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1H Swing Trading on EURUSD

  • #361
  • Apr 2, 2020 11:21am Apr 2, 2020 11:21am
I have also modified the MystockRSI to make it lighter.
I remember that the H1 settings are 96-96-10-6. For M5 168-168-10-10

Attached File(s)
File Type: mq4 MyStochRSIv6.mq4   13 KB | 281 downloads
  • #362
  • Apr 2, 2020 11:28am Apr 2, 2020 11:28am
Quoting FrancescoDTM
{quote} I also don't understand much about it but I have a friend who helps me.
! Ok fellows, this is a new version (6) of MyStochRSI which uses automatically the right parameters when you switch between H1 and M5
Thanks Francesco for the optimizations !
Attached File(s)
File Type: mq4 MyStochRSIv6.mq4   13 KB | 700 downloads
Simplicity is the Ultimate Sophistication.
  • #363
  • Apr 2, 2020 11:31am Apr 2, 2020 11:31am
Quoting FrancescoDTM
{quote} {file} I modified a couple of strings by removing a for loop and inserting a newbar. In this way the indicator does not work every tick but only the first tick of each new candle. This way it is lighter.
the calcualtion with your indicator is done only once per new bar, correct, but you do the for loop (hardcoded) 1000 times on each new bar - when only the 2-3 last bars are really needed for the calculation.

So I made a version where you can set MaxBarsBack and OnlyOnNewBar in the user input options (last one per default to "false" - not really needed imho for this 2-3 for loops per tick)

Update: Same changes done to MyStochRSIv6.mq4
Attached File(s)
File Type: mq4 SmaSRSI96.mq4   16 KB | 481 downloads
File Type: mq4 MyStochRSIv6.mq4   13 KB | 516 downloads
  • #364
  • Apr 2, 2020 11:36am Apr 2, 2020 11:36am
Quoting dorkstorm
{quote} Yes totally. How will you handle NFP tomorrow? Will you exit positions and watch to see where the trend heads? or stay in?
If my positions were near break even, I would maybe close partially or totally but at the time of writing, having some 100+ pips of margin I will keep my positions and see. I know that it could seem imprudent or even dumb not taking the profits NOW but while being careful with important news, I just don't trade them.
Simplicity is the Ultimate Sophistication.
  • #365
  • Apr 2, 2020 11:37am Apr 2, 2020 11:37am
Quoting GingerBoloks
Following along even if not posting regularly. Small lots for testing. Good luck to all!

Hi Guys,

Closed my short for 90pips before NFP tomorrow.

Good luck to all for tomorrow. Doubt I will get back in but will be lurking on here
When preparation meets oppertunity
  • #366
  • Apr 2, 2020 11:38am Apr 2, 2020 11:38am
Quoting Jagg
{quote} the calcualtion with your indicator is done only once per new bar, correct, but you do the for loop (hardcoded) 1000 times on each new bar - when only the 2-3 last bars are really needed for the calculation. So I made a version where you can set MaxBarsBack and OnlyOnNewBar in the user input options (last one per default to "false" - not really needed imho for this 2-3 for loops per tick) {file}
Quoting broketrader
{quote} ! Ok fellows, this is a new version (6) of MyStochRSI which uses automatically the right parameters when you switch between H1 and M5 Thanks Francesco for the optimizations ! {file}

Thank you both!
When preparation meets oppertunity
  • #367
  • Apr 2, 2020 11:42am Apr 2, 2020 11:42am
Quoting broketrader
{quote} If my positions were near break even, I would maybe close partially or totally but at the time of writing, having some 100+ pips of margin I will keep my positions and see. I know that it could seem imprudent or even dumb not taking the profits NOW but while being careful with important news, I just don't trade them.
I think that makes sense. Fortune favors the bold. It will also be a good learning experience to see how the system holds up around NFP. Looking forward to seeing how it all plays out.
  • #368
  • Apr 2, 2020 11:48am Apr 2, 2020 11:48am
Quoting broketrader
Francesco and Jagg, Thanks for your contributions ! I really appreciate. Now that we have plethora of indicators, Can I ask you to kindly erase your posts so I can re-post the last version in a last post to avoid confusing everyone ? Please...
well nevermind
Simplicity is the Ultimate Sophistication.
  • #369
  • Apr 2, 2020 11:50am Apr 2, 2020 11:50am
Quoting GingerBoloks
{quote} Hi Guys, Closed my short for 90pips before NFP tomorrow. Good luck to all for tomorrow. Doubt I will get back in but will be lurking on here
Simplicity is the Ultimate Sophistication.
  • #370
  • Apr 2, 2020 12:26pm Apr 2, 2020 12:26pm
@Jagg Thanks.
@Broketrader Did you close your open position in wave one?
Can I ask the reason for this management?
Thanks
  • #371
  • Apr 2, 2020 12:37pm Apr 2, 2020 12:37pm
Quoting FrancescoDTM
@Jagg Thanks. @Broketrader Did you close your open position in wave one? Can I ask the reason for this management? Thanks
I closed the one from wave 2 just because price came back prematurely and didn't liked the price action at that moment, it looked like 1.0900-1.0920 was strong resistance. Well, we all know that it was premature but the thing is that I entered too late, the right level was 1.0960 and I entered at 1.0946, it's only 14 pips you will say but I just didn't want to risk it and having 2/3 of my final position was OK anyway.
Simplicity is the Ultimate Sophistication.
  • #372
  • Apr 2, 2020 12:49pm Apr 2, 2020 12:49pm
Quoting broketrader
{quote} I closed the one from wave 2 just because price came back prematurely and didn't liked the price action at that moment, it looked like 1.0900-1.0920 was strong resistance. Well, we all know that it was premature but the thing is that I entered too late, the right level was 1.0960 and I entered at 1.0946, it's only 14 pips you will say but I just didn't want to risk it and having 2/3 of my final position was OK anyway.
Yes, your reasoning is understandable. So now you have zero wave and one wave.
  • #373
  • Apr 2, 2020 12:51pm Apr 2, 2020 12:51pm
Quoting FrancescoDTM
{quote} Yes, your reasoning is understandable. So now you have zero wave and one wave.
Yes
Simplicity is the Ultimate Sophistication.
  • #374
  • Apr 3, 2020 4:55am Apr 3, 2020 4:55am
Trend duration and Exits.

I have been thinking on a way of going out of the trade in an orderly manner while at the same time avoiding to get out too early or too late and still ride the trend to its end.

Finally the idea of getting out in the same way as I get in, that is to say in three phases, came to my mind as the perfect compromise.

Looking at the trend duration below, peak to peak, we see that the trend duration goes from 1 to 3 weeks so the idea is to close 30% at the end of first week if possible at the end of a major move in our favor. Then repeat that, another 30% out, during the following week and let the remaining 40% run until a contrary signal appears.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 229 KB


So according to this new rule, being at end of first week, I have just closed 30% of my position right now.
Simplicity is the Ultimate Sophistication.
  • #375
  • Apr 3, 2020 10:13am Apr 3, 2020 10:13am
Quoting broketrader
Trend duration and Exits. I have been thinking on a way of going out of the trade in an orderly manner while at the same time avoiding to get out too early or too late and still ride the trend to its end. Finally the idea of getting out in the same way as I get in, that is to say in three phases, came to my mind as the perfect compromise. Looking at the trend duration below, peak to peak, we see that the trend duration goes from 1 to 3 weeks so the idea is to close 30% at the end of first week if possible at the end of a major move in our favor....

Finding the ideal exit point is always very difficult but a good indication could be the old inversion points for example.
When you open position instead how do you adjust to protect yourself?
Opening the position in the zero wave the price then went back 90+ pips. How do you usually regulate yourself?
  • #376
  • Apr 3, 2020 10:41am Apr 3, 2020 10:41am
Quoting FrancescoDTM
{quote} Finding the ideal exit point is always very difficult but a good indication could be the old inversion points for example. When you open position instead how do you adjust to protect yourself? Opening the position in the zero wave the price then went back 90+ pips. How do you usually regulate yourself?
I don't know what do you mean by protect or regulate, let's say that the best way I have found to mitigate the risk in the beginning is to divide what will be my final position by 3 and enter progressively on signal and waves 1,2 like explained previously.

Now, I think you are confounding wave zero and signal, the wave zero is not the signal, the signal is when the Sma96 changes color which is sometimes in sync with wave zero, but it wasn't in this present trade. So the negative territory was 45 pips, not 90+, the signal came before the wave.

Then you have to calculate your lot size so that if even on negative territory for 50-100 pips you can still add on wave 1 and 2 while at the same time your losses are in check in case you are stopped out by a contrary signal. For example in this trade I entered 0.5 lots, so multiplied by 50 pips were 250$ floating loss, acceptable on an account of 10K, then I entered again at wave 1 while the first trade was still a loss some 30 pips, and then both turned green.

The key is to have confidence in the system, and trade by the rules, more easy said than done I agree, and accept to have losses from time to time, it's inevitable, it will happen.
Simplicity is the Ultimate Sophistication.
  • #377
  • Apr 3, 2020 10:55am Apr 3, 2020 10:55am
Quoting broketrader
{quote} Now, I think you are confounding wave zero and signal, the wave zero is not the signal, the signal is when the Sma96 changes color which is sometimes in sync with wave zero, but it wasn't in this present trade. So the negative territory was 45 pips, not 90+, the signal came before the wave.
Yes I have not yet understood this.
Could you take a screen of the first entry?

After cutting the average in H1 do you go to M5 and expect the color change?
I miss this step sorry
  • #378
  • Apr 3, 2020 11:01am Apr 3, 2020 11:01am
Quoting broketrader
{quote} I don't know what do you mean by protect or regulate, let's say that the best way I have found to mitigate the risk in the beginning is to divide what will be my final position by 3 and enter progressively on signal and waves 1,2 like explained previously. Now, I think you are confounding wave zero and signal, the wave zero is not the signal, the signal is when the Sma96 changes color which is sometimes in sync with wave zero, but it wasn't in this present trade. So the negative territory was 45 pips, not 90+, the signal came before the...
Playing around with your strategy- its true. Trusting the system and the process is just part of the game. If you do it works out very well and I can attest to it now. I've actually been messing around on GBPUSD as it is fairly good with your system. It actually just changed color and I'm at 100+ pips already and theres very good movement on the short. I recognize this is EURUSD only however so I am watching very closely.
  • #379
  • Apr 3, 2020 11:15am Apr 3, 2020 11:15am
Quoting FrancescoDTM
{quote} Yes I have not yet understood this. Could you take a screen of the first entry? After cutting the average in H1 do you go to M5 and expect the color change? I miss this step sorry
Maybe it's more clear with this...

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 141 KB
Simplicity is the Ultimate Sophistication.
  • #380
  • Apr 3, 2020 11:21am Apr 3, 2020 11:21am
Quoting dorkstorm
{quote} Playing around with your strategy- its true. Trusting the system and the process is just part of the game. If you do it works out very well and I can attest to it now. I've actually been messing around on GBPUSD as it is fairly good with your system. It actually just changed color and I'm at 100+ pips already and theres very good movement on the short. I recognize this is EURUSD only however so I am watching very closely.
Be careful with GBPUSD, I know that this system can "sometimes" work on it, like on other pairs as well, I was also trading EURJPY in the beginning, but I finally forgot it, it was too volatile like GBPUSD is. I have chosen now to only trade EU, and looking at the results, there is no need to look elsewhere.
Simplicity is the Ultimate Sophistication.
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