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  • #661
  • Dec 23, 2006 7:33am Dec 23, 2006 7:33am
Quoting b-rock
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
Yes...been trading it live for two weeks on a mini account. Figure if I'm going to take the time, albeit very little, to set the trades in the evening I might as well profit. I did go back and visually paper test the EUR/USD from April to present and it has averaged +235 per month. When I get the time I'm going to do the GBP/USD at which time I see if a SL of 60 of 65 would make a major difference.

I also think there is more "profit" to be made if you micromanage the trade throughout the day. I set the trades at 7:00 pm EST (0:00 GMT) and don't do anything during the night but from 6:00 a.m. to the afternoon I'm able to watch the price action. Yesterday I left over 50 pips on the table by not moving the Trailing Stop to a greater number and got stopped out to the pip--ugghhh--because I wasn't in my office but typically I would have moved that stop because the overall trend at the time was down.

What I like about this approach is that if you don't touch the trades they are profitable but they can be even more profitable if can tweak them throughout the day.

Q
  • #662
  • Dec 23, 2006 8:02am Dec 23, 2006 8:02am
Quoting QMG

What I like about this approach is that if you don't touch the trades they are profitable but they can be even more profitable if can tweak them throughout the day.

Q
HI again OMG, A quick question if I may. When you did your backtest to April, what time frames did you look at? Was it say 1 minute charts or 5 minute charts or Daily charts? I know you set this up as a Daily trade, I was just wondering if you looked at the movement within each day?

Thanks much, Scott
  • #663
  • Dec 23, 2006 8:26am Dec 23, 2006 8:26am
This is not directly related to your strategy, but I noticed that all of your orders (entry, limit, stop) were numbers ending in zero. One sure way to get stopped out is to set your order parameters with numbers ending with zero or five. The big dogs love to take out stops because they know that newbies frequently use numbers divisable by 5 or 10. So add 3 or 4 to your entry or exit parameters and you will probably be more successful.
  • #664
  • Dec 23, 2006 10:20am Dec 23, 2006 10:20am
Quoting smjones
HI again OMG, A quick question if I may. When you did your backtest to April, what time frames did you look at? Was it say 1 minute charts or 5 minute charts or Daily charts? I know you set this up as a Daily trade, I was just wondering if you looked at the movement within each day?

Thanks much, Scott
5 minute candle...so I'm fairly confident that the results are reliable.

Q
  • #665
  • Dec 23, 2006 10:44am Dec 23, 2006 10:44am
Wow, you have a serious attention to detail. Yes that is very assuring.

Thanks for the answer.
Quoting QMG
5 minute candle...so I'm fairly confident that the results are reliable.

Q
  • #666
  • Dec 23, 2006 3:30pm Dec 23, 2006 3:30pm
I have been following this thread with interest and working it a little with good results.. just a thought but in the last week i had some sucess with eur/jpy also using this method, might be worth back testing to see results.
  • #667
  • Dec 23, 2006 3:50pm Dec 23, 2006 3:50pm
Hey all, I am new here but I need to know if someone can help me. I am looking to trade the Daily Range Method. I have done lots of manual back testing and like what I found out. I would not like to babysit my trades all through the night so here are my questions. How can I go about doing all of the following?

1. Place a 50 pip straddle of 2 lots.
2. One lot has a target of 30 pips and the 2nd has a trailing stop of 30 or a target of 60 pips - whichever comes first.
3. SL for both lots is 30.

Can I place this order all at the same time with a broker's software and go to bed?
If not, can I at least place the order for the stops and targets (2 and 3 above) for the 2 lots after getting a ring alert when trade is open after the 50 pip move?

If not and I need to use some kind of EA or whatever, can someone tell me what will work? Tradestation, Meta or ? I have no clue as to how these things work or how difficult they are to learn assuming this can be done. Thanks for your help in advance!

Brett
  • #668
  • Dec 23, 2006 5:38pm Dec 23, 2006 5:38pm
Quoting brett1234
Hey all, I am new here but I need to know if someone can help me. I am looking to trade the Daily Range Method. I have done lots of manual back testing and like what I found out. I would not like to babysit my trades all through the night so here are my questions. How can I go about doing all of the following?

1. Place a 50 pip straddle of 2 lots.
2. One lot has a target of 30 pips and the 2nd has a trailing stop of 30 or a target of 60 pips - whichever comes first.
3. SL for both lots is 30.

Can I place this order all at the same time with a broker's software and go to bed?
If not, can I at least place the order for the stops and targets (2 and 3 above) for the 2 lots after getting a ring alert when trade is open after the 50 pip move?

If not and I need to use some kind of EA or whatever, can someone tell me what will work? Tradestation, Meta or ? I have no clue as to how these things work or how difficult they are to learn assuming this can be done. Thanks for your help in advance!

Brett
Am I understanding you correctly? You are waiting for the price to move 50 pips before buying or selling?

My particular strategy is to buy and sell at 0:00 GMT with a 15 pip trailing stop thus hedging the trade and banking on the fact that the daily price fluctuations will activate and close out both sides of the trade.

Q
  • #669
  • Dec 23, 2006 5:53pm Dec 23, 2006 5:53pm
Quoting brett1234
Hey all, I am new here but I need to know if someone can help me. I am looking to trade the Daily Range Method. I have done lots of manual back testing and like what I found out. I would not like to babysit my trades all through the night so here are my questions. How can I go about doing all of the following?

1. Place a 50 pip straddle of 2 lots.
2. One lot has a target of 30 pips and the 2nd has a trailing stop of 30 or a target of 60 pips - whichever comes first.
3. SL for both lots is 30.

Can I place this order all at the same time with a broker's software and go to bed?
If not, can I at least place the order for the stops and targets (2 and 3 above) for the 2 lots after getting a ring alert when trade is open after the 50 pip move?

If not and I need to use some kind of EA or whatever, can someone tell me what will work? Tradestation, Meta or ? I have no clue as to how these things work or how difficult they are to learn assuming this can be done. Thanks for your help in advance!

Brett
Brett... you are more or less following Micardo's original plan for Daily Range strategy. You don;'t need an EA.

Here's how I do it. Every day at 5PM EST (22:00 GMT) FXDD gives a new daily candle. I check the opening price on that candle and place my orders.

I place a buy stop 55 pips above the open price and also set my stop loss and take profit levels. I also place a sell stop for 50 pips below the open price and set my take profit and stop loss points. I like to place two trades each direction, with differing take profit levels. I also set a trailing stop on the second trade but try to let in run to 60 or 80 pips.

All this is possible on Metatrader free of charge from brokers like F X D D or I B F X. Even when I trade with I B F X I use the F X D D charts to get their daily candle, as I B F X issues their daily candle at 7 PM EST (00:00).

I spend 10 minutes making lots of trades like this and then forget about it (sort of) until the next morning. So far Micardo's method is positive for about the last 6 weeks or so. Rather rocky in December though. Good luck.

This is NOT to be confused with the interesting QMG method which places market orders in two different directions at 00:00 GMT.
Don Life is expensive, but includes a free trip around the sun.
  • #670
  • Dec 23, 2006 11:33pm Dec 23, 2006 11:33pm
<<Brett... you are more or less following Micardo's original plan for Daily Range strategy. >>

Yes, that is correct.

<<Here's how I do it. Every day at 5PM EST (22:00 GMT) FXDD gives a new daily candle. I check the opening price on that candle and place my orders.>>

Hmm, I thought the consensus was to check the 7 PM EST candle? My mistake but I am almost sure someone said that it a past thread. I even made a note of it.

<<I place a buy stop 55 pips above the open price and also set my stop loss and take profit levels. I also place a sell stop for 50 pips below the open price and set my take profit and stop loss points. I like to place two trades each direction, with differing take profit levels. I also set a trailing stop on the second trade but try to let in run to 60 or 80 pips.>>

Yeah, that is about the same as my strategy.

<<All this is possible on Metatrader free of charge from brokers like F X D D or I B F X. Even when I trade with I B F X I use the F X D D charts to get their daily candle, as I B F X issues their daily candle at 7 PM EST (00:00).>>

And thus my confusion and dumb question begins! Is Metatrader "free" in every sense of the word? I am leaning towards IBFX so as long as I do, I can go and use Meta which, I assume, is already in their trading platform? If so, is it very difficult to learn how to do if I have never done any programming before?

<<This is NOT to be confused with the interesting QMG method which places market orders in two different directions at 00:00 GMT.>>

I have not read that thread. Thanks for your help.

brett
  • #671
  • Dec 23, 2006 11:38pm Dec 23, 2006 11:38pm
Quoting traderone
Brett... you are more or less following Micardo's original plan for Daily Range strategy.
Yes, that is correct.

Quoting traderone
Here's how I do it. Every day at 5PM EST (22:00 GMT) FXDD gives a new daily candle. I check the opening price on that candle and place my orders.
Hmm, I thought the consensus was to check the 7 PM EST candle? My mistake but I am almost sure someone said that it a past thread. I even made a note of it.

Quoting traderone
I place a buy stop 55 pips above the open price and also set my stop loss and take profit levels. I also place a sell stop for 50 pips below the open price and set my take profit and stop loss points. I like to place two trades each direction, with differing take profit levels. I also set a trailing stop on the second trade but try to let in run to 60 or 80 pips.
Yeah, that is about the same as my strategy.

Quoting traderone
All this is possible on Metatrader free of charge from brokers like F X D D or I B F X. Even when I trade with I B F X I use the F X D D charts to get their daily candle, as I B F X issues their daily candle at 7 PM EST (00:00).
And thus my confusion and dumb question begins! Is Metatrader "free" in every sense of the word? I am leaning towards IBFX so as long as I do, I can go and use Meta which, I assume, is already in their trading platform? If so, is it very difficult to learn how to do if I have never done any programming before? Hey, thanks for your help.

Brett
  • #672
  • Dec 24, 2006 3:31am Dec 24, 2006 3:31am
Quoting Micardo
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...

Welcome back Micardo!
Nyx
  • #673
  • Dec 24, 2006 9:46am Dec 24, 2006 9:46am
Quoting brett1234
Yes, that is correct.



Hmm, I thought the consensus was to check the 7 PM EST candle? My mistake but I am almost sure someone said that it a past thread. I even made a note of it.



Yeah, that is about the same as my strategy.



And thus my confusion and dumb question begins! Is Metatrader "free" in every sense of the word? I am leaning towards IBFX so as long as I do, I can go and use Meta which, I assume, is already in their trading platform? If so, is it very difficult to learn how to do if I have never done any programming before? Hey, thanks for your help.

Brett
Metatrader "is " the platform at FXDD and I B F X. You download it with no costs when you sign up for a demo or live account.

I use the 5 PM price. I don;t really know what the consensus is right now.
Don Life is expensive, but includes a free trip around the sun.
  • #674
  • Dec 24, 2006 9:52am Dec 24, 2006 9:52am
Quoting johankriek
I think we should close this threat (sic)...


I about freaked out when I thought you said, "close this thread."

But this thread actually is a threat.

It threatens to become one of the best threads of all time!

Yeah, there's about 20 pages of desert you've got to cross - but there are 3 or 4 neat little trading methods in this thread that appear to be both simple to execute and long-term moneymakers.

These methods are going to be fully refined pretty soon and this thread may well become an eternal FF treasure chest - or in keeping with the season, a Christmas gift - for all of those wise enough to read it.

High-fives to each of the primary contibutors (but not the martingale fan)!

And for those just tuning in; Please don't ask about or recommend any indicators. Read the thread! These are Indicator-Free trading methods.

Enjoy them and may you earn a ton of pips in the coming year.
  • #675
  • Dec 25, 2006 5:27pm Dec 25, 2006 5:27pm
Hello,

is there anywhere in these posts or in other threads where someone has made an EA for this type of strategy, (just on the daily range method) ?

it would be interesting to test it out if there has been one created.

Thanks !
  • #676
  • Dec 26, 2006 6:21am Dec 26, 2006 6:21am
Quoting anthonyrae
is there anywhere in these posts or in other threads where someone has made an EA for this type of strategy, (just on the daily range method) ?
I get the feeling that you didn't read much, if any, of this thread. You can do it your way - but you're cheating yourself by not following the evolution of the thread. At least skim the thing to get a feel for what has taken place.

To answer your question - it was decided within the thread to focus on refining the trading techniques to their optimum levels before coding the EA's.

The EA's will be pretty simple - with the largest challenge being to ensure that the times are synchronized between the world, your broker and your computer.

In the MetaTrader Forum you'll find a thread dealing with the Straddle EA. The idea is similar - but they focus on trading the news rather than breakouts.

But back to this thread. I believe it would be worth your time to read it all and take notes - noting the post numbers where techniques are revealed and further refined.
  • #677
  • Dec 27, 2006 5:07am Dec 27, 2006 5:07am
Hello to all, I am not programmer, but it is happened to me that it would be good an indicator that did a work of assistant during the TRADING, following a series of laws that already we have verified, if somebody is able to do it would be wonderful, and if somebody is able to add more laws for the assistant then wonderful.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

Laws of the assistant <o></o>

<o></o>

- Mark the entry points (long and short) to 30 or 20 pips (adjustable parameter) of the closing of the previous day. This parameter could be fit automatically, considering the crossed rank the previous day, rank >=100 distance of entrance 30 pips, rank <100 distance order of entrance 20 pips. <o></o>

- Mark the points of stop (adjustable parameter). <o></o>

- If the price surpasses anyone of the entry points, the program begins to help us.
<o></o>

- If price surpassed some maximum or minimum level of the previous day, assistant recommend to place stop in benefits, after the entry point.
- If price surpassed in 20 pips (adjustable parameter) the entrance level, assistant to warn to take partial benefits, or create a parameter that is “warning to take partial benefits each x pips”.
- If a difference greater that 100 pips is reached between the maximum and the minimum of the present day, assistant recommend to close totally the position (average rank of GBPUSD=140) but could be calculated the average rank of last the five days, would be better to give to the warning 10 or 20 pips before arriving at the average rank.<o></o>

<o></o>

greetings
~
  • #678
  • Dec 27, 2006 5:27am Dec 27, 2006 5:27am
Quoting jcv2001
Hello to all, I am not programmer, but it is happened to me that it would be good an indicator that did a work of assistant during the TRADING, following a series of laws that already we have verified, if somebody is able to do it would be wonderful, and if somebody is able to add more laws for the assistant then wonderful.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

Laws of the assistant <o></o>

<o></o>

- Mark the entry points (long and short) to 30 or 20 pips (adjustable parameter) of the closing of the previous day. This parameter could be fit automatically, considering the crossed rank the previous day, rank >=100 distance of entrance 30 pips, rank <100 distance order of entrance 20 pips. <o></o>

- Mark the points of stop (adjustable parameter). <o></o>

- If the price surpasses anyone of the entry points, the program begins to help us.
<o></o>

- If price surpassed some maximum or minimum level of the previous day, assistant recommend to place stop in benefits, after the entry point.
- If price surpassed in 20 pips (adjustable parameter) the entrance level, assistant to warn to take partial benefits, or create a parameter that is “warning to take partial benefits each x pips”.
- If a difference greater that 100 pips is reached between the maximum and the minimum of the present day, assistant recommend to close totally the position (average rank of GBPUSD=140) but could be calculated the average rank of last the five days, would be better to give to the warning 10 or 20 pips before arriving at the average rank.<o></o>

<o></o>

greetings
I think indicators created by Markj's Batfink method can be modified to fit your need.

AndyL
  • #679
  • Dec 27, 2006 5:49am Dec 27, 2006 5:49am
I do not know that indicator, but thanks for your observation. You have some other law for the assistant?
~
  • #680
  • Edited 6:23am Dec 27, 2006 6:12am | Edited 6:23am
<TABLE id=texttable><TBODY><TR vAlign=top><TD id=gap></TD><TD id=result_cell>I think, that better still would be to calculate the entrance levels (Mark of entry points) doing the average of the rank of the 5 last days, and dividing it between four.












</TD></TR></TBODY></TABLE>
~
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