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-   -   Simple Monday-Tuesday System (attached calculator) (https://www.forexfactory.com/showthread.php?t=976730)

transmat Feb 7, 2020 5:27am | Post# 181

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Hello to all

Quoting Fantuz
As an additional idea for EA.... if you trade multiple pairs what about a "basket" TP? Some pairs will be up others down so you have an option to choose your % or pips profit for the week? Let say you want 100 pips gain for the week the EA will close all open trades once hit.


Yes of course. This closes all the positions when the account shows a gain or a loss of what you have defined in the table. It is not in pips but in account money.
You have to open a new graph in a symbol that generates enough ticks (for updating the data) like eurusd for example.
The template below provides for all of this.
Close5Profit.mq4
Close5Profit_Template.tpl

Degolep Feb 7, 2020 5:41am | Post# 182

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I don't wan't to be the Grinch in this thread but we have to show the losses also. All of these hit SL. And only 5 wins for now, some trades would be also running now and don't look that good. And I would close them because of the NFP.
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aelimian Feb 7, 2020 2:16pm | Post# 183

Trying this system on 4 hr TF , going good as of now, lets see how does it perform. {image} {image} {image}
Please explain how your apply this system on the 4hr TF and attached the MTF indicator at the bottom of your chart.
Thank you

Erebus Feb 7, 2020 3:00pm | Post# 184

{quote} Please explain how your apply this system on the 4hr TF and attached the MTF indicator at the bottom of your chart. Thank you
Instead of the first 2 candles of the week, I would expect he uses the first 2 candles of the day, on 4 hours timeframe.

That's start of Asian session, less volume, might be some narrow ranges, but if the direction is correct, could be HUGE payoff.

I watch 28 pairs so too much work for me, good luck to him.

No indicators are needed whatsoever for this system; let's keep it that way.


kgovender Feb 8, 2020 1:58am | Post# 185

Hi Everyone

Please forgive me if this may seem like a silly question. I'm new to Forex and everyday is a learning experience. Thank you kindly all for this system and for all the contributors thus far. My question is when looking at the HH and LL for Monday and Tuesday, do you take the wicks into account or is it just the bodies of the candles?



Kind Regards,

Kris

Erebus Feb 8, 2020 2:23am | Post# 186

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I don't wan't to be the Grinch in this thread but we have to show the losses also. All of these hit SL. And only 5 wins for now, some trades would be also running now and don't look that good. And I would close them because of the NFP. {image} {image} {image} {image} {image} {image}
You're not the Grinch, I agree, report the losses.

And then be proactive, dig deeper, read even more price action. What did we miss? Can we avoid this in the future? What can we learn from it?

Several of those trades didn't trigger with my settings of 25%. However, NZDCHF hit right on the line; let's take a closer look.

Daily chart appears to be in a downtrend, Thursday an Inside Day, using the Fibonacci Tool on Wednesday, there is an opportunity to recover by selling short trade.

Monitor all the NZD pairs and observe a strength meter on Friday shows the overall market conditions. Depends if you are able to devote the time required to make decisions during the London and New York sessions.

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Erebus Feb 8, 2020 2:35am | Post# 187

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Hi Everyone Please forgive me if this may seem like a silly question. I'm new to Forex and everyday is a learning experience. Thank you kindly all for this system and for all the contributors thus far. My question is when looking at the HH and LL for Monday and Tuesday, do you take the wicks into account or is it just the bodies of the candles? Kind Regards, Kris
Not a silly question, but your answer is in the question.

The descriptions you used for candles, there is only 1 high, 1 open, 1 low and 1 close price.

Therefore the very ends of the wicks are the high or the low; the bodies are from open to close.

Take a close look at the charts I have posted, see the High and Low marked by the lines of the Fibonacci Tool.

Good luck, hope you stick around, come back for more



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bojack34 Feb 8, 2020 5:40am | Post# 188

{quote} Not a silly question, but your answer is in the question. The descriptions you used for candles, there is only 1 high, 1 open, 1 low and 1 close price. Therefore the very ends of the wicks are the high or the low; the bodies are from open to close. Take a close look at the charts I have posted, see the High and Low marked by the lines of the Fibonacci Tool. Good luck, hope you stick around, come back for more {image}
LOL

pundit78 Feb 8, 2020 11:23am | Post# 189

{quote} Please explain how your apply this system on the 4hr TF and attached the MTF indicator at the bottom of your chart. Thank you
I am experimenting breakout of first two 4hr candles in the direction on mtf cci.

Erebus Feb 8, 2020 4:13pm | Post# 190

{quote} LOL
They should have that for advertising Babypips

Maybe a few more new traders might finish the course

Happy Sunday

northwind Feb 8, 2020 4:13pm | Post# 191

Hi 4ecstacy & Sangui,
4ecstacy - Thank you for starting this discussion & sharing your ideas.
Sangui - Thank you for your work creating the EA and sharing with the group.
erebus - Thank you for sharing your experience, insights and humor.

Rereading the third sentence in Post #1,
"Logic behind the system: The highs and lows of Monday and Tuesday often form the low or the high of the week."
I have been considering how it works trading as daily breakout from previous day's range.
From the statement above, Tuesday has very high probability of being higher or lower than Monday's range. Why not trade Tuesday as breakout too?
Same thing for Wednesday vs Tuesday's range, Thursday vs Wednesday's range, etc.
Manually testing daily breakout with Fibo using erebus settings: Hi & Low Entry = 0%, TP = 25%, SL = 50%, high percentage of days are winners.
You can quickly test this with Fibo using erebus settings: Hi & Low Entry = 0%, TP = 25%, SL = 50%, and walk it through any days and weeks in history.

Sangui, for testing, is it possible to modify the EA to trade every day vs the previous day's range? Mon vs Fri, Tue vs Mon, Wed vs Tue, etc?
Primary enhancement request is for trading every day.

This second request is for possible later improvement if EA works for trading every day.
The other addition to the EA would be to have ability to place multiple Buy-Stop & Sell-Stop trades, at same Hi/Low Entry = 0%, with TP at #1=25%, #2=50%, #3=100% (user select %s).
When position #1 hits TP at 25%, move position #2 & #3 SL to 5% or 10%.
When/if #2 hits TP at 50%, move position #3 SL to 25%.

A footnote to the request for opening multiple trades, for folks in the USA, EA will have to change the lot size and/or entry price for each order.
For example:
Lot size change: #1 = 0.13 lots, #2 = 0.12 lots, #3 = 0.11 lots.
Entry Price change: #1 = 1.12303, #2 = 1.12304, #2 = 1.12305.

Once again, thank you for your consideration, and thank you for what looks like a great idea.
All the best,
John

Sangui Feb 8, 2020 7:17pm | Post# 192

Hi 4ecstacy & Sangui, 4ecstacy - Thank you for starting this discussion & sharing your ideas. Sangui - Thank you for your work creating the EA and sharing with the group. erebus - Thank you for sharing your experience, insights and humor. Rereading the third sentence in Post #1, "Logic behind the system: The highs and lows of Monday and Tuesday often form the low or the high of the week." I have been considering how it works trading as daily breakout from previous day's range. From the statement above, Tuesday has very high probability of being...
Hi northwind,

What you are requesting is a different system, you only need to read the name of the system to realize that. You can start a new thread for this and I might be able to help you in some days when I finish what I am working on now or someone else could be intrested in doing it. If you do then send me a pm, I will check it when I can. Cheers!

northwind Feb 8, 2020 8:44pm | Post# 193

{quote} Hi northwind, What you are requesting is a different system, you only need to read the name of the system to realize that. You can start a new thread for this and I might be able to help you in some days when I finish what I am working on now or someone else could be intrested in doing it. If you do then send me a pm, I will check it when I can. Cheers!
Hi Sangui,

Excellent. Thank you.
I debated whether to make the request in this thread or not.
I will try to start the new thread in a day or so.
Thanks again for sharing this current EA.
All the best,
john.

acetrader Feb 9, 2020 6:50am | Post# 194

{quote} They should have that for advertising Babypips Maybe a few more new traders might finish the course Happy Sunday
I am LMAO....that's too funny my friend.

BearBu11y Feb 11, 2020 4:26pm | Post# 195

Being a system that doesn't need to be run on every tick I added a timer parameter in seconds for the code to be executed, most useful for improving backtesting performance. Defaulted to 5 minutes. v1.4 attached I agree BeaterTrader, I ran a backtest from 2010 for some pairs and the results are good for the last months but not before, so we might be at a good time for the system but should be very careful because it doesn't win in the long run, at least with default parameters and this week we also had the Brexit favouring the system. I will go...
This is an indicator right not an ea? I have installed it but do not know what to look for to see it on the chart.

Erebus Feb 13, 2020 10:59am | Post# 196

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As per thread starter, the GBP is where it's at



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Erebus Feb 13, 2020 1:07pm | Post# 197

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DEMO testing full steam ahead, +5% in 2 weeks if closing now, but Friday might pay out big, right?



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Erebus Feb 14, 2020 3:15am | Post# 198

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Keep the dream alive guys, no trades to report anyone?

I'm in hospital next week so probably best that I don't trade

Check this price action, 2nd chance retracement

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bojack34 Feb 14, 2020 4:31am | Post# 199

Keep the dream alive guys, no trades to report anyone? I'm in hospital next week so probably best that I don't trade Check this price action, 2nd chance retracement {image}
I hope goes well for you. Prayers

Erebus Feb 14, 2020 1:11pm | Post# 200

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{quote} I hope goes well for you. Prayers
Thank you kind sir, much appreciated

Still have the weekend for review, here is an update on the CADCHF

The 4 hours chart is ideal for this method, so easy to read what price did, all without indicators cluttering up the chart, no wonder this system is not popular



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