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Once a day trade

  • #1
  • First Post: Edited 4:12pm Feb 28, 2007 3:33pm | Edited 4:12pm
Hello, guys! Recently I've made up a strategy and I now am trying to develop it to gain most profit available. The fact is that I would really appreciate some piece of advice, some help, to be frank. Here's the strategy.
I use euro\usd and :
Heikin Ashi 4-hour,
BT1 & 2 clones 4-hour,
Fibo lines, adding 11.8%, 76.4% lines, plus all of them projected forward (that is after 0 line goes -11.8, -23.6 and so forth) at 1 hour chart.
Every evening, closer to 19:00 GMT, I put fib lines on chart, using day's high & low. Then I look at 15:00 (GMT) candle.
If all indicators show upward move, I BUY at the opening of the 19:00 candle.
TP will be the 3d upper fib line, counting from 19:00 open.
SL - I measure the number of points from 19:00 open to the 2d following fib line. Then I measure the same number of points downwards, from 19:00 open, and put SL at the farthest fib line. It's hard to understand this way, so I'll attach a picture a bit later.
SELL is all the same. Indicators should show down move. TP - the 3d fib line from 19:00 open. SL - count upwards.
I'll post pics and explain all this again. It'll be easier. So I wait for your critics (constructive), questions and suggestions. Thank you in advance.
  • #2
  • Feb 28, 2007 4:07pm Feb 28, 2007 4:07pm
Here are the pictures of today.
Attached File(s)
File Type: zip Pictures.zip   84 KB | 1,265 downloads
  • #3
  • Feb 28, 2007 4:25pm Feb 28, 2007 4:25pm
Quoting Zelenin
Hello, guys! Recently I've made up a strategy and I now am trying to develop it to gain most profit available. The fact is that I would really appreciate some piece of advice, some help, to be frank. Here's the strategy.
I use euro\usd and :
Heikin Ashi 4-hour,
BT1 & 2 clones 4-hour,
Fibo lines, adding 11.8%, 76.4% lines, plus all of them projected forward (that is after 0 line goes -11.8, -23.6 and so forth) at 1 hour chart.
Every evening, closer to 19:00 GMT, I put fib lines on chart, using day's high & low. Then I look at 15:00 (GMT) candle.
If all indicators show upward move, I BUY at the opening of the 19:00 candle.
TP will be the 3d upper fib line, counting from 19:00 open.
SL - I measure the number of points from 19:00 open to the 2d following fib line. Then I measure the same number of points downwards, from 19:00 open, and put SL at the farthest fib line. It's hard to understand this way, so I'll attach a picture a bit later.
SELL is all the same. Indicators should show down move. TP - the 3d fib line from 19:00 open. SL - count upwards.
I'll post pics and explain all this again. It'll be easier. So I wait for your critics (constructive), questions and suggestions. Thank you in advance.

How many pairs are you planning to trade with this method?

Lot sizing and leverage info also?

If you could answer those 2 questions it would help with providing some feedback.
  • #4
  • Feb 28, 2007 4:27pm Feb 28, 2007 4:27pm
Today's trade as an example.
Heikin is up. One BT is up and one is down. I have 2 indicators showing upwards, so I buy at the 19:00 open. It is 1.3227.

Take Profit order is placed at -11.8% fib line (1.3245). It is the third fib line if you count fron 19:00 open. (line 11.8% is the first, zero line is the second).

Stop Loss is at 38.2% fib line. It's 1.3216. This is how I calculate it: the distance from open to the second fib line ( 0%) equals= 9 pips. I put 9 pips downwards and put SL at the furthest fib line, which is 38.2%

Now I close my laptop and go to sleep. Next day will show the results. Good night for some and good day for others.
  • #5
  • Feb 28, 2007 4:40pm Feb 28, 2007 4:40pm
My point in creating this method was to be able to trade in the evening. Just put a trade and leave it. And with least SL possible, as I intend to invest 500$, that's a small sum of money.
  • #6
  • Feb 28, 2007 4:45pm Feb 28, 2007 4:45pm
This is like pulling teeth.

Ok $500 got that one. Now the other question - How many pairs will you be trading at once... 1,2,3,4,5, etc.
  • #7
  • Feb 28, 2007 5:00pm Feb 28, 2007 5:00pm
Just one pair, eur\usd. I don't want to go broke first week.
I haven't got enough time just yet to back test this method on other pairs. Now I can think that gbp is too volatile. But I gotta look at it first. Probably some slow pairs will do good.
  • #8
  • Feb 28, 2007 5:09pm Feb 28, 2007 5:09pm
Quoting Zelenin
Just one pair, eur\usd. I don't want to go broke first week.
I haven't got enough time just yet to back test this method on other pairs. Now I can think that gbp is too volatile. But I gotta look at it first. Probably some slow pairs will do good.
Ok, thanks. I'm looking at EUR/USD now. When I looked at your pick it seemed obvious that it was not a good entry point.. at least for today. Look at how tired the trend looks. It will most likely retract and take out your stop. But first things first.

1. I would not put on trades any bigger than .50 for a 200:1 on this system.
2. The entries need to be thought out a bit more... I don't think you need those indicators - they are not helping

Let's think about what you're trying to achieve here (one trade a day) and see how we can improve on it.

By the way I'm a ruski too,

MM
  • #9
  • Feb 28, 2007 5:20pm Feb 28, 2007 5:20pm
See Chart on why today was probably not the best option for this set up.
Attached Image
  • #10
  • Mar 1, 2007 2:15pm Mar 1, 2007 2:15pm
Yesterday was not a winning day .
As for indicators and their helplessness, I haven't seen better yet (or I don't realize the potential of those I saw), as these show what I want: global trend direction.
Perhaps, i should've told the initial idea first. I thought to find out main direction and catch small splashes. As it seemed to me, asian session is quite quiet and I can use this to get better price. Fib lines are micro sup\res lines.
If trend continues, I'll get a bit of it. If it wants to reverse, brokers or god-knows who often make spikes, probably to catch orders. So my trade is going to be within this sudden movement.
MM (comarade , what you think? What indicators could be more useful here, to your mind?

Thank you for participating.
  • #11
  • Mar 1, 2007 6:09pm Mar 1, 2007 6:09pm
Quoting Zelenin
Yesterday was not a winning day .
As for indicators and their helplessness, I haven't seen better yet (or I don't realize the potential of those I saw), as these show what I want: global trend direction.
Perhaps, i should've told the initial idea first. I thought to find out main direction and catch small splashes. As it seemed to me, asian session is quite quiet and I can use this to get better price. Fib lines are micro sup\res lines.
If trend continues, I'll get a bit of it. If it wants to reverse, brokers or god-knows who often make spikes, probably to catch orders. So my trade is going to be within this sudden movement.
MM (comarade , what you think? What indicators could be more useful here, to your mind?

Thank you for participating.
Ok, I can tell that you're married to those indicators... and thats fine - you can use them. Try adding an 8,3,3, Stoch to the 4HR chart when placing your trade at 19:00 hours. As you can tell by the attached pic - the pair was heavily overbought. Also, to make sure you have daily trading opportunities attach the indicators to all pairs, and choose the one you feel has the best set up for the day.

don't forget - no more than .5 mini lot per 1 trade per 1 day.

MM
Attached Image
  • #12
  • Mar 5, 2007 2:50pm Mar 5, 2007 2:50pm
Good evening.
I already had a quick glance at stoch, though with other settings. It didn't suit me as at trending times it is overloaded and I cant say whether it's trending or overbought\sold. I hope u understand me. I'll take a better look at 8-3-3.
You know, as I wrote here, I started to doubt my setups. Perhaps that's psychological. I want to be sure 100% that my trade's gonna be a winner. Right now I got 8 windows open with different loads of indicators, seeking something helpful.
In my opinion the difficulty of such entries, as mine, is that they're happening somewhere in the middle or even the end of a move. Maybe I need to look at Daily charts to catch a bigger picture?
1 march was a +30 trade, Sell 1.3196, TP=1.3166
2 march was not. -19pips. Sell 1.3210, SL=1.3191
Now Sold 1.3098. Though I feel uncomfortable, sensing a retrace. Well, we'll see.
  • #13
  • Mar 5, 2007 2:54pm Mar 5, 2007 2:54pm
Good luck to you, let me know if you need any more feedback... I'll be floating around.
  • #14
  • Mar 5, 2007 3:11pm Mar 5, 2007 3:11pm
i want to know the best MA to use with GBP\USD in 15min
  • #15
  • Edited 3:39pm Mar 7, 2007 3:27pm | Edited 3:39pm
Hello again to anyone who had a minute to drop in.
Thank you, MM, for good wishes. Hope to "hear" your comments on my actions. Please come by anytime.
Of course 5 March trade was a loss. My feeling of retrace was right. At that time I was looking at some new stuff, which probably will be useful in future. I now am backtesting it and sure thing will post the results here, if positive and useful.
About 6 March. My BT1 showed down, BT2 showed up and HA was red. So I had to SELL, according to my original plan. BUT (and here you can anticipate something contradictive) my new additions told me to BUY, which I did and was right.
This is not a good thing to change something established and I hate to do this (it's called "curve fitting" and as I understand many people stick into constant development and improvement and new reseaches because of which they never start TRADING AT ALL!). Anyway, I had to find something to avoid false signals from slow trend indicators, which keep pointing down when the price is already half way up.
Then I'm also overlooking Heiken Ashi and understand now that it can give some more signals or signs than just change of colour.
Concerning entries and exits. Originally, I just wanted mechanical points, so to say. Set and forget, without looking. Now I'm going to be more wise (and discretional too) as to exits (I'll leave entries alone just yet).
Oh,well. Great plans, hope to realize them all.

Stochastic 8,3,3 - it was overbought on the 6,9,13 feb - but this signal was wrong. I don't think I can rely on it now. Maybe when I get a feel of it later...

AMGODI, hello! Really you shouldn't be looking for the best MA for cable. I doubt it exists. But if you find one, please share the knowledge, ok?

Today enter BUY 1.3183. There are a few factors standing in the way (such as overbought condition and resistence) and I probably should have bought at about 3167. But I'm in the trade already, so we'll see.

Have nice trades,

Dima
  • #16
  • Mar 20, 2007 1:53am Mar 20, 2007 1:53am

i thought u could post all your indicators...plsss

To The Sea My Friend....oh we already on the sea!!!!
  • #17
  • Last Post: Mar 20, 2007 4:33pm Mar 20, 2007 4:33pm
Here goes.
BT is quite good. They don't repaint.
MTF BT are for setting, say, four-hour data onto one-hour chart or 30 minute.
Heiken Ashi is usual.

Enjoy!
Attached File(s)
File Type: zip brain_mq4.zip   183 KB | 592 downloads
File Type: zip indicators.zip   8 KB | 584 downloads
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