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Simple Monday-Tuesday System (attached calculator)

  • #1,101
  • Mar 11, 2020 3:40am Mar 11, 2020 3:40am
Quoting pbw
{quote} The GBPAUD trade was just last week -- should be Tues March 3 - Fri March 6 -my error. High was 1.9719 low was 1.9299 = 420 pips 420 x 15% = 63 pips buy entry was 1.9782 (1.9782 + 63 = 1.9782)) stop loss was 1.9257 ( 420 x 10% = 42 pips ---- low was 1.299 - 42 = 1.9257) so 1.9782 - 1.9257 = 525 I am not using calculator (cannot download it --and doing by hand ) -- let me know if you see an error -many thanks.
Maybe I've missed something, but I'm not sure that your maths is correct on this one - did you actually enter a trade or are you paper trading it?

Also what are you using for your entry and stop loss?

You mention 15% entry...if so, then GBPAUD should not have triggered last week for you (it didn't for me).

e.g. I'm using 15% of range for entry and 50% of range for SL.
Last week's range was 1.9774 to 1.9297 (476 pips).
Long entry was at 1.9845, short entry at 1.99226.
Price extremes from Wednesday was a high of 1.9675 and a low of 1.9289 - well within the trigger points.

Even if it did lose, the loss would have been 309 pips max (not that pips are any indication of profitability).
"Pips are vanity. Profit is sanity."
  • #1,102
  • Mar 11, 2020 3:51am Mar 11, 2020 3:51am
Quoting 4ecstasy
I've been trading this system with some success, the Monday-Tuesday system (MoTu). My first post, time to give back to the community! Pairs: I prefer GBP crosses. Probably any volatile pair. Logic behind the system: The highs and lows of Monday and Tuesday often form the low or the high of the week. Steps (see attached calculator) Find the highest high and lowest low of Monday and Tuesday. Enter it into attached calculator. Entry is set to 15% of the highest high. SL is set to 10% on the other side of the low for long; high for short. TP is set...

Very well thought out and clear explanation of your strategy!
  • #1,103
  • Mar 11, 2020 3:53am Mar 11, 2020 3:53am
Its a great question. When does Wednesday start. Its different for each time zone as a new day starts at midnight and then you have to take into account GMT and your brokers server time. There probably several Wednesday starts.

My EA uses the DayOfWeek function which ranges fro 0 to 6 Sunday to Saturday which I presume is taken by MT4 from the brokers server time. Wednesday is therefore =3. There always seem to be discrepancies between systems using different brokers so its a case of doing your own analysis and checking the results are what you want. Some brokers like mine have open at 22:00 on Sunday so I have 2 Sunday candles. This really screws up any indicators based on daily prices so I tend to stay away from daily systems. This one is cleaner in that it is an analysis of Mon & Tues prices what ever they may be and then a break out. No indicators to get in the way, at the moment at least.
  • #1,104
  • Mar 11, 2020 3:56am Mar 11, 2020 3:56am
Quoting Innovator757
{quote} Very well thought out and clear explanation of your strategy!
Yes I agree with you and that is what we are trying to implement , although the SL is a bit far out the rest is about the same. Forward testing will prove how good it works.
  • #1,105
  • Mar 11, 2020 4:01am Mar 11, 2020 4:01am
I suggest London Open to begin the trading.
Today before L.O , GBPCAD GBPCHF and GBPUSD have reached the sellstop and now go north.
Waiting for L.O....no trades
  • #1,106
  • Mar 11, 2020 4:09am Mar 11, 2020 4:09am
Quoting dazamate
{quote} As requested, here is the MT4 version. I don't use MT4, but a quick test shows everything work. (Holy Sh*t MT4 is slow compared to MT5) There seems to be a small graphical glitch sometimes on the new year transition, in the indicator. Have a go with it and let me know how it goes. {file}
Thanks for sharing but i think we have some problem with offset or broker time...
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  • #1,107
  • Mar 11, 2020 4:17am Mar 11, 2020 4:17am
Quoting zoraxfx
I suggest London Open to begin the trading. Today before L.O , GBPCAD GBPCHF and GBPUSD have reached the sellstop and now go north. Waiting for L.O....no trades
Some spikes about, time to go hunting
  • #1,108
  • Edited 5:19am Mar 11, 2020 5:01am | Edited 5:19am
Quote "
Entry Stuff:

 

  1. The robot will not set pending orders, it will wait until price touches the breakout trigger level (from Wednesdays onward) then open an order on touch."

Just cut and paste the bit I wanted.

Trouble with this method is that you will need to leave the PC running all the time. No power cuts, unless battery backup, no system updates just like the one I have had, or other miscellaneous issues, and he vagaries of brokers "off quotes" and slippage etc. Setting Pending Orders will allow to set and turn off just checking occasionally or even from a tablet.

  • #1,109
  • Mar 11, 2020 5:19am Mar 11, 2020 5:19am
Do you have any triggered orders ?
4 orders currently and unfortunately 1 SL (GBPCHF)
  • #1,110
  • Mar 11, 2020 5:21am Mar 11, 2020 5:21am
Quoting Spikehunter
Quote " Entry Stuff: The robot will not set pending orders, it will wait until price touches the breakout trigger level (from Wednesdays onward) then open an order on touch." Just cut and paste the bit I wanted. Trouble with this method is that you will need to leave the PC running all the time. No power cuts, unless battery backup, no system updates just like the one I have had, or other miscellaneous issues. Setting Pending Orders will allow to set and turn off just checking occasionally or even from a tablet.
Well if you're serious about running a trading robot, you've got to account for these things.

My solution would be to have the EA fully restore its state and "pick up where it left off".

Pending Orders Vs EA Market Order

It depends what you want. Placing pending orders is the easiest "set and forget" method. But I seen you guys are trading a lot of pairs, and on Wednesday your MT4 is blanketed with pending orders on all different markets.

Correct me if I am wrong, but you've got some sort of system in place where if one of the pending orders is triggered, the rest need to be deleted? or cut down in some way.

If that's the case, you nulled your own argument, because you need the EA there to watch those pending orders on every tick to manage which ones are going to get closed off after a trade trigger event.

The "power outage" scenario will screw you either way - I can't imagine that you would just let it place pending orders from all different markets and think you're safe if the EA got cut off. Imagine if they all got triggered, the risk management is still needed with the pending orders approach on some level from the EA.

If there is a power out on a market execution EA during the moment the signal triggers, you miss the trade. If the EA is out with the pending order approach, you could potentially have 20 unwanted trades trigger.

Does that make sense?
  • #1,111
  • Mar 11, 2020 5:55am Mar 11, 2020 5:55am
Quoting Spikehunter
{quote} Thank you for using and testing my EA. How would you like it to manage the orders on Friday? I will incorporate it.
My plan / personal preference really is to close all trades in profit as i see fit, letting the remaining ones run until they hit SL (if they do).

I always like to let a system play out completely as this for me gives a good idea on the strategy as a whole.

Im happy to take a recommendation on how better / best to manage closing down orders / trades at market close on a Friday.
  • #1,112
  • Mar 11, 2020 5:56am Mar 11, 2020 5:56am
Quoting dazamate
{quote} Well if you're serious about running a trading robot, you've got to account for these things. My solution would be to have the EA fully restore its state and "pick up where it left off". Pending Orders Vs EA Market Order It depends what you want. Placing pending orders is the easiest "set and forget" method. But I seen you guys are trading a lot of pairs, and on Wednesday your MT4 is blanketed with pending orders on all different markets. Correct me if I am wrong, but you've got some sort of system in place where if one of the pending orders...
Yes, I agree with you, it makes absolute sense,
That's why I only trade on four pairs,
Even when you've got EA's running,
You need to watch them and watch the market and price action,
I am looking into when I start trading live to set up two computers,
running with the same account on both of them,
so I can close my trades if one of the computers goes down.
  • #1,113
  • Mar 11, 2020 5:59am Mar 11, 2020 5:59am
Quoting 0xff
{quote} Strategy is simple. On first hour of wednesday(broker's time) I use this script on all currencies. Open chart, execute script, open another currency chart and execute script and so on. Script set pending orders at %fibo in settings. As default 25% for level to entry and 50% for SL and no TP. That's all. I close all positions and delete not triggered orders few hours before market close at friday. {quote} 25%. See screenshot. motu_script.mq4 - for send pending orders CloseAllPositions.mq4 - for close all positions and pending orders {file}...
Do you use that same script to open pending orders you published today?
  • #1,114
  • Mar 11, 2020 6:06am Mar 11, 2020 6:06am
Finisher today manually traded this one
recommended from Single account .

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  • #1,115
  • Mar 11, 2020 6:26am Mar 11, 2020 6:26am
Quoting redfan
Finisher today manually traded this one recommended from Single account . {image}
Pls share your indicator at upper right coner.
  • #1,116
  • Mar 11, 2020 7:05am Mar 11, 2020 7:05am
@ redfan
please how can you get a sell at 1.37032 on USDCAD with the rules ?
it's a new system ?
  • #1,117
  • Mar 11, 2020 7:21am Mar 11, 2020 7:21am
Hello guys, what do you think was there a Sell in GBP/CAD ? According to this strategy yes but lets see. In favour of this trade is the gap i think, but CAD overall is weak taking into the account the oil price.
  • #1,118
  • Mar 11, 2020 8:20am Mar 11, 2020 8:20am
Quoting irvinboy
Hello guys, what do you think was there a Sell in GBP/CAD ? According to this strategy yes but lets see. In favour of this trade is the gap i think, but CAD overall is weak taking into the account the oil price.
No trade for me on GBPCAD. Hit the low for the week but then went long. Didn't touch short entry.
"Pips are vanity. Profit is sanity."
  • #1,119
  • Mar 11, 2020 8:25am Mar 11, 2020 8:25am
Quoting PaulDV
{quote} No trade for me on GBPCAD. Hit the low for the week but then went long. Didn't touch short entry.
Yes it did.

Lowest low for now in wednesay is 1.76125, and the lowest low of monday & tuesday is 1.76841. The short entry is 1.76291. All this based on the first page Calculator.
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  • #1,120
  • Mar 11, 2020 8:32am Mar 11, 2020 8:32am
Quoting irvinboy
Hello guys, what do you think was there a Sell in GBP/CAD ? According to this strategy yes but lets see. In favour of this trade is the gap i think, but CAD overall is weak taking into the account the oil price.

With my broker ETX capital there was no touch of the sell line, so now I wait and see what happens.

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