Could someone post some backtest data for GBPJPY so we can compare with GBPUSD posted by another user?
Part Time Wealth Building Trading System - Weekly Scalping
kwackers,
i think you will find the close of the bar is the close that is taken (GMT 00:00) so you could wait until saturday and take a peek, see the close according to your broker, and set your trades up for the sunday/monday (depending on your time zone) open. I set my trades up yesterday afternoon as the Sunday open is actually 5.00am down here in Western Australia, a little too early for me.
if i am wrong anyone feel free to tell me off.
ForexDude2, if you have a spare few hours you could paper backtest it!... i am doing the GBP/USD with my charts as we speak for 2006, just so I get the practice in and become comfortable with the system, so it becomes second nature to set up the trades rather than referring to my notes..
i think you will find the close of the bar is the close that is taken (GMT 00:00) so you could wait until saturday and take a peek, see the close according to your broker, and set your trades up for the sunday/monday (depending on your time zone) open. I set my trades up yesterday afternoon as the Sunday open is actually 5.00am down here in Western Australia, a little too early for me.
if i am wrong anyone feel free to tell me off.
ForexDude2, if you have a spare few hours you could paper backtest it!... i am doing the GBP/USD with my charts as we speak for 2006, just so I get the practice in and become comfortable with the system, so it becomes second nature to set up the trades rather than referring to my notes..
- #443
- Jan 22, 2007 2:12am Jan 22, 2007 2:12am
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
ryan you are right. i am a bit puzzled at the number of queries about end of week/start of week etc.
all daily/weekly candles end/start at 00.00 GMT. from that you can work out the end/start of candle depending on where you are and your broker feeds.
all daily/weekly candles end/start at 00.00 GMT. from that you can work out the end/start of candle depending on where you are and your broker feeds.
kwackers,
i think you will find the close of the bar is the close that is taken (GMT 00:00) so you could wait until saturday and take a peek, see the close according to your broker, and set your trades up for the sunday/monday (depending on your time zone) open. I set my trades up yesterday afternoon as the Sunday open is actually 5.00am down here in Western Australia, a little too early for me.
- #447
- Jan 22, 2007 7:43am Jan 22, 2007 7:43am
Hi JPinSD,
Sorry I meant to post a reply to this yesterday. The first 8 weeks of January are great. After that there is a fairly large period of inactivity (sideways movement) where we get chopped out a whole lot.
3 March to somewhere around mid June I believe. I don't have the full backtest data in front of me, but this is the period that showed the biggest consecutive losses.
Feel free to prove me wrong
I really want this to work hehe
Take care,
D.
Sorry I meant to post a reply to this yesterday. The first 8 weeks of January are great. After that there is a fairly large period of inactivity (sideways movement) where we get chopped out a whole lot.
3 March to somewhere around mid June I believe. I don't have the full backtest data in front of me, but this is the period that showed the biggest consecutive losses.
Feel free to prove me wrong
I really want this to work heheTake care,
D.
First, a BIG THANKS!!!to Tkimble for sharing this and that big eye opener
of a spreadsheet on Money Management, and to all those contributing to this thread.
I love this system and it's simplicity! However, as noted it does struggle in choppy markets. As a long time lurker I've found, as most of you have, that no system does well in all types of markets. The market is only going to do one of 3 things: Trend, Oscilate (wide ranging), or Channel (narrow ranging,chopy). So I guess the first thing is to identify what type of market we are currently in.
If Trending leave the system alone!
If Oscillating leave alone or possibly add James275's idea of using the 4hr chart as a guide: take the trade if it's in the direction of the 4hr trend or trendless, but no trade if it is opposite the 4hr trend as it is likley to be at the top of the oscillation and moving back the other way.
So what to do if it's Chopy??? Maybe use Daemien's idea of taking out relativly smaller predefined bites, 100-160, and re-enter at the current price with a new stoploss around the original 30 pips to protect profits and possibly catch the rest if it starts trending again.
Other ideas...
Add a RSI indicator for these times and only take trade if it's showing some strength.
Increase straddle to recent support & resistance areas plus a few pips so were only trading breakouts of these times.
It also occurs to me that choppy markets tend to be consolodation periods. In which case, chart patterns (Triangles, flags, wedges, ect.) should be forming on the daily and 4hr charts. Durring these chopy weeks only, we could look to the lower charts to identify the consolodation patern and place straddle according to the pattern instead of close price with stops placed on the other side of pattern as a pattern failure.
Daemien, Could you please post the weeks (dates) that didn't perform well when you get a chance??
Perhaps if we focus on how to trade these chopy weeks as a group we can make that Great Year Round stratagy. What do they call that again?? The Holy...???
Well anyway, Thanks again to all & Hope this helps in some way! Good Luck!
J.P.