GBP/JPY trading

Quote from bigmrfrank:

Must have been the Price Action that tipped you off LOL. Good to see you cutting your loses on past few trades rather than waiting for your SL to be hit. I'm not a big fan of your 2/1 TP/SL. GTing

For the record my ATS is still long from 225.96. Some filters are being hit in the consolidation but not enough to close. Seems a nice upside flag has formed and sitting right on 4hr support. We'll see.
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Well, my ATS went flat @229.48. Some short filters have been hit and the flag was violated but has corrected. Looks like my ATS is going to just sniff around for a while.
 
Quote from ForexPro:

Tell me mrfrank. How did you develop your system? Just based on hours of observation or are their other areas to focus on?
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Took over 2 years to develop. I used to focus on GBP/USD but time has shrunk the range. Over time I found I had to load more lots to maintain the same profitability. I knew GBP/JPY offered the movement I was looking for. I just studied charts and different TFs for months and experimented with different indicators. As time went on I found which TFs and indicators worked. Then came refinement. That required adding filters and experimenting with different entry and exit criteria and different scale out methodology. Once I found what I wanted, which was an aggressive upward PL with moderate risk, I set it loose. Demo at first of course then small lots.

I still override the ATS at times. I also do 6 week backtesting every 2 weeks, use the most current completed 2 week period as out of sample data to see how the ATS is performing. Sometimes nothing is done, sometimes minor tweaks. If something is fishy I'll take it offline until I determine what the problem is or how market conditions have changed ... then I adapt.

I run variants of the same ATSs on GBP/JPY, AUD/JPY, CAD/JPY & EUR/JPY. Different ATSs for GBP/USD, AUD/USD, GBP/CHF, USD/CAD, NZD/USD & CHF/JPY. Only a few full auto. I can set any of them to just flash a signal and all I have to do is hit 1 button to enter the trade. So basically I cherry pick the best signals based on discresion and/news ... something no ATS can do. If it could I'd be typing this post from a yacht moored off Montecarlo.

I'll keep posting if you find value. I'm reading yours. Maybe we'll rub off.

BMF
 
I rather trade with a close to a 1 to 1 profit vs risk.

I have a 10% forex edge in that I am 60% winning trades future tested over a year with real money.

Psychologically its easier for me to have more wins than losses.
 
Quote from oraclewizard77:

I rather trade with a close to a 1 to 1 profit vs risk.

I have a 10% forex edge in that I am 60% winning trades future tested over a year with real money.

Psychologically its easier for me to have more wins than losses.
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How do you calculate your 10% "edge"?
 
Quote from ForexPro:

+250 pips. Looking to sell bounces here.
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Looking for a huge sell off too. Selling next rally.

Daily Pivot is 228.35. Price will rally here and should sell of significantly.
 
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