Hi Pervaz Il take you up on that it comes as an EA but let me try to sort out the stop prob 1st..
But Id be happy for you to test it
Latest updates
Total since Mid Dec 2007 for all closed positions = +7,953 pips
Taken on 13th
USDCHF (13th) long 1.0527 1st tgt 116 pips
Taken on 12th
GBPCHF (12th) Long 2.0428 1st tgt 250 pips EURCHF (12th) Long 1.6226 1st tgt 96 pips
Taken on 9th
USDCAD (9th) short 1.0068 1st tgt 123 pips
Taken on 7th
EURJPY (7th) short 161.48 1st tgt 145 pips - 1st tgt hit this morning 50% closed rest to break even- break even stop hit on remainder
EURUSD (7th) short 1.5405 1st tgt 152 pips - stop hit loss 143 pips
Taken on 5th
AUDUSD (5th) long 0.9465 1st tgt 126 pips - comments ..at a very tough res level
Taken on 29th
GBPUSD ( 29th) short 1.9672 1st tgt 195 pips - 1st tgt hit 50% closed rest to break even- stop on remainder at 1.9600
I like this system as it does not required to be in front of the computer.Could someone direct me to the post where it has rules for entry stop loss takeprofit and the indicators used .
Thankyou in advance
Bhupinder
I will assume a short signal for the examples below.
Once we have a signal we calculate the target limit. We take the signal candles’ high and low, together with the high and low of the past 4 candles. We now have the last 5 candles’ high low totals we add them together and divide by 5 giving an average range for the daily candle over the last 5 trading days.
We take that average and we subtract that from out entry price. i.e. entry at 12.... ATR is 5 so 1st tgt is 7
Paint a blue horizontal target line and set limit here to take out half of the position size.
Initial stop
10 pips above the high of the current candle that gave the entry signal. If direction is short, add the spread to the stop calculation. Place stop loss and paint a red horizontal stop loss line.
Trailing stop and break even point.
Move the stop loss as follows and move the red horizontal stop loss line with it.
I have attached a chart with a hypothetical entry to explain the stop.
We go short at the arrow and 4 days later we hit our 1st tgt and we close 50% and bring our stop to break even. At the close of the next day we count back 3 days and move our stop 10 pips above the high of that candle ( A ) At the close of the next day we do the same our stop moves forward 1 day to (B) At the close of the next day to (C) Next day (D) Next day (E) Next day (F) Next day (G) Next day (H) The following day we are taken out 10 pips above the high of candle H..our remaining 50% is closed out
This way our stop once the 1st tgt is hit is always 3 days behind the current bar which allows the price to breath
Hi Paulus
Thanks for your reply.I will be looking forward for next week when you post more details of the system.
Trying to learn
Thanks Again
Bhupinder
Hi Pervaz yes stayed a week bit longre back now and making some changes..
The end of day forex positions were all closed out flat when I left to go on hols and I haven't reopened any more but sorting it out again now.It was getting a bit uncontrollable to be honest with so many positions being open.
As the signals can fire off quickly as I'm using the main not the trigger line in the stochastic I think I'm going to set a 'close all' target of 75% of the 5 day ATR.This gets me in and out without having to close 50% and move stops etc.It will also mean that I should hopefully not have so many positions open.
Ok entry criteria the same ..but once in take 5 day ATR multiply by 75% an that's our target to close the whole position.
This makes things more manageable
These are the last signal for each pair
USDCHF short 6th June +106 pips GBPUSD short 2nd May +163pips EURUSD short 14th May loss -20 pips USDJPY long 15 April +109 pips AUDUSD long 4th June +71pips USDCAD short 9th May +82 pips EURGBP long 5th June +48 pips EURCHF short 30th June +59 pips EURJPY short 7th May + 100 pips GBPJPY long 4th June +191 pips GBPCHF short 19th May +131 pips EURAUD short 26th May +68
"As the signals can fire off quickly as I'm using the main not the trigger line in the stochastic " - what do you mean ? Im not sure - maybe you could pm/mail me a couple of examples
Ok entry criteria the same ..but once in take 5 day ATR multiply by 75% an that's our target to close the whole position.
This makes things more manageable
These are the last signal for each pair
USDCHF short 6th June +106 pips GBPUSD short 2nd May +163pips EURUSD short 14th May loss -20 pips USDJPY long 15 April +109 pips AUDUSD long 4th June +71pips USDCAD short 9th May +82 pips EURGBP long 5th June +48 pips EURCHF short 30th June +59 pips EURJPY short 7th May + 100 pips GBPJPY long 4th June +191 pips GBPCHF short 19th May +131 pips EURAUD short 26th May +68
13th June Long USDCAD 1.0289 tp - 1.0360 - very tough res above needs to break monthly highs 9th June short AUDUSD 9490 tp - 9405 + 85 pips 10th June short GBPUSD 1.9536 tp - 1.9415 +121 pips
Running Total = 206 pips
These are the last signal for each pair
USDCHF short 6th June +106 pips GBPUSD short 2nd May +163pips EURUSD short 14th May loss -20 pips USDJPY long 15 April +109 pips AUDUSD long 4th June +71pips USDCAD short 9th May +82 pips EURGBP long 5th June +48 pips EURCHF short 30th June +59 pips EURJPY short 7th May + 100 pips GBPJPY long 4th June +191 pips GBPCHF short 19th May +131 pips EURAUD short 26th May +68
Hi Due to personal circumstances im finding it very hard to day trade so Im going to put my energy into my eod systems this system showed great promise made me bundles of pips as you can see will post system and rules and template over next few days..One change the stop will be last swing high for short not the entry candles high..unless that is the swing high will explain later
Hi Due to personal circumstances im finding it very hard to day trade so Im going to put my energy into my eod systems this system showed great promise made me bundles of pips as you can see will post system and rules and template over next few days..One change the stop will be last swing high for short not the entry candles high..unless that is the swing high will explain later
cheers
Paulus
Ignored
Hi paulus,
I have been interested in eod trading and wonder where you would post the details?
New forum or this one.Will this be an EA or manual system. I am looking forward to some new learning.
