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Simple Monday-Tuesday System (attached calculator)

  • #321
  • Feb 23, 2020 9:14am Feb 23, 2020 9:14am
It would be great if an ea can be made so we can backtest it and optimize it on a few hours instead of months
  • #322
  • Feb 23, 2020 10:48am Feb 23, 2020 10:48am
Quoting Azis1234
It would be great if an ea can be made so we can backtest it and optimize it on a few hours instead of months
Such an EA would have to be created by a professional coder to be done right. Otherwise, trading this strategy using an EA could get messy.
Learn from your mistakes and march on.
  • #323
  • Feb 23, 2020 11:06am Feb 23, 2020 11:06am
Quoting Erebus
{quote} That was me thinking up a silly story for this, now the picture loads... {image}
Get well soon dear.
  • #324
  • Feb 23, 2020 11:36am Feb 23, 2020 11:36am
Erebus - we appreciate you! Recover - the friend!!!!
Forgive for my English!
  • #325
  • Feb 23, 2020 12:53pm Feb 23, 2020 12:53pm
Erebus..... Greek God of darkness. Interesting moniker.
  • #326
  • Feb 23, 2020 2:01pm Feb 23, 2020 2:01pm
All the best from here
  • #327
  • Feb 23, 2020 11:48pm Feb 23, 2020 11:48pm
Good day, fellow lovely traders.

I was stumbled by the name of this system and decide to give it a try. This is my first ever comeback to forex trading after almost 4 years. (because I was in university that time)
I try the EA but the results is pretty disappointed. So, I decided to go manual.
Loaded day of week indicator and set up my Fibonacci tools with settings like Erebus(credits to Erebus!). I will see you all in Wednesday!
  • #328
  • Feb 24, 2020 1:13am Feb 24, 2020 1:13am
Very very early strength readings, Frankfurt, Mon open

Don't be seduced by those devilish indicators

Be strong and patient for Wednesday



Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200224-170659_Chrome.jpg Size: 308 KB
It takes a lot for me to IGNORE you, but you can try.
  • #329
  • Feb 24, 2020 1:18am Feb 24, 2020 1:18am
Quoting Erebus
Very very early strength readings, Frankfurt, Mon open Don't be seduced by those devilish indicators Be strong and patient for Wednesday {image}
Just sent you a private message. Check it out when you can.
  • #330
  • Feb 24, 2020 1:59am Feb 24, 2020 1:59am
Quoting Erebus
Very very early strength readings, Frankfurt, Mon open Don't be seduced by those devilish indicators Be strong and patient for Wednesday {image}
Ah sitting on the hands watching the markets play out... It's a skill no doubt lol..
  • #331
  • Feb 24, 2020 2:30am Feb 24, 2020 2:30am
Quoting PhillipmC
{quote} Ah sitting on the hands watching the markets play out... It's a skill no doubt lol..
Certainly helps to avoid thin markets during those pesky Bank Holidays, especially the USA has so many, President Day, Turkey Day...

It takes a lot for me to IGNORE you, but you can try.
  • #332
  • Feb 24, 2020 3:22am Feb 24, 2020 3:22am
Be strong and patient for Wednesday
  • #333
  • Feb 24, 2020 5:18am Feb 24, 2020 5:18am
Quoting Erebus
{quote} Certainly helps to avoid thin markets during those pesky Bank Holidays, especially the USA has so many, President Day, Turkey Day...
Hi Erebus! I'm thinking of using currency strength indicator on Wednesday to see the strongest and weakest currency as set up. What do you think?
  • #334
  • Feb 24, 2020 5:55am Feb 24, 2020 5:55am
Quoting leonlee0116
{quote} Hi Erebus! I'm thinking of using currency strength indicator on Wednesday to see the strongest and weakest currency as set up. What do you think?
I believe we need to be paying more attention to each pairs Average Weekly Range and also Weekly S/R. If after Tuesday a pair has already exceeded 80% of it's Average Weekly Range then I probably wouldn't want to enter that trade and expect it to continue on to get 1:1 return. I understand that anything can happen and a pair can easily go for 250% of it's AWR.
  • #335
  • Feb 24, 2020 6:02am Feb 24, 2020 6:02am
Quoting Erebus
This is my weekly visual review, using basic 1 unit risk, take profit at 2 units, resulting in a +27 units increase. Feel free to challenge any chart, I'm ready Let's go live next week, I've got the free time now, getting over my bear attack Hang on , file is too big? Working last week Had to make 2 files {image} {image}
Hi Erebus, Speedy recover mate keep up the good fight that is life.
So I note you have a 1 unit for a loss, 2 for a win. Does that mean your SL is 25% of the range assuming your TP is still 50% of the range? I am still using 50%:50% or 1:1.
MWTF Return This Week: na
  • #336
  • Feb 24, 2020 6:25am Feb 24, 2020 6:25am
Quoting BearBu11y
{quote} Hi Erebus, Speedy recover mate keep up the good fight that is life. So I note you have a 1 unit for a loss, 2 for a win. Does that mean your SL is 25% of the range assuming your TP is still 50% of the range? I am still using 50%:50% or 1:1.
All those calculations are made on an entry at or near the low or high.

Stop Loss at the middle of the range, so 50%

I'm sure in live trading, I will manage position by moving stop to BE when price gets to Level 1.

The results are based on taking 2 to 1 regardless of how much further price went. Look at the JPY pairs last week, easy in hindsight to say, oh, I got 6 to 1.

EURAUD is an example of an easy trade, no one could get this wrong. If you have a question about any pair, now is your chance, but you should have already used the Fibonacci Tool on last week's prices and know what happened.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20200223-065236_MetaTrader 5.jpg Size: 467 KB
It takes a lot for me to IGNORE you, but you can try.
  • #337
  • Feb 24, 2020 6:34am Feb 24, 2020 6:34am
Can anyone put a few words on the latest settings? Some talks entry at 15%, some talks entry at 25%. Im confused
  • #338
  • Feb 24, 2020 7:18am Feb 24, 2020 7:18am
Quoting Erebus
{quote} All those calculations are made on an entry at or near the low or high. Stop Loss at the middle of the range, so 50% I'm sure in live trading, I will manage position by moving stop to BE when price gets to Level 1. The results are based on taking 2 to 1 regardless of how much further price went. Look at the JPY pairs last week, easy in hindsight to say, oh, I got 6 to 1. EURAUD is an example of an easy trade, no one could get this wrong. If you have a question about any pair, now is your chance, but you should have already used the Fibonacci...
I've never really used the Fibonacci tool before. Can I get a chart set up on my MT4 like this Erebus? I know you've been using your MT5 mobile app to make these charts. I really like how simple, clean and easy to read your chart is. Also I PM'd you.
  • #339
  • Feb 24, 2020 7:22am Feb 24, 2020 7:22am
Quoting tes724
Can anyone put a few words on the latest settings? Some talks entry at 15%, some talks entry at 25%. Im confused
It's an individual choice, pick one, run a visual test over last week's prices on the pairs that you want to trade.

Risk management as per your trading plan, but 2 to 1 seems to cover it as far as I can see.

Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #340
  • Feb 24, 2020 7:26am Feb 24, 2020 7:26am
Quoting bojack34
{quote} I've never really used the Fibonacci tool before. Can I get a chart set up on my MT4 like this Erebus? I know you've been using your MT5 mobile app to make these charts. I really like how simple, clean and easy to read your chart is. Also I PM'd you.
Yes, of course, Fibonacci Tool is universal across every trading software; but we're not using Fibonacci numbers, just use the Tool to measure the range and project the targets.

I have posted the settings a few times, just scroll back to find them.

Good luck
It takes a lot for me to IGNORE you, but you can try.
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