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Daylight Trading Strategy

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  • Post #301
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  • Jun 15, 2021 3:14am Jun 15, 2021 3:14am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Good morning/afternoon to everyone. Please how is the sub window
created? And how does one go about adding the MAs?
 
 
  • Post #302
  • Quote
  • Jun 15, 2021 3:22am Jun 15, 2021 3:22am
  •  Jakepuia
  • Joined Feb 2016 | Status: All is well | 514 Posts
Quoting Glorybound
Disliked
Good morning/afternoon to everyone. Please how is the sub window created? And how does one go about adding the MAs?
Ignored
Go to page 1 and download the template and load the template in your mt4, that is the easiest way and that is the way I do too.
Jakepuia
 
1
  • Post #303
  • Quote
  • Jun 15, 2021 3:31am Jun 15, 2021 3:31am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Quoting Jakepuia
Disliked
{quote} Go to page 1 and download the template and load the template in your mt4, that is the easiest way and that is the way I do too.
Ignored
Thank you Jakepuia. I have the template.
 
 
  • Post #304
  • Quote
  • Jun 15, 2021 3:33am Jun 15, 2021 3:33am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
In case anyone missed it, Barraka has updated his new indicator to also have a filter for the -50 level. This is a great addition to a very useful tool.

https://www.forexfactory.com/thread/...5#post13583395
 
2
  • Post #305
  • Quote
  • Jun 15, 2021 4:50am Jun 15, 2021 4:50am
  •  cksinangin
  • | Joined Nov 2020 | Status: Member | 4 Posts
Quoting DinosMum
Disliked
{quote} Hi Laura Want to thank you so much for providing this kind of black-and-white strategy. My brain works best with these kinds of rule-based approaches so I very much appreciate this! Would you mind clarifying (for those of us using a different trading platform) what periods the different colour SMMA's relate to so I can set my chart up the same way on Tradingview? Also, there is no setting to offset/shift an SMMA on Tradingview. Is there an alternative indicator or period SMMA I can use?
Ignored
Tradingview Code :

//@version=3
study(title = "Shift Smoothed Moving Average", shorttitle="Sh_SMMA", overlay=true)
len1 = input(5, minval=1, title="Length")
src1 = input(close, title="Source")
smma1 = 0.0
smma1 := na(smma1[1]) ? sma(src1, len1) : (smma1[1] * (len1 - 1) + src1) / len1
plot(smma1, color=lime, linewidth=3)
shift_length = input(5, title="Shift")
len2 = input(5, minval=1, title="Length")
src2 = input(close, title="Source")
smma2 = 0.0
smma2 := na(smma2[1]) ? sma(src2, len2) : (smma2[1] * (len2 - 1) + src2) / len2
plot(smma2, color=orange,offset=shift_length, linewidth=3)
 
1
  • Post #306
  • Quote
  • Jun 15, 2021 5:15am Jun 15, 2021 5:15am
  •  PhillipmC
  • | Joined May 2019 | Status: Member | 267 Posts
Been following the thread put my first trade on tonight thanks LauraT
Attached Image (click to enlarge)
Click to Enlarge

Name: daylight first.png
Size: 48 KB
 
1
  • Post #307
  • Quote
  • Jun 15, 2021 5:20am Jun 15, 2021 5:20am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
Quoting PhillipmC
Disliked
Been following the thread put my first trade on tonight thanks LauraT {image}
Ignored
Hi,

Welcome aboard.

Very nice trade - I like that you waited until price was back inside the channel before entering, gave you a nice entry price.
 
 
  • Post #308
  • Quote
  • Jun 15, 2021 5:31am Jun 15, 2021 5:31am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
Barraka has kindly further updated his indicator to include -50 line crosses by the slow moving average:

https://www.forexfactory.com/thread/...3#post13583733

This allows an almost standalone strategy to be laid out. I'll explain in my next post with some examples.
 
 
  • Post #309
  • Quote
  • Jun 15, 2021 5:46am Jun 15, 2021 5:46am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Quoting LauraT
Disliked
Barraka has kindly further updated his indicator to include -50 line crosses by the slow moving average: https://www.forexfactory.com/thread/...3#post13583733 This allows an almost standalone strategy to be laid out. I'll explain in my next post with some examples.
Ignored
Good! We need the explanations and possibly, a tpl on the update.
 
 
  • Post #310
  • Quote
  • Jun 15, 2021 5:59am Jun 15, 2021 5:59am
  •  Jakepuia
  • Joined Feb 2016 | Status: All is well | 514 Posts
May be due to big red news coming up, market is so quiet. Am not gonna take any trade until that big red news
Jakepuia
 
 
  • Post #311
  • Quote
  • Jun 15, 2021 6:22am Jun 15, 2021 6:22am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
Further to my previous post, I can now set out the strategy for purely trading the cross of the -50 line by the slow moving average.

The first decision we have to make is whether to use aggressive or standard mode. There are pros and cons to each. The standard mode will get you into positions later but will have less false signals, whereas the aggressive mode will get you in earlier but has more false signals. Personally, I prefer aggressive mode but the choice is yours.

The next decision is how much, if at all, of a buffer you want to use. I would recommend you have a buffer if using aggressive mode as it will help to reduce false signals. I'm using a buffer of 3 right now. That means that I will not get a long signal until the slow moving average goes above -47 (and below -53 for a short signal).

Next you need to establish a position/money management strategy. I recommend, if possible, splitting your entry in 3. Aim to take one third off at the first TP level, one third at the second TP level and final third at the point of the crossover. So, using Dow as an example, I might take one third off at +30, another third at +50 and the final third at the point of the crossover. You will need to come up with an appropriate figure for each individual instrument you trade. I appreciate that some of you might be trading micro lots and therefore be unable to split your position in 3. If that is the case, I recommend taking regular profit and re-entering. So, if trading EU for example, you might decide to take profit every 10 pips. This isn't ideal compared to splitting a position in 3 but it's probably the best workaround available to you.

Let's look at a live example:

Attached Image (click to enlarge)
Click to Enlarge

Name: UsaIndSb.png
Size: 25 KB


You can see our entry point marked by the magenta arrow. The trade is currently up around 70 points since our entry. We'd have taken off the first third at +30 and the second third at +50 so we'd currently have one third left running.

Another example:

Attached Image (click to enlarge)
Click to Enlarge

Name: GOLD-sb.png
Size: 37 KB


Here we see a short entry on Gold on Friday. This would have been worth around 150 points if you held until end of play Friday (even more if you held over the weekend). Again, I'd recommend taking off your position in one thirds. So for Gold we might take off our first third at +40, second third at +70 and final third at end of the trading day for +150. That would give us around 87 points profit in total (+260 divided by 3).

Have a play around the the indicator and settings on different markets. Work out a plan based on the volatility of the instrument. This will be highly profitable in the right conditions.

As requested, I've included a template for aggressive mode.

Attached File(s)
File Type: tpl !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Daylight50.tpl   47 KB | 782 downloads
 
10
  • Post #312
  • Quote
  • Jun 15, 2021 6:43am Jun 15, 2021 6:43am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
+55 Dow.

Attached Image (click to enlarge)
Click to Enlarge

Name: UsaIndSb621M5.png
Size: 28 KB
 
5
  • Post #313
  • Quote
  • Jun 15, 2021 8:40am Jun 15, 2021 8:40am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Quoting LauraT
Disliked
Further to my previous post, I can now set out the strategy for purely trading the cross of the -50 line by the slow moving average. The first decision we have to make is whether to use aggressive or standard mode. There are pros and cons to each. The standard mode will get you into positions later but will have less false signals, whereas the aggressive mode will get you in earlier but has more false signals. Personally, I prefer aggressive mode but the choice is yours. The next decision is how much, if at all, of a buffer you want to use. I would...
Ignored
Hi Laura, in this latest template, the subwindow did not appear in my chart...
 
 
  • Post #314
  • Quote
  • Jun 15, 2021 8:51am Jun 15, 2021 8:51am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
Quoting Glorybound
Disliked
{quote} Hi Laura, in this latest template, the subwindow did not appear in my chart...
Ignored
Sorry, not sure why.

You'll have to attach the indicator manually and select the appropriate settings. Here are mine:

Attached Image (click to enlarge)
Click to Enlarge

Name: 7f0665ae4306da5dbfebc3072d0e0a0d.png
Size: 59 KB
 
 
  • Post #315
  • Quote
  • Jun 15, 2021 9:11am Jun 15, 2021 9:11am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Quoting LauraT
Disliked
{quote} Sorry, not sure why. You'll have to attach the indicator manually and select the appropriate settings. Here are mine: {image}
Ignored
Thank you.
 
1
  • Post #316
  • Quote
  • Jun 15, 2021 9:18am Jun 15, 2021 9:18am
  •  Glorybound
  • | Joined Nov 2020 | Status: Member | 356 Posts
Quoting LauraT
Disliked
{quote} Sorry, not sure why. You'll have to attach the indicator manually and select the appropriate settings. Here are mine: {image}
Ignored
Thank you.
 
 
  • Post #317
  • Quote
  • Jun 15, 2021 10:02am Jun 15, 2021 10:02am
  •  Barraka
  • Joined Jul 2017 | Status: Member | 241 Posts
A quick scalp on EURAUD, using the mid-line signal. I was a bit late on the entry, also not ideal because a bit far away from the green line (for my taste). Which is why I didn't stick around too much, and also there was structure to the left.

Attached Image (click to enlarge)
Click to Enlarge

Name: EURAUD.PNG
Size: 37 KB
 
3
  • Post #318
  • Quote
  • Jun 15, 2021 10:15am Jun 15, 2021 10:15am
  •  DinosMum
  • | Joined Feb 2021 | Status: Member | 8 Posts
Quoting cksinangin
Disliked
{quote} Tradingview Code : //@version=3 study(title = "Shift Smoothed Moving Average", shorttitle="Sh_SMMA", overlay=true) len1 = input(5, minval=1, title="Length") src1 = input(close, title="Source") smma1 = 0.0 smma1 := na(smma1[1]) ? sma(src1, len1) : (smma1[1] * (len1 - 1) + src1) / len1 plot(smma1, color=lime, linewidth=3) shift_length = input(5, title="Shift") len2 = input(5, minval=1, title="Length") src2 = input(close, title="Source") smma2 = 0.0 smma2 := na(smma2[1]) ? sma(src2, len2) : (smma2[1] * (len2 - 1) + src2) / len2 plot(smma2,...
Ignored

Thank you so much for this!

I am currently using the indicators for this strategy that pedrobhs has kindly created however it does not seem possible to add an alert for when the SMMA's cross. The code you have kindly provided may be able to help me in creating an alert to go alongside the existing indicators that will save some screen-checking time.

In case you haven't seen those indicators yet and feel they would be useful, you can find them at the bottom of the first post. I would link them for you but I'm new to the world of forums and don't yet know how to do that successfully.
 
1
  • Post #319
  • Quote
  • Jun 15, 2021 10:26am Jun 15, 2021 10:26am
  •  LauraT
  • Joined Apr 2020 | Status: Daylight Roadmapper | 1,351 Posts
I might have missed a couple of messages due to the way FF post moderation works for new members.

If I happen to have missed yours, it's not intentional. Please do feel free to post again if I haven't answered.
 
 
  • Post #320
  • Quote
  • Jun 15, 2021 11:02am Jun 15, 2021 11:02am
  •  pedrobhs
  • | Joined Sep 2019 | Status: Member | 31 Posts
Quoting DinosMum
Disliked
{quote} Thank you so much for this! I am currently using the indicators for this strategy that pedrobhs has kindly created however it does not seem possible to add an alert for when the SMMA's cross. The code you have kindly provided may be able to help me in creating an alert to go alongside the existing indicators that will save some screen-checking time. In case you haven't seen those indicators yet and feel they would be useful, you can find them at the bottom of the first post. I would link them for you but I'm new to the world...
Ignored

Hey DinosMum, I will update the code for those indicators tonight to align with Lauras recommendation of -50 cross of Slow line, I can also add those alerts you mention and any other alert you might need. Just let me know.

Takecare
 
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