Forex Factory (https://www.forexfactory.com/forum.php)
-   Commercial Content (https://www.forexfactory.com/forumdisplay.php?f=158)
-   -   Weekly system (Set and forget) (https://www.forexfactory.com/showthread.php?t=702226)

cocolizo67 Sep 25, 2017 5:08pm | Post# 1

Weekly system (Set and forget)
 
1 Attachment(s)
Hi guys.

At the start of every week (Sunday 9GMT here) wait for the first 4h candle to complete (candle 1). After that look for a 4h candle to close above or below candle 1. The candle that closes above or below candle 1 high/low we call it Candle 2.

Buy rules: Place a buy stop order 2 pips above candle 2 high.
Sell tules: Place a sell stop order 2 pips below candle 2 low.
Risk: 2-5% risk per trade
Stop loss: 1.5 times the 4h ATR (14 period)
Pair: Eurusd

Possible exits:
1) For buy trades, exit after 2 green candles close above entry point. They donīt neccesarily have to be 2 consecutive candles. There can be red candles in between, but once we have 2 green candles closing above, we exit. (The opposite for sell trades).

2) Another option could be last week high or last week low, which are very important support and resistance levels.


Have been backtesting ramdomly and looks promising. If there is a programmer around send me a PM to discuss making a simple EA with some easy options and share it here, so we can find the best settings together!

Cheers!

Example of entry
Click to Enlarge

Name: Sell example.png
Size: 5 KB

T4Trade Sep 26, 2017 4:03am | Post# 2

do you mean daily system (set and forget)because it is 4 a hour candle,it would be actually 4 hour system because we are playing with one 4 hour candle,would you please elaborate more on it?

Tiivaa Sep 26, 2017 6:04am | Post# 3

Hello and thank you for sharing
You have mentioned ....After that look for a 4h candle (candle 2) to close above or below that first 4h candle....

1.must the second candle close below/above the first candle ...close/open... Or ...Low/High ?
2.does the second candle color matter? I mean for going short, it must be red? Or for long it must be green?

Thank you

cocolizo67 Sep 26, 2017 7:57am | Post# 4

Hello and thank you for sharing You have mentioned ....After that look for a 4h candle (candle 2) to close above or below that first 4h candle.... 1.must the second candle close below/above the first candle ...close/open... Or ...Low/High ? 2.does the second candle color matter? I mean for going short, it must be red? Or for long it must be green? Thank you
Hi Tiiva,

1) Candle 2 must close below /above the low/high of candle 1

2) second candle colour doesnīt matter

There was an error on the image. I re attached it.

Cheers,

yalgaar Sep 26, 2017 8:26am | Post# 5

Would it be right to say we are taking breakout of 2nd 4 hour candle of new week? The easiest way to achieve this is to wait for the 2nd candle to close each week. Once the candle closes, place a But stop pending order at the high of the 2nd candle and Sell stop pending order at the low of the 2nd candle.

Did I get this right?

cocolizo67 Sep 26, 2017 9:02am | Post# 6

Hi Yalgaar.
Second candle must close above/below candle 1. And then you can place the buy/stop sell orders.

cocolizo67 Sep 26, 2017 9:10am | Post# 7

1 Attachment(s)
This week trade: +73 pips
Click to Enlarge

Name: this week trade.png
Size: 4 KB

cfudge Sep 26, 2017 9:42am | Post# 8

This week trade: +73 pips {image}
Can we assume you had a buystop on the top of the 2nd actual candle because it closed higher than candle 1?

cocolizo67 Sep 26, 2017 9:50am | Post# 9

{quote} Can we assume you had a buystop on the top of the 2nd actual candle because it closed higher than candle 1?
No. It looks like it closed higher, but it didnīt. Candle 1 high was 1.19345 and the second candle closed at 1.19333.

cocolizo67 Sep 26, 2017 10:44am | Post# 10

4 Attachment(s)
Last 4 weeks:
- Week1: +18 pips
- Week2: +28 pips
- Week3: +14 pips
- This week: +73 pips

TOTAL: +133 PIPS
Click to Enlarge

Name: week 1.png
Size: 10 KB
Name:  week2.png
Views: 14249
Size:  3 KB
Click to Enlarge

Name: week3.png
Size: 4 KB
Click to Enlarge

Name: week4.png
Size: 4 KB

yalgaar Sep 26, 2017 11:38am | Post# 11

When do you exit? Is there a fixed Risk:Reward ratio?

cocolizo67 Sep 26, 2017 3:19pm | Post# 12

When do you exit? Is there a fixed Risk:Reward ratio?
For buys: You exit after 2 green candles close above the entry point.
For sell: You aexit after 2 red candles close below the entry point.

actgi Sep 26, 2017 3:25pm | Post# 13

So far so good! I would love to try this as an EA. With your permission I would like to reach out to a couple of programmers as well.

wessie32 Sep 26, 2017 8:00pm | Post# 14

I can have it programmed $500 maybe less once I got the full parameters needed

yalgaar Sep 27, 2017 7:18am | Post# 15

Few questions about your systems:

1) Which currency pairs have you traded them so far? Can this be traded on all paris?
2) What is the risk:reward ratio?
4) What is the winner:loser ratio?

cocolizo67 Sep 27, 2017 11:51am | Post# 16

It can work in all pairs. I just used the Eurusd as an example.

Feel free to make a manual backtest and come up with some numbers.

binnie Oct 2, 2017 1:50am | Post# 17

1 Attachment(s)
It can work in all pairs. I just used the Eurusd as an example. Feel free to make a manual backtest and come up with some numbers.
Hi Coco - just passing as I was reading forum posts in spare time over weekend. Interesting concept - thought I would throw in a 4hr view of Euro Futures on Ninja. +35 at the moment.
good luck mate

Click to Enlarge

Name: Coco's_set_&_forget_weekly_chart.png
Size: 88 KB

cocolizo67 Oct 2, 2017 2:20pm | Post# 18

1 Attachment(s)
+22 pips this week!

Last 5 weeks:
- Week1: +18 pips
- Week2: +28 pips
- Week3: +14 pips
- Week 4: +73 pips
- Week 5: +22 pips

TOTAL: +155 pips.
5 winnigs, 0 losing.
Click to Enlarge

Name: eur weekly.png
Size: 15 KB

OHLC Oct 2, 2017 2:23pm | Post# 19

+22 pips this week! Last 5 weeks: - Week1: +18 pips - Week2: +28 pips - Week3: +14 pips - Week 4: +73 pips - Week 5: +22 pips TOTAL: +155 pips. 5 winnigs, 0 losing. {image}
Outstanding! I'm curious, have you applied any of your candle techniques to news trading?

loveandpeace Oct 4, 2017 1:09am | Post# 20

I am interested have to do some back testing, why only one pair.


© Forex Factory