DislikedHow about the effect of daylight savings? Does the system have any modifications to the trading time when daylight saving ends?Ignored
The Pivot Net Revisited (Weekly Pivot Net) 41 replies
A student's Set 'n Forget System Journal 6 replies
Set It And Forget It 5 replies
NEW " SET & FORGET" Forward Testing for VP Day Trading System 16 replies
DislikedHow about the effect of daylight savings? Does the system have any modifications to the trading time when daylight saving ends?Ignored
DislikedGreat question. As a matter of fact it does. We will go to 10:00 PM CST once daylight savings time is over. As that is the time when Oanda ends their daily candles. Of course when we get to that date we'll discuss it again just to make sure everyone is on the same page.Ignored
DislikedCool. Do you fly professionally? If so, who do you fly for? I'm on the E170/175 for Shuttle America (United and Delta). As fun as it is, I'd rather be a full time trader, working out of the house...maybe one day .
GlenIgnored
DislikedI read somewhere that there are a lot of pilots in Forex trading, presumably because in their profession they have to be good at following rules to the letter. I found that interesting. Makes sense, I guess.
ScottIgnored
DislikedCool. Do you fly professionally? If so, who do you fly for? I'm on the E170/175 for Shuttle America (United and Delta). As fun as it is, I'd rather be a full time trader, working out of the house...maybe one day .
GlenIgnored
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
DislikedHello there. I don't put a lot of stock into backtesting. Blueace has been trading this system live for 8 months, and he's confident enough to now share it with the FF community; I think that speaks volumes.
This system has such a good risk:reward ratio, you only need to win more than 40% of your trades to be profitable. I'm going live with it on Tuesday.
ScottIgnored
DislikedJust found this thread and wondered how much success you have with your other set and forget strategies.Ignored
DislikedHi Scott,
Most systems are not 100% objective, so i have to forward test in demo before committing any funds to trading them. For those few which are objective, backesting saves me several months.
Even with this system, I do not take it as granted that I could achieve similar results to BlueAce - differant time-zones, brokers quotes, spreads etc.
No disrespect to BlueAce, but just because somebody on FF says they have traded a system for 6 months or a year and achieved 85% winners (and plenty of people have claimed figures like this) - is it safe to put your money on it that they are right and that you will also get a good result? That is the way that many newbies lose much money!
The only reason I went live with The Real Thing's systems so fast was that he had already been running the challenge for over 4 months ( with logged weekly results) when I came accross it.
Take care yorself, you can't count on anybody doing it for you,
IanIgnored
DislikedHi Scott,
Most systems are not 100% objective, so i have to forward test in demo before committing any funds to trading them. For those few which are objective, backesting saves me several months.
Even with this system, I do not take it as granted that I could achieve similar results to BlueAce - differant time-zones, brokers quotes, spreads etc.
No disrespect to BlueAce, but just because somebody on FF says they have traded a system for 6 months or a year and achieved 85% winners (and plenty of people have claimed figures like this) - is it safe to put your money on it that they are right and that you will also get a good result? That is the way that many newbies lose much money!
The only reason I went live with The Real Thing's systems so fast was that he had already been running the challenge for over 4 months ( with logged weekly results) when I came accross it.
Take care yorself, you can't count on anybody doing it for you,
IanIgnored
DislikedHey guys. Looks like the only opportunity we may have so far for a trade tonight is the UJ. Will check in later tonight to see where it ends up, but it will probably end up greater than last week's average.Ignored
DislikedYou're right Hoss it looks like we might only have 1 signal valid for tonight on UJ. We still have 6 hours or so to go. It might be tight.
That's just part of this system. For those of you wanting to trade please be patient. Looking for reasons NOT to trade are equally as important as reasons to trade. I've found that forex is a tight rope walk of looking between reasons to get into a trade and reasons to not get into one.Ignored
DislikedYou're right Hoss it looks like we might only have 1 signal valid for tonight on UJ. We still have 6 hours or so to go. It might be tight.Ignored
DislikedWould I be wrong if I say the UJ has fallen out of the trade possibility also? As of right now, 10:20pm EST, it is below R1 on the hourly chart. Everything has been nose diving canceling any chance of trades for today.Ignored
DislikedYou are absolutely correct. We are off the hook for this evening as far as the 'Pivot Net' goes. Today's movement just surpassed last weeks daily average.
That's the nature of this system. A no trade day builds character. It's all about what the market gives us. Not what we want to take.Ignored
DislikedIan,
Thanks for joining the thread. I don't quite remember claiming to have a 85% win rate and I'll openly admit that I don't wish someone to trade my system unless they have done their own homework with it. I only claim results for my system working for me and my methods on Oanda. I also want to thank you for testing my system on another broker. The more brokers that are run up against this system will show if it will last the long haul.
I completely agree with you that newbies that jump on free signals are very good at making their brokers rich. I have just been a lurker so long on this forum that I felt I finally had something of worth (and worth is relative to the trader) to give back.Ignored