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Simple Monday-Tuesday System (attached calculator)

  • #1,441
  • Edited 12:54pm Mar 18, 2020 12:44pm | Edited 12:54pm
Quoting FrancescoDTM
{quote} Sorry but my English is not the best and I struggle to understand certain terms. I'm practicing In the screen I highlighted the last break but the number 5 means that he broke on Friday? I understand it broke Thursday
There is also an error in the StopLoss columns which is proving difficult to find. The code looks good but is giving some strange results.

Edit: Found the problem but not the solution. Not going to be easy unless I rebuild part of the EA for lower timeframes. Ignore this column for the time being.
  • #1,442
  • Mar 18, 2020 12:45pm Mar 18, 2020 12:45pm
"The highs and lows of Monday and Tuesday often form the low or the high of the week."
Above got me thinking and I need to test this more for 2 more weeks before taking a decision, meanwhile see today's outcome
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screengrab-20200318-180155.png Size: 400 KB
Click to Enlarge Name: screengrab-20200318-180059.png Size: 393 KB
  • #1,443
  • Mar 18, 2020 12:47pm Mar 18, 2020 12:47pm
I have been travelling, and suffering being sent from pillar to post as travel bans affected my itinerary. Stuck at airport and the like prevented me from taking the trades this week. Suffering even more now as I see how well it is doing this week. Just hitting home runs one after the other.
MWTF Return This Week: na
  • #1,444
  • Mar 18, 2020 1:04pm Mar 18, 2020 1:04pm
@ PaulDV
I didn't understand why you didn't put a SL
  • #1,445
  • Mar 18, 2020 1:16pm Mar 18, 2020 1:16pm
Quoting PaulDV
{quote} Here's mine so far... {image}
Great stuff

Are the results based on the default values of the EA once loaded onto the chart??
  • #1,446
  • Mar 18, 2020 1:25pm Mar 18, 2020 1:25pm
OK, so here is my opinion on this strategy.

I think the main reason why this is working, is because current market conditions are making it work. Take away the conditions that are fueling this strategy, and it will likely cease to perform as well as it has been thus far.

In other words, this strategy is more like gambling in my opinion. It works for now, but there may be no longevity to it. It's important to understand this.

Nothing beats Technical Analysis. I would hope the people using this strategy agree with this, because if a time comes when it no longer works, and you have been lazy and haven't learned how to do technical analysis, not only will your cash cow run out of milk, but you will be desperately scrambling to find the next best thing and likely lose time and money in the process.

The point I am making here is don't put all your eggs in one basket. Learn how to do proper technical analysis. It will be far more beneficial to you in the long run than this strategy likely ever will be.

I'm not saying you should quit the strategy. Use it for as long as it works, but be sure to delve deeper into understanding how the markets work and how to read price action. You will be thankful you did.
Learn from your mistakes and march on.
  • #1,447
  • Mar 18, 2020 1:28pm Mar 18, 2020 1:28pm
I'm not agree
if the market is flat, you will not win with any strategy
  • #1,448
  • Mar 18, 2020 1:29pm Mar 18, 2020 1:29pm
Current market conditions are not normal so any wins or losses that this strategy provides in this times are not relevant. When things normalize then you can argue that this strategy works.

So bragging how this is good is useless.
Anything above the line is an uptrend, below the line is a downtrend.
  • #1,449
  • Mar 18, 2020 1:35pm Mar 18, 2020 1:35pm
Quoting zoraxfx
I'm not agree if the market is flat, you will not win with any strategy
Well, that's you. It doesn't describe me.

I have put in the time to learn how to trade profitably in all kinds of market conditions.

The only market you can't make a profit from is a dead market.
Learn from your mistakes and march on.
  • #1,450
  • Mar 18, 2020 1:39pm Mar 18, 2020 1:39pm
Thanks OP for putting this strategy out there. And huge kudos to those of you who have added inidicators, ideas, comments, and suggestions. Even with my ultra conservative entry/exit this approach perfectly suits my trading style and has been wonderfully profitable. Again - THANKS.
  • #1,451
  • Mar 18, 2020 1:42pm Mar 18, 2020 1:42pm
Quoting here2there
OK, so here is my opinion on this strategy. I think the main reason why this is working, is because current market conditions are making it work. Take away the conditions that are fueling this strategy, and it will likely cease to perform as well as it has been thus far. In other words, this strategy is more like gambling in my opinion. It works for now, but there may be no longevity to it. It's important to understand this. Nothing beats Technical Analysis. I would hope the people using this strategy agree with this, because if a time comes when...
Nothing wrong with TA, however, I'm sorry to disagree, as I have just completed a visualiser to look back as far as the eye can see I think you will be pleasantly surprised. Not the "Holy Grail", but then nothing is.
Not you necessarily but why do people just post opinions without posting any facts or research.
This strategy isn't bad but may probably be better long term with a trend filter if only a simple MA, a breakeven and trailing stop.
This is an EA and runs on initialisation. Only lines drawn no csv file output. Just change tf to run or new chart.

Attached File(s)
File Type: mq4 MT system statistics eyeballer.mq4   7 KB | 333 downloads


That's it for now, I'm not doing anything else on this.
  • #1,452
  • Mar 18, 2020 1:44pm Mar 18, 2020 1:44pm
Quoting here2there
{quote} Well, that's you. It doesn't describe me. I have put in the time to learn how to trade profitably in all kinds of market conditions. The only market you can't make a profit from is a dead market.
And thats not strictly true either a long as when you say dead you mean flat or low volatility.
  • #1,453
  • Mar 18, 2020 1:45pm Mar 18, 2020 1:45pm
Quoting zoraxfx
I'm not agree if the market is flat, you will not win with any strategy
and by price action you see it and dont trade that,but with this strategy you will trade anyway
  • #1,454
  • Mar 18, 2020 1:51pm Mar 18, 2020 1:51pm
Quoting Spikehunter
{quote}...This strategy isn't bad but may probably be better long term with a trend filter if only a simple MA, a breakeven and trailing stop....
I agree with this. But systemically throwing pending orders up on 20 or more pairs and hoping for the best isn't the best approach to trading the market in my opinion. There are a number of essential things a person using this strategy should consider before placing a trade. The OP mentioned some of these things.

A for me, I am going to bow out of this tread. I would rather use my time to improve on my own breakout strategy than rely so heavily on something that, in my opinion, amounts to nothing more than gambling.
Learn from your mistakes and march on.
  • #1,455
  • Mar 18, 2020 1:59pm Mar 18, 2020 1:59pm
Hmmm 4ectasy the initiator of this thread is reading currently
Whay'is his opinion about this strategy ?
  • #1,456
  • Mar 18, 2020 2:02pm Mar 18, 2020 2:02pm
Quoting Degolep
Current market conditions are not normal so any wins or losses that this strategy provides in this times are not relevant. When things normalize then you can argue that this strategy works. So bragging how this is good is useless.
why do you think i went over every trade for the last 52 weeks for 12 different pairs? Do some legwork and provide us with some valuable information.
  • #1,457
  • Mar 18, 2020 2:08pm Mar 18, 2020 2:08pm
Quoting PaulDV
Really motoring now! {image}
Really thanks for your amazing work.... I did a mistake because i didn't change magic number for every pair so Ea open just first order and no more... I've changed now for every pair and it's ok
Just a question about MA trailing stop.... i suppose ma value is related to tf....which tf do you suggest to use ?
Thanks again
Regards

i dind' t read about your update version
  • #1,458
  • Mar 18, 2020 2:16pm Mar 18, 2020 2:16pm
I sincerely hope that pointing out the obvious, that this is not the holy grail and that because the strategy is working in current market conditions won't necessarily mean it will work in other market conditions, is so extremely obvious to everyone it did not need pointing out.

Anyone who thinks that won't succeed as a trader anyways so can't really see the value in those statements any which way I look at it

Ofcourse a lot more research has to be done in order to conclude whether this can only be traded in highly trending market conditions or perhaps it's solid enough to trade flatter markets as well, seeing how the R:R is quite low this might be the case anyways.

No one is saying this strategy will always work, so why go on arguing that people who never outed this belief should retract something they never stated. Hope that sentence still makes enough sense lol.

happy trading, happy researching...
  • #1,459
  • Mar 18, 2020 2:21pm Mar 18, 2020 2:21pm
Okay after checking this week i can see that based on the Calculator this pairs were hit the TP: EUR-AUD, GBP-JPY, GBP-USD, GBP-CAD, EUR-GBP.
And ongoing are EUR-CAD, USD-JPY, USD-CHF.
  • #1,460
  • Mar 18, 2020 2:30pm Mar 18, 2020 2:30pm
FYI I have been trading the GBPUSD exclusively with an idea similar to this but on the premise of the Monday hi lo breakout with a reversal strategy if initial trade fails
Its been pretty damn consistant over the 4 yrs I have traded it
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