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Daylight Trading Strategy

  • #621
  • Jun 27, 2021 9:20am Jun 27, 2021 9:20am
Quoting Erebus
{quote} Compared with this indicator, gives exact same entry plus additional multiple signals for slowpokes. What do you think of it? No squiggly lines which require mathematical manipulation of the Price data {image}
Yes, you are correct!! Same entry signal, but what you do AFTER the entry is where you make money!
Plan, Prepare, Execute, Repeat
  • #622
  • Jun 27, 2021 12:15pm Jun 27, 2021 12:15pm
New Journal Entry: Seeing The Light

https://www.forexfactory.com/thread/...3#post13601843
  • #623
  • Jun 27, 2021 12:22pm Jun 27, 2021 12:22pm
Hi all, Wonderful thread going here. Wondering if anyone is a Thinkorswim user that can help with getting this setup on that platform? I can get the channels set up but not the EMA of the Williams % on the lower indicator. Thank you for any help in advance!
  • #624
  • Edited 2:06am Jun 28, 2021 1:43am | Edited 2:06am
Quoting LauraT
{quote} There is more risk compared to a fresh cross, yes. Not so much in terms of risk itself but because it will be more expensive to be proved wrong. The slow MA will gradually start to weaken even if price keeps going up, as the rate of acceleration decreases, so I do occasionally take these types of continuation trades.
The ma may filter bad trades but it s not "do it and you get better results"!
You can try 100-200 period
Also RSI over/under 50 is a common used filter...
A good help is tradingview where you can simulate your trades and see the results...several channels on youtube do this with 100 trades to test a strategy!
I ll watch your journal how your strategy works...in my eyes a trade explorer would be better...why not do such a thing?
Wish you the best
Greetings from Munich, R.
Vucking good EA coder... https://t.ly/AZjRM
  • #625
  • Jun 28, 2021 2:14am Jun 28, 2021 2:14am
Good morning everyone - a new week beckons!

I'm aware that people have asked for more information on trade management so I intend to post some trades I'm in before I close out (both potential winners and potential losers), with a focus on how I intend to manage/close the trade.

Let's start with oil. A long trade on standard mode (entry at red upward arrow). With hindsight, I got into the move a bit too late perhaps. But I'm in now so what next?

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We're about to get negative daylight but that alone won't shake me out of the trade. For me to be proven wrong and exit with a loss, I will want to see a clear cross of the -50 line by the slow moving average.

Will update on the outcome of the trade when I close.
  • #626
  • Jun 28, 2021 2:37am Jun 28, 2021 2:37am
Attached Image (click to enlarge)
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Today's trade
Faith with Action
  • #627
  • Jun 28, 2021 3:13am Jun 28, 2021 3:13am
Quoting LauraT
Good morning everyone - a new week beckons! I'm aware that people have asked for more information on trade management so I intend to post some trades I'm in before I close out (both potential winners and potential losers), with a focus on how I intend to manage/close the trade. Let's start with oil. A long trade on standard mode (entry at red upward arrow). With hindsight, I got into the move a bit too late perhaps. But I'm in now so what next? {image} We're about to get negative daylight but that alone won't shake me out of the trade. For me to...
Took a loss on oil. Sometimes I will look for what I call a 'graceful exit' and I'll hopefully have one this week I can show you. But in this case, I was plain wrong/late with my long so onto the next opportunity.

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Talking of next opportunity, I'm short Dow. Will update when I close out.

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  • #628
  • Jun 28, 2021 3:21am Jun 28, 2021 3:21am
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Faith with Action
  • #629
  • Jun 28, 2021 3:25am Jun 28, 2021 3:25am
Update on Dow trade - out +35 at potential support. It looks like it will continue dropping without me, but that's okay.

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  • #630
  • Jun 28, 2021 3:43am Jun 28, 2021 3:43am
last week and todays trades on eu
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  • #631
  • Jun 28, 2021 4:05am Jun 28, 2021 4:05am
Quoting LauraT
{quote} Took a loss on oil. Sometimes I will look for what I call a 'graceful exit' and I'll hopefully have one this week I can show you. But in this case, I was plain wrong/late with my long so onto the next opportunity. {image} Talking of next opportunity, I'm short Dow. Will update when I close out. {image}
Good day Laura. You're such an examplary mentor to follow!
  • #632
  • Jun 28, 2021 4:44am Jun 28, 2021 4:44am
Giving oil another try. Long at upward red arrow. Will update when I close out.

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  • #633
  • Jun 28, 2021 5:17am Jun 28, 2021 5:17am
Quoting LauraT
Giving oil another try. Long at upward red arrow. Will update when I close out. {image}
Also in Dax short. Will update when I can.
  • #634
  • Jun 28, 2021 5:30am Jun 28, 2021 5:30am
Quoting LauraT
{quote} Also in Dax short. Will update when I can.
Hi Laura, great stuff as always. Took the same DAX trade on 1 min for 30 pips.

Baz
  • #635
  • Jun 28, 2021 6:00am Jun 28, 2021 6:00am
Quoting LauraT
{quote} Hi, It certainly can be used on the daily timeframe. It probably requires smaller size or quicker exits though, to account for the larger swings. I've attached a couple of daily charts with examples: {image} On the above Dow chart I've marked a couple of potential entry points but you could have entered almost anywhere in that up trend and profited well. Also notice how the dip resulted in a cross of the sub-window MAs but there wasn't any daylight between them. This stops you from taking a counter-trend short. {image} On EURUSD I've marked...
I don't know "Daylight",please explain to me
  • #636
  • Jun 28, 2021 6:36am Jun 28, 2021 6:36am
Thank you Laura for sharing your knowledge with us. I have run a backtest on EURUSD and AUDNZD from 2019 to 2021.
Entry rule: enter when both W%R and the green and red moving averages agree. i.e. there is enough daylight between both pair of lines.
Exit when the green line crosses the red line on the other side.
Safety stop loss placed on a swing low/ swing high that is reasonable away from the entry.
Timeframe uses is the 4hr. Test bank was of 10,000.
Its early but by just taking mechanical trades and following the system's rules, it has returned a profit of 20% on EURUSD, while on AUDNZD it managed to move from a maximum drawdown of 6% to a closing profit of 9%.
The data used for back testing is from dukascopy using a fixed spread of 3 pips.
Of course there is no psychological factors during a backtest.
Hope this little test supports all the knowledge that you are sharing with us.
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  • #637
  • Jun 28, 2021 7:22am Jun 28, 2021 7:22am
Got a couple larger timeframe trades going from the 4 hr charts.

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Plan, Prepare, Execute, Repeat
  • #638
  • Jun 28, 2021 7:43am Jun 28, 2021 7:43am
Quoting Ilpnhh
{quote} I don't know "Daylight",please explain to me
Start reading from page one.
All you touch and all you see, is all your life will ever be.
  • #639
  • Jun 28, 2021 7:45am Jun 28, 2021 7:45am
Quoting swingtrade65
Got a couple larger timeframe trades going from the 4 hr charts. {image}{image}{image}
swingtrade65, thanks for posting.
A couple of questions re RSI chart bars:
1. Do you use the same settings for all TFs?
2. Are the settings you are using:
RSI period: 8
RSI price: 4
Overbought 52
Oversold 48

Thanks!
  • #640
  • Jun 28, 2021 7:50am Jun 28, 2021 7:50am
Quoting MidnightRun
{quote} swingtrade65, thanks for posting. A couple of questions re RSI chart bars: 1. Do you use the same settings for all TFs? 2. Are the settings you are using: RSI period: 8 RSI price: 4 Overbought 52 Oversold 48 Thanks!
Yes, that is correct
Plan, Prepare, Execute, Repeat
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