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Simple Monday-Tuesday System (attached calculator)

  • #221
  • Feb 18, 2020 4:04am Feb 18, 2020 4:04am
Quoting Erebus
{quote} 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 {image}
OMG, your comment really cheered me up today. " Imagine my surprise when I checked GBPUSD week Monday and Tuesday and found they both do have LOW I'm so disappointed" "Imagine their confusion when Monday or Tuesday is an Inside / Outside Day combination"

Really funny, thank you, I needed that.

Keep up the good work.

MC
  • #222
  • Edited 5:09am Feb 18, 2020 4:52am | Edited 5:09am
Quoting Erebus
{quote} 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 {image}
Hello Erebus,

I don't want to start a discussion. It was a misunderstanding about how this "strategy" is explained. After checking other posts, I saw that I was not the only one having this doubt, wrongly understanding in the beggining that we had to have a first green candle and then a red one (or vice versa).
It's not a question about not knowing how to trade, but a misunderstanding about how it's written.

Nevertheless, thank you to those who answered my doubt.
  • #223
  • Feb 19, 2020 4:10am Feb 19, 2020 4:10am
Nobody's trading this week?

One of the hardest pairs to trade USDJPY

And here we can just read the price so easy

Enter at break of Tuesday HIGH or whatever your plan says.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200219-190848_MetaTrader 5.jpg Size: 413 KB
It takes a lot for me to IGNORE you, but you can try.
  • #224
  • Edited 4:26am Feb 19, 2020 4:14am | Edited 4:26am
Quoting Erebus
Nobody's trading this week? One of the hardest pairs to trade USDJPY And here we can just read the price so easy Enter at break of Tuesday HIGH or whatever your plan says. {image}
I'm in
And CADCHF, CADJPY buy stop triggered.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH1.png Size: 24 KB
  • #225
  • Feb 19, 2020 4:31am Feb 19, 2020 4:31am
Quoting 0xff
{quote} I'm in And CADCHF, CADJPY buy stop triggered. {image}
Very good, thanks for sharing

Work on Gold too, it's approaching breakout highs

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200219-202748_MetaTrader 5.jpg Size: 477 KB
It takes a lot for me to IGNORE you, but you can try.
  • #226
  • Feb 19, 2020 4:37am Feb 19, 2020 4:37am
Has the OP abandoned this method ?
A pity because looking at Erebus and other's charts the Mon/Tues approach appears to have merit.
every Saint has a past. Every Sinner has a Future
  • #227
  • Feb 19, 2020 4:54am Feb 19, 2020 4:54am
Quoting turnip15
Has the OP abandoned this method ? A pity because looking at Erebus and other's charts the Mon/Tues approach appears to have merit.
He's still around, started a thread using the first 2 days of the month, got a few interested

I predict in a few weeks we will have a system based on the first 2 months of the year

It takes a lot for me to IGNORE you, but you can try.
  • #228
  • Feb 19, 2020 5:22am Feb 19, 2020 5:22am
Hey guys are U using all pairs or a select few ? Had a look at the futures market this thing looks good.
  • #229
  • Feb 19, 2020 6:43am Feb 19, 2020 6:43am
Quoting PhillipmC
Hey guys are U using all pairs or a select few ? Had a look at the futures market this thing looks good.
This is my list of pairs that I trade. I just take pairs where spread lower then 25 pips (5 digits).
Attached Image
  • #230
  • Feb 19, 2020 7:26am Feb 19, 2020 7:26am
Quoting Erebus
Nobody's trading this week? One of the hardest pairs to trade USDJPY And here we can just read the price so easy Enter at break of Tuesday HIGH or whatever your plan says. {image}
You appear to be into this strategy and doing well.

Perhaps I should start trading more pairs using this system. Lately I have only been looking for trading opportunities on EURUSD and GBPUSD, because I've gotten tired of monitoring so many currency pairs.

It would be great if there were some kind of conditions for this strategy to create a currency scanner that would make it easier for locating high probability setups.
Learn from your mistakes and march on.
  • #231
  • Feb 19, 2020 8:01am Feb 19, 2020 8:01am
Quoting 0xff
{quote} I'm in And CADCHF, CADJPY buy stop triggered. {image}
same here in cad jpy tp hit and tl activated ....but just in semi demo till now 0.001 lot size...
Many many good setup to try.. maybe it's better to be more confident...
Regards
  • #232
  • Edited 8:34am Feb 19, 2020 8:01am | Edited 8:34am
Quoting here2there
{quote} You appear to be into this strategy and doing well. Perhaps I should start trading more pairs using this system. Lately I have only been looking for trading opportunities on EURUSD and GBPUSD, because I've gotten tired of monitoring so many currency pairs. It would be great if there were some kind of conditions for this strategy to create a currency scanner that would make it easier for locating high probability setups.
I maked a simple script(not EA) for this actions.
On first wednesday's H1 bar I drag-n-drop script on the chart. And repeat it for all currencies charts.
What script will do: check for highest high and lowest low for last 48 H1 bars and send 2 pending orders - buy stop & sell stop by %fibo setted when script loaded.

Example for lvl_for_enter = 25:
Entry level for buy stop order = 125% fibo at range
Entry level for sell stop order = -25% fibo at range

Example for sl_for_order = 25:
StopLoss level for buy order = High of range - 25% = 75% fibo
StopLoss level for sell order = Low of range + 25% = 25% fibo

tp: for 5 digits brokers - multuply by 10
if tp = 0, orders need to close manuality.
I close all orders few hours before market close at friday.
Attached File(s)
File Type: mq4 motu_script.mq4   2 KB | 538 downloads
  • #233
  • Feb 19, 2020 8:28am Feb 19, 2020 8:28am
Quoting 0xff
{quote} I maked a simple script for this actions. On first wednesday's H1 bar I drag-n-drop script on the chart. And repeat it for all currencies charts. What script will do: check for highest high and lowest low for last 48 H1 bars and send 2 pending orders - buy stop & sell stop by %fibo setted when script loaded. Example for lvl_for_enter = 25: Entry level for buy stop order = 125% fibo at range Entry level for sell stop order = -25% fibo at range Example for sl_for_order = 25: StopLoss level for buy order = High of range - 25% = 75% fibo StopLoss...
That sounds great!

Here is my problem. I am bound by FIFO and 'no hedge' rules. So I can't set orders up like that. Before I even knew about this strategy, I spent a lot of money to have a special EA created that allows me to set up hedge trades in compliance with FIFO and no hedge rules. I can use my EA for this strategy. It's not as quick as yours, however. I have to input the numbers manually. But it does other things that makes it very powerful. It's more of a trade management EA.

Having said that, what I meant about a scanner is having an additional condition to detect higher probability trading setups for this strategy. For example, a trend filter might be useful or a combination of that and something else. The scanner can be placed on a single chart and monitor all 28 pairs or whatever amount the user desires, and locate these higher probability setups. Once identified, a signal will be given to the user who will then decide whether to set up the trade or not or to select the currency pair(s) he or she wants to use at that time.

I have not experimented with this strategy long enough to know what other conditions might be useful in this regard.
Learn from your mistakes and march on.
  • #234
  • Edited 9:55am Feb 19, 2020 9:39am | Edited 9:55am
Quoting Erebus
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}

Erebus, firstly, all good wishes and prayers for your hospital work this week. Most important for sure.


Secondly, I was interested in your idea to enter at the H or L and run on for 25% EXCEPT I entered based on the Monday range only (just one day).

This week (demo) I limited myself to these pairs: AJ, EA, EJ, EN, GA, GC, GCf, GJ, GN, GU, NJ. I will now look at the performance of some others for next week.

All 11 took out the 25% Monday range in one direction (already). I thought about your idea to take 1% starting at the H or L. Looking fairly interesting although you were considering it based on the M-T range.

My broker is Oanda so results could be slightly different but most pairs were clear TPs. One or two might not have made it with spread considerations (yet).

I see this type of trading as a subset of the M-T Range set up . . . but likely quite successful.

ON REVIEW: GCf did not quite clear the spread but yet may. GC would be a probable SL with a later TP following reversal.

FS
  • #235
  • Feb 19, 2020 9:47am Feb 19, 2020 9:47am
Just an idea, but if a person implementing this strategy uses a trend bias from a higher time frame such as the Daily or Weekly, it might be in his or her best interest to double up the risk on pending orders leaning in the direction of the trend, within reason, of course.

In other words, let's say the trend is strong bullish. That would mean there is a higher probability it will breakout to the upside. So a trader could place a buy pending order in favor of the trend at 0.10 while placing a sell pending order in opposite direction to the trend at 0.05. This could potentially minimize the risk and make up for losses. A break even strategy might even be useful.

Strategy refinement to work towards producing the best possible outcome can be of great benefit.

Note: This is just an idea for educational purposes. Not financial advice. You trade at your own risk.
Learn from your mistakes and march on.
  • #236
  • Feb 19, 2020 10:31am Feb 19, 2020 10:31am
EJ I am in it or the buy stop has done its job, eu is not yet so successful with short
  • #237
  • Feb 19, 2020 3:17pm Feb 19, 2020 3:17pm
2 Wins so far, GBPCAD short and GBPJPY long. That was so quick. I got concerned when it entered both in opposite directions but decided to leave it alone and viewed the one as a hedge for the other. Just amazed that both worked. Still in GBPUSD and EURGBP.
MWTF Return This Week: na
  • #238
  • Feb 19, 2020 4:53pm Feb 19, 2020 4:53pm
Quoting Erebus
Nobody's trading this week? One of the hardest pairs to trade USDJPY And here we can just read the price so easy Enter at break of Tuesday HIGH or whatever your plan says. {image}
How many pairs U looking at buddy ?
  • #239
  • Feb 19, 2020 5:24pm Feb 19, 2020 5:24pm
Quoting PhillipmC
{quote} How many pairs U looking at buddy ?
I watch the 7 majors (xxxUSD) and the 21 minors pairs

Plus the Gold, Silver, DOW, DAX, a few exotics

But don't take trade on all, only Gold open now +1%

Now MT5 malfunctioned on my phone app, had to reinstall, lost all charting objects

Supposed to have an iPad last week but still waiting, thanks China WuFlu
It takes a lot for me to IGNORE you, but you can try.
  • #240
  • Feb 19, 2020 5:52pm Feb 19, 2020 5:52pm
Quoting Erebus
{quote} I watch the 7 majors (xxxUSD) and the 21 minors pairs Plus the Gold, Silver, DOW, DAX, a few exotics But don't take trade on all,
While I am sure most followers are watching the M-T results it seems that all xxUSD pairs must be allowed to run for two days since all have ADRs in the 40s. Anything shorter leaves the trader 25%, less spread, netting only 10-12 pips. The second day opens other possibilities.

It is only those handful of pairs with the daily range up around or over 100 that might be considered for the Monday range alone.

Looks like the M-T is chugging along for most.
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