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Simple Monday-Tuesday System (attached calculator)

  • #2,221
  • Sep 17, 2020 6:52pm Sep 17, 2020 6:52pm
Quoting hsav646
GBPJPY sell triggered yesterday afternoon and collected + 19.7 pips, bringing the week's total to +590.7 pips ($102.40 trading 0.02 lot size). Using 10% entry with 60% TP and SL. 14 wins, 0 losses
Congratulations on the winnings, especially that one, it was pretty wild.

How are you calculating and plotting the lines on your chart?

Can you show any example?

Or you just calculate and plug them into the trade order?

Cheers, John
MAY THE TREND BE WITH YOU
  • #2,222
  • Sep 17, 2020 8:26pm Sep 17, 2020 8:26pm
Quoting Erebus
{quote} Congratulations on the winnings, especially that one, it was pretty wild. How are you calculating and plotting the lines on your chart? Can you show any example? Or you just calculate and plug them into the trade order? Cheers, John
I got the idea of tweaking the Fib retracement tool from someone in this thread () and plot the high and low and place orders.

Here's a pic of GBPUSD...
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  • #2,223
  • Sep 17, 2020 8:42pm Sep 17, 2020 8:42pm
Here's the fib plot for EURNZD. You can see both the buy and sell sides on the chart...

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  • #2,224
  • Sep 17, 2020 10:09pm Sep 17, 2020 10:09pm
Quoting hsav646
{quote} I got the idea of tweaking the Fib retracement tool from someone in this thread () and plot the high and low and place orders. Here's a pic of GBPUSD... {image}
Ah ha, very good, someone that can actually use the Fibonacci Tool and make the settings work for them

Is it Metatrader 5? If so, PM me with your email for a special indicator!

Be careful, it freaky Friday guys
MAY THE TREND BE WITH YOU
  • #2,225
  • Edited 3:59am Sep 18, 2020 1:31am | Edited 3:59am
Too late for this week, but there is always next week

PM means Private Message, gmail is great if you have it, hint, hint




DEFAULT SETTINGS

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MAY THE TREND BE WITH YOU
  • #2,226
  • Sep 18, 2020 8:45pm Sep 18, 2020 8:45pm
Some analysis, what can we see and prepare for next week:

1. Obviously broke trend line, don't even need to draw that on there

2. Broke and closed below last week's low

3. In fact, closed below the Low of previous 6 weeks, lowest close for 8 weeks

4. Nearly reached the average monthly range but there is still 9 trading days left. Given the overall increase in volatility of all pairs, I expect it to go beyond.

Not a pair that I usually trade, or profess to know, they are both funding currencies, this is analysis not trading advice



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MAY THE TREND BE WITH YOU
  • #2,227
  • Sep 18, 2020 8:58pm Sep 18, 2020 8:58pm
Now the daily, you can probably "see" lots of thing here, double top, head & shoulders, Adam & Eve top, lower high, lower lows, all price action

I like how the level at 1 was tested, an immediate reaction, but then it comes back down, and breaks again at 2

The ADX at 3 is above 25 and rising, indicating a strong trend

Friday is a text book Bearish Engulfing bar or candle if you like those, check your own charts

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MAY THE TREND BE WITH YOU
  • #2,228
  • Sep 18, 2020 9:13pm Sep 18, 2020 9:13pm
Now it's getting interesting on the 4 Hour chart

We can see that the 2 weeks before, not much joy using the Price Box of Monday Tuesday method

Or as I like to call it WTF as in trade on Wednesday, Thursday, Friday

But this week, a tradable break out to the low side, bit of a bounce at last weeks low, the magenta dash line at 1

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MAY THE TREND BE WITH YOU
  • #2,229
  • Sep 18, 2020 9:31pm Sep 18, 2020 9:31pm
And last of all, my favorite on Metatrader 5, the 2 Hours chart

We can see clearly the box drawn for Monday and Tuesday by my new indicator, with the pips range displayed, 92.3

At 1 there are lines, with price labels, for the HIGH of the box, and the user's setting for the buffer zone, available as fixed pips or percentage of range

At 2 there are lines, with price labels, for the LOW of the box, and the user's setting for the buffer zone, available as fixed pips or percentage of range

Buffer zone setting here is 10% of the range, 92.3 pips so = 9.2

Welcome any feedback, questions, criticism, suggestions, come on folks, let's beat the banks

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MAY THE TREND BE WITH YOU
  • #2,230
  • Sep 20, 2020 12:42am Sep 20, 2020 12:42am
Quoting Erebus
And last of all, my favorite on Metatrader 5, the 2 Hours chart We can see clearly the box drawn for Monday and Tuesday by my new indicator, with the pips range displayed, 92.3 At 1 there are lines, with price labels, for the HIGH of the box, and the user's setting for the buffer zone, available as fixed pips or percentage of range At 2 there are lines, with price labels, for the LOW of the box, and the user's setting for the buffer zone, available as fixed pips or percentage of range Buffer zone setting here is 10% of the range, 92.3 pips so =...
Do you still trade this system every day? He suffered several loss-making weeks in a row.
Please excuse the bad English via Google Translate.
  • #2,231
  • Sep 20, 2020 2:39am Sep 20, 2020 2:39am
Quoting dokopy
{quote} Do you still trade this system every day? He suffered several loss-making weeks in a row.
I still use it as an analysis technique, along with many other factors.

You are right, using it as a mechanical system will produce losses, as well as spectacular gains, depending on what the market is doing.

Rather than trade the 28 pairs, I try to isolate a few select A-grade setups, and compound on those.

MAY THE TREND BE WITH YOU
  • #2,232
  • Sep 20, 2020 5:11am Sep 20, 2020 5:11am
Quoting Erebus
{quote} I still use it as an analysis technique, along with many other factors. You are right, using it as a mechanical system will produce losses, as well as spectacular gains, depending on what the market is doing. Rather than trade the 28 pairs, I try to isolate a few select A-grade setups, and compound on those.
hello Erebus
- please Describe your A-grade setups?
- And do you share your weekly pending based on this strategy?
- Do you approve of the idea of using Fib retracement tool similar to what is stated in post 2222?
  • #2,233
  • Sep 20, 2020 12:11pm Sep 20, 2020 12:11pm
Quoting Erebus
{quote} I still use it as an analysis technique, along with many other factors. You are right, using it as a mechanical system will produce losses, as well as spectacular gains, depending on what the market is doing. Rather than trade the 28 pairs, I try to isolate a few select A-grade setups, and compound on those.
I look forward to sharing a robust profitable setting.
Please excuse the bad English via Google Translate.
  • #2,234
  • Sep 20, 2020 12:46pm Sep 20, 2020 12:46pm
Quoting dokopy
{quote} Do you still trade this system every day? He suffered several loss-making weeks in a row.

When was that? I had a good BO strat similar to this one which stopped being lucrative 2-3 years ago, after 10+years of great profits.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #2,235
  • Sep 20, 2020 3:03pm Sep 20, 2020 3:03pm
Quoting mahanfx
{quote} hello Erebus - please Describe your A-grade setups? - And do you share your weekly pending based on this strategy? - Do you approve of the idea of using Fib retracement tool similar to what is stated in post 2222?
Describe your A-grade setups? =

- Narrow range of Mon and Tue, approximately 1 x ADR(20) is great
- Breakout occurring from London to New York sessions on Wednesday
- Breakout coinciding with previous week's Low or High
- Strength meters showing the 2 currencies moving opposite
- Check the daily chart ADX for trend and strength
- similar price action for the other cross pairs

For example, check the JPY pairs, I'm seeing a concentrated strong move beginning, however, anything can happen. Except NZDJPY, as NZD also strong, you can see the battle of consolidation happening on that pair. I think of NZD as being Connor McGregor, someone just needs to knock the little focker out.

share your weekly pending based on this strategy?

It probably not legal to give out trading advice here on FF, and probably even worse to follow it but I have posted plenty of charts. Anyone understand the analysis method can easily see the price levels. My Price Box indicator is FREE for anyone using Metatrader 5, just send PM

Do you approve of the idea of using Fib retracement tool?

Approve? I invented it, it's awesome, do you have a problem with it? Something you don't understand about it?

Have a great week all, come on Wednesday
MAY THE TREND BE WITH YOU
  • #2,236
  • Sep 20, 2020 3:37pm Sep 20, 2020 3:37pm
Quoting dokopy
{quote} I look forward to sharing a robust profitable setting.
All possible settings have been discussed already in this thread, and there is another thread dedicated to an EA which really needs hard and fast settings

Did you study the recent charts just posted, on CHFJPY?

Here is the zoom in to the 15 minutes charts, what settings are you considering? If there is a guaranteed setting, I want to know too!

It is up to the individual trader to decide what settings will work for you, but realistically, when it works, the market decides and not the settings (IMHO)

Good luck to you

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MAY THE TREND BE WITH YOU
  • #2,237
  • Sep 20, 2020 3:48pm Sep 20, 2020 3:48pm
Speaking of JPY ...

Attached Image

check your local times
MAY THE TREND BE WITH YOU
  • #2,238
  • Sep 20, 2020 4:37pm Sep 20, 2020 4:37pm
Here are a couple of JPY pairs, looking at the Daily, long term trend beginning?

We can only hope!

https://www.forexfactory.com/thread/...0#post13174140

MAY THE TREND BE WITH YOU
  • #2,239
  • Sep 20, 2020 5:07pm Sep 20, 2020 5:07pm
Price boxes set up on MT5... let's see what Wednesday brings.

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  • #2,240
  • Sep 20, 2020 5:22pm Sep 20, 2020 5:22pm
Quoting hsav646
Price boxes set up on MT5... let's see what Wednesday brings. {image}
Looking good, but watch the GBP and USD news this week, good combination for fireworks

Now you can trade PRICE and not time frames



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