday, March 24, 2008

First Signal Went Good.

I got +85 pips from the first signal with 2 position. Target 1= 35 pips and 2nd position hit +50 SL. For now I choose to move Stop Loss to Break Even after first target reached and move it to +50 after 100 pips and so on.

Right now I am waiting the "Mix Up" to make re-entry position, or the opposite signal. The OzFx Squeeze More system suggest to close after stochastic cross "0" level of AC to get more pips. So we will see that scenario later. Happy trading.. :)

PS: I trade live in Marketiva. I use IBFX MT4 to read the chart.

First Signal on Hourly

This is my entry today at GMT+1.

Still floating loss for now..:P We'll see the result.

Sunday, March 23, 2008

OzFx System on Hourly Time Frame

First of all, if you haven't heard of the OzFx system, you can go here or here. Or if you want to see my addition for the system go here. So the system use Bill Williams oscillator indicator for entries in Daily time frame. I made an observation on GBP/JPY Hourly time frame with some changes on the setup.

I remove the Stochastic, add Heiken Ashi Smoothed (HAS) 2,2,3,2 and 5 LWMA. Entry when HAS, AO, and AC agree. Download the MT4 template here, paste it in your MT4 templates folder and look at GBP/JPY 7-18 January 2008.

Here is the sample. Yellow arrows are the entries. Entry at the open price of the candle. I try to target 35 pips and 200 pips for each signal with moving SL every 50 pips. Initial SL is 50+spread. The result from 7-18 January is very good, +2471 pips. Total signals in 2 weeks are 30 signals, 3 lose and 27 win. I haven't test it further so may be it was just a very good week:P

Now, below is the sample for re-entry. After the SL is hit, wait for the indicators to mix up (see gray shaded box on the picture) and then re-entry at the next signal. Once again this is just 2 weeks test so I don't know yet if the re-entry rules can be apply in other condition, but this is an idea:)

The OzFx also has the system for H4 time frame called Squeeze-More. By the way you can download the Heiken Ashi Smoothed here. And I will try the system both Daily and the Hourly starting tomorrow. Hopefully we can see good results.. :) Have a nice day..

17-21 March

Not a very good week for the breakout. The system gave only 4 wins out of 8 signal. Look at the picture below using the Breakout-Eagle indicator. We got 1 false signal on Monday and double loss from Wednesday's signal. The green area is the profit target area which is 50 pips.

The pair is ranging for now. The low is at 192.42 and high at 201.80. As for me, I only use the signal from Monday and Wednesday. Unfortunately I caught the false ones:(

My other trading wasn't good also. I made too many bad trades. Why? Simply because I can't control my emotion. NO..not because of the losses or the market, it was because of other thing. So I lose a few hundred pips..but, look at the positive side, I might have took drugs and lose something else..:P

Anyway, I made some research of the OzFx system for GBP/JPY. Its a very interesting simple system I think. See the thread here or look at the website at I will post the the result of my research later. Have a nice weekend :)

Previous Week Result

Wednesday, March 19, 2008

How to apply the Breakout System using Marketiva's chart/ Streamster

If you trade in Marketiva like me, this is how to set the High and Low for the breakout. It is just about the time but it can be confusing. So, for Marketiva you should find the High and Low between 11.00 pm until the last candle for the day which is 03.59 am. Only after the last candle then we can set the order.

You can see the picture below. Target profit and stop loss depends on you or the pair. I like to target 50 pips and my stop loss is the opposite signal, if long then my stop loss is the Low between 11.00 pm and 03.59 am.
The range between those time for each day is quite big for the GBP/JPY, so the risk-reward ratio is about 3:1. The picture above is the signal for today. 'Low' is at 197.39 and 'high' at 200.53, the range is about 300 pips! Meaning that if it was a false signal, I lose 300 pips!! In this case the signal was good. The pair reached 50 pips above and below. So it is up to you whether you want to use the signal in this range.

You can try it for any pair but I recommend GBP/JPY only, for 50 pips target. Oh I forgot, trade with your own risk okay. And happy trading..:)

Saturday, March 15, 2008

10-15 March

The pair fail to break 208 again..It's like the 5th attempt since last week or what? Below also limited to 203.40 area before it breaks on the last day of trading this week. The pair drop about 300 pips in the last few hours of trading!!
I mean its 1 AM here in my place..its 4 AM in Sydney! Hahaha..

I just remember that I used to get upset when I miss the big move, wondering just how many pips I could get. Of course I get some reds after that because I was trying to get even with the market. If you have experience this thing then you got to be laughing right now, thinking how stupid it was. Or maybe I am the only one who ever did this?? :P

I guess the learning point that I want to share is about our emotion toward trading. You know..grateful and patience.

Back to this week result..I got 6 win out of 7 from the breakout system resulting +84 pips.

I got 1 false long signal on Wednesday. It was a double top reversal pattern. I also made a mistake on Friday. I set my low price at 203.60 while it should be 203.86. After I realize that I should have hit my target, I decided to close it manually with +7 pips.

Another week is coming and I wonder if the pair will have a strong bounce from the 200 or will the pair open below it. Thats all people..

Previous Week Result

Nice Breakout

See my "other" result on my side bar? That is my other plan starting with another $250. The plan is to trade whenever I see an opportunity such as when I see a breakout on trendlines or when I see a moving averages crossover or anything that can give me green pips. This is one of them:

GBP/JPY consolidate since Thursday and the pair break the support just a few hours ago. Looks like something that can give you green pips right? That's what I thought. Closed with +57 pips.

The pair actually moved about 300 pips!! I know.. be grateful..
Anyway, it was a nice breakout. Interbank has closed now and Marketiva will closed in 45 minutes so have a nice weekend guys.

Wednesday, March 12, 2008

A little correction..

This is the update on the system that I use. The high and low for the breakout is between 15:00 and 20:00 GMT.

This is because of the Daylight Saving Time. You can always try for different range of time to find the high and low to make a system I think, and then tell me about it :)

Monday, March 10, 2008

3 - 7 March

March began with a good week. I got 6 win out of 6 trade. A good week indeed.. but not so smooth of course. The pair teasing me with the smell of red pips in Thursday.

After the GBP interest rate statement on Thursday, the pair have a strong move upside and almost hit my stop before testing the low again. Thursday position was closed on Friday along with Friday's short position.

Late in Friday, the pair hit my long order after NFP and hit my target before retrace back to 206.50 area.

At the moment I am waiting for the market to open. I already set my order and hoping an early win for the week. Happy trading all..

Sunday, March 9, 2008

Breakout for GBP/JPY

Here is the plan: $250 to trade gbp/jpy. How will I trade it? I am using a breakout system, simply set my orders and leave it. Why? Because I have other things to do. You may find the following details to be similar with other breakout system. Well it is as I learn from other people too. One of them is Some people likes daily breakout, pattern breakout, or any kind of breakout. Well I use this one.

The above is the screenshot of the breakout at 27 and 28 February. The red box is where I find the high and low. It is between 15:00 - 23:00 GMT. After that I set my buy stop and sell stop order 1 pip above the high and 1 pip below the low. My target is 50 pips and stop loss is the opposite breakout. The sample look nice don't you think.. Well below is one of the bad days..

I have the high and low at 21st February and I put my order. What happened was both order got hit and reverse, lose about 250 pips that day. But again, I don't think February was a good month for any system..

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