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Simple Monday-Tuesday System (attached calculator)

  • #201
  • Feb 14, 2020 12:13pm Feb 14, 2020 12:13pm
I've been playing with H4 chart using the previous 2 bars as criteria for trading. Looks promising, but it's only one week...so I'm cautiously optimistic...
  • #202
  • Feb 14, 2020 8:26pm Feb 14, 2020 8:26pm
Hi.
The risk:reward ratio on any trade of this system is quite low, isnt it? Hope that the win rate is high enough. Very promising system anyway
  • #203
  • Feb 15, 2020 1:19am Feb 15, 2020 1:19am
Quoting Erebus
{quote} 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 {image}
Hi Erebus, U still using the same fib settings U posted b4 ? Just trying to set mine up
  • #204
  • Feb 15, 2020 2:02am Feb 15, 2020 2:02am
Quoting PhillipmC
{quote} Hi Erebus, U still using the same fib settings U posted b4 ? Just trying to set mine up
Yes I am, just completed my weekly review.

Don't worry about Risk to Reward, the strike rate is fantastic



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It takes a lot for me to IGNORE you, but you can try.
  • #205
  • Feb 15, 2020 2:05am Feb 15, 2020 2:05am
Quoting Erebus
{quote} Yes I am, just completed my weekly review. Don't worry about Risk to Reward, the strike rate is fantastic {image}
Would U mind posting a recent SS of please ?
For some reason I'm having trouble with my stops

PS. for the longs would U set the first or second SL on the fib tool ? Judging by your RR the first ?
  • #206
  • Feb 15, 2020 3:12am Feb 15, 2020 3:12am
Quoting PhillipmC
{quote} Would U mind posting a recent SS of please ? For some reason I'm having trouble with my stops PS. for the longs would U set the first or second SL on the fib tool ? Judging by your RR the first ?
No problem mate, yes, your probably right that I tightened the stops. I noticed that when these trades go in the direction of the break, they didn't really retrace much, so no need for huge stops. Helps the risk to reward situation, and the strike rate with 2 to 1 being much closer.

Check the settings with this 1st SS, pretty basic, then add the levels you want from the 2nd SS.

Compare on GBPCHF, long entry about 1.2700, stop loss about 1.2650 so 50 pips.

Therefore, Take Profit 1 to 1 should be about 1.2750, and 2 to 1 about 1.2800, make sense?

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Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #207
  • Feb 15, 2020 3:51am Feb 15, 2020 3:51am
Quoting Erebus
{quote} No problem mate, yes, your probably right that I tightened the stops. I noticed that when these trades go in the direction of the break, they didn't really retrace much, so no need for huge stops. Helps the risk to reward situation, and the strike rate with 2 to 1 being much closer. Check the settings with this 1st SS, pretty basic, then add the levels you want from the 2nd SS. Compare on GBPCHF, long entry about 1.2700, stop loss about 1.2650 so 50 pips. Therefore, Take Profit 1 to 1 should be about 1.2750, and 2 to 1 about 1.2800, make...
Thanks buddy ! U still with Forex signals ? I remember U from there lol
  • #208
  • Feb 15, 2020 4:43am Feb 15, 2020 4:43am
Quoting PhillipmC
{quote} Thanks buddy ! U still with Forex signals ? I remember U from there lol
Yes, I've only just been watching a few streams lately after a 7 months hiatus.

I only have phone to work with right now, lost everything and waiting on insurance payment.

So not posting there, just as well as I could be a trouble maker

How about that Max, wow, so many indicators, is that really a professional trader?

Even Mark has a huge amount, combined with complex analysis, how can a novice learn all that, remember all of it, and apply it?

Andrew not too bad, he means well, he needs to take elocution lessons, that many "um" and "ah" the stream is unbearable.

It takes a lot for me to IGNORE you, but you can try.
  • #209
  • Feb 15, 2020 3:44pm Feb 15, 2020 3:44pm
Quoting Erebus
{quote} Yes, I've only just been watching a few streams lately after a 7 months hiatus. I only have phone to work with right now, lost everything and waiting on insurance payment. So not posting there, just as well as I could be a trouble maker How about that Max, wow, so many indicators, is that really a professional trader? Even Mark has a huge amount, combined with complex analysis, how can a novice learn all that, remember all of it, and apply it? Andrew not too bad, he means well, he needs to take elocution lessons, that many "um" and "ah"...
Wonder how Max's sniper Strat is going I think that's what it was called lol ye and I agree about mark I left there a while ago now training under ICT allot more clarity in his training and precise unlike mark lol
  • #210
  • Feb 16, 2020 2:34am Feb 16, 2020 2:34am
Quoting Sangui
Ok, here it is. A very basic version just to see if I understood all the rules correctly because english is not my primary language and I'm still new in this (less than 1 year in forex) What the EA is doing: -When Tuesday ends and the daily bar closes it will put 1 buystop order and 1 sellstop order and set the TP and SL according to the input percentages of the range between the high and low of Monday+Tuesday. This will do it only if there was no other operation already with the magic number for the day. -When one of the two pending orders opens...
It would be helpful if you would set up the EA to place buy and sell orders with the option to either only buy or only sell. In other words, have an option for people to choose one or the other.

This will be of benefit to those of us who are stuck with FIFO/non hedging rules.

Now, to those who are trading from the US, as far as I can see, nothing is preventing you from opening two different MT4 accounts with the same broker or having two accounts from different US brokers. In other words, if you have two accounts, then why not sell on one and buy on the other?
Learn from your mistakes and march on.
  • #211
  • Feb 16, 2020 3:03am Feb 16, 2020 3:03am
I can't say for sure that I will follow this strategy. However, the day of the week indicator is brilliant! That, I will definitely use, as I can see how useful it can be for trading when patience is applied.
Learn from your mistakes and march on.
  • #212
  • Edited 1:50pm Feb 16, 2020 10:32am | Edited 1:50pm
Let me see if I understand what you are saying.

You say: "Find the highest high and lowest low of Monday and Tuesday."

In other words, look at the Daily candles for Monday and Tuesday. Whichever one is higher, mark the high of that candle as the highest high of the two candles. Whichever one is lower, mark the low of that candle as the lowest low of the two candles.

Am I understanding this rule correctly?

UPDATE: I found the answer here.
Learn from your mistakes and march on.
  • #213
  • Feb 16, 2020 12:41pm Feb 16, 2020 12:41pm
why an ea, there is sell and buy stop. my entrie is 6er Ema
  • #214
  • Feb 16, 2020 12:48pm Feb 16, 2020 12:48pm
Quoting Sangui
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 why an EA is not ideal with such a system. In fact, EAs usually don't work in favor of the trader in the long run. Nothing beats trading manually. There are certain things to look out for such as volume, overall strength of trend and strength of currency, proximity to major support or resistance, etc... An EA can only do so much.

The best kind of EAs to use are money management/trade management EA's. But having EAs do all your trading for you is not the wisest approach to trading, as it will most likely lead to more losses than wins.

I think this is a great system, and likely would work out in the long run. But I believe it has to be done manually, because not all market conditions will work in harmony with such a strategy.
Learn from your mistakes and march on.
  • #215
  • Feb 17, 2020 5:47am Feb 17, 2020 5:47am
Quoting Erebus
{quote} Yes, I've only just been watching a few streams lately after a 7 months hiatus. I only have phone to work with right now, lost everything and waiting on insurance payment. So not posting there, just as well as I could be a trouble maker How about that Max, wow, so many indicators, is that really a professional trader? Even Mark has a huge amount, combined with complex analysis, how can a novice learn all that, remember all of it, and apply it? Andrew not too bad, he means well, he needs to take elocution lessons, that many "um" and "ah"...
Hello Erebus please i need your assistance tho its not meant for this page a couple of weeks back i visited a page where you posted some breakout stuff what i actually need is how to convert a template so that any pair i click on will be the same as that template without having to go into the template to load it even if i open all the 28pairs they should be the same i know it will need some kind of set file but im not an expert in this please can you help?
  • #216
  • Feb 17, 2020 7:05am Feb 17, 2020 7:05am
Hello all,

I was trying to follow this post but it's quite difficult to understand.
There is anyone that can show how to proceed this week? maybe a real example can be more easier. Or if someone can explain how they setup for GBPUSD based on last week? Monday and Tuesday (10 and 11 of Feb). Last week the first two days don't have low's.

Thank you in advance,
Specials
  • #217
  • Feb 17, 2020 7:23am Feb 17, 2020 7:23am
Quoting Specials
Hello all, I was trying to follow this post but it's quite difficult to understand. There is anyone that can show how to proceed this week? maybe a real example can be more easier. Or if someone can explain how they setup for GBPUSD based on last week? Monday and Tuesday (10 and 11 of Feb). Last week the first two days don't have low's. Thank you in advance, Specials
the easiest way to explain it is this...........imagine Monday and Tuesday were 1 candle. Mark the High and the Low. Start trading these triggers on Wednesday.
  • #218
  • Feb 17, 2020 10:49am Feb 17, 2020 10:49am
Quoting bojack34
{quote} the easiest way to explain it is this...........imagine Monday and Tuesday were 1 candle. Mark the High and the Low. Start trading these triggers on Wednesday.
Thank you. I was reading the other post and now I understood. Let's see the results.
  • #219
  • Feb 17, 2020 12:46pm Feb 17, 2020 12:46pm
please someone explain stop loss for me where we should put it? as i understand its much bigger than take profit
is my understand correct?
thank you for sharing
  • #220
  • Feb 17, 2020 7:09pm Feb 17, 2020 7:09pm
Quoting Specials
Hello all, I was trying to follow this post but it's quite difficult to understand. There is anyone that can show how to proceed this week? maybe a real example can be more easier. Or if someone can explain how they setup for GBPUSD based on last week? Monday and Tuesday (10 and 11 of Feb). Last week the first two days don't have low's. Thank you in advance, Specials
Imagine my surprise when I checked GBPUSD week Monday and Tuesday and found they both do have LOW

I'm so disappointed, I really wanted to see that

Any who, I reckon that anyone having trouble understanding and finding the Highest High or Lowest Low of Monday and Tuesday, should consider to stop trading immediately.

Imagine their confusion when Monday or Tuesday is an Inside / Outside Day combination

Good luck all



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