What's the name of the book?
What's the name of the book?
DislikedThe idea of going off the Londen open is because that is the first "major" movement of the trading session after the NY session closes. There is some movement with Asia open, but the bigger movements happen shortly after London open. Hence the orginal concepts presented.
Is it possible to just pick some random point and enter? Sure, depends on what you are willing to risk, I guess. I guess without any way to show a system like that works, it is tough to say. You can always curve fit a system like that (any system), it would really depend forward testing in a demo account. With the above London open idea, you can go back everyday to check it out.
I think the bigger picture is is that you have to come up with yourself, or follow a system exactly as presented. If you get off track with a system, then you are not giving the original system its fair chance.
I don't trade forex all that much, I don't like the spreads. I trade futures mostly, which you pay commissions on (less than 1/2 pip value). The futures move in the same fashion as forex does (EURUSD for Forex, Euro FX for Futures).
DislikedTheres 5 hours difference between london and new yorkIgnored
DislikedHi Guys I dont kno where you guys have got upto with this thread.... or how the system has been developed but I thought I would make things a little easier for the newcomers to the thread....
I have attached a document which gives a complete run down of the origional 2 systems which got this thread started...
I will post all of the results on both systems for november and december which are missing from this document unless someone has been trading either of them and wishes to share the reults.
Also would someone be kind enough to update me on what the strategies have evolved into or which are the main strategies in development at the moment... this way I can add my 2 pipsIgnored
Inputs: dollarStop(600), expansionPIPS(.008), DOW1(1), DOW2(2), DOW3(5); vars:longTradesToday(0), shortTradesToday(0), switch(0), buyPrice(0), sellPrice(0), longTrailingExit(0), shortTrailingExit(0); If time crosses above Sess1EndTime then begin longTradesToday = 0; shortTradesToday = 0; buyPrice = close + expansionPIPS; sellPrice = close - expansionPIPS; end; if time > Sess1StartTime and (DayOfWeek(Date) = DOW1 or DayOfWeek(Date) = DOW2 or DayofWeek(date) = DOW3) then begin if longTradesToday = 0 and marketPosition <> 1 then buy("BUY") 1 contract next bar at buyPrice stop; if shortTradesToday = 0 and marketPosition <>-1 then sell("SELL") 1 contract next bar at sellPrice stop; if high crosses above buyPrice then longTradesToday = longTradesToday + 1; if low crosses below sellPrice then shortTradesToday = shortTradesToday + 1; end; setExitOnClose; setStopContract; setStopLoss(dollarStop);
inputs: expansionPIPS(.008); vars:buyPrice(0),sellPrice(0); If time crosses above Sess1EndTime then begin buyPrice = close - expansionPIPS; sellPrice = close + expansionPIPS; end; plot1(buyPrice); plot2(sellPrice);
DislikedI have taken the profit target out of the system as it is damaging to the overall backtested results regardless of it's value.
I generally disagree with any method of profit target as it has proven to be based on the biases and fears of the trader rather than commonsense ro statistics.
You will find that most significant moves can continue in that direction for quite some time. It's a well known market truth that is exploited over and over again. Taking a profit when the market starts to rally is like saying "That's enough money" or "I am afraid that the market will snatch it back, so I will take my profit and run". Really you should be saying: "Gimme more of that"Ignored
DislikedHave anybody of us tried to code this strategy in order to get the indikator or/and alarm?
It would help a lot of us.Ignored
This is a spontaneous idea and post. If you're crazy enough to actually put real money on anything that's written by some guy on a forum, at least
1. don't blame the guy for any outcome that comes from this
2. know why you are doing.
Basically I am saying this is more academic than anything.
I am not responsible for what you do after reading this.
The IDIOT system
Hi all and welcome to the The Interesting Daily Intricate Opening Trade System.
While you might think I am trying to poke fun at you here, and I might or not be, I may have just stumbled across the most dumbfoundingly simple way to trade cable
Since I am not a big man of many words, let me get right to it:
At midnight in GMT+2 (or at least I think I am in GMT+2, just assume Berlins timezone), you place a straddle on cable's opening price of the 1H bar for that time.
Basically should be the same as the daily close, can vary 1-2 pips. I go off 1h.
The straddle goes like this:
30 pips above and below the opening price of the 1H candle/bar for midnight you put buy and sell orders in that direction(below the price short, above the price long. Don't forget to add your spread).
You then put the stop at the opposite orders entry price (so roughly a 60 pip stop).
You then set a limit for either 100 or 140 or 200 or 240 pips away. Or you can complicate it to heck and back with indicators and fibs, be my guest.
After looking back about 4 weeks, I can safely say that if one of the two orders gets triggered, one of two things happens:
1. The trade moves 100-240+ pips in your direction and you get a good R/R on the stop size.
2. The trade moves about 10-40 pips in your favor, then comes all the way back and continues the other way. It will almost certainly move in your favor first.
Obviously nobody will have issues with case 1, and for case 2 it's rather simple: use a 60 pip trailing stop, not a fixed one. That way you lose less.
You can also move up the stop to breakeven if you're anal about it, but that might just stop you out of trades early that then move on quite a bit.
Losing is normal and natural and hence the take profit / limit points should at least be 150% of the stop size. Hence 100 pips being the smallest suggested.
Well, er, that's it. Straddle away every day, make money, make some hay.
Best application of how MM and risk management works for you in application ever.
I came up with this because all these indicator based systems are just making me sick sick sick and this works at least as well as any bagosidomoutekisilvertigerfireriderwaterspoutermysticrivershijiujitsutunnelaikenshiakirawhatever.
Also it gets tiresome to read a new thread every day asking "where do you think GBPUSD is headed"(with this it just plainly doesn't matter).
Backtest this yourself(As in manually, not automated. Just use the crosshair.) on the MT4 charts on 1h if you think it's too silly to work
Should at least work until the 300+ pips a day moves return for cable and then all you need to do is toss in cash anyway
Good luck and remember, we can all be IDIOTs if we just try hard enough!
P.S. If you are one of the persons that needs a reason as to WHY this works, I can offer you that most of the time that time area makes an inside bar and basically it's a straddle of just that(which is indeed valid)...oh and if you need an MT4 demo that's in that timezone, MigFX and Nextt are.
P.P.S. Included fully mechanically backtested October via template, made on MigFX demo. PL ends up +210 with a theoretical open trade at +50 atm. Just open a GBPUSD chart in MigFX demo and load the template, it's fully labeled. 60 trailing stop loss was used, 100 fixed take profit point. PL should be a bit lower due to spread not being included almost ever. Saw at least two trades that wouldn't have been entered the wrong direction had one used 35 pips + spread instead of 30 distance. Further tweaking is more usefull with an automated program that would examine standard deviation to both sides from that offset. Don't look at me, I can't do that sort of thing.Ignored