Trade the Day Open Fibo | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Fibo Fibo Fibo 14 replies

Help with indicator for previous day, week, month and year Fibo 0 replies

fibo alert indicator - get alerts on fibo levels 4 replies

Trendline and Fibo. Open to all discussion and thoughts 0 replies

How do differentiate between Fibo and Fibo TimeZones? 4 replies

Attachments: Trade the Day Open Fibo
Exit Attachments

Trade the Day Open Fibo

  • #1
  • First Post: Edited 12:12pm Feb 18, 2007 11:36am | Edited 12:12pm
Hi, All.

I found this strategy had a good chance to be profitable on GBPUSD.

My backtesting since January to Feb 16th 2007 on GBPUSD is 1000 pips gain(excel attached).
I'll do forward testing this week with demo account.

The Strategy based on Open Price and Static Fib Numbers.

GBPUSD example
Today Open : 1.9634
Add Horizontal Line above Today Open :
HL1 = 1.9634 + 34 = 1.9668
HL2 = 1.9634 + 89 = 1.9723
HL3 = 1.9634 + 144 = 1.9778

Add Horizontal Line below Today Open :
HL4 = 1.9634 - 34 = 1.9600
HL5 = 1.9634 - 89 = 1.9545
HL6 = 1.9634 - 144 = 1.9490

* Indicator attached
Insert DayOpenFib twice on the chart with TF < H4.
-First, set parameter up=true
-Second, set parameter up= false

Rules :
Place Buy Stop order at HL1, SL = Today Open, TP1= HL2, TP2 = HL3.
Place Sell Stop order at HL4, SL = Today Open, TP1= HL5, TP2 = HL6.


If Buy stop order executed, change Sell Stop order = Today Open, SL = HL1, TP1= HL4, TP2= HL5.
Do the opposite if Sell Stop executed.

Any Opinions are so welcome.
Attached Image
Attached File(s)
File Type: mq4 DayOpenFib.mq4   4 KB | 2,269 downloads
File Type: zip backtesting.zip   2 KB | 1,613 downloads
in
  • #2
  • Feb 18, 2007 11:56am Feb 18, 2007 11:56am
Hello Metto
what is the best time frame
Senbanda
  • #3
  • Feb 18, 2007 12:19pm Feb 18, 2007 12:19pm
Quoting senbanda
Hello Metto
what is the best time frame
Senbanda
Hi Senbanda,

This is an intraday system, so it has to be at time frame < 4 hour.
I'm using tf 30 minute.
in
  • #4
  • Feb 18, 2007 3:19pm Feb 18, 2007 3:19pm
Thank you
I will test this from tomorrow
Senbanda
  • #5
  • Feb 18, 2007 4:51pm Feb 18, 2007 4:51pm
This strategy looks like it has potential...thanks for posting it...I am currently using tkimbles daily wealth builder...and this looks like it may be a good way to enter...thanks again...
  • #6
  • Feb 18, 2007 6:48pm Feb 18, 2007 6:48pm
Quoting bholiday
This strategy looks like it has potential...thanks for posting it...I am currently using tkimbles daily wealth builder...and this looks like it may be a good way to enter...thanks again...
Let give it a try,
It's look good on GBPJPY, I'll test on this pair too.
in
  • #7
  • Feb 18, 2007 7:07pm Feb 18, 2007 7:07pm
So, if u enter at the Buy stop u put the stop loss at today open and u move sell stop at today open too... So u get stopped and reverse.. rigth???'

Thanks for the system
Matty
  • #8
  • Feb 18, 2007 7:28pm Feb 18, 2007 7:28pm
Quoting Matiasfx
So, if u enter at the Buy stop u put the stop loss at today open and u move sell stop at today open too... So u get stopped and reverse.. rigth???'

Thanks for the system
Matty
Yes, you're right Matty.
in
  • #9
  • Feb 18, 2007 8:00pm Feb 18, 2007 8:00pm
i presume u use open of day as 0000GMT?

And u close out positions that doesnt hit tp or SL by at the end of day as well?

I see u have 2 TP as well, so u enter 2 lots each time
  • #10
  • Feb 18, 2007 8:55pm Feb 18, 2007 8:55pm
Hi Metto

Thanks for system. Very simple and very powerful.

Just to confirm that the indicators are working ok, and property set up in my MT4, could please confirm if you are going long Gbp at 9555 with stop at 9522?

Thanks in advance

Pepe
  • #11
  • Feb 18, 2007 9:05pm Feb 18, 2007 9:05pm
Quoting privatefr
Hi Metto

Thanks for system. Very simple and very powerful.

Just to confirm that the indicators are working ok, and property set up in my MT4, could please confirm if you are going long Gbp at 9555 with stop at 9522?

Thanks in advance

Pepe
That will change from broker to broker.. it depends the time that your MT4 its set at..... I dont have same as u for example.

Matty
  • #12
  • Feb 18, 2007 9:39pm Feb 18, 2007 9:39pm
metto, how do you take profit? trail stop? or enter multiple lots and close each at HL lines?

in either case, i think you might want to make amendments to your backtest results?
  • #13
  • Feb 18, 2007 10:03pm Feb 18, 2007 10:03pm
Quoting Autumm
i presume u use open of day as 0000GMT?

And u close out positions that doesnt hit tp or SL by at the end of day as well?

I see u have 2 TP as well, so u enter 2 lots each time
Yes Autumn, if You have a better mm that can be applied to this system, i'll appreciate.

One more thing, the indicator didn't work on broker that had day open not at 0000GMT, you must draw it manually,
or is there anyone can modify DayOpenFib.mq4, I'll appreciate it


Thank You

Metto
in
  • #14
  • Feb 18, 2007 10:26pm Feb 18, 2007 10:26pm
Do you re-enter any trades? Or limit it to just one long and one short per day?
  • #15
  • Feb 18, 2007 10:29pm Feb 18, 2007 10:29pm
one more question metto, Do u move stop to b/e on second lot after taking profit on first one?????
  • #16
  • Feb 18, 2007 10:34pm Feb 18, 2007 10:34pm
Quoting Matiasfx
one more question metto, Do u move stop to b/e on second lot after taking profit on first one?????
On My Backtesting, Yes I do
On Forward Testing, Yes I will do Matty
in
  • #17
  • Feb 18, 2007 10:36pm Feb 18, 2007 10:36pm
Quoting metto
On My Backtesting, Yes I do
On Forward Testing, Yes I will do Matty
Thanks bro.. i Will backtest 2006 and see how that looks

Matty
  • #18
  • Feb 18, 2007 10:42pm Feb 18, 2007 10:42pm
Quoting richy
metto, how do you take profit? trail stop? or enter multiple lots and close each at HL lines?

in either case, i think you might want to make amendments to your backtest results?
The backtest result is with trailing stop.
I'll rebacktest with the second way you mentioned above,
Let's see the better one
in
  • #19
  • Feb 18, 2007 10:45pm Feb 18, 2007 10:45pm
Metto, are you using Interbank platform ?
  • #20
  • Feb 18, 2007 10:55pm Feb 18, 2007 10:55pm
Quoting peterdxb
Metto, are you using Interbank platform ?
Yes Peterdxb
in
0 traders viewing now