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Daily Trading Strategy [ADR + RSI = High Probability]

  • #121
  • Aug 5, 2020 6:31am Aug 5, 2020 6:31am
i sell NZD/JPY
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  • #122
  • Aug 5, 2020 6:52am Aug 5, 2020 6:52am
Quoting kimurahanz
Hi, anybody think it is worthwhile to develop an EA based on this strategy and what is the reasonable price to pay for the EA? Thanks.
You are getting ahead of yourself... is there any real statistics that warrant developing an EA?
  • #123
  • Aug 5, 2020 6:53am Aug 5, 2020 6:53am
Quoting varseb
i sell NZD/JPY{image}
Nice! Your TP isnt 1:1?
  • #124
  • Aug 5, 2020 6:57am Aug 5, 2020 6:57am
Quoting ScorpioForex
{quote} GA didnt hit the ADR. Were you looking for a quick scalp regardless?
It seems as if I'm doing something wrong in the top left hand corner of my chart it says the Range is 106, it travelled 100%,
I have one green arrow and the MACD had just crossed that's why I took the trade,

Are we now saying that you only take the trade if the candle has hit The daily ADR line, Even though it may not have travelled 100%?
  • #125
  • Aug 5, 2020 7:03am Aug 5, 2020 7:03am
Quoting redfan
Well that was a quick one out with profit. {image}
Hello, i downloaded the template but no indicators only the strength meter
  • #126
  • Aug 5, 2020 7:07am Aug 5, 2020 7:07am
Quoting redfan
{quote} It seems as if I'm doing something wrong in the top left hand corner of my chart it says the Range is 106, it travelled 100%, I have one green arrow and the MACD had just crossed that's why I took the trade, Are we now saying that you only take the trade if the candle has hit The daily ADR line, Even though it may not have travelled 100%?
I think it's best to use the indicators on the first page to be in-sync with everyone and just watch the video again for clarification.
"Cut your loses short and let the winners Run"
  • #127
  • Aug 5, 2020 7:09am Aug 5, 2020 7:09am
Quoting redfan
{quote} It seems as if I'm doing something wrong in the top left hand corner of my chart it says the Range is 106, it travelled 100%, I have one green arrow and the MACD had just crossed that's why I took the trade, Are we now saying that you only take the trade if the candle has hit The daily ADR line, Even though it may not have travelled 100%?
As I understand (according to the rules on page 1 in the video), yes it does have to hit the ADR. Your ADR doesnt say it went 100%, it says 74% to the low - much like my chart in the attachments. I believe that's why myself and some other traders re confused about your entry. I personally believe you got lucky. Not trying to be mean or anything, just a friendly observation .
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Green pips to all
  • #128
  • Aug 5, 2020 7:33am Aug 5, 2020 7:33am
Here is an observation after watching chart levels for a few days:

• Below is pic of GU from yesterday. It is similar to a few others from Tuesday.
--- Notice the horizontal level from MacD. It is BELOW "0" line.
--- Notice the horizontal levels on today's 'Potential' trades so far. All are showing this level to be too far on wrong side of "0" level.

AudNzd is just nuts. It's moving so strongly, it's hard to find a solid place to even draw a horizontal level.

Maybe this is key, of maybe not. Watch these levels and make your own decision.

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  • #129
  • Edited 7:55am Aug 5, 2020 7:43am | Edited 7:55am
Quoting diamonddbw
Here is an observation after watching chart levels for a few days: • Below is pic of GU from yesterday. It is similar to a few others from Tuesday. --- Notice the horizontal level from MacD. It is BELOW "0" line. --- Notice the horizontal levels on today's 'Potential' trades so far. All are showing this level to be too far on wrong side of "0" level. AudNzd is just nuts. It's moving so strongly, it's hard to find a solid place to even draw a horizontal level. Maybe this is key, of maybe not. Watch these levels and make your own decision. {image}...
Yeah, I'm not thrilled aboutvtrading AN until it gets under control lol. It's a good observation about the value of the oscillator horizontal line. Something to keep an eye on. Let us know if you find anything worth noting

So basically you want a negative number for a buy and a positive number for a sell? Is this what you're saying?

UPDATE: I actually went over my losers and found 1 out of 3-4 to follow that rule. I believe 1 out of 5+ winners also followed this rule. Also of note, it seems that the further the value is away from the 0 line, the stronger the move becomes when it's triggered which would give you more confidence to look past a 1:1 RR. Interesting....

If anyone who's traded this system (longer than this week) can go back over their results to substantiate this, I'd be interested in seeing what you can find.
Green pips to all
  • #130
  • Aug 5, 2020 8:02am Aug 5, 2020 8:02am
Quoting ScorpioForex
{quote} Yeah, I'm not thrilled aboutvtrading AN until it gets under control lol. It's a good observation about the value of the oscillator horizontal line. Something to keep an eye on. Let us know if you find anything worth noting So basically you want a negative number for a buy and a positive number for a sell? Is this what you're saying? UPDATE: I actually went over my losers and found 1 out of 3-4 to follow that rule. I believe 1 out of 5+ winners also followed this rule. Also of note, it seems that the further the value is away from...
+++++++++++++++++++++++

I agree. When the horizontal lines are above 0 (sell) or below 0 (buy) this also gives entries a smaller Stop Loss, allowing better potential Risk:Reward, and probably increasing odds of having a winner.

Some red tag US news in an hour, so be mindful of potential turn arounds.
  • #131
  • Aug 5, 2020 8:03am Aug 5, 2020 8:03am
Gold 50pips tp

before
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after
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"Cut your loses short and let the winners Run"
  • #132
  • Aug 5, 2020 8:04am Aug 5, 2020 8:04am
Quoting PipBros
{quote} You are getting ahead of yourself... is there any real statistics that warrant developing an EA?
Thats why I am asking, if I know how to do it, I would have done it to test out, it is too manual.
  • #133
  • Aug 5, 2020 8:05am Aug 5, 2020 8:05am
Quoting meck1
Gold 50pips tp before{image} after{image}
Just to be curious, whats the value of the horizontal line...?
Green pips to all
  • #134
  • Aug 5, 2020 8:12am Aug 5, 2020 8:12am
Balls !!!

While I was making coffee, these happened:

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  • #135
  • Aug 5, 2020 8:14am Aug 5, 2020 8:14am
Quoting diamonddbw
Balls !!! While I was making coffee, these happened: {image}{image}
LOL, I'm sorry about that. I caught both those BTW. I was in NJ but close out close to my TP due to the value of the horizontal line.
Green pips to all
  • #136
  • Aug 5, 2020 8:42am Aug 5, 2020 8:42am
AudNzd has reached 2 month strong resistance. I'm keeping my eye on that one for now.

H4 Chart

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  • #137
  • Aug 5, 2020 8:57am Aug 5, 2020 8:57am
AudNzd

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Click to Enlarge Name: AN Aug 5.png Size: 74 KB
  • #138
  • Aug 5, 2020 9:00am Aug 5, 2020 9:00am
Quoting diamonddbw
AudNzd {image}
Yeah I saw that but I dont trust it right now lol. I got out of EJ,Aj, and CHJ with small profit because I didnt like PA development
Green pips to all
  • #139
  • Aug 5, 2020 9:04am Aug 5, 2020 9:04am
Quoting ScorpioForex
{quote} Yeah I saw that but I dont trust it right now lol. I got out of EJ,Aj, and CHJ with small profit because I didnt like PA development
+++++++++++++++++++++++++++++

Right. They all seemed iffy, at best.

Gonna hang on to AN and see what develops. Aussie's been flying up, so profit takers could fuel a nice retrace.
  • #140
  • Aug 5, 2020 9:19am Aug 5, 2020 9:19am
Hi guys I will test this setup, what time you operate this strategy ? Im not found here.
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