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Sedona- A system for inactive hours

  • #141
  • May 4, 2007 8:54am May 4, 2007 8:54am
Quoting motanu
Well, I reset the orders after the positions were closed and I reused them
more than one time. I managed to get 51 pips today in GBP/JPY (one buy
and two sells) and 12 in GBP/USD (two buys).
I think its pretty safe to do that because the market actually is ranging in
this interval and no major moves are expected.
Good idea, I have to test it
Making pips is easy, holding 'em is hard - Pipsopolis
  • #142
  • May 4, 2007 8:55am May 4, 2007 8:55am
Quoting gagiul
Good trade on GBP JPY, sold at 239.41, it just came up to trigger the sell order, then reached the TP. So 18 pips profit for me. Thanx again Saham

For GBP USD, it triggered all my longs at 1.9873, 1.9863 and 1.9854 respectively, with TP roughly at 1.9880, but right now the trades seem in jeopardy due to the GBP USD sell off. Just came very close to my stop at 1.9835...lets see what happens.
Nice pips. Keep 'em
Making pips is easy, holding 'em is hard - Pipsopolis
  • #143
  • Edited 9:56am May 4, 2007 9:54am | Edited 9:56am
I've been using a little excel spreadsheet to plan the trades. I enter the high, low, and bid/ask spread. I also enter whether the high was overbought and the low was oversold with a "1" or "0".

The entry price levels and stop are calculated for the shorts if it was overbought and for the longs if it was oversold.

There's no automation or anything, but it does take away some of the drudgery of the calculations. Unfortunately the site won't let me upload the attachment.
You are in a maze of twisty little passages, all alike.
  • #144
  • May 4, 2007 9:58am May 4, 2007 9:58am
Quoting stevegee58
I've been using a little excel spreadsheet to plan the trades. I enter the high, low, and bid/ask spread. I also enter whether the high was overbought and the low was oversold with a "1" or "0".

The entry price levels and stop are calculated for the shorts if it was overbought and for the longs if it was oversold.

There's no automation or anything, but it does take away some of the drudgery of the calculations. Unfortunately the site won't let me upload the attachment.
If you can put the file in a .zip, you can upload it.
  • #145
  • May 4, 2007 9:59am May 4, 2007 9:59am
Ah the wonders of modern technology.
Attached File(s)
File Type: zip sedona.zip   2 KB | 681 downloads
You are in a maze of twisty little passages, all alike.
  • #146
  • May 4, 2007 10:03am May 4, 2007 10:03am
Hey, it worked

Thanks , Steve. That will make it easier.
  • #147
  • May 4, 2007 10:11am May 4, 2007 10:11am
I should probably explain a few things about why I calculated things the way I did.

On my broker (Oanda), the candles are based on the average of the bid/ask. So when I enter the high and low, it's based on this bid/ask average from the upper and lower candle wicks.

Now, when you go to actually calculate prices for orders, you have to remember that the bid at the time of the high (or ask at the time of the low) was 3 pips lower (or higher). That's because the bid/ask spread for GBPJPY is 6 pips at my broker. So I offset the actual prices for the orders by 1/2 of the bid/ask spread to accomplish this.

I *think* this makes sense but I could be wrong, so beware. Anyway, it's a simple spreadsheet, so you can change it easily if you wish.
You are in a maze of twisty little passages, all alike.
  • #148
  • May 4, 2007 2:33pm May 4, 2007 2:33pm

Thanks Steve,
It is useful. Good job
Making pips is easy, holding 'em is hard - Pipsopolis
  • #149
  • May 4, 2007 2:42pm May 4, 2007 2:42pm
And this weeks results:
+38 pips on GJ as the average of three positions. If I want the results to be more "eye catching" (!) I can say +88 pips as the total sum of the positions. Just 1 third position we have and 2 days with no trade. Not a bad results. Has anyone backtest the system on other pairs?
Attached Image
Making pips is easy, holding 'em is hard - Pipsopolis
  • #150
  • May 4, 2007 4:15pm May 4, 2007 4:15pm
Would you mind indicating your targets for today (5/4). Thanks
  • #151
  • May 5, 2007 1:23pm May 5, 2007 1:23pm
Quoting wcalem
Would you mind indicating your targets for today (5/4). Thanks
On Fridays I close all open positions at 1500 EST, as my broker's spread widens after this time.
Making pips is easy, holding 'em is hard - Pipsopolis
  • #152
  • May 5, 2007 1:41pm May 5, 2007 1:41pm
Sorry, should have been clearer, I meant your entry targets and your S/L. I was stopped out on my trades by a couple of pips. Maybe I am not properly accounting for the spread.
  • #153
  • May 5, 2007 4:48pm May 5, 2007 4:48pm
Quoting wcalem
Sorry, should have been clearer, I meant your entry targets and your S/L. I was stopped out on my trades by a couple of pips. Maybe I am not properly accounting for the spread.
It was a bit tricky yesterday. I used the data for two different platforms (Oanda and NF) and the wick of the news candle made the difference. On NF here are the Hi and Lo and the entries (The one I used):
H: 239.59
L: 238.74
sell @ 239.42, 239.51 & 239.59
S/L: 239.76
T/P: 239.23

and here are the numbers for Oanda:
H: 239.50
L: 238.77
Sell at: 239.35, 239.43 and 239.50
S/L: 239.65
T/P: 239.18
the highest pick of the data would be 239.57 (239.63 with spread) and the target was 2 pips away and safe. The only reason for stopping out is spread widening which Oanda is an expert in it . Sorry for the loss you had
Making pips is easy, holding 'em is hard - Pipsopolis
  • #154
  • May 6, 2007 11:28pm May 6, 2007 11:28pm
Fellow range traders: I too have been studying this system for a short time and will gladly post when I have some good results. Not to throw a wrench or challenge anyone on this system, but I was reading an article in Currency Trader Magazine by Kathy Lien, who works at FXCM. She was talking about this system but with a few changes. The pairs she likes are the eur/gbp, eur/chf, and the uds/cad. The times to trade are between 1pm to 11pm EST and 12am to 3am EST. Now I know these pairs don't move much but she contents that they have the best odds of success. I don't trade the usd/cad at all so I will test the other two. If this variation of the system is out of bounds for this tread, please don't bounce me out. Let me know if you want this information to continue and I will respect the wishes of the group. Just FYI.


Be not afraid of going slowly: Be afraid only of standing still Chinese Proverb
  • #155
  • May 7, 2007 1:52pm May 7, 2007 1:52pm
Only 1 of my 3 orders triggered today but it TPed at 6 pips at the EMA (62)

Not great, but not bad. I closed out the remaining 2 orders and called it a day.
You are in a maze of twisty little passages, all alike.
  • #156
  • May 8, 2007 12:20am May 8, 2007 12:20am
Quoting pip pirate 2
Fellow range traders: I too have been studying this system for a short time and will gladly post when I have some good results. Not to throw a wrench or challenge anyone on this system, but I was reading an article in Currency Trader Magazine by Kathy Lien, who works at FXCM. She was talking about this system but with a few changes. The pairs she likes are the eur/gbp, eur/chf, and the uds/cad. The times to trade are between 1pm to 11pm EST and 12am to 3am EST. Now I know these pairs don't move much but she contents that they have the best odds of success. I don't trade the usd/cad at all so I will test the other two. If this variation of the system is out of bounds for this tread, please don't bounce me out. Let me know if you want this information to continue and I will respect the wishes of the group. Just FYI.
First a thanks to Saham for sharing your idea on this approach to trading. I understand the basic rules but I am still trying to get a feel for all nuances in entering or exiting a trade. I tried my first demo trade using your rules on the G/U yesterday and had two entries triggered for winners at +4 and +8. Not big but it was a very small ranging day because the British market was closed. Maybe I shouldn't have entered it at all because of the holiday.

@Pip Pirate 2: Thanks for the info on the article by Kathy Lien. I went and gave it a read myself and she makes a valid case for her reasoning on which pairs to trade. In fact, one of my questions was if this approach can be, or has been, applied to any other pairs with any success? If no one else objects, please post your results as you test them. We all have our own theories or ideas on improving our trade results. But there is just not enough time in the day to test every new idea or improvement that comes along. That is where the strength in our concerted effort in these forums comes in, so we can each give our small contribution to the larger effort. I for one would appreciate seeing your results on the E/G and E/C.
  • #157
  • May 8, 2007 2:00am May 8, 2007 2:00am
Quoting stevegee58
I should probably explain a few things about why I calculated things the way I did.

On my broker (Oanda), the candles are based on the average of the bid/ask. So when I enter the high and low, it's based on this bid/ask average from the upper and lower candle wicks.

Now, when you go to actually calculate prices for orders, you have to remember that the bid at the time of the high (or ask at the time of the low) was 3 pips lower (or higher). That's because the bid/ask spread for GBPJPY is 6 pips at my broker. So I offset the actual prices for the orders by 1/2 of the bid/ask spread to accomplish this.

I *think* this makes sense but I could be wrong, so beware. Anyway, it's a simple spreadsheet, so you can change it easily if you wish.
Thanks Steve; A question though. Is the Oanda "average candle" an option? Also I have only had one cup of coffee so far but; why would you want an average candle? Ok OK Two questions
Thanks bapxyz
  • #158
  • May 8, 2007 7:53am May 8, 2007 7:53am
On Oanda, the prices used on candles are based on the average of the bid/ask spread. I don't think you can change that.

If you think about it, this makes sense. I mean, what else would you base it on? The bid/ask spread varies throughout the day/week, so if you based it only on the bid or ask (pick one) the candles would look whacky due to changes in the spread.
You are in a maze of twisty little passages, all alike.
  • #159
  • Edited May 9, 2007 7:00am May 8, 2007 10:57am | Edited May 9, 2007 7:00am
Quoting pip pirate 2
Fellow range traders: I too have been studying this system for a short time and will gladly post when I have some good results. Not to throw a wrench or challenge anyone on this system, but I was reading an article in Currency Trader Magazine by Kathy Lien, who works at FXCM. She was talking about this system but with a few changes. The pairs she likes are the eur/gbp, eur/chf, and the uds/cad. The times to trade are between 1pm to 11pm EST and 12am to 3am EST. Now I know these pairs don't move much but she contents that they have the best odds of success. I don't trade the usd/cad at all so I will test the other two. If this variation of the system is out of bounds for this tread, please don't bounce me out. Let me know if you want this information to continue and I will respect the wishes of the group. Just FYI.


Be not afraid of going slowly: Be afraid only of standing still Chinese Proverb
In the first post I wrote that the idea came from Boris' book, but I have changed it a lot. Neither the time frame nor the RSI setting is his and I used EMA62 which he didn't. He mentioned in his book that this idea was not his and he borrowed it from a trader friend.
BTW, if you have any backtest for any pair, please post it here. We'd appreciate it.
Making pips is easy, holding 'em is hard - Pipsopolis
  • #160
  • May 8, 2007 11:05am May 8, 2007 11:05am
Quoting stevegee58
On Oanda, the prices used on candles are based on the average of the bid/ask spread. I don't think you can change that.

If you think about it, this makes sense. I mean, what else would you base it on? The bid/ask spread varies throughout the day/week, so if you based it only on the bid or ask (pick one) the candles would look whacky due to changes in the spread.
I think the answer to that might be using a charting system rather than Oanda's charts.
Making pips is easy, holding 'em is hard - Pipsopolis
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