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Simple Monday-Tuesday System (attached calculator)

  • #2,121
  • May 6, 2020 4:27am May 6, 2020 4:27am
This was a very good site. Lots of information shared,
it seems to be failing probably to do with this bloody virus everything's up in the air,
I think one way of saving it is specifically picking the right pairs instead of having 26 pairs running every Wednesday,
We could still set it up to trade on Wednesday, but only with specifically correlated pairs,
one of the reasons we may have gone wrong with this. 26 pairs.
Certain pairs should not be traded against one another
an example of the EUR/USD if it going up you should sell USD/CHF, The EA was buying on both sides.
Just a thought,
  • #2,122
  • May 6, 2020 6:02am May 6, 2020 6:02am
Quoting redfan
This was a very good site. Lots of information shared, it seems to be failing probably to do with this bloody virus everything's up in the air, I think one way of saving it is specifically picking the right pairs instead of having 26 pairs running every Wednesday, We could still set it up to trade on Wednesday, but only with specifically correlated pairs, one of the reasons we may have gone wrong with this. 26 pairs. Certain pairs should not be traded against one another an example of the EUR/USD if it going up you should sell USD/CHF, The EA was...
I agree that we probably need a little more finesse with the strategy.

I have also found that there are significant differences between demo and live on my broker (IC Markets) where the demo has done well, but the live hasn't.

So I've been doing some backtesting, using just the first two 4 hour candles of the week to set direction, and have identified what appear to be the best pairs for the past 6 months. I ran it this week and have netted roughly 6% profit for the week (should have been 3% but I doubled up on the risk).
"Pips are vanity. Profit is sanity."
  • #2,123
  • May 6, 2020 6:11am May 6, 2020 6:11am
not trading this week as bank holiday this friday in the UK plus NFP as well.

I've think redfan is right we may possibly need some kind of trend filter to help choose which pairs to trade.

I was analysing GBPUSD from 2012 to today manually and the MOTU system is profitable. I found the best setting was entry at 15% TP 75% and SL at 75%. I know risk reward is less than 1:1 but I found that it rarely hit TP set at 85% or more. Setting SL at 50% also increased the amount of losses that would have turned to winners if the SL was larger.

I don't know if this works for other pairs as I have not looked at them yet but will do and than post on here. I'll play around with some trend filters etc to see if that helps.

Regards
  • #2,124
  • May 6, 2020 6:13am May 6, 2020 6:13am
Quoting PaulDV
using just the first two 4 hour candles of the week
I agree. I changed the code of the indicator to be able to select start/stop time of the two days. Makes a big difference. Depending on the pair you can see clearly how they follow fibo levels.
  • #2,125
  • May 6, 2020 6:36am May 6, 2020 6:36am
Hi all I am not trading this system this week due to a bank holiday on Friday and the news friday . Last 2 weeks has been crap results .
  • #2,126
  • Edited 9:54am May 6, 2020 8:27am | Edited 9:54am
Quoting PaulDV
{quote} I agree that we probably need a little more finesse with the strategy. I have also found that there are significant differences between demo and live on my broker (IC Markets) where the demo has done well, but the live hasn't. So I've been doing some backtesting, using just the first two 4 hour candles of the week to set direction, and have identified what appear to be the best pairs for the past 6 months. I ran it this week and have netted roughly 6% profit for the week (should have been 3% but I doubled up on the risk).
I have this table that gives you positive and negative pairs
The positive pairs could all be buys OR all Sells they travel in the same direction,
The negative pairs. Travel in opposite directions. One would be a buy and the other a sell
they cannot both be buys and cannot both be sells
where you see a negative pair and the candle, are both the same colour.
This is where an entry point will occur,
you just need to determine which way to
Perhaps we should have either positive or negative pairs.
see chart. These are entry points what I've marked
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  • #2,127
  • May 6, 2020 9:39am May 6, 2020 9:39am
Quoting PaulDV
{quote} I agree that we probably need a little more finesse with the strategy. I have also found that there are significant differences between demo and live on my broker (IC Markets) where the demo has done well, but the live hasn't. So I've been doing some backtesting, using just the first two 4 hour candles of the week to set direction, and have identified what appear to be the best pairs for the past 6 months. I ran it this week and have netted roughly 6% profit for the week (should have been 3% but I doubled up on the risk).
was this pair you speak of either GU or EU? Those were the pairs I found to be best for this strategy.
  • #2,128
  • May 6, 2020 9:44am May 6, 2020 9:44am
Which indicators are you referring to.
  • #2,129
  • May 6, 2020 9:44am May 6, 2020 9:44am
Quoting redfan
Which indicators are you referring to.
I was wrong, sorry. I deleted my post.
  • #2,130
  • May 6, 2020 1:22pm May 6, 2020 1:22pm
https://www.mataf.net/en/forex/tools/correlation
  • #2,131
  • May 6, 2020 5:04pm May 6, 2020 5:04pm
Quoting bojack34
{quote} was this pair you speak of either GU or EU? Those were the pairs I found to be best for this strategy.
GU was actually one of the worst when using 8 hours to determine the range. EU was not great, but I included it anyway as it was mildly positive.

Hint: Take a look at the AUD pairs for a start.

Better still check out my trade explorer: 10 trades this week- 5 winners and 5 losers, but still made a profit as I’m using 1:2 R:R.
"Pips are vanity. Profit is sanity."
  • #2,132
  • May 6, 2020 6:16pm May 6, 2020 6:16pm
16 activated trades, 3 loss already but some promise shown, @Paul, GBPUSD the best

if only trend can do it for the system

click my signature to see these pairs

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It takes a lot for me to IGNORE you, but you can try.
  • #2,133
  • May 6, 2020 7:47pm May 6, 2020 7:47pm
and just like that, it all turns to schitt, I don't know of any faster way to turn a trade than to post about it

WTF?

It takes a lot for me to IGNORE you, but you can try.
  • #2,134
  • May 7, 2020 1:27am May 7, 2020 1:27am
Quoting Erebus
and just like that, it all turns to schitt, I don't know of any faster way to turn a trade than to post about it WTF?
Lol - I know exactly what you mean!
"Pips are vanity. Profit is sanity."
  • #2,135
  • May 7, 2020 1:52am May 7, 2020 1:52am
Quoting Erebus
I don't know
Trailing Stop... better to take small wins than encounter big losses. Squirrel method
  • #2,136
  • May 7, 2020 9:03pm May 7, 2020 9:03pm
Quoting PaulDV
{quote} Lol - I know exactly what you mean!
Actually, there is still HOPE

Come on Aussie, break last week's low FFS

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It takes a lot for me to IGNORE you, but you can try.
  • #2,137
  • May 14, 2020 9:29am May 14, 2020 9:29am
Monday/Tuesday for Pinescript / TradingView.

I posted it on their site, but they apparently banned the post because I didn't want to write lengthy explanations but linked this thread instead.
Anyway, if anyone wants to try, here it is.

It seems the system was working really well for EURUSD since about mid 2018, while it has been good for USDCHF since 2016! Couple of others work well, too.
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File Type: txt mmts.txt   2 KB | 315 downloads
  • #2,138
  • May 15, 2020 1:20pm May 15, 2020 1:20pm
Another proof, that everything is driven by algorithms and not humans...: take a look at the "swan" candle today. It follows some values that have been defined on Tuesday London close. Never ever coincidence...

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  • #2,139
  • May 19, 2020 1:22pm May 19, 2020 1:22pm
Last Week statement
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  • #2,140
  • May 20, 2020 10:27am May 20, 2020 10:27am
Quoting transmat
Oil can also be a road to explore ... {image}


Hi transmat,

I am demo test your EA . These 2 weeks EA only place sell stop pending orders on both 2 versions.
Do you know why?
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