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Daily Method 1

  • #1
  • First Post: Jul 12, 2011 6:46am Jul 12, 2011 6:46am
Daily charts

Add a 13 SMA on the daily chart
Add RSI 10, with a 50 level line

Buy Signals: Wait for a daily bar to open above 13 SMA with RSI 10 above the 50 level.
Sell Signals: the opposite

SL: Above (below) the 13 SMA
Exit: Discretionary. You could use fractals indi as exit points and then a trailing stop at 50/80 pips, etc. IDEAS ACCEPTED!!

Alternative You could use the Supetrend indi to confirm entry.

Comments welcomed!!
Attached Image (click to enlarge)
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  • #2
  • Edited 9:12pm Jul 13, 2011 4:51pm | Edited 9:12pm
24 Hours and no responses, I think that you need more bells and whistle's on your charts!
Just taking a quick look at a few charts and your system catches some good trades!
You said that you were open to suggestions, why not try this:
1) Open 2 positions, close 1 at = to ATR 20 (Or even 1/2 of that value)
2) Move the 2nd position to BE and trail with the same value (ATR 20) at the end of every day

I posted the ATR Indicator and ATR channel for you to look at and also a template...
Attached Image (click to enlarge)
Click to Enlarge Name: gbp atr channel.gif Size: 46 KB
Attached File(s)
File Type: ex4 ATRchannel.ex4   5 KB | 514 downloads
File Type: tpl rsi daily.tpl   3 KB | 496 downloads
File Type: ex4 THV3 ATR Pips_new.ex4   4 KB | 506 downloads
  • #3
  • Jul 14, 2011 12:57am Jul 14, 2011 12:57am
Good idea thanks!
How about usin the Daily avg as tp?
  • #4
  • Dec 14, 2011 7:33pm Dec 14, 2011 7:33pm
Quoting bali2002
Good idea thanks!
How about usin the Daily avg as tp?
That could work too, but in some cases you can limit your profit.

This method is soooo good. I usually lock in a small 5-10 pip profit when the floating profit is +100pips or more.
  • #5
  • May 25, 2012 9:12pm May 25, 2012 9:12pm
Quoting jafar00
That could work too, but in some cases you can limit your profit.

This method is soooo good. I usually lock in a small 5-10 pip profit when the floating profit is +100pips or more.
When do you exit the trade?
  • #6
  • May 25, 2012 11:58pm May 25, 2012 11:58pm
Will wait and see.
  • #7
  • May 27, 2012 7:14pm May 27, 2012 7:14pm
Quoting aelimian
When do you exit the trade?
Sorry for the belated reply. It's usually when I am to get an opposite signal or when the price action says to me "time to get out"
  • #8
  • Edited 12:48am May 29, 2012 12:38am | Edited 12:48am
How can we manage these situations?
Nice thread
Attached Image (click to enlarge)
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  • #9
  • May 29, 2012 8:32am May 29, 2012 8:32am
You can easily filter these trades, to buy or sell a few pips below the low of the high..
I use limit orders for 1 day after that cancel the trade.
then you will see that youre order is not filled.
hope this will help you

Dutch
  • #10
  • May 29, 2012 11:11am May 29, 2012 11:11am
Quoting dutchsignals
You can easily filter these trades, to buy or sell a few pips below the low of the high..
I use limit orders for 1 day after that cancel the trade.
then you will see that youre order is not filled.
hope this will help you

Dutch
So we can change the entry rules and don't enter on candle open but on Hi/Low breakout.... I'll try it but I think it will reduce R:R ratio so we have to tighten the SL.

Many thanks
  • #11
  • May 29, 2012 11:16am May 29, 2012 11:16am
Yes,thats the entry rule,
you give up a few pips when you buy at the high or low but you are safer in the position because when the trend is strong it will break the high or low and it continue his way.

Dutch
  • #12
  • May 29, 2012 11:25am May 29, 2012 11:25am
Quoting dutchsignals
You can easily filter these trades, to buy or sell a few pips below the low of the high..
I use limit orders for 1 day after that cancel the trade.
then you will see that youre order is not filled.
hope this will help you

Dutch
I've tryed your advice but I think we need more filters.... look at the examples below on daily chart of EUR/USD. What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 106 KB
  • #13
  • May 29, 2012 12:05pm May 29, 2012 12:05pm
It is part of trading, sometimes you lose a few times sometimes you win,

work on your exit... thats one of the most important things in trading

Dutch
  • #14
  • Last Post: May 30, 2012 5:12am May 30, 2012 5:12am
Whats the difference between 13 SMA and 10SMA(which on the other thread)?
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