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Simple Monday-Tuesday System (attached calculator)

  • #241
  • Feb 19, 2020 5:58pm Feb 19, 2020 5:58pm
Quoting here2there
{quote} 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....
But, what if your definition of trend says EURJPY is down, no trade?

Totally miss the winners on all JPY pairs. From what I see, working fine without trend filter, or any indicators whatsoever.

Cheers

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  • #242
  • Feb 19, 2020 6:49pm Feb 19, 2020 6:49pm
I have been watching and learning tons from this approach including how to process pending orders - thanks!
Forward testing this week has already netted 100+ pips on GBPCAD and GBPUSD with GBPAUD just triggering.
Will keep working it...
  • #243
  • Feb 19, 2020 7:15pm Feb 19, 2020 7:15pm
Quoting Erebus
{quote} But, what if your definition of trend says EURJPY is down, no trade? Totally miss the winners on all JPY pairs. From what I see, working fine without trend filter, or any indicators whatsoever. Cheers {image}
That's a good point!

I would determine the trend from a higher time frame such as the Daily or the Weekly. Granted, EURJPY shot up like crazy today after having been down for some time. But that would have been one trade I would have missed. You can't win them all. But for almost 5 weeks prior, I would have been getting sell signals on EURJPY.

The point is that I think we all need to put our heads together and take this effective strategy and make it even more effective. I think this is possible. But are people willing to do that? Let's see.

I already offered a suggestion that could make things better. Maybe you or someone else has something to add to that.
Learn from your mistakes and march on.
  • #244
  • Feb 19, 2020 7:36pm Feb 19, 2020 7:36pm
Quoting here2there
{quote} That's a good point! I would determine the trend from a higher time frame such as the Daily or the Weekly. Granted, EURJPY shot up like crazy today after having been down for some time. But that would have been one trade I would have missed. You can't win them all. But for almost 5 weeks prior, I would have been getting sell signals on EURJPY. The point is that I think we all need to put our heads together and take this effective strategy and make it even more effective. I think this is possible. But are people willing to do that?...
This happens in every thread, someone wants to add an INDICATOR or FILTER

I see you have smiley face when claiming 5 weeks good trade, as if they needed trend filter?

They are good signal anyway
It takes a lot for me to IGNORE you, but you can try.
  • #245
  • Feb 19, 2020 10:10pm Feb 19, 2020 10:10pm
Quoting Erebus
{quote} This happens in every thread, someone wants to add an INDICATOR or FILTER I see you have smiley face when claiming 5 weeks good trade, as if they needed trend filter? They are good signal anyway
Well, what I mean is if you are only going to trade a few pairs it doesn't really matter. But it's not easy to keep track of 28 pairs. Yet, having a system to monitor that many pairs might prove to be more profitable. Hence the reason for a filter.

Indicators that make our job as traders easier are worthy of the space they take up on the chart. But most indicators are more of a distraction than a help.
Learn from your mistakes and march on.
  • #246
  • Feb 20, 2020 12:21am Feb 20, 2020 12:21am
If you want something to do with trend, let's do it like the famous Turtles

Okay, so I lost all my charts, on my phone, when I had to reinstall the app, so starting from fresh.

I would look at Weekly chart, why? Weekly is 5 day period, Turtles traded a 20 period breakout, so mark off the Highest HIGH and Lowest LOW of the last 4 weeks.

Hopefully, English-language comprehension has improved amongst our faithful followers and there will be no confusion about which of the 4 candle wicks is highest or lowest.

As example, here is AUDCAD

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  • #247
  • Feb 20, 2020 12:36am Feb 20, 2020 12:36am
Assumption made that everyone can count to 4

So, we can see from the Weekly chart, a lot of consolidating price action in the past, last 2 weeks have long tails on top, price is trading on the low side of that 20 days range

It's history now but price did breakout, next chart will be the Monday Tuesday Fibonacci set-up

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  • #248
  • Feb 20, 2020 12:50am Feb 20, 2020 12:50am
Here is the 4 Hour chart, this could be the cherry picked chart for this system, it is perfect, it's here and now this week, wow!

There is highest high on Monday, lowest low on Tuesday, consolidating on Wednesday, breakout on Thursday, and at the breakout of the previous 20 period lows too, just perfect chart pornography to my eyes!

I have set Fibonacci lines at 15% above and below the Monday and Tuesday range as per OP. I will call this a zone and try to catch an entry there, don't be so fussy, stops and targets can be adjusted.

Questions, comments, criticism, suggestions welcome (except indicators or dropping Tuesday)



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  • #249
  • Feb 20, 2020 12:54am Feb 20, 2020 12:54am
Hello, you can't add the atr indi so you can see where it can run
  • #250
  • Feb 20, 2020 12:54am Feb 20, 2020 12:54am
Adr
  • #251
  • Feb 20, 2020 1:08am Feb 20, 2020 1:08am
Quoting ingo3344
Hello, you can't add the atr indi so you can see where it can run
That's right, I can't add it, I'm on a phone.

But, yes, you can use it, I love the ADR(20)

It's usually pretty close, thanks

It takes a lot for me to IGNORE you, but you can try.
  • #252
  • Feb 20, 2020 1:33am Feb 20, 2020 1:33am
650+ pips right now. I will wait end of week and fix positions few hour before marker close.
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  • #253
  • Feb 20, 2020 1:49am Feb 20, 2020 1:49am
0xff, why didn't you take gj, then it would be even more
  • #254
  • Feb 20, 2020 2:01am Feb 20, 2020 2:01am
Quoting 0xff
650+ pips right now. I will wait end of week and fix positions few hour before marker close. {image}

nice one
  • #255
  • Feb 20, 2020 2:03am Feb 20, 2020 2:03am
Quoting ingob
0xff, why didn't you take gj, then it would be even more
Why not taken? 4th line from bottom on previous screenshot
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  • #256
  • Feb 20, 2020 2:21am Feb 20, 2020 2:21am
I missed it gj, 650 the week is awesome,100 would be enough for me
  • #257
  • Feb 20, 2020 3:02am Feb 20, 2020 3:02am
Ah, catching up with my charting, too late for this beauty

Monday low, Tuesday high, Wednesday retrace, Thursday recovery, Friday breakout, EUR news later

☹

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  • #258
  • Feb 20, 2020 3:30am Feb 20, 2020 3:30am
Quoting ingo3344
I missed it gj, 650 the week is awesome,100 would be enough for me
Watch for the Wednesday window of opportunity



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  • #259
  • Feb 20, 2020 3:45am Feb 20, 2020 3:45am
This is when you go over to the Daily Pivots thread and read about how it's going to turn around, and holding 888 pips drawdown is part of trading



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  • #260
  • Feb 20, 2020 3:47am Feb 20, 2020 3:47am
Quoting Erebus
This is when you go over to the Daily Pivots thread and read about how it's going to turn around, and holding 888 pips drawdown is part of trading {image}
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