The market opens for me at 2:15 PM PST on Sunday! Let's discuss ideas regarding the pairs that are looking good (whatever anyone wants to contribute will be fine!)
I will post some of my ideas later.
Regards, K
Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 180 replies
Day Trading system - Simple system to make money 51 replies
Another great Breakout GBP/JPY System (Dachel's Simple system) 62 replies
My Simple System (Can we automate this system?) 96 replies
An Easy System (With the help of ES Trader - Another Simple System) 13 replies
Dislikedlooks like I will also be in on sunday night on GBPJPY, GBPUSD and EURJPY
RegardsIgnored
DislikedHi Kev-K,
I must agree, there is momentum in the ema's on the 4hr GBPUSD, looks good. 5 smoothed on the GBPJPY has made a turnaround and in a long and true, the 20ema<50ema on the EURJPY. In my opinion, definitely trade GBPUSD and GBPJPY, EURJPY for the rules on the ema's not yet, 50/50. As for the other pairs I am not sure whether to trade or not to trade because of the "average pip movement" I prefer to work on calculated risk.
Still time left to think as you said
Regards, HaywireIgnored
DislikedThe question is what to do about it. I suspect that we we will have to live with it. Additionally, could you please explain how your tool calculates the "Range" values? (sorry if you have already explained)Ignored
DislikedIt seems to me that one could almost take their pick of pairs on Sunday night using the simple SIMPLE. Since there are so many choices (I count about 13), and most people can't afford or desire to play them all, the use of modifiers makes sense. The above posts suggest using a 20ema crossing 50ema, but variably seem to apply to EITHER the 4h or daily chart. So, would it be smart to use the highest chart first, and then the 4h if you cannot find "enough" pairs? Someone, anyone, has 26 hours to answer... the clock is running. Or, heck, play them all since we're demo-ing anyway.Ignored
DislikedLots of SIMPLE setup on daily charts:-
EUR/JPY, GBP/JPY, CHF/JPY, AUD/JPY, CAD/JPY, USD/JPY, AUD/USD, USA/CAD, EUR/CHF, GBP/CHF, GBP/USD
But based on rule, either 20 > 50 for long or 20 < 50 for short...none fulfill that...so is a no trade ..http://www.forexfactory.com/images/icons/icon10.gifhttp://www.forexfactory.com/images/icons/icon13.gifhttp://www.forexfactory.com/images/icons/icon5.gifIgnored
DislikedThis system looks very promising.
I haven't read through the entire thread, so I'm not sure if someone else has created an expert advisor for metatrader for this method yet, but I have attached one that I created. Please test it out and let me know how it works for you. I've done some back testing but haven't traded with it live yet.
These are the options and default values for the EA:
TakeProfit1 = 30
TakeProfit2 = 100
Max_Stop_Loss = 90
Open_Close_Difference = 20
Allow_Trade_On_Sun = TRUE
Allow_Trade_On_Mon = TRUE
Allow_Trade_On_Tue = TRUE
Allow_Trade_On_Wed = TRUE
Allow_Trade_On_Thu = TRUE
Allow_Trade_On_Fri = TRUE
Allow_Trade_On_Sat = TRUE
TakeProfit1 and 2 are the obvious first 2 TP's.
Max_Stop_Loss is the maximum stop loss you are willing to take. If the rules state the stop loss should be less than this number, it follows the rules. If the rules say it should be higher than this number, it sets it to this number instead.
Open_Close_Difference is the least amount of difference between the open and close price of a bar needed in order to count that bar.
The other options allow you to disallow trading on certain days of the week.
Backtesting with my data on the GBP/USD for 8/2/2006 - 8/2/2007 on a $500 USD deposit with TP1 = 39 and TP2 = 80, shows a resulting balance of 1769.97 trading 0.1 sized lots.
If you have any questions, or suggestions for improvements, please let me know!
If you find optimal settings for other pairs, let us know!Ignored