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Simple Monday-Tuesday System (attached calculator)

  • #2,381
  • Mar 19, 2021 11:13am Mar 19, 2021 11:13am
Quoting PaulMF
Hi Simple Monday Tuesday community, I have just read the first post of this thread and not sure if what this first post says is what 4ecstasy wanted to say. It says that: {quote} And based on what I read in the lines below that text, the system relies on entries triggered by price surpassing those levels. Am I right?
Yes, that was the original idea. That is also context for the EA created by @PaulDV

https://www.forexfactory.com/thread/...ay-breakout-ea

But I guess in the meantime the original idea is open to interpretation.

I use the set up for Monday only because Monday quite often represents the smallest daily range of the week.
If there is a Tue breakout I like to be on.
https://www.mataf.net/en/forex/tools/volatility

.
  • #2,382
  • Mar 19, 2021 11:17am Mar 19, 2021 11:17am
Quoting Shaishen
{quote} Yes, that was the original idea. That is also context for the EA created by @PaulDV https://www.forexfactory.com/thread/...ay-breakout-ea But I guess in the meantime the original idea is open to interpretation. I use the set up for Monday only because Monday quite often represents the smallest daily range of the week. If there is a Tue breakout I like to be on. https://www.mataf.net/en/forex/tools/volatility .
That makes much more sense, Thank you.
Always ready to help
  • #2,383
  • Apr 14, 2021 9:18pm Apr 14, 2021 9:18pm
Having found this thread within the last week and have started reading from the beginning, I am struggling to understand the current situation. I see more talk of 1 hour charts ( than the original 1 day/maybe 4 hour) and talk about a video posted in January which has been pulled down by the owner. Could someone give me the nickel tour while I continue to read thru the thread and attempt to catch up? Thank you for your time and consideration.
  • #2,384
  • Apr 15, 2021 7:33am Apr 15, 2021 7:33am
After some research, I found a way to view the video and the majority of the last few pages has been cleared up. Looking forward to this method.
  • #2,385
  • Apr 17, 2021 5:49am Apr 17, 2021 5:49am
back to the basic Mon Tue range, how many 2 to 1 winners can you find for the past week?

here is a clue how to research, define the range, stop loss at 50% of that, set take profit, win, or loss?

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It takes a lot for me to IGNORE you, but you can try.
  • #2,386
  • Apr 18, 2021 7:18pm Apr 18, 2021 7:18pm
I guess no one wants +20% results in a week...

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  • #2,387
  • Apr 19, 2021 1:07am Apr 19, 2021 1:07am
Quoting Erebus
I guess no one wants +20% results in a week... {image}
Hi Erebus,
Is it inappropriate to ask you to summarize in a pdf memorandum how exactly you are using now this strategy ?
I silently follow this thead since its beginning and it inspires me in my own way to trade but I think that a summary of your last developments could be very helpful , especially with such good results !
I mean a recall of the rationale , the tools you are using , and some usefull charts to explain everything.
Thak you in advance.
  • #2,388
  • Apr 19, 2021 1:25am Apr 19, 2021 1:25am
Quoting bodal
{quote} Hi Erebus, Is it inappropriate to ask you to summarize in a pdf memorandum how exactly you are using now this strategy ? I silently follow this thead since its beginning and it inspires me in my own way to trade but I think that a summary of your last developments could be very helpful , especially with such good results ! I mean a recall of the rationale , the tools you are using , and some usefull charts to explain everything. Thak you in advance.
Every chart looks the same, easy as 1, 2, 3, no need for big words like rationale. Toools, just what the price is doing.

1. define the Monday / Tuesday high to low range

2. buy or sell the breakout, stop loss 50% of range

3. take profit at 2 x the range

Which part are you having difficulty with?

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  • #2,389
  • Apr 19, 2021 3:54am Apr 19, 2021 3:54am
Quoting Erebus
{quote} Every chart looks the same, easy as 1, 2, 3, no need for big words like rationale. Toools, just what the price is doing. 1. define the Monday / Tuesday high to low range 2. buy or sell the breakout, stop loss 50% of range 3. take profit at 2 x the range Which part are you having difficulty with? {image}
Hi Erebus.
I discovered this thread today. After a year of live trading can you report me on the results you have obtained ?.
thank you
  • #2,390
  • Apr 20, 2021 1:49am Apr 20, 2021 1:49am
Quoting Erebus
{quote} Every chart looks the same, easy as 1, 2, 3, no need for big words like rationale. Toools, just what the price is doing. 1. define the Monday / Tuesday high to low range 2. buy or sell the breakout, stop loss 50% of range 3. take profit at 2 x the range Which part are you having difficulty with? {image}
Hi Erebus,
Thank you for your answer.
Could you explain to me few more things :
- how are you using Adr (20) , whatfor precisely ?
- is the monday-tuesday range relevant for every currency according to you ?
- what are the currencies you are looking at ,
- what is the % of risk per each trade done on a currency per week ? (% of risk on a single currency : Stop Loss / capital)
- how many trades do you take per week on average,
- what is your usual win ratio (per week and/or per currency ) ?
Thank you in advance for your kind answer.
Bodal
  • #2,391
  • Apr 20, 2021 1:54am Apr 20, 2021 1:54am
Quoting Erebus
{quote} Every chart looks the same, easy as 1, 2, 3, no need for big words like rationale. Toools, just what the price is doing. 1. define the Monday / Tuesday high to low range 2. buy or sell the breakout, stop loss 50% of range 3. take profit at 2 x the range Which part are you having difficulty with? {image}
Sorry Erebus , I forgot something : when you say "buy the breakout of the monday-tuesday range" , don't you take a target of +-something to enter the trade or do you consider the exact range ?
  • #2,392
  • Apr 20, 2021 2:48am Apr 20, 2021 2:48am
Quoting 19monza64
{quote} Hi Erebus. I discovered this thread today. After a year of live trading can you report me on the results you have obtained ?. thank you
No, ask in the EA thread, they will be able to run backtests on any parameters you desire

At first, I used this as a trading system, that fails, so I use it as an analysis of the PRICE ACTION

when the PRICE ACTION is right, as it was last week, good results

you can either forward test it, backtest it, or leave it but I can't spoon feed it to you
It takes a lot for me to IGNORE you, but you can try.
  • #2,393
  • Apr 20, 2021 2:56am Apr 20, 2021 2:56am
Quoting bodal
{quote} Hi Erebus, Thank you for your answer. Could you explain to me few more things : - how are you using Adr (20) , whatfor precisely ? - is the monday-tuesday range relevant for every currency according to you ? - what are the currencies you are looking at , - what is the % of risk per each trade done on a currency per week ? (% of risk on a single currency : Stop Loss / capital) - how many trades do you take per week on average, - what is your usual win ratio (per week and/or per currency ) ? Thank you in advance for your kind answer. Bodal...
how are you using ADR (20), what precisely? - volatility reading, reference points, price targets

is the Monday-Tuesday range relevant for every currency according to you? - yes

what are the currencies you are looking at - AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDJPY

what is the % of risk per each trade done on a currency per week? - this is up to each individual trader according to his trade plan, his risk profile, his account size

what is your usual win ratio? - didn't trade it every week, every week is different, do some backtest, I cannot spoonfeed you with everything
It takes a lot for me to IGNORE you, but you can try.
  • #2,394
  • Apr 20, 2021 2:58am Apr 20, 2021 2:58am
Quoting bodal
{quote} Sorry Erebus , I forgot something : when you say "buy the breakout of the monday-tuesday range" , don't you take a target of +-something to enter the trade or do you consider the exact range ?
that was the original idea, any trader is welcome to use any parameters that he wishes

best to backtest the idea to see if it is any good for you

or forward test it, write down YOUR rules, be sure to share the results, good or bad
It takes a lot for me to IGNORE you, but you can try.
  • #2,395
  • Apr 21, 2021 12:10am Apr 21, 2021 12:10am
Quoting Erebus
{quote} that was the original idea, any trader is welcome to use any parameters that he wishes best to backtest the idea to see if it is any good for you or forward test it, write down YOUR rules, be sure to share the results, good or bad
Thank you Erebus for your kind answer.
  • #2,396
  • Apr 21, 2021 6:06pm Apr 21, 2021 6:06pm
WOW, as I suspected, this week would be difficult; thanks to the CAD, pretty much impossible.

Surely everyone can see the concept of, if and when there are HUGE moves on Mon to Tue, using ADR as a reference point, then do you really expect those moves to continue?

I guess, if there was a true fundamental reason behind the move, yes the direction could be correct and there might be an extra 200 or 300 pips move, but let's see what happens.

On this chart, it didn't even break out, so no problem.

On another note, on this chart, I see that taking the level from the previous week could be an option at times...

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  • #2,397
  • Apr 22, 2021 8:26am Apr 22, 2021 8:26am
Here is one for free, what goes up, might come down

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It takes a lot for me to IGNORE you, but you can try.
  • #2,398
  • Apr 23, 2021 12:54am Apr 23, 2021 12:54am
Quoting Erebus
Here is one for free, what goes up, might come down {image}
Hi Erebus,
Am I doing a mistake but on your last exanple of trade (GBPJPY) , it seems that the SL is not located at the middle of the MO-TU range ?
Why ?
Thank in advance for your kind answer.
  • #2,399
  • Apr 23, 2021 3:43am Apr 23, 2021 3:43am
Quoting bodal
{quote} Hi Erebus, Am I doing a mistake but on your last exanple of trade (GBPJPY) , it seems that the SL is not located at the middle of the MO-TU range ? Why ? Thank in advance for your kind answer.
Very observant you are - yes, trading a short term trend method, 15 Min

If you notice, this is a different chart, different time frames, different colors,

But, got to go with what works, and Price Action of course

Good Luck

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  • #2,400
  • Apr 24, 2021 1:12am Apr 24, 2021 1:12am
Quoting Erebus
{quote} Very observant you are - yes, trading a short term trend method, 15 Min If you notice, this is a different chart, different time frames, different colors, But, got to go with what works, and Price Action of course Good Luck {image}
Thank you for answering.
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