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Simple Daily System

  • #521
  • Aug 20, 2007 10:48am Aug 20, 2007 10:48am
So what set ups are people watching? Swissy looks like a possibility in a couple of days.
  • #522
  • Aug 20, 2007 2:31pm Aug 20, 2007 2:31pm
Quoting pavejon
So what set ups are people watching? Swissy looks like a possibility in a couple of days.
It's 19:30 GMT and my charts start their new day at 20:00 GMT, in 30 min.

The Swissy / USD and EUR pairs seems to be reversing so I don't think we will get a third day downtread today with a 20/50 EMA confirmation. However,

The CAD / USD and EUR both are having a good third day down with the 20/50 EMA confirmation so I'm thinking to short these two.
  • #523
  • Aug 20, 2007 3:56pm Aug 20, 2007 3:56pm
I've backtested this with a few pairs (eurjpy, eurusd, gbpusd, gbpjpy). So far, the best system is gbpjpy. See this post for detailed results:

http://londonsession.blogspot.com/20...le-system.html
  • #524
  • Aug 20, 2007 5:49pm Aug 20, 2007 5:49pm
Quoting levistamper
I've backtested this with a few pairs (eurjpy, eurusd, gbpusd, gbpjpy). So far, the best system is gbpjpy. See this post for detailed results:

http://londonsession.blogspot.com/20...le-system.html
Currently . . . 3:50 PM Pacific Standard Time

The EUR/JPY and GBP/JPY appears to be trending (slight but there . . . and still early in today's daily candle) toward a thrid day UP bar close . . . we will just have to wait to see what the rest of the day brings. Also watching the AUD/USD (DITTO - very early too)

GBP/JPY --- daily @ 3:50 PST

http://www.forexfactory.com/attachme...1&d=1187650402
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-jpy-daily-20aug07.jpg Size: 69 KB
  • #525
  • Aug 20, 2007 7:05pm Aug 20, 2007 7:05pm
I have been away for a few days. I see there have been some good opportunities, especially those huge moves with the jpy crosses last Thursday. If you'd let it run for 24 hours, you might have picked up a few hundred pips, or if you'd placed a moving stop loss once you'd got in profit 100 pips, you could have made closer to 500 pips+! That would have put a smile on my face for sure.

Anyhow, I'm sure I'll get it on the next one. Looking at the charts tonight, there are a couple of setups that meet our specifications but they don't grab me as much as I'd like them to.

EUR/CHF is presenting a bearish three bar set up but these three bars have come after a doji, whereas I like to see the pattern immediately after a top (or bottom in an uptrend). Also, the CHF hasn't proven to be the best performer with this strategy, so I'm going to sit this one out (it'll probably move 500+ pips now I've said that).

USD/CAD is a little more interesting, but it isn't a big mover so if I were to place a trade on this one my tp and sl levels would be pretty tight, close to the pivot points.
  • #526
  • Aug 21, 2007 7:28am Aug 21, 2007 7:28am
I have been testing the system on a demo account for the last 13 days. I use 3 lots and set a TP of 30 pips. Not letting the lots run yet. So far I have 6 winners and 0 losers. The demo account is up $2900.

I have traded GBPJPY, AUDUSD, Pound and the Swissy. Latest was the Swissy last night.

Not entirely scientific but I think the best part of the system is that you don't over trade. It also teaches patience!
Attached Image
  • #527
  • Aug 21, 2007 5:48pm Aug 21, 2007 5:48pm
Anyone home?
  • #528
  • Aug 21, 2007 7:48pm Aug 21, 2007 7:48pm
Very quiet. No set ups to be seen at the moment, the markets are a bit rattled after last week which doesn't really lend itself to the simple system. Plus, I guess people have seen that it works, it's simple and there isn't much more to be said on the matter. It's just a case of incorporating it into their trading repertoire.

I think it is plain to see that the system is very effective on the D1 charts with certain pairs but for the more active traders like myself, I am interested to see if the same principal can work on shorter time frames. I've just been looking at the 15m charts for the EUR/JPY and the first indications look pretty good. A trader friend of mine who trades the USD/CHF uses two bar set ups on smaller time frames (1H, 4H) and produces some positive results. So, although people may feel that we have exhausted the subject of the Simple Daily System, it has opened up a whole school of thought that is well worth investigating. As long as there are pips to be made I will continue to develop and add to my trading wisdom and methods.
  • #529
  • Aug 21, 2007 8:47pm Aug 21, 2007 8:47pm
pavejon, are u using North Finance for your charts or some other broker? also do u incorporate the 20/50 EMA filter with your trades?
thanks

Quoting pavejon
I have been testing the system on a demo account for the last 13 days. I use 3 lots and set a TP of 30 pips. Not letting the lots run yet. So far I have 6 winners and 0 losers. The demo account is up $2900.

I have traded GBPJPY, AUDUSD, Pound and the Swissy. Latest was the Swissy last night.

Not entirely scientific but I think the best part of the system is that you don't over trade. It also teaches patience!
  • #530
  • Aug 21, 2007 9:41pm Aug 21, 2007 9:41pm
On Oanda's chart, EUR/CHF has been declining for eigth consecutive bars..will this consider as one setup ?http://www.forexfactory.com/images/icons/icon10.gif
  • #531
  • Aug 21, 2007 10:03pm Aug 21, 2007 10:03pm
I wrote an EA for this. It's a bit(a lot) messy right now since I wrote it in pieces, and the results are so-so. It only really seems profitable with default parameters (SL = 90, TP1 = 30, TP2 = 100) on the GBP/USD.

See if it's working ok. It ignores Sunday bars right now which I don't think is smart. Sunday bars seem to tell a lot about the movement. If it's a doji, the movement tends to hesitate, if it moves hard against the current trend it usually means the trend is over-ish.

Anyway, here it is.
Attached File(s)
File Type: mq4 SimpleDailyNew.mq4   5 KB | 474 downloads
File Type: ex4 SimpleDailyNew.ex4   5 KB | 370 downloads
  • #532
  • Aug 21, 2007 10:08pm Aug 21, 2007 10:08pm
Quoting fx4live
On Oanda's chart, EUR/CHF has been declining for eigth consecutive bars..will this consider as one setup ?http://www.forexfactory.com/images/icons/icon10.gif
According to the original rules this would have been a TP and a second entry.....or one really nice trade using a trailing stop.

as to time frames I have found this will work on the 4 hour charts (3 hour at Oanda) also some pairs on the hourly......it will also work on the weekly and monthly charts....
just a little something to broaden your horizons......

on the shorter TFs you would use tighter TPs and SLs using the ATR is still probebly your best bet.....on the weekly and monthly you would use micro or nano lots with wider TPs and SLs......
Same Whore .... Different Dress
  • #533
  • Aug 21, 2007 11:12pm Aug 21, 2007 11:12pm
Is anyone trading this system exclusively?
  • #534
  • Aug 21, 2007 11:31pm Aug 21, 2007 11:31pm
Quoting Oeagrus
I wrote an EA for this. It's a bit(a lot) messy right now since I wrote it in pieces, and the results are so-so. It only really seems profitable with default parameters (SL = 90, TP1 = 30, TP2 = 100) on the GBP/USD.

See if it's working ok. It ignores Sunday bars right now which I don't think is smart. Sunday bars seem to tell a lot about the movement. If it's a doji, the movement tends to hesitate, if it moves hard against the current trend it usually means the trend is over-ish.

Anyway, here it is.
Thanks Oeagrus, you are the one, i hv been waiting for this for long...will test it out...http://www.forexfactory.com/images/icons/icon14.gifhttp://www.forexfactory.com/images/icons/icon12.gif
  • #535
  • Aug 22, 2007 12:27am Aug 22, 2007 12:27am
Quoting johnedoe
According to the original rules this would have been a TP and a second entry.....or one really nice trade using a trailing stop.

as to time frames I have found this will work on the 4 hour charts (3 hour at Oanda) also some pairs on the hourly......it will also work on the weekly and monthly charts....
just a little something to broaden your horizons......

on the shorter TFs you would use tighter TPs and SLs using the ATR is still probebly your best bet.....on the weekly and monthly you would use micro or nano lots with wider TPs and SLs......
thanks john....what are the pairs on smaller TF you tested ??
  • #536
  • Aug 22, 2007 12:34am Aug 22, 2007 12:34am
these are the pairs I have been watching, some are better suited than others....I will be sorting thes in the near future but they are a good start.
AUD/JPY
AUD/NZD
AUD/USD
CAD/JPY
CHF/JPY
EUR/AUD
EUR/CAD
EUR/CHF
EUR/GBP
EUR/JPY
EUR/USD
GBP/CHF
GBP/JPY
GBP/USD
USD/CAD
USD/CHF
USD/HKD
USD/JPY
USD/SGD
NZD/USD
Same Whore .... Different Dress
  • #537
  • Aug 22, 2007 1:29am Aug 22, 2007 1:29am
Quoting johnedoe
these are the pairs I have been watching, some are better suited than others....I will be sorting thes in the near future but they are a good start.
AUD/JPY
AUD/NZD
AUD/USD
CAD/JPY
CHF/JPY
EUR/AUD
EUR/CAD
EUR/CHF
EUR/GBP
EUR/JPY
EUR/USD
GBP/CHF
GBP/JPY
GBP/USD
USD/CAD
USD/CHF
USD/HKD
USD/JPY
USD/SGD
NZD/USD
LOL.... practically for all pairs http://www.forexfactory.com/images/icons/icon10.gif....bravo SIMPLE...http://www.forexfactory.com/images/icons/dollar.gif
  • #538
  • Aug 22, 2007 5:48am Aug 22, 2007 5:48am
Hi all .
The filter for the 4h time frame are the same as on the daily ?
Thanks .
  • #539
  • Aug 22, 2007 7:36am Aug 22, 2007 7:36am
Quote
pavejon, are u using North Finance for your charts or some other broker? also do u incorporate the 20/50 EMA filter with your trades?
thanks

I am using MT4 downloaded from the Strategybuilderfx site. Not sure of the data source.

I have not used the filter only the 3 bar set up and then open a trade on the open of the fourth bar.
  • #540
  • Aug 22, 2007 12:08pm Aug 22, 2007 12:08pm
Has anyone tried messing with the EA yet? How are your results? I'm curious. I only got to run a few brief tests with it before going to sleep last night.
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