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Simple Daily System

  • #441
  • Aug 14, 2007 4:25pm Aug 14, 2007 4:25pm
Yeah .... that is the only real problem with this system but I think it will work with any broker, just your entries will be differant, most that are forward testing here are using NorthFinace....I thought I would just stick with the Oanda timeframes to see how it works with them....Good luck
Same Whore .... Different Dress
  • #442
  • Aug 14, 2007 4:40pm Aug 14, 2007 4:40pm
Quoting johnedoe
Long USD/CHF......up 74 pip ....Oanda as broker and there charts.
also CHF/JPY ........up 76 pip

This trade is against the trend according to my charts, but fair play for going for it.

I personally took out a modest short trade on the AUD/USD, which paid off beautifully with 80 pips. I don't really like the look of anything tonight though, at least in respect to this method.
  • #443
  • Aug 14, 2007 8:07pm Aug 14, 2007 8:07pm
OOOPs....I mean I am short the CHF/JPY...91 pip in the positive at this point..
Same Whore .... Different Dress
  • #444
  • Aug 14, 2007 9:50pm Aug 14, 2007 9:50pm
After double, and triple checking my non-North Finance live account with my NF demo account . . . I will use NF demo for charting (daily bars, posts, discussion, tests, charts, etc.) and place trades using my non-NF live account (at any given time frame there is only a pip or two difference.)

Regards, K
  • #445
  • Edited 2:16am Aug 15, 2007 2:02am | Edited 2:16am
Hey guys!

Here is what I have recently..2 trades were taken..Look at the charts..
AUD/USD this was a short trade with the following our main rules of SIMPLE. As for now +92 pips..All system conditions were met..If you watched this trade closely you should already reached your TP2 and close (or put your trailing stop and let it run)
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.gif Size: 71 KB
  • #446
  • Aug 15, 2007 2:14am Aug 15, 2007 2:14am
Here is another trade GBP/USD (+85 for now)..This trade is against our 20/50 EMA filter so you can miss it if you don't want to take more risker trades..I think there will be 2 ways to trade with SIMPLE: 1) more conservative and more stable with our main rules and 20/50 EMA filter 2) alternative with more risk envolved but possibly with more positive gains
I'll try to put all the things together and post everything in post #1 in this thread so you can check them out..which way you choose - it's only up to you..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 71 KB
  • #447
  • Aug 15, 2007 8:12am Aug 15, 2007 8:12am
Swissy was a good trade last night. Entered when the 4th up bar broke the high of the third up bar by 3 pips (1.2120).

Used the original simple rules (3 up bars, enter on the 4th).
Attached Image
  • #448
  • Aug 15, 2007 8:21am Aug 15, 2007 8:21am
Quoting pavejon
Swissy was a good trade last night. Entered when the 4th up bar broke the high of the third up bar by 3 pips (1.2120).

Used the original simple rules (3 up bars, enter on the 4th).
Yep, it was a good long trade, but against our 20/50EMA filter (20 EMA was below 50EMA). More risk envolved but still nice pips.

Regards,
TheThing
  • #449
  • Aug 15, 2007 8:41am Aug 15, 2007 8:41am
Hello!

Need an advice.

I entered aud/usd at 0,8350 (short) Nice pips for now, but I wonder where to close the position.

As you have a lot of experience I would be thakful for advice.

Thanks again!

Great posts!!!
  • #450
  • Aug 15, 2007 8:51am Aug 15, 2007 8:51am
what about GBP/JPY?

You think good choice to go short?
  • #451
  • Aug 15, 2007 8:54am Aug 15, 2007 8:54am
Buy Rules
1) Daily Charts with NO Indicators
2) If price has 3 consecutive days where the Close is higher than the Open, on the OPEN of the 4th candle, Initiate a Buy Order.
3) Stop is 2 pips below the previous candle, or 90 pips (whichever is lower)
4) Take Profit is in 2 steps...
a) Take half profit at 30 pips and move stop to break even
b) Take remaining profit at 100 pips


Sell Rules
1) Daily Charts with NO Indicators
2) If price has 3 consecutive days where the Close is lower than the Open, on the OPEN of the 4th candle, Initiate a Sell Order.
3) Stop is 2 pips above the previous candle, or 90 pips (whichever is lower)
4) Take Profit is in 2 steps...
a) Take half profit at 30 pips and move stop to break even
b) Take remaining profit at 100 pips
Same Whore .... Different Dress
  • #452
  • Aug 15, 2007 8:58am Aug 15, 2007 8:58am
Quoting Kameleon
Hello!

Need an advice.

I entered aud/usd at 0,8350 (short) Nice pips for now, but I wonder where to close the position.

As you have a lot of experience I would be thakful for advice.

Thanks again!

Great posts!!!
If you entered at 0,8350 you have more than 100 pips for now! Lock 75% of your profit, move SL and be happy! The main rule here is not let the winner turn into loser.

Best regards,
TheThing
  • #453
  • Aug 15, 2007 9:04am Aug 15, 2007 9:04am
Quoting TheThing
Yep, it was a good long trade, but against our 20/50EMA filter (20 EMA was below 50EMA). More risk envolved but still nice pips.
Regards,
TheThing
In an earlier post I suggested that some of the techniques used by Daily Fozzy traders could be applicable to the Simple Daily System and might for some improve the quality of trading. Here, IMO is a good example of that. Trend direction is often an issue. Using a 28 EMA (borrowed from the Vegas Daily Tunnel) and a 5 Smoothed MA on close as well as a 5 Smoothed MA on open can help with establishing overall trend direction, short term trend direction and immediate trend direction change. The attached screenshot shows the 28 EMA as a silver line, the 5 SMA channel in red and blue, S & R levels and fib lines related to the 28 EMA. These support the decision to trade long on the fourth UP candle. Also notice the "Buy" Fozzy signal on Aug 8 which was 'confirmed' on Aug 13 when the trend line indicators turned upward (interestingly this was the second UP candle in this series).

I am sharing this for the purpose of encouraging others to think about ways to keep the Simple Daily System 'simple' while at the same time improving the simplicity and quality of trading this method.
Attached Image
  • #454
  • Aug 15, 2007 9:05am Aug 15, 2007 9:05am
hi thing,should the first day of the aud/usd not have been thursday,for a 9th,10th,13th setup for a 14th entry,i use ACM charts
thanks
  • #455
  • Aug 15, 2007 9:12am Aug 15, 2007 9:12am
Quoting Kameleon
what about GBP/JPY?

You think good choice to go short?
Can't say much because I don't watch this pair. Too unpredictable for me
All rules are here so you can try it on demo when new 4th candle opens.
  • #456
  • Aug 15, 2007 9:27am Aug 15, 2007 9:27am
Thanks a lot!
  • #457
  • Aug 15, 2007 9:31am Aug 15, 2007 9:31am
Quoting vincenzo
hi thing,should the first day of the aud/usd not have been thursday,for a 9th,10th,13th setup for a 14th entry,i use ACM charts
thanks
If you want to strictly follow "main" rules of SIMPLE you should enter when 20 EMA is below 50 EMA for a short trade with the closing of 3rd candle (when we make a decision to take or not to take a trade). But according to my charts in the beginning of 14th the 20 EMA was a little above 50 EMA so no trade.
  • #458
  • Aug 15, 2007 9:35am Aug 15, 2007 9:35am
Quoting BeachBum
In an earlier post I suggested that some of the techniques used by Daily Fozzy traders could be applicable to the Simple Daily System and might for some improve the quality of trading. Here, IMO is a good example of that. Trend direction is often an issue. Using a 28 EMA (borrowed from the Vegas Daily Tunnel) and a 5 Smoothed MA on close as well as a 5 Smoothed MA on open can help with establishing overall trend direction, short term trend direction and immediate trend direction change. The attached screenshot shows the 28 EMA as a silver line, the 5 SMA channel in red and blue, S & R levels and fib lines related to the 28 EMA. These support the decision to trade long on the fourth UP candle. Also notice the "Buy" Fozzy signal on Aug 8 which was 'confirmed' on Aug 13 when the trend line indicators turned upward (interestingly this was the second UP candle in this series).

I am sharing this for the purpose of encouraging others to think about ways to keep the Simple Daily System 'simple' while at the same time improving the simplicity and quality of trading this method.
Thank you BeachBum! Your comments and suggestions are always welcome
  • #459
  • Aug 15, 2007 11:50am Aug 15, 2007 11:50am
Thing,

One million "thanks" to you and all the other talented contributors of this tread and system.

Forgive the stupid question (I read the thread and can't find the answer)..... In confirming the trend, is the "SIMPLE" rule to see that both the 20 and 50 ema lines have actually crossed just before making the trade OR can both the 20 and 50 ema lines be heading in the same direction (20 over 50, heading up, for LONG trades and 20 under 50, heading down, for SHORT trades).

Thank you.
  • #460
  • Aug 15, 2007 12:13pm Aug 15, 2007 12:13pm
Quoting pavejon
Thanks for the pic. My MT4 demo charts look a little different than yours. I just set a pending order to go long on swissy.
The days on your chart is that an indicator, if so, can you post it here... thanks in advance.
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