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Simple Monday-Tuesday System (attached calculator)

  • #501
  • Feb 27, 2020 1:14pm Feb 27, 2020 1:14pm
Attached Image (click to enlarge)
Click to Enlarge Name: Pic1.png Size: 145 KB
  • #502
  • Feb 27, 2020 1:19pm Feb 27, 2020 1:19pm
Quoting PaulDV
{quote} This is GBPNZD on H1...as you can see, it triggered a buy stop order when the price pierced the entry point... {image} If you go down to the M15 timeframe, you can see that the price never closed above the line. In this instance, if I'd waited for the price to close before entering, I would never have entered the trade, saving myself a full loss: {image}
I have recently been observing what I call Areas of Resistance. This is where you get prices making Highs or lows that are about the same value but don't break out. On your 15 minute chart there were 4 Highs but no corresponding close above them. This happens frequently but as yet I haven't been able to quantify how to use them. Its as though no one wants to BUY above this level. It also happens with LOWs.
  • #503
  • Feb 27, 2020 1:56pm Feb 27, 2020 1:56pm
Quoting Spikehunter
{image}
That script looks very nice, will you be sharing that EA FOR TESTING,
  • #504
  • Feb 27, 2020 2:08pm Feb 27, 2020 2:08pm
Quoting redfan
{quote} That script looks very nice, will you be sharing that EA FOR TESTING,
Yes, although it will be basic and I still have to work out the rules that people are using.

The other observation that I have is that price tends to move to a daily ATR and then stop, guess why it becomes the ATR. I may personally use this as a Profit taking idea.
  • #505
  • Feb 27, 2020 2:18pm Feb 27, 2020 2:18pm
Quoting Spikehunter
{quote} I have recently been observing what I call Areas of Resistance. This is where you get prices making Highs or lows that are about the same value but don't break out. On your 15 minute chart there were 4 Highs but no corresponding close above them. This happens frequently but as yet I haven't been able to quantify how to use them. Its as though no one wants to BUY above this level. It also happens with LOWs.
All very well in theory, how many traders are able to watch 28 pairs on the 15 minute chart and make instant decisions at very active market time or high impact news events?

How about the Stop Loss and Take Profit price line? Will you wait for a close beyond as well.

Good luck
MAY THE TREND BE WITH YOU
  • #506
  • Feb 27, 2020 2:21pm Feb 27, 2020 2:21pm
Quoting here2there
{quote} I must be doing something wrong. Perhaps it's the script or my timing of using it. I hope you are feeling better.
Maybe you are clicking BUY instead of SELL ??

MAY THE TREND BE WITH YOU
  • #507
  • Feb 27, 2020 2:31pm Feb 27, 2020 2:31pm
Quoting Erebus
{quote} Maybe you are clicking BUY instead of SELL ??
hahaha

No, it's the script's fault!

But I will get this sorted out eventually.
Learn from your mistakes and march on.
  • #508
  • Feb 27, 2020 3:31pm Feb 27, 2020 3:31pm
Quoting Erebus
{quote} All very well in theory, how many traders are able to watch 28 pairs on the 15 minute chart and make instant decisions at very active market time or high impact news events? How about the Stop Loss and Take Profit price line? Will you wait for a close beyond as well. Good luck
Certain I think the same way. More importantly, Erebus, the trades are meant to be set and forget. Who is ready to baby sit trades.

Get well soon.
Do not run to meet the price, let price run to meet you.
  • #509
  • Feb 27, 2020 3:43pm Feb 27, 2020 3:43pm
Quoting Erebus
{quote} All very well in theory, how many traders are able to watch 28 pairs on the 15 minute chart and make instant decisions at very active market time or high impact news events? How about the Stop Loss and Take Profit price line? Will you wait for a close beyond as well. Good luck
I agree, but how many traders here actually actively watch 28 pairs all day long? And in truth we're not talking about watching 28 pairs in the 15 minute chart all at the same time are we?

The point I was trying to make was that false breakouts ARE something to be aware of, and I was merely proposing a way of circumventing them. It's up to the individual as to how much risk they feel they pose and can ignore my observations if they wish.

Your comments about SL and TP are irrelevent, churlish and completely missing the point - I was talking about entries.
"Pips are vanity. Profit is sanity."
  • #510
  • Feb 27, 2020 4:15pm Feb 27, 2020 4:15pm
Quoting Spikehunter
{quote} Hi, Just put this together as an aid. Its a script which shows the Hi Lo and some other levels. Not sure what everyone is using but easily modified. I did start of usin FIBO but the control of the length of lines is limited. {file}
Thanks for this I'll try it out soon the fib tool was getting a painful to use.. how do U calculate your RR if U don't mind me asking ?

PS if anyone else has a good RR tool they would like to share to calculate how many micro lots to use on anyone pair that would be helpful.. you guys that got the script to work everything went ok ?
  • #511
  • Feb 27, 2020 4:48pm Feb 27, 2020 4:48pm
Quoting PhillipmC
{quote} Thanks for this I'll try it out soon the fib tool was getting a painful to use.. how do U calculate your RR if U don't mind me asking ? PS if anyone else has a good RR tool they would like to share to calculate how many micro lots to use on anyone pair that would be helpful.. you guys that got the script to work everything went ok ?
Attached File(s)
File Type: ex4 lot size calc.ex4   9 KB | 290 downloads


Try this, very easy to use
  • #512
  • Feb 27, 2020 4:59pm Feb 27, 2020 4:59pm
Quoting Erebus
{quote} All very well in theory, how many traders are able to watch 28 pairs on the 15 minute chart and make instant decisions at very active market time or high impact news events? How about the Stop Loss and Take Profit price line? Will you wait for a close beyond as well. Good luck
I don't understand you reply. I haven't mentioned 28 pairs??
And if YOU want Stop Loss and Take Profit YOU can add them yourself.
I'll do it for the others.
  • #513
  • Feb 27, 2020 5:29pm Feb 27, 2020 5:29pm
Quoting Spikehunter
{quote} I don't understand you reply. I haven't mentioned 28 pairs?? And if YOU want Stop Loss and Take Profit YOU can add them yourself. I'll do it for the others.
Okay, not 28 pairs, how many ever, no problem

But to confirm the close over the line, the trader has to be on the screen for 24 hours a day watching for that?

I didn’t ask you for the stop loss, I asked if you will watch for the close beyond the stop loss same as the entry

It might be a spike also, and reverse, same as your entry theory

Understand now?
MAY THE TREND BE WITH YOU
  • #514
  • Feb 27, 2020 5:32pm Feb 27, 2020 5:32pm
Quoting Erebus
{quote} Okay, not 28 pairs, how many ever, no problem But to confirm the close over the line, the trader has to be on the screen for 24 hours a day watching for that? I didn’t ask you for the stop loss, I asked if you will watch for the close beyond the stop loss same as the entry It might be a spike also, and reverse, same as your entry theory Understand now?
Long story short. There is no such thing as a "false breakout".
  • #515
  • Feb 27, 2020 5:34pm Feb 27, 2020 5:34pm
Quoting PhillipmC
{quote} Thanks for this I'll try it out soon the fib tool was getting a painful to use.. how do U calculate your RR if U don't mind me asking ? PS if anyone else has a good RR tool they would like to share to calculate how many micro lots to use on anyone pair that would be helpful.. you guys that got the script to work everything went ok ?
Risk Reward is simple like 2 to 1

I think you mean Position Sizing?

Post 306

https://www.forexfactory.com/showthr...=976730&page=8
MAY THE TREND BE WITH YOU
  • #516
  • Feb 27, 2020 6:21pm Feb 27, 2020 6:21pm
Quoting Erebus
{quote} Risk Reward is simple like 2 to 1 I think you mean Position Sizing? Post 306 https://www.forexfactory.com/showthr...=976730&page=8
Yes that's what I meant thanks buddy
  • #517
  • Feb 27, 2020 6:28pm Feb 27, 2020 6:28pm
I have been following this thread with interest, on Wednesday start of day I setup my trades based on Monday/Tuesday, Buy at High, Sell at low on 13 pairs, I calculated the ATR for each pair, the total for 13 pair was 850 pips, not wanting to be greedy I only took 400 pips as my target. I ran all 13 pairs as a basket deleting the opposite side as trades were opened, no stop loss was used, 400Pips was achieved on Thursday night Australian time when I took my profit.
  • #518
  • Feb 27, 2020 7:24pm Feb 27, 2020 7:24pm
Quoting Spikehunter
{quote} Hi, Just put this together as an aid. Its a script which shows the Hi Lo and some other levels. Not sure what everyone is using but easily modified. I did start of usin FIBO but the control of the length of lines is limited. {file}
I'm not sure if you realize this, but this script of yours can be used as a reliable support and resistance indicator. What are these levels based on besides the Hi and Lo?
Learn from your mistakes and march on.
  • #519
  • Feb 27, 2020 8:42pm Feb 27, 2020 8:42pm
Quoting PaulDV
{quote} I agree, but how many traders here actually actively watch 28 pairs all day long? And in truth we're not talking about watching 28 pairs in the 15 minute chart all at the same time are we? The point I was trying to make was that false breakouts ARE something to be aware of, and I was merely proposing a way of circumventing them. It's up to the individual as to how much risk they feel they pose and can ignore my observations if they wish. Your comments about SL and TP are irrelevent, churlish and completely missing the point - I was talking...
Hi PaulDV,

I apreciate your findings and suggestions. I also followed you on "Currency Grail Scalping System", you contributed a lot to that thread, I need to check again how that system is performing.

About what you say here....it can be coded you know. I am working on something else at the moment but you are a coder yourself right? Feel free to modify my EA introducing this filter if you please.
  • #520
  • Feb 27, 2020 9:31pm Feb 27, 2020 9:31pm
banking some nice profits today gents
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