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End of Day Trading System

  • #1
  • First Post: Sep 14, 2007 10:52am Sep 14, 2007 10:52am
Anyone know of an end of day trading strategy? A well known trading marketeer (and maybe he actually trades?) is due to release such a system he has developed for the forex, this month, using 4 hour charts at close of EST trading. The user is expected to set trades according to signals and shouldn't spend more than 20 mins per day.

If anyone has heard of a similar system I'd like to know, and whether you think such a system is actually profitable in the long term. Thanks
  • #2
  • Sep 14, 2007 11:36am Sep 14, 2007 11:36am
Quoting Porkpie
Anyone know of an end of day trading strategy? A well known trading marketeer (and maybe he actually trades?) is due to release such a system he has developed for the forex, this month, using 4 hour charts at close of EST trading. The user is expected to set trades according to signals and shouldn't spend more than 20 mins per day.

If anyone has heard of a similar system I'd like to know, and whether you think such a system is actually profitable in the long term. Thanks
There's a lot of them. I will try to dig for you a couple. Even here on the FF there are a couple.
.
  • #3
  • Sep 14, 2007 11:48am Sep 14, 2007 11:48am
Thanks Bull..,

Here is one I found on the factory a while back and forgot I had saved it as a word doc:

This system generates between 40-100 pips per week. I have not had a losing week in over 7 months. (trade by hand !!!)


In the next few minutes you are going to learn 11 easy steps to make consistent money in the forex market. Before I go any further I am going to go ahead and tell you that with this system you are going to risk more than you are going to make on every trade. Most traders have the assumption that they are going to find a way to trade where they enter the market with a 20 pip stop and make a 200 pip gain. This simply is unlikely. While a trader may acheive those gains every now and then it is not profitable in the long run. But to be honest that is how most people trade and is exactly why we are going to do it backwards.

1: IT IS OK NOT TO TRADE. This is by far the most important rule for any method of trading. People feel that the market is moving and there is a profit to be made, but that’s not always the case. Do not trade unless the perfect trade has set up.

2: Never enter a market or limit order. I have no idea why people enter market orders and limit orders. With a market order you have about a 50/50 chance of guessing which way the market will go. With a limit order you are getting into a trade as the market is moving against you. Not a smart idea at all. Always enter the market with a stop order. This confirms that the trend you are trading is the correct trend. You will almost never pick a top or never pick a bottom.

3: The only pairs you need to know. The following are the only pairs to trade the Platinum System with because the offer the most volatility and are the most predictable. They are as follows: GBP/USD EUR/USD USD/JPY CAD/USD EUR/JPY AUD/USD

4: The 5:30 P.M. rule. Our trades are performed based on the high and low of the previous day. The Forex day starts at 5:00 p.m. EST and ends at 4:59 p.m. EST. Always wait until after 5:30 p.m. EST to place your trades.

5: The 100/25 rule. Find a pair from above that moved 100 pips or more the previous trading day, from high to low not from the opening price. However the pair must have closed at least 25 pips lower than the high or 25 pips higher that the low.

6: The actual trade. Place a buy stop 1 pip above the high and place a sell stop one pip below the previous days low. Look to make between 8-15 pips and risk around 35-60. I know this is hard to trade like this because one loss would wipe out several days of trading but trust me it really works. Never risk more than 5 times what you are going to make. I like to go for 10 pips and risk 35 pips. Place your orders along with the if then order with the stop loss and the targeted profit all at the same time. Or if your broker will let you place a stop order with a limit and a stop on it that is fine too. If you wish you can place your trade and walk away from your computer and come back the next morning to see that you have made money.

7: Key numbers: Do not get long on a trade above the last two numbers above 85 through 15 or short with the last two below 15 through 85. The whole numbers often time create great resistance and the market typically reaches them and turns around a couple of time before actually breaking through the whole numbers. The closer that the last two numbers are to being 50 the better off you will be with your trade.

8: 7.5% rule: Once you start actually trading this method you will actually be able to go on runs of 12-18 trades. People tend to start leveraging out their account to the max because of how accurate these trades actually are. Never risk more than 7.5% of your account on a single trade.

9: The morning ditch. If your trade has not been executed by 7:45 a.m. EST then cancel all open orders and wait until that evening for the next trade. Too much news and, non technical factors move the market way more than we need it too. I lost a lot of trades due to the fact that I left my order in as all the news from Wall Street was being released.

10: Do not bend these rules. These rules are here for a reason. Do not bend any of them. I have developed the rules to eliminate trades that have cost me money. I have made the mistakes for you, so that you don’t have to make them.

11: Again IT IS OK NOT TO TRADE: Please do not try to force a trade if there is not one there. I know it is hard not to be in the market, but its better than losing money. A good trade will set up soon enough. WAIT FOR IT.
  • #4
  • Sep 14, 2007 11:57am Sep 14, 2007 11:57am
Quoting Porkpie
Thanks Bull..,

Here is one I found on the factory a while back and forgot I had saved it as a word doc:

This system generates between 40-100 pips per week. I have not had a losing week in over 7 months. (trade by hand !!!)


In the next few minutes you are going to learn 11 easy steps to make consistent money in the forex market. Before I go any further I am going to go ahead and tell you that with this system you are going to risk more than you are going to make on every trade. Most traders have the assumption that they are going to find a way to trade where they enter the market with a 20 pip stop and make a 200 pip gain. This simply is unlikely. While a trader may acheive those gains every now and then it is not profitable in the long run. But to be honest that is how most people trade and is exactly why we are going to do it backwards.

1: IT IS OK NOT TO TRADE. This is by far the most important rule for any method of trading. People feel that the market is moving and there is a profit to be made, but that’s not always the case. Do not trade unless the perfect trade has set up.

2: Never enter a market or limit order. I have no idea why people enter market orders and limit orders. With a market order you have about a 50/50 chance of guessing which way the market will go. With a limit order you are getting into a trade as the market is moving against you. Not a smart idea at all. Always enter the market with a stop order. This confirms that the trend you are trading is the correct trend. You will almost never pick a top or never pick a bottom.

3: The only pairs you need to know. The following are the only pairs to trade the Platinum System with because the offer the most volatility and are the most predictable. They are as follows: GBP/USD EUR/USD USD/JPY CAD/USD EUR/JPY AUD/USD

4: The 5:30 P.M. rule. Our trades are performed based on the high and low of the previous day. The Forex day starts at 5:00 p.m. EST and ends at 4:59 p.m. EST. Always wait until after 5:30 p.m. EST to place your trades.

5: The 100/25 rule. Find a pair from above that moved 100 pips or more the previous trading day, from high to low not from the opening price. However the pair must have closed at least 25 pips lower than the high or 25 pips higher that the low.

6: The actual trade. Place a buy stop 1 pip above the high and place a sell stop one pip below the previous days low. Look to make between 8-15 pips and risk around 35-60. I know this is hard to trade like this because one loss would wipe out several days of trading but trust me it really works. Never risk more than 5 times what you are going to make. I like to go for 10 pips and risk 35 pips. Place your orders along with the if then order with the stop loss and the targeted profit all at the same time. Or if your broker will let you place a stop order with a limit and a stop on it that is fine too. If you wish you can place your trade and walk away from your computer and come back the next morning to see that you have made money.

7: Key numbers: Do not get long on a trade above the last two numbers above 85 through 15 or short with the last two below 15 through 85. The whole numbers often time create great resistance and the market typically reaches them and turns around a couple of time before actually breaking through the whole numbers. The closer that the last two numbers are to being 50 the better off you will be with your trade.

8: 7.5% rule: Once you start actually trading this method you will actually be able to go on runs of 12-18 trades. People tend to start leveraging out their account to the max because of how accurate these trades actually are. Never risk more than 7.5% of your account on a single trade.

9: The morning ditch. If your trade has not been executed by 7:45 a.m. EST then cancel all open orders and wait until that evening for the next trade. Too much news and, non technical factors move the market way more than we need it too. I lost a lot of trades due to the fact that I left my order in as all the news from Wall Street was being released.

10: Do not bend these rules. These rules are here for a reason. Do not bend any of them. I have developed the rules to eliminate trades that have cost me money. I have made the mistakes for you, so that you don’t have to make them.

11: Again IT IS OK NOT TO TRADE: Please do not try to force a trade if there is not one there. I know it is hard not to be in the market, but its better than losing money. A good trade will set up soon enough. WAIT FOR IT.
i've seen this before somewhere
.
  • #5
  • Sep 14, 2007 12:08pm Sep 14, 2007 12:08pm
Quoting bullrock
There's a lot of them. I will try to dig for you a couple. Even here on the FF there are a couple.
Your own 3Bar system is EOD, isn't it?
  • #6
  • Sep 14, 2007 12:16pm Sep 14, 2007 12:16pm
Analysed 2073 days

Total 1039 days breakout upward:
7 pips or more: 948 days
15 pips or more: 837 days
30 pips or more: 645 days
45 pips or more: 491 days
60 pips or more: 349 days
75 pips or more: 283 days

Total 933 days breakout downward:
7 pips or more: 874 days
15 pips or more: 790 days
30 pips or more: 623 days
45 pips or more: 483 days
60 pips or more: 376 days
75 pips or more: 279 days

On average the GU breaks out 28pips to the upside and 27 pips to the downside.. Just a bit of statistics. thought might be helpful
.
  • #7
  • Sep 14, 2007 12:16pm Sep 14, 2007 12:16pm
Quoting billbss
Your own 3Bar system is EOD, isn't it?
Something like that. Yes.
.
  • #8
  • Sep 14, 2007 2:05pm Sep 14, 2007 2:05pm
Is this an analysis of Porkpie posting?

Quoting bullrock
Analysed 2073 days

Total 1039 days breakout upward:
7 pips or more: 948 days
15 pips or more: 837 days
30 pips or more: 645 days
45 pips or more: 491 days
60 pips or more: 349 days
75 pips or more: 283 days

Total 933 days breakout downward:
7 pips or more: 874 days
15 pips or more: 790 days
30 pips or more: 623 days
45 pips or more: 483 days
60 pips or more: 376 days
75 pips or more: 279 days

On average the GU breaks out 28pips to the upside and 27 pips to the downside.. Just a bit of statistics. thought might be helpful
  • #9
  • Sep 14, 2007 3:14pm Sep 14, 2007 3:14pm
Quoting mcmep11
Is this an analysis of Porkpie posting?
No this is without filters. I will put the numbers with Porkpie stuff later.
.
  • #10
  • Sep 17, 2007 9:47am Sep 17, 2007 9:47am
Quoting bullrock
No this is without filters. I will put the numbers with Porkpie stuff later.
have you come up with the result bullrock ???

thx before
Every moment in the market is unique
  • #11
  • Apr 9, 2008 4:29pm Apr 9, 2008 4:29pm
Can anyone please let me know how to analyze the Rule 5
5: The 100/25 rule. Find a pair from above that moved 100 pips or more the previous trading day, from high to low not from the opening price. However the pair must have closed at least 25 pips lower than the high or 25 pips higher that the low.
  • #12
  • Apr 9, 2008 5:41pm Apr 9, 2008 5:41pm
I am really confused with rule number 7. what are the last two numbers? Can you give us a typical example?

7: Key numbers: Do not get long on a trade above the last two numbers above 85 through 15 or short with the last two below 15 through 85. The whole numbers often time create great resistance and the market typically reaches them and turns around a couple of time before actually breaking through the whole numbers. The closer that the last two numbers are to being 50 the better off you will be with your trade.
  • #13
  • Apr 9, 2008 5:54pm Apr 9, 2008 5:54pm
Anyone considered tKimble's daily scalping system?

Just make sure you use a volatility-adjusted model.
  • #14
  • Apr 9, 2008 5:57pm Apr 9, 2008 5:57pm
Quoting bullrock
Analysed 2073 days

Total 1039 days breakout upward:
7 pips or more: 948 days
15 pips or more: 837 days
30 pips or more: 645 days
45 pips or more: 491 days
60 pips or more: 349 days
75 pips or more: 283 days

Total 933 days breakout downward:
7 pips or more: 874 days
15 pips or more: 790 days
30 pips or more: 623 days
45 pips or more: 483 days
60 pips or more: 376 days
75 pips or more: 279 days

On average the GU breaks out 28pips to the upside and 27 pips to the downside.. Just a bit of statistics. thought might be helpful
Are you calculating this manually? Or is there some software that you're using?
  • #15
  • Dec 31, 2009 6:34am Dec 31, 2009 6:34am
Thanks Porkpie!

This system has been working for me live for a month producing 140 pips with only 1 loss taking 10 pip profits per trade with a 35 pip stoploss. So 175 winning pips and 35 losing pips. I was out of town during 1 additional loss I found so results could have been 35 pips less.

Christmas time slowdown filters out lots of trades but woke up this morning to Ej winner which met all 11 criteria.

Observations so far:

Rule 7 rarely applies.
I rarely find a filtered trade that fails because price closes in the 85-115 range. Price stalls there so its common sense to be cautious but the 35 pip stoploss manages this very well.

Rule 5 rarely applies.

one hundred pip minimum range and 25 pip distance from daily H/L rarely filters out a loser. Breakouts pay 10 pips regardless.

Also, am observing if price closes less than the last 25 pips of the daily H/L but during the next day retraces more than 25 pip rule you could enter then at the previous day's H/L. Common sense suggests that the retrace provides momentum to make a nice profit.

Rule 6 really works.
Many trades breakout over 100 pips but a few only make 10-15. Lots of methods could be applied to go for more. This hasn't been neccessary to grow the account working 10 minutes each trading day but temptation feeds this idea. A trailing stop might help but I can't place pending orders with a trailing stop on my MBTrading Navigator platform. I've been searching for other ideas.

Will stop here since dead thread; have other preliminary observations and ideas about the 11 rules of the Daily Breakout Method. It's a winner for the month i've traded it.

Does anyone else have observations about how they trade this, or a similar method, and be willing to share them here?

Happy New Year!

Steve
  • #16
  • Dec 31, 2009 12:59pm Dec 31, 2009 12:59pm
Hello Stevewide/Porkpie!

Can someone please tell me if my picture is correct for this strategy (22:30 GMT, high, and low arrows)? Thx!
Attached Image (click to enlarge)
Click to Enlarge Name: high low1.jpg Size: 156 KB
  • #17
  • Dec 31, 2009 1:43pm Dec 31, 2009 1:43pm
it looks correct.

I use IKON UK charts and its broker time is the correct GMT-2 time so you can use its day candle. Its much easier that way to see each day and helps with backtesting.

This little indy attached tells you the H and L daily. Also handy.

Happy New Year!

Steve
Attached File(s)
File Type: mq4 DayBreakoutNoLines.mq4   2 KB | 1,076 downloads
  • #18
  • Edited 2:15pm Dec 31, 2009 1:52pm | Edited 2:15pm
Quoting stevewide
it looks correct.

I use IKON UK charts and its broker time is the correct GMT-2 time so you can use its day candle. Its much easier that way to see each day and helps with backtesting.

This little indy attached tells you the H and L daily. Also handy.

Happy New Year!

Steve
Thanks for that indy! It will definitely come in handy for this! :-)

So, to be clear about the strategy, you just look at the high/low with this indy and then set your orders 1 pip above or below the given high/low for the previous day. For example, G/U Daily chart (Ikofx) shows the High as 1.6090 and Low as 1.5830 for 12/30/09. You would set your orders at 1.6091 and 1.5829. Is this correct?
  • #19
  • Dec 31, 2009 3:13pm Dec 31, 2009 3:13pm
Hi,

You might want to also check out the daily 95 pips thread....

http://www.forexfactory.com/showthread.php?t=44246

A similar type of system, with a few refinements.


Peter
Holy Grail part 1. - Cut loses short.
  • #20
  • Jan 1, 2010 3:20pm Jan 1, 2010 3:20pm
Quoting Porkpie
Anyone know of an end of day trading strategy? A well known trading marketeer (and maybe he actually trades?) is due to release such a system he has developed for the forex, this month, using 4 hour charts at close of EST trading. The user is expected to set trades according to signals and shouldn't spend more than 20 mins per day.

If anyone has heard of a similar system I'd like to know, and whether you think such a system is actually profitable in the long term. Thanks

Did you try to implement martingale money management system to this strategy?
Best regards, Andrew Forex
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