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

4ecstasy Jan 26, 2020 10:26am | Post# 21

{quote} CANT FIGURE OUT THE CALCULATION CAN YOU GUIDE ME ....is it the lowest of monday and the high of tuesday?You know Monday has its own high and low as well as Tuesday which of these do i use what i did as in the attached screenshot was i picked the high of Monday AND THE LOW OF TUESDAY i can also use the low of Monday versus the High of Tuesday But i did not arrive at your GO LONG figure. Rgds {image}
Slingshots1, you take whichever is the highest high. So, compare the two highs of Monday and Tuesday and ask, "Which one is higher?" Use that one.
Then ask, "Which low is lower, Monday or Tuesday?" Use that low.

On the example you're referring to, Monday was the higher high and Tuesday was the lower low.

Slingshots1 Jan 26, 2020 1:17pm | Post# 22

1 Attachment(s)
GBPAUD or is it the broker im using?
Click to Enlarge

Name: HIGHLOW.PNG
Size: 15 KB

Slingshots1 Jan 26, 2020 2:18pm | Post# 23

Many thanks buddy and your strat is kool

4ecstasy Jan 26, 2020 6:41pm | Post# 24

Many thanks buddy and your strat is kool
For Jan 13 and 14 of this year on the D1 for GBPAUD, I have the highest high is on Monday which is 1.89067 and the lowest low is Tuesday with 1.87652.

Is that what you have? I use Axitrader.

Erebus Jan 26, 2020 6:59pm | Post# 25

I will try and search but their should be some type of breakout box indicator that would make things easier
I don't have a computer right now, but refer to this post of mine, pretty sure that Daily Line Boxes can be set to show the high to low of Monday and Tuesday

https://www.forexfactory.com/showthread.php?t=714574

toddanderson Jan 26, 2020 7:03pm | Post# 26

1 Attachment(s)
{quote} I don't have a computer right now, but refer to this post of mine, pretty sure that Daily Line Boxes can be set to show the high to low of Monday and Tuesday https://www.forexfactory.com/showthread.php?t=714574
here it is
Daily LinesBoxes1.mq4

Erebus Jan 26, 2020 7:11pm | Post# 27

{quote} here it is {file}
Thanks for posting, but

Traders will have to read the original thread or they will struggle with the settings.

https://www.forexfactory.com/showthread.php?t=256848

4ecstasy Jan 26, 2020 10:14pm | Post# 28

{quote} Thanks for posting, but Traders will have to read the original thread or they will struggle with the settings. https://www.forexfactory.com/showthread.php?t=256848
It does seem a little complicated; I can't get mine to load right. If you'd want to post the settings that work, that might help?

Erebus Jan 27, 2020 1:40am | Post# 29

{quote} It does seem a little complicated; I can't get mine to load right. If you'd want to post the settings that work, that might help?
I would like to help but I don't have a computer right now. I can only browse internet and look at Metatrader on a Samsung S10. Follow the link in Post 25, I have shown settings in that thread that should guide you.

PS, thanks for sharing this method of analysis. How many times I have read that a weekly wick is formed on Monday and Tuesday; now there's a way to define an entry and catch the move occasionally. Another thing I see all the time, don't trade on a Monday or don't trade on a Friday; this fits those criteria perfectly.

Fantuz Jan 27, 2020 2:05am | Post# 30

Love the simplicity.

Will forward trade the GBP crosses this week on small live account.

HamzaLeo Jan 27, 2020 3:49am | Post# 31

i've tested it and that was amazing, it can help a lot for a beginner to trade in a noisy world of strategies and indicaters ,
Thanks dear, it was a great help
Regards:
Hamza

goodways100 Jan 27, 2020 4:19am | Post# 32

Subscribed. Downloaded the tools. Will try this week. Thanks and
Regards

4ecstasy Jan 27, 2020 9:46am | Post# 33

Love it that many are excited about it! At the end of Tuesday, let's post our thoughts on long and short.

I'd love to have an EA; I have so many ideas to test, mainly with weekly and Monthly ATR.

The following is NOT necessary for the strategy; these are just questions I have that can be answered with an EA.

  1. Should we consider a pullback on Wednesday if the monthly and/or weekly ATR range has already been achieved?
  2. What is the best Break Even, TP, and SL strategies? In an EA, I prefer to use ATR to determine position size, BE, TP, and SL.
  3. What are the maximum and minimum ranges for the real bodies and the ranges in relation to the ATR? If a pair loses its volatility on a Monday and Tuesday, does that affect the strategy? I don't know.


Questions, questions.


iDentist Jan 27, 2020 10:07am | Post# 34

Hello! I agree to participate in testing this strategy on a real account. Let's try to trade for 2-3 months without deviating from the initial rules? When will we discuss proposed entry points? At the opening Wednesday?

diamonddbw Jan 27, 2020 10:49am | Post# 35

Good going 4XTC!

For a while now, I have been trading only on daily bars, and only on the first part of the week. Later in the week my methods don't do nearly as well.

Trading very consevatively (rarely more than 0.6% per pair) I've managed to make 9% over a 5 week period. I can see where adding your method can only increase profits.

I've been going through the GU MonTue ranges, looking for risk control methods. The one that stands out so far is limiting the after entry pull back to about 80% of the 2 day range. Not trying to hijack anything, simply making observations. Perhaps you've already tried this.

Also your comments regarding extended 2 day ranges look to be a very good way to avoid non performing trades.

Thanks,
Darryl

Erebus Jan 27, 2020 11:55am | Post# 36

1 Attachment(s)
To help with manual and visual backtesting, the Fibonacci Tool can easily be set to show the levels.

I'm very limited on a phone, not sure how this screenshot will look. I used 0.15 for both High and Low entry, while labeling the 50% as Stop Loss

Plenty of tutorials around on how to set those levels to whatever you want.

Click to Enlarge

Name: Screenshot_20200128-024859_MetaTrader 4.jpg
Size: 350 KB

diamonddbw Jan 27, 2020 12:01pm | Post# 37

To help with manual and visual backtesting, the Fibonacci Tool can easily be set to show the levels. I'm very limited on a phone, not sure how this screenshot will look. I used 0.15 for both High and Low entry, while labeling the 50% as Stop Loss Plenty of tutorials around on how to set those levels to whatever you want. {image}
+++++++++++++++++++++++++

Yep. 15% entry, 65% TP. I'm also testing 40% as a measure to move my SL.

4ecstasy Jan 27, 2020 12:22pm | Post# 38

diamonddbw, Erebus, others...I love the thoughts, keep 'em coming!

diamonddbw Jan 27, 2020 12:26pm | Post# 39

OK, early figures on GU going back to 27 May 2019, 36 weeks.

Losses - 2
Wins - 18 [+900%]
No trade (range over 200) - 7
Trades with entry totals - 9. for +51pips [+61%] & -124pips [-83%].
% relates to per trade numbers. i.e.: If range equals 100 pips, and trade wins, it has reached 50% of the range. One win =50%.
Losses are dependent on where you decide to place your stop. If stop is 10% beyond opposite side of range, then the loss is =125%

The pip count doesn't matter. This is all about %. Since I'm in US, I have limited broker choices. I use Oanda Proprietary platform because #1 I trust Oanda. #2 Oanda allows trades of any size. If you don't want to trade units of 1,000, you could choose 750 or 1550, basically any size you want. Making it much easier to trade with the exact risk on each trade, regardless of your account size.

jpfalls Jan 27, 2020 1:31pm | Post# 40

OK, early figures on GU going back to 27 May 2019, 36 weeks. Losses - 2 Wins - 18 [+900%] No trade (range over 200) - 7 Trades with entry totals - 9. for +51pips [+61%] & -124pips [-83%]. % relates to per trade numbers. i.e.: If range equals 100 pips, and trade wins, it has reached 50% of the range. One win =50%. Losses are dependent on where you decide to place your stop. If stop is 10% beyond opposite side of range, then the loss is =125% The pip count doesn't matter. This is all about %. Since I'm in US, I have limited broker choices. I use Oanda...
I am also in the US and am wondering with the no-hedging rules, are you able to set pending orders in either direction? Or, do you just watch and enter a position once one or the other level is broken?


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