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daily range Strategy

  • #641
  • Edited 8:33pm Dec 14, 2006 6:35pm | Edited 8:33pm
Market was very active at 0:00 GMT so my enteries have a few pips of variance.

EUR/USD

BUY 1.3153
SELL 1.3152

GBP/USD

BUY 1.9618
SELL 1.9613 (as I was entering this and getting my coffee the Trailing Stop was activated, not sure what I'll do if it gets hit because it will be for break even )...ADDITION AT 2:30 GMT--The original SELL order closed out with a 3 pip gain...since I'm still at my computer I re-entering again at 1.9615

My computer is revamped so hopefully I don't have any issues tonight.

Good luck all who are trying this...Will try to post GBP/USD back testing later...

Q
  • #642
  • Edited 9:19pm Dec 14, 2006 9:19pm | Edited 9:19pm
Just finished caculating November's results for the EUR/USD and the results aren't pretty...

-71 pips

The last four days had four -50 pip days which kind of makes sense since we were, and still are, flirting with some historic levels.

I'm going to work on the GBP/USD numbers now...

Q
  • #643
  • Dec 15, 2006 4:11pm Dec 15, 2006 4:11pm
The trades entered last night at 0:00 GMT were all profitable.

EUR/USD
Buy +4
Sell +31

GBP/USD
Buy +8
Sell +3 (read previous post)
Sell +28

Total +74

I don't have the weekly totals but I will post those later this weekend (I believe the number is really good)

Q
  • #644
  • Dec 16, 2006 2:13am Dec 16, 2006 2:13am
I think we should close this threat because the original system develpoer doesnt post anymore like MICARDO and Markj so , I dont understand anymore about what strategy is been talking, maybe we should redirect this threat to the 2 original ideas ones of MICARDO and the other Mark j if not maybe this strategies is over
  • #645
  • Dec 16, 2006 5:18am Dec 16, 2006 5:18am
Quoting johankriek
I think we should close this threat because the original system develpoer doesnt post anymore like MICARDO and Markj so , I dont understand anymore about what strategy is been talking, maybe we should redirect this threat to the 2 original ideas ones of MICARDO and the other Mark j if not maybe this strategies is over
I think the thread is still valid. It's got a lot of useful information. It's still withing the realm of a "daily range strategy". Why close it? It's not too hard to understand.
  • #646
  • Dec 16, 2006 9:35am Dec 16, 2006 9:35am
I am still running test accounts on the Micardo style and on my modified Kamanda style. Last week was tough, but about breakeven for Micardo and the previous 3 weeks were wildly successful.

Here is an idea I am playing with and will be backtesting this weekend.

At 5 PM EST (00:00 on FXDD) open a trade in the direction of the previous day's candle. Set TP for 40 and SL for 20. If trade is not closed by 15:00 GMT then close it.

From Nov 13 to Dec 8 this did 161 pips.

I will be analyzing precious months and also playing with SL and TP settings.
Don Life is expensive, but includes a free trip around the sun.
  • #647
  • Dec 17, 2006 11:58am Dec 17, 2006 11:58am
Quoting traderone
I am still running test accounts on the Micardo style and on my modified Kamanda style. Last week was tough, but about breakeven for Micardo and the previous 3 weeks were wildly successful.

Here is an idea I am playing with and will be backtesting this weekend.

At 5 PM EST (00:00 on FXDD) open a trade in the direction of the previous day's candle. Set TP for 40 and SL for 20. If trade is not closed by 15:00 GMT then close it.

From Nov 13 to Dec 8 this did 161 pips.

I will be analyzing precious months and also playing with SL and TP settings.
Don, thank you for your contribution, and please do keep us updated in your testing of the above strategy. It is very interesting. If you open a new thread with that strategy please let us know where we can find it.

Thanks again, Don.

grace and truth,

Mike
  • #648
  • Dec 17, 2006 12:38pm Dec 17, 2006 12:38pm
Don,

I was considering this a while back but never went any further into it. I think the optimon stop is 40, with take profit at 50. Only trade the way of the previous days candle.

Will be very interested to see how you get on with this.
  • #649
  • Dec 17, 2006 12:56pm Dec 17, 2006 12:56pm
I know it seems wildly simplistic, but often, even when the new day bar ends up with a different color, the trade will win before going the other way.

I lost all 5 days in one week, and in another week I won all five days, with the other weeks a mixed bag of around 50%. Not all winning trades got the whole 40 pips.

Markj, I'll also study your suggestions for SL and TP.
Don Life is expensive, but includes a free trip around the sun.
  • #650
  • Dec 17, 2006 1:43pm Dec 17, 2006 1:43pm
can someone out there do me a BIG favor, i need someone to backtest a promissing trading system for me. the system is a 10 pip straddle system.

put a 10 pip straddle in at london open with a 25 pip sl and a 50 pip target all trades run until sl or target is hit DO NOT ADD ANY SPREAD. if you can do this
please try and go back as far a possible at least a year or more.

i have been playing system live for one month now and results are VERY good.

sincereley: MR. DETROIT
  • #651
  • Edited 10:23am Dec 18, 2006 10:10am | Edited 10:23am
These results are for the hedging at 0:00 GMT part of this thread...

EUR/USD

BUY +10
SELL +13 (technically I believe it should be 15 pips but I wasn't able to get in exactly at the 0:00 GMT)

GBP/USD

BUY +30
SELL -50

The GBP/USD would have been very profitable for the day but it hit the SELL stop loss and then wouldn't you know turned the other directions within minutes...oh well...still up for the day

TOTAL: +3


Q
  • #652
  • Dec 18, 2006 10:21am Dec 18, 2006 10:21am
OMG, I am not endorsing your idea here, because I have not studied it enough, but would you have been stopped out of GBPUSD if you had adjusted your SL and you TS to be perportional to the Daily Range?

In other words, if EURUSD is 15 and 50 and we know that GBPUSD is at least 130% the range size of EURUSD, that would give a set of numbers like 20 ts and 65 sl... I do not think this would have been stopped out and it matches the range of the currency better.

What are your thoughts on it?


Quoting QMG
These results are for the hedging at 0:00 GMT part of this thread...

EUR/USD

BUY +10
SELL +13 (technically the trade is still open but I moved the stop loss to lock in some pips so that the day would be profitable)

GBP/USD

BUY +30
SELL -50

The GBP/USD would have been very profitable for the day but it hit the SELL stop loss and then wouldn't you know turned the other directions within minutes...oh well...still up for the day

TOTAL: +3


Q
  • #653
  • Dec 18, 2006 12:16pm Dec 18, 2006 12:16pm
Quoting smjones
OMG, I am not endorsing your idea here, because I have not studied it enough, but would you have been stopped out of GBPUSD if you had adjusted your SL and you TS to be perportional to the Daily Range?

In other words, if EURUSD is 15 and 50 and we know that GBPUSD is at least 130% the range size of EURUSD, that would give a set of numbers like 20 ts and 65 sl... I do not think this would have been stopped out and it matches the range of the currency better.

What are your thoughts on it?
Interesting thought about increasing the SL proportionately because of the greater Daily Range...I can do a quick back test through my notes and see what effect that would have had. My initial thought is that it won't have much because even though the GBP/USD has a greater daily range the number of times it travels +50 in one direction and then retraces back across the open price is very rare.

In my back testing the majority of loses occur when the price fluctuate during the Asian market 0-10 pips then picks a direction at Europe (Frankfurt and London) open and goes that way into NY open.

Q
  • #654
  • Edited 5:06pm Dec 21, 2006 4:45pm | Edited 5:06pm
Results for the last couple days:

12/18

EUR/USD
Buy +10
Sell +13

GBP/USD
Buy +30
Sell -50

Total: +3

12/19 (for a "losing day" not bad netting 2 pips...the premise behind this strategy is that a currency pair will range enough intraday to profit with both the Buy and Sell...when the price goes strictly in one direction I count that as a losing day with a total potential loss of 50 pip per pair; however, as you see with today's results a losing day can still be profitable :-)

EUR/USD
Buy +60
Sell -50

GBP/USD
Buy +42
Sell -50

Total: +2

12/20

EUR/USD
Buy +13
Sell +18

GBP/USD
Buy +11
Sell +0

Total: +42

12/21

EUR/USD
Buy +13
Sell +4

GBP/USD
Buy +23
Sell +1

Total: +41

For the week so far:

EUR/USD +81
GBP/USD +7

Not too bad...with one more day to go...

Q
  • #655
  • Dec 21, 2006 10:49pm Dec 21, 2006 10:49pm
That's great. Amazing. And you are setting your trades at 00:00 GMT right?
Don Life is expensive, but includes a free trip around the sun.
  • #656
  • Dec 21, 2006 10:59pm Dec 21, 2006 10:59pm
Quoting traderone
That's great. Amazing. And you are setting your trades at 00:00 GMT right?
Yes...

Q
  • #657
  • Dec 22, 2006 4:08am Dec 22, 2006 4:08am
Hi Guys... Sorry I've been away for a long while... got back from the states and thrust onto another contract which has just been so hectic...

I haven't been doing any trading...

How is everybody doing?

TraderZone you mentioned you have been testing my strategy... Which particular Variation? With the multiple Profit Targets and what stop loss?

How long have you been testing it for and whats your overall results...

Its nice to see that this thread has been so successful... I will continue to develop my ideas here again to see if we can perfect this...
  • #658
  • Edited 11:25am Dec 22, 2006 10:46am | Edited 11:25am
It was one of those days where a single pip hit the Trailing Stop during a little retracement but the overall trend was still in tact...ugghhh...

On the SELL Eur/USD the Trailing Stop was hit to the pip locking in 14 pips but during the next hour another 15 pips could have been locked in (as of this post the trade if the TS hadn't been hit at 1.3267 the trade would still be open. UPDATE: trade would have closed during the 17:00 five minute candle for a gain of 64 pips if the TS wasn't hit on the pip. Usually I would have monitored the trade better but I did some errands on the way to the office and when I finally got in the trade was stopped out already...urrrgggghhh...The daily trend was definitely working in the direction of the sell).

EUR/USD
Buy +10
Sell +14 (could've been +64 if I would have been in front of the computer. would've removed the TS and managed it "live" until the downward trend stoppe)

GBP/USD
Buy +10
Sell -50

Total: -16

A frustrating day because the GBP ran a little over 60 pips before turning just like it did earlier in the week. I might look at moving the SL to 60 or 65 for the GBP. I'm spending some time this weekend looking at that.

Also, I might start a new thread dedicated soley to this Daily Strategy as I don't want to step on any toes since this strategy varies from the original one...

For the week:

EUR/USD: +105
GBP/USD: -33 (caused by 2 losing days that could have been prevented with a 65 pip SL)

Still not bad +72 for the week

Have a Merry Christmas!

Q
  • #659
  • Dec 22, 2006 11:26am Dec 22, 2006 11:26am
These results are really rather mindboggling. A simple straddle and a 15 pip trailing stop and you made 720 bucks on 1 lot trades for the week. No fuss or muss. Small amount of time required. Simply amazing. thanks for sharing these results.
Don Life is expensive, but includes a free trip around the sun.
  • #660
  • Dec 23, 2006 3:00am Dec 23, 2006 3:00am
I echo what Don has just said. Those are great results. I am curious to find out what happens when you move the GBP stop to 60. It would seem that that could help as we all know the pound moves quite a bit more than the Euro.

Have you been trading this strategy live QMG?

I've been demo-ing it for the past couple of weeks and have seen positive results.

Keep us posted on your backtests.

Thanks again for sharing this strategy.

B
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