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EOD trading system

  • #61
  • Oct 23, 2008 11:57am Oct 23, 2008 11:57am
Quoting howard
You should wait until the close of this current bar to see if the stoch is still in down tick , the previous bar had an up tick on the stoch and therefore it does not qualify a trade, further it was a green bar.

If the conditions prevail we will enter short around 9pm GMT today

I just follow the Rule , if i am rong in following please some one correct me

Quoting Paulus

Short

CCI is below 0.00 stochastic moves above 50 and ticks down the tick down hasn't got to finish below 50

Enter on a red candle,if green you can enter on the following day but no more and only if red

Paulus
Attached Image (click to enlarge)
Click to Enlarge Name: EOD-Short copy.jpg Size: 176 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #62
  • Oct 23, 2008 12:10pm Oct 23, 2008 12:10pm
Quoting WedWed
I just follow the Rule , if i am rong in following please some one correct me
I think Paulus's point is going to be that you have to wait for the candle that causes the downtick in stochastics to close. It looked to me, from the chart you posted, that you entered the trade during the candle that was making stochastics turn down, during the day today. The problem with that is, if the day isn't over yet, price might wind up reversing and going way up (which is actually what has happened with the EURGBP today), so that by the close of this candle the CCI is going to be above 0, which would rule out any short trade.

If, at the END of today, price was down enough that CCI closed below 0 AND stochastics turned down, AND the candle was red, then you would enter the short trade at the beginning of the day TOMORROW.

Like I said, I *think* that's the way this system is set up...
  • #63
  • Oct 23, 2008 12:13pm Oct 23, 2008 12:13pm
Another Pic
Attached Image (click to enlarge)
Click to Enlarge Name: EOD-Short 2.jpg Size: 228 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #64
  • Oct 23, 2008 12:15pm Oct 23, 2008 12:15pm
That is all correct but this technically is an eod system so you should be taking signals at the end of the day I take mine at 9pm uk time 21 hours into the day

Its no good taking the signal candle at 10am your only 10hours into the day and alot can happen indicators can change.

I personally try to get as close to UK and US market close as possible which for me is 10pm uk time..I know i take my signals at 9pm but that hour doesn't normally produce much movement.

You want to take your entry as close to the end of the day as you can and also make it sociable and family friendly

Paulus
  • #65
  • Oct 23, 2008 12:22pm Oct 23, 2008 12:22pm
Quoting Tommy_C
I think Paulus's point is going to be that you have to wait for the candle that causes the downtick in stochastics to close. It looked to me, from the chart you posted, that you entered the trade during the candle that was making stochastics turn down, during the day today. The problem with that is, if the day isn't over yet, price might wind up reversing and going way up (which is actually what has happened with the EURGBP today), so that by the close of this candle the CCI is going to be above 0, which would rule out any short trade.

If, at the END of today, price was down enough that CCI closed below 0 AND stochastics turned down, AND the candle was red, then you would enter the short trade at the beginning of the day TOMORROW.

Like I said, I *think* that's the way this system is set up...
THANKS MY FRIEND TOO MUCH..

yes it seem like what you said AND IF IT IS CORRECT ,
we have to mention it as a rule.
if not, still we need clearification.
Never sell @ lower upward channel unless breacked and vise versa .
  • #66
  • Oct 23, 2008 12:22pm Oct 23, 2008 12:22pm
My aim with all my systems is to try and be mechanical as possible.

hence i use no trend lines, support resistance lines, speed lines , pivots, or fibanacci measurments as they can all be subjective.

If you religiously refuse to take a long signal just below yesterdays high then so be it but that rule must be the same for every signal that matches that criteria..your trying to take out the emotional decision taking.

Statements like ' this looks weak' ....'this doesn't look like a strong high of day' .....'the resistance level is too strong' ...do not enter into my mind set.

All I want to know is

  1. Is it a valid signal
  2. Where is my stop going to be
  3. Where is my target going to be
  4. How much is my stake or how many contracts am i going to trade
  5. Whats for Dinner

Paulus

  • #67
  • Oct 23, 2008 12:25pm Oct 23, 2008 12:25pm
Quoting Paulus
That is all correct but this technically is an eod system so you should be taking signals at the end of the day I take mine at 9pm uk time 21 hours into the day

Its no good taking the signal candle at 10am your only 10hours into the day and alot can happen indicators can change.

I personally try to get as close to UK and US market close as possible which for me is 10pm uk time..I know i take my signals at 9pm but that hour doesn't normally produce much movement.

You want to take your entry as close to the end of the day as you can and also make it sociable and family friendly

Paulus
MR. Paulus
Thanx for clearification.. i get it now..
the time is very important here on Entry..

Thanx again
Never sell @ lower upward channel unless breacked and vise versa .
  • #68
  • Oct 23, 2008 12:39pm Oct 23, 2008 12:39pm
Hi

Many thx for the clarification on the swing high/lows. That is very clear now.

I need to get a grasp on your money mgt for this system. I normally go for at least a 2:1 MM model which then you don't need such a high win ratio and even a 40% win ratio can be profitable over time. To me the MM is the holly grail, rather than the system!!!

With your system the TP is being calculated by the ATR of the last 5 days. So this will always be variable as well as the SL as this is based on the swing high/low.

Can you explain the MM on this system? If the TP works out to be less than a 2:1 do you avoid the trade?

How do you handle this very important issue?

Once again thx!

BTW - where are you based in the UK? London?

I'm north London based...

Law
  • #69
  • Oct 23, 2008 12:52pm Oct 23, 2008 12:52pm
Hi Paulus

Do you see any potential setups for tonight.

This is the only one I see but stoch is rather flat
Attached Image
Regards
  • #70
  • Oct 23, 2008 12:55pm Oct 23, 2008 12:55pm
Small question. How do you handle EOD Fridays?
Do you wait for Market open on sunday night?

tia
  • #71
  • Oct 23, 2008 12:57pm Oct 23, 2008 12:57pm
......
Never sell @ lower upward channel unless breacked and vise versa .
  • #72
  • Oct 23, 2008 1:30pm Oct 23, 2008 1:30pm
Quoting WedWed
Another Pic
Hello WedWed !!!

... In the pic you posted, the entry would be made on the close of the candle where you set the arrow (at the open of the candle where I have set the arrow)?. Right?

Thanks !!!
Attached Image (click to enlarge)
Click to Enlarge Name: EOD-Short 2.jpg Size: 74 KB
  • #73
  • Oct 23, 2008 1:32pm Oct 23, 2008 1:32pm
Hi everyone

Just came across this thread - looks very interesting. I have one question...I have loaded the ATR in Pips indicator and dragged onto my Stochs window, changed inputs to 5 & 1 - yet i do not get the average high & low dotted lines appearing on my charts (alpari uk) ...any ideas anyone?

Many thanks

FXray
  • #74
  • Oct 23, 2008 1:40pm Oct 23, 2008 1:40pm
Quoting fxray
Hi everyone

Just came across this thread - looks very interesting. I have one question...I have loaded the ATR in Pips indicator and dragged onto my Stochs window, changed inputs to 5 & 1 - yet i do not get the average high & low dotted lines appearing on my charts (alpari uk) ...any ideas anyone?

Many thanks

FXray
Its another indicator that does what you're talking about.

You can get it at this post.

http://www.forexfactory.com/showpost...9&postcount=35
  • #75
  • Oct 23, 2008 1:42pm Oct 23, 2008 1:42pm
Hi fxray,

The atr in pips gives you the atr in pips....it does exactly what it says on the tin!!!
Just a wee number of pips in the top left hand corner.....no dotted lines, very precise and tidy.....hope this helps
  • #76
  • Oct 23, 2008 1:45pm Oct 23, 2008 1:45pm
Many many thanks

FXray
  • #77
  • Oct 23, 2008 3:23pm Oct 23, 2008 3:23pm
Quoting Kfx
Hello WedWed !!!

... In the pic you posted, the entry would be made on the close of the candle where you set the arrow (at the open of the candle where I have set the arrow)?. Right?

Thanks !!!
As of clearfication of Paulus about this Pic

MY CHART ( left )
My Entry Arrow is right but I have to wait to end of the day..
becuse it might be change color and get out of the Rule..
and exactly this is what happen today for EG

Pulues's CHART (Right)
this is another pair and the arrow had set by Pulus and i think he point to his entry.
so your arrow (green) not entry .. it is too late.

i hop that clear and sorry for my bad english
Never sell @ lower upward channel unless breacked and vise versa .
  • #78
  • Oct 23, 2008 3:50pm Oct 23, 2008 3:50pm
Quoting WedWed
As of clearfication of Paulus about this Pic

MY CHART ( left )
My Entry Arrow is right but I have to wait to end of the day..
becuse it might be change color and get out of the Rule..
and exactly this is what happen today for EG

Pulues's CHART (Right)
this is another pair and the arrow had set by Pulus and i think he point to his entry.
so your arrow (green) not entry .. it is too late.

i hop that clear and sorry for my bad english
Jejeje....Your english is better than mine

I think that until the candle where is my arrow (green), not close, you canīt know 2 things:

1. if the high is going to be higher than previous candle

2. if the candle to be red or green

Greetings!
  • #79
  • Oct 23, 2008 4:07pm Oct 23, 2008 4:07pm
Quoting Kfx
Jejeje....Your english is better than mine

I think that until the candle where is my arrow (green), not close,
you canīt know 2 things:

1. if the high is going to be higher than previous candle

2. if the candle to be red or green

Greetings!
Pulus Said
you should be taking signals at the end of the day I take mine at 9pm uk time 21 hours into the day

Once the Daily candle has just 3 or 4 hours to close..
i think it's high (in case of short ) is already formed.. also the colors almost is done.. unles the last 3 hours change the day ups & down

i hop is clear.
Never sell @ lower upward channel unless breacked and vise versa .
  • #80
  • Edited 6:19pm Oct 23, 2008 4:36pm | Edited 6:19pm
Here's A Short.
The Stop To Entry Is 490 Pips
70 % Of The 5 Days' Atr = 230 Pips.

The Risk Is 2.13 X The Take Profit

On 5 Trades Per Week With A 5% Risk Per Trade We Need
At Least 69% Wins To Avoid Neg Pips.
That Returns 0.4 % Per Week On Starting Capital.
At 90% Wins, We Return 8% Per Week.

Most Good Trading Systems At Best Average Out At 60% Wins.
If we get 60% wins then we need at least 1:1 risk which results in 5% per week.

Obviously, Not All Trades Will Result In Such A Disadvantageous Risk To Reward (as my chart example) And Your System Is Producing Good Positive Pips, So I'm Interested And Looking Forward To Seeing How Your Money Management Handles The Above, Paulus.

Once Again, Well Done For All The Hard Work.

I'm A Londoner; Where Abouts Are You?
Thanks,

Gtrade.
Attached Image (click to enlarge)
Click to Enlarge Name: PAULUS TRADE SHORT.JPG Size: 29 KB
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