Prices are never too high to begin buying or too low to begin selling.
The Pivot Net Revisited (Weekly Pivot Net) 41 replies
A student's Set 'n Forget System Journal 6 replies
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NEW " SET & FORGET" Forward Testing for VP Day Trading System 16 replies
DislikedThanks Scott for posting.
With such small discrepancies as that I'm fine. Are those Oanda numbers too?
I hope everyone walked away a winner from this week. Next week will be interesting for use because with such a high averages we'll have more signals for trades. It's important to make sure to keep your RR in check when we have a week like this one coming up.Ignored
DislikedHere are the numbers I got from both Oanda. WAY OFF I've attached the excel file that I used to calculate the numbers as well...I have no idea why it's not even close...
173.9 EU
209.6 GU
300.3 EJ
168.2 UJ
378.8 GJ
At least I'm close to someone (gnllr)Ignored
DislikedCorrect there are no trades for tonight. Friday's are inconsistent. Plus having the NFP tomorrow there will probably some big head fakes. My rules state: no trading.
If you want to get picky about my EJ trade from this morning; I'm game.
It took place at 10:05 EST. I was sitting here responding to a post when it was triggered. I'm pretty strict about keeping to my canceling orders rule. This order did not violate my system.
As for using another time period for this system feel free; though it's no longer the same system. I know you said "personally I think a good system should work regardless of which time is used." I have to respectfully disagree. Timing is everything in Forex. Timing is one of the few variables that traders have control over in the market. We decide when to enter and when to exit. By changing the time of setting up this system you are in fact invalidating all of the testing I have done for it. It is based on PPs at a certain time. If the time is changed the whole system breaks down.Ignored
DislikedHi there. Just thought you might want to know my Oanda numbers match yours perfectly.
ScottIgnored
DislikedHmm...I get numbers close to fkforex's, but not entirely the same. The differences are very small though. I used the pipettes during calculation. Would it be Oanda giving different prices to different customers? Hopefully not.Ignored
DislikedHi Guys,
I like the idea of this system and wanted to backtest it, without it taking too long. So I modified the Pivot Lines indicator by Jason Normandin - taking out the S3 and R3 and putting in the TP lines for the long and the short trade. I also fixed it so it does not calculate using any Sunday data. If it backtests good enough, then you can trade on a Monday using the Pivots calculated from Friday's data.
Since it is a pain to have to calculate the avearge daily range for the week, I modifuied the indicator to calculate the average daily range for the last 5 days (excluding Sunday again) and only display the TP lines if the previous day's range was less than that of the last 5 days. This was easier than working it out for the last calendar week and I think it should be good enough.
Check it out and let me know if you find any errors in the code.
I did some backtested which was disappointing, but i have just realised that I was using the wrong pivot calculation time. I had thought that BlueAce was calculating the pivots at 17:00 EST but just not entering the orders until 00:00 EST. |I have modified my default Dailystart time now and the values for my pivots seem to be close to those reported by BlueAce but I am using FxPro which is on GMT+3.
I have not had time to re-do my backtest, so I am still not sure yet if I will use this system with real money. (I have been using The Real Thing's 'First Strike' and 'One Night Stand' systems live with some success).
IanIgnored
DislikedMy mistake in calculating the time. My bad
Anyway, your time works perfectly for me also. Just want to make sure, are you only trading on Tues, Wed and Thurs only? Looking forward for next week.Ignored
DislikedHi Guys,
I like the idea of this system and wanted to backtest it, without it taking too long. So I modified the Pivot Lines indicator by Jason Normandin - taking out the S3 and R3 and putting in the TP lines for the long and the short trade. I also fixed it so it does not calculate using any Sunday data. If it backtests good enough, then you can trade on a Monday using the Pivots calculated from Friday's data.
Since it is a pain to have to calculate the avearge daily range for the week, I modifuied the indicator to calculate the average daily range for the last 5 days (excluding Sunday again) and only display the TP lines if the previous day's range was less than that of the last 5 days. This was easier than working it out for the last calendar week and I think it should be good enough.
Check it out and let me know if you find any errors in the code.
I did some backtested which was disappointing, but i have just realised that I was using the wrong pivot calculation time. I had thought that BlueAce was calculating the pivots at 17:00 EST but just not entering the orders until 00:00 EST. |I have modified my default Dailystart time now and the values for my pivots seem to be close to those reported by BlueAce but I am using FxPro which is on GMT+3.
I have not had time to re-do my backtest, so I am still not sure yet if I will use this system with real money. (I have been using The Real Thing's 'First Strike' and 'One Night Stand' systems live with some success).
IanIgnored
DislikedNot trying to be nit-picky and I'm sure this is obvious to most, but the formula for longs is:
R2-R1=X
and
R1 - Y = SL
Thank you Blueace for sharing your method. Looking forward to this week.
GlenIgnored
DislikedSorry. So does this that we are looking at a reverse at R1 to go long? We're not looking for price to keep going south?Ignored
DislikedI don't know. Not sure how others are getting their numbers in Oanda, but I just bring up the daily chart and then just hover my cursor over each day's bar. The open, high, low, and close numbers appear in the lower left corner of the chart. I don't do any rounding during the calculations. I only round the results at the end.
I'm guessing the one wildcard would be timezone that our Oanda platforms are set to. Mine is set to "system time", which would be GMT-4.
ScottIgnored
DislikedNo problem it happens. And yes you are correct we only do set ups for Tues, Wed and Thurs movements. Meaning the time zone I'm in I set up at 11:00 PM CST on M, T, W.Ignored