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Simple Monday-Tuesday System (attached calculator)

  • #1,241
  • Mar 15, 2020 1:06am Mar 15, 2020 1:06am
Quoting Erebus
{quote} I can see why people get annoyed with you?
Well, I figured out a way to potentially increase the win rate on this strategy and was going to help you, but since you are acting like a jerk towards me, you can figure it out on your own!

I am definitely finished with this place! There is something seriously wrong with the people here!
Learn from your mistakes and march on.
  • #1,242
  • Mar 15, 2020 1:09am Mar 15, 2020 1:09am
Quoting bojack34
{quote} I didn't say I was trying to figure out the system. I'm trying to dial in my money management. Big difference.
Good luck with that!
Learn from your mistakes and march on.
  • #1,243
  • Mar 15, 2020 1:12am Mar 15, 2020 1:12am
Quoting here2there
{quote} Well, I figured out a way to potentially increase the win rate on this strategy and was going to help you, but since you are acting like a jerk towards me, you can figure it out on your own! I am definitely finished with this place! There is something seriously wrong with the people here!
Well, if you can’t figure out which way the trade is when it says clearly on the charts, BUY, then I’m not too sure about you either.

And for a minute I thought maybe I had you mixed up with another member “OutThere” that annoys people too

Hey, wait a minute....

It takes a lot for me to IGNORE you, but you can try.
  • #1,244
  • Mar 15, 2020 1:14am Mar 15, 2020 1:14am
Quoting bojack34
{quote} I can feel the restraint. Good Job!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2020-03-15 at 4.08.48 pm.png Size: 2.3 MB
It takes a lot for me to IGNORE you, but you can try.
  • #1,245
  • Mar 15, 2020 1:14am Mar 15, 2020 1:14am
Quoting Erebus
{quote} Well, if you can’t figure out which way the trade is when it says clearly on the charts, BUY, then I’m not too sure about you either. And for a minute I thought maybe I had you mixed up with another member “OutThere” that annoys people too Hey, wait a minute....
Are you assuming I have been trading this strategy regularly like you have?

I didn't see any chart posted by you prior to me asking you which direction you traded EURGBP.

Update: Never mind, I now see the mistake I made. My bad.
Learn from your mistakes and march on.
  • #1,246
  • Mar 15, 2020 1:18am Mar 15, 2020 1:18am
Quoting here2there
{quote} Are you assuming I have been trading this strategy regularly like you have? I didn't see any chart posted by you prior to me asking you which direction you traded EURGBP. Update: Never mind, I now see the mistake I made. My bad.
Thanks, I was just about to post it

https://www.forexfactory.com/showthr...5#post12811915
It takes a lot for me to IGNORE you, but you can try.
  • #1,247
  • Mar 15, 2020 1:19am Mar 15, 2020 1:19am
Quoting Erebus
{quote} {image}
Yes, I made a mistake about the chart (it's late here). I can see from your post which direction you traded.
Learn from your mistakes and march on.
  • #1,248
  • Mar 15, 2020 1:21am Mar 15, 2020 1:21am
Quoting here2there
{quote} Yes, I made a mistake about the chart (it's late here). I can see from your post which direction you traded.
From your profile “When it comes to trading, my mistakes have always been my best instructors”



Very late, get some sleep

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2020-03-15 at 4.21.55 pm.png Size: 137 KB
It takes a lot for me to IGNORE you, but you can try.
  • #1,249
  • Mar 15, 2020 1:25am Mar 15, 2020 1:25am
Quoting Erebus
{quote} Lucky or smart 15 or 25, it a personal thing, why don’t you be brave and try 20
Now, I set 20 for my trade.
But some time, it pullback to my sl.


Same as last gbpchf,EG.
So,"trend is your friend" is always good strategy.


However,I've learned that it's smart trade if we use Tue- Wednesday
for set up in case of high volatility on Monday.
....I missed many pairs : AU AC
  • #1,250
  • Mar 15, 2020 1:25am Mar 15, 2020 1:25am
Quoting Erebus
{quote} From your profile “When it comes to trading, my mistakes have always been my best instructors”
Yes, I look at what went wrong with the trade. I ask myself what I could have done differently for a better outcome. I do my best not to repeat what I did wrong.
Learn from your mistakes and march on.
  • #1,251
  • Mar 15, 2020 1:37am Mar 15, 2020 1:37am
Quoting Erebus
{quote} Very late, get some sleep {image}
The stop loss you are using appears to be too tight for this strategy.

It is more efficient to use the Average Daily Range as a stop loss.

Had you used the ADR (currently 92 pips for period 10) as a stop loss on your EURGBP trade, you would not have gotten stopped out, and you could have collected pips on this pair up until Friday.
Learn from your mistakes and march on.
  • #1,252
  • Mar 15, 2020 1:44am Mar 15, 2020 1:44am
I've only tried to be helpful in this thread. But since people in here appear to find me annoying, I will go away.

I wish you all the best.
Learn from your mistakes and march on.
  • #1,253
  • Mar 15, 2020 2:02am Mar 15, 2020 2:02am
Quoting here2there
{quote} The stop loss you are using appears to be too tight for this strategy. It is more efficient to use the Average Daily Range as a stop loss. Had you used the ADR (currently 92 pips for period 10) as a stop loss on your EURGBP trade, you would not have gotten stopped out, and you could have collected pips on this pair up until Friday.
Yes, it could be too tight on some cases, in others it doesn’t matter, the method got the DIRECTION CORRECT for every entry last (that I took is what I mean)

I don’t have any fancy indicators available as they don’t run on an iPad.

Would the EURGBP still get to 2 to 1 level using 92 pips stop loss?

However, the Fibonacci Tool takes volatility in consideration by making the Entry 15% of the High to low range.

That is pretty good in most cases. Every new trader is told, there will be losses, this was 1 out of 10 or 11 trades.

It’s the next best thing to a guaranteed winner, but if you can improve it, open a demo account, link it to TE

Forward test it for a week or two, come on!

It takes a lot for me to IGNORE you, but you can try.
  • #1,254
  • Mar 15, 2020 2:17am Mar 15, 2020 2:17am
Quoting here2there
I've only tried to be helpful in this thread. But since people in here appear to find me annoying, I will go away. I wish you all the best.
Oh come on, don’t be like that, we all love ya

Yes, that stop loss and take profit would have worked

But how about all the other trades, would they have hit targets?

I don’t have the ADR to check them

You have to admit it was a close thing, just an unfortunate range and then the spike

Considering what’s going on in the markets, an excellent outcome IMHO



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It takes a lot for me to IGNORE you, but you can try.
  • #1,255
  • Edited 2:59am Mar 15, 2020 2:43am | Edited 2:59am
So I just did a "visual" back test on this strategy using GBPUSD from March 1st 2019 to Current (52 weeks). Here is what I was using as my criteria. Opening trades at 15% with a 50%SL. Once a trade reaches 50% of the 1:1 target I move the SL to BE. I leave all trades open until either the TP or SL is hit or then end of the trading day on Friday. I don't open any trades on Friday. I only open trades on Wed and Thur. That's pretty much it. Here are my results.....

1:1 was reached 18 times
2:1 was reached 6 times
SL was hit 8 times at 50% of the range
SL was hit 3 times at 100% of the range
No Trade 10 times
Break Even 6 times
Small Loss at close on Friday 4 times
Small Win at close on Friday 6 times

EDIT: If I risked 1% per trade I would have made +18% on the wins and -8% on the losses. That leaves +10%...plus or minus the small wins and losses (6 small wins and 4 small losses). I know you're probably thinking at first...."this is only +10%+/- for 52 weeks"......BUT.....this is only 1 pair and only 1% per week. If I were trading only 1 pair per week I would most likely risk at least 5%. So you can safely multiply that +10% by 5 if you only wanted to trade this one pair.........now....50%+/- for the last 52 weeks!! Does that sound better?!?
  • #1,256
  • Mar 15, 2020 5:12am Mar 15, 2020 5:12am
Quoting ckerdmon
My last result, Winner = 10 Lose = 7 It's rough week but still got profit. Gbpchf & EG made me get stop loss..but I'm lucky because set order them again and gives me awesome result. Do you think we should set up buy or sell at 1.15 or 1.25?
I get excited for Tuesday, its pension day. Haha
  • #1,257
  • Mar 15, 2020 5:15am Mar 15, 2020 5:15am
Quoting ckerdmon
My last result, Winner = 10 Lose = 7 It's rough week but still got profit. Gbpchf & EG made me get stop loss..but I'm lucky because set order them again and gives me awesome result. Do you think we should set up buy or sell at 1.15 or 1.25?
What win loss ratio analysis have you done. How about 13.32%. Don't you think you should look at it and work it out rather than expect others to do it for you.
  • #1,258
  • Mar 15, 2020 5:20am Mar 15, 2020 5:20am
Quoting bojack34
Charts don't get much cleaner than this. I'm going to try to limit the pairs that I trade with this strategy so i'm not risking tooooo much. I'm going to try to risk around .5% to 1% per pair. I'm going to treat these trades as a basket but also let each pair have a set TP and SL. If some of the pairs hit a TP or SL but my overall basket TP or SL hasn't been hit yet, i'll continue to trade. Once the overall basket TP or SL has been hit than I will "close all trades" no matter what. I'm not quite sure what a good overall TP and SL is yet. I haven't...
Sounds like a good plan to me. Not sure if you are being too cautious with the profit target. 0.5%or 1% are certainly recognised risk levels. You can afford a lot of losses before being totally wiped out.
  • #1,259
  • Mar 15, 2020 5:25am Mar 15, 2020 5:25am
https://www.worldometers.info/coronavirus/

Watching the news, reading Twitter, it’s like seeing a Hollywood movie unfold in real time

Was it just last week when I read about people making fun of Australian Prime Minister, Scott Morrison, for quarantining people from China?

Now there are all sorts of bans, in virtually every country, sports completely shutdown, amazing

WHO declaration of Pandemic, this is far from being under control.

Might stock up on supplies and head for the outback for 6 months
It takes a lot for me to IGNORE you, but you can try.
  • #1,260
  • Mar 15, 2020 5:34am Mar 15, 2020 5:34am
Quoting bojack34
{quote} Everyone would rather just ask for other peoples settings and then do one of the most useless things on MT4....backtest a strategy. People don't have the patience to forward test properly and keep notes/stats.
Totally agree. The premise for this somewhat lightly called strategy is that Monday and Tuesday defined a trading range. Yet to be completely proven but I am happy to accept it on face value. After that there are some entry and exit rules which over the life of this thread have been rightly questioned. This is a breakout strategy which requires the trader to look at risk/reward, false breakiouts, SL, tp etc, etc.

If you are going to use this idea then everyone has a personal responsibility to ensure that their own interpretation is 100% correct. Their own implementation is 100% correct. Don't expect anyone else to spoon feed you. Do your own work, share if you want, and implement the results, if you want.
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