Step back SIBKIS system
Step back SIBKIS system
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Thanks for all the comments in the GBPUSD daily hilo thread.
As I said I also run another similar system on a separate trading account that has a maximum of 2 trades per week and does not require too much managing.
Rules etc are very simple.
1 - As with the other system have Mondays off.
2 - Start of tuesday put a 100 block on the chart for the week (easier to see as on the attached chart.
3 - set up a buy and sell at the breakout points.
4 - When one triggers the other becomes the stop loss (so 100 pips)
5 - Add a reverse in case the first trade fails.
6 - Once the trade is running leave it alone and let it do its thing until Friday evening and close.
7 - Remember if the reverse trade triggers you will need to set a 100 pip stop on this.
Intervention :
Apart from setting the original triggers, adding the reverse trade and adding the new stop if required the only intervention I make is when there is important US data (NFP etc) on a Friday, when this is happening at say 3pm, I cancel the original stop loss at 2.50 and set a stop 30 pips away from the current market price to guard against any large reversal.
As with most systems it is easier to show on a chart than explain.
I will attach a couple of charts and the spreadsheet of the results since January.
As with the other system there are lots of opportunities to close the trade during the week for good profit but I prefer to leave it to run.
Here are the charts for the first 5 weeks of the year on GBPUSD
Current running P/L on this system is
29 Weeks to 20 July
Year total profit 4300
Month totals :
Jan +1005
Feb +190
Mar +1055
Apr +630
May +685
Jun +300
Jul +515
All comments and suggestions welcome, unfortunately I have only been trading this system since start of July, but it is still looking good, you just have to leave it to do its stuff.
If anyone is interested I can post charts for the rest of the year (weeks 6 - 29) although they show a very similar pattern, I can also post the full spreadsheet.
