HI GUYS
[FONT='Verdana','sans-serif']I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.
I have only been trading the GBPJPY, have a couple filters.
GBPJPYJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...[/font]
[FONT='Verdana','sans-serif']I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.
I have only been trading the GBPJPY, have a couple filters.
GBPJPYJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...[/font]