Boomerangs on FOREX

#1

My very first posting!

After reading (and viewing) everything about Boomerangs that I could find in the forum for the past two weeks, I decided to try the strategies out this evening on USD/JPY. A total of 4 trades between 9PM EST and 11:50 PM EST… resulting in 4 wins!

Trade 1: Lasted ~13 minutes. I bought an ITM instead of an OTM, so I took profit at 1/2 target to be safe. Trade 2: Lasted ~13 minutes. I bought an OTM this time hit the $20 TP target easily. Trade 3: Lasted ~42 minutes. This OTM price was not ideal, so I watched the P/L which stayed negative for quite a while before turning positive. I TP’ed before target as a precaution. Trade 4: Lasted ~44 minutes: Same as Trade 3, in fact, I thought this would have been a loss, but it turned pretty quick! Again, I took profit early as a precaution.

I do need to refine my entries, but I find these trades better to manage than the 5-minute binaries. I was able to set up the stop trigger for entry on all 4 trades… I just need to improve my discipline on the exits!

#2

Great Job Huey,

I always liked boomerangs over the 5 minute binaries myself. Great first post! Keep posting your charts and let us know if you have any questions.

Peter

#3

Thanks Peter

Boomerangs on 5-minute binaries? Using 1-minute bars? Expected volume value is 1 minute?

I read over some posts from earlier this year about butterflies and EPCs on the 5-min binaries, but haven’t seen any recent posts in these categories.

#4

Best way to find out is to Demo test it. I prefer Binary Hunter and Sharpshooter for the 5 minute binary contracts myself. I have had much better luck on the 5’s using those two systems. I do not trade them often though. I trade mostly spreads and futures now.

#5

So I experimented with Gold & Crude Oil binaries (& spreads) on Friday. I also did a couple of FX Boomerangs this evening.

I also missed out on a trade in A/U and U/J because of issues with the scanner. Both trades netted +$20 :neutral_face:

DM did mention to not try Boomerangs on spreads, but I had to give it a shot… and I will no longer try it!

#6

yes it is a binary system! For spreads check out the Izone Sharpshooter System it rocks!!

#7

No system is perfect, so I want to share a mistake on my part and some advice. I entered a trade on USD/JPY last night and did not pay attention to the location of the bar… and paid for it with my first loss doing Boomerangs. So I learned from my error and will move on (DEMO mode makes it easy to move on!). :grinning:

Here’s the error:

Lesson learned! I did have another USD/JPY trade and a couple of AUD/USD trades that were successful. I missed an awesome AUD/USD trade that would have netted +$40 that would have elevated the balance, but there will be other opportunities!

Stats from last night:

NOTE: I’m trading one contract on each of these trades at the moment, but plan on doing multiple contracts at some point.

#8

Tried a couple of boomerangs this morning that were successful. 7 total trades in the evening/night, with 4 wins 3 losses. On trade #17, I shorted AUD/USD for a win, but 6 minutes later, I went LONG on EUR/USD… brain spasm. :confounded: I recall Lori on recent webinar stating A/U, E/U, GBP/U more or less move in unison, opposite of U/J. Lesson learned. Trade #21 was a good trigger, but we can’t win them all (but we still hope we can)! :grin: Trade #23 was an experiment. I assumed there would be a pullback after the surge, but it wasn’t enough. Another lesson learned. Today’s stats below:

#9

Not a good day today… :disappointed_relieved:

Total of 4 trades in USD/JPY - 1 win 3 losses. $98.70 loss in account today.

There were many opportunities for successful trades that I missed because of regular job… and it cost me dearly!

I saw the missed opportunities and took for granted they would continue, but that didn’t happen!

#10

Boomerang trades on Oct 14 & 15 were disastrous! :confused: So over the weekend, I did more research into the why the trades were taken. I also reviewed all the information I could find on the Deviation indicator. DM mentioned in the videos that almost everyone reduces size or deletes the Deviation indicator… I’m one that deletes the Deviation indicator! Well, after reviewing my “not so good” results, the Deviation indicator would have kept me out of 3 of the 7 losses! :disappointed_relieved: Also, in reviewing my trades again, I noticed 2 more losses could have been avoided because there actually was no trigger! I was determined to recoup the earlier losses, and I only added on more grief to my situation! Better risk management and keeping emotions out of the room are two things to work on, for sure!

#11

Great job on alalyzing your trades and reviewing things done right and things that can be done better next time! Yes, when you push trades and try to make up for losses, you almost always regret it :frowning:

#12

I suggest you make your life much easier and focus on izone sharp shooter :smile: https://forum.apexinvesting.com/t/izone-sharpshooter-set-up-and-rules/4415

#13

… actually looking into condors, straddles, butterflies, and strangles. IZSS is an excellent system, but I am not able to monitor markets for any extended period of time at present.

#14

And this is one of the misconceptions people have about spreads. That they must take a long time of chart watching to trade :smile:

I trade 1-3 hours a day 3 to 5 days a week.