EOD trading system

I know we are supposed to be waiting for red candle but I took this trade last night based on price bouncing off resistance. I'm currently up around 300 pips. At some point I was up around 500 pips.

Paul, can you recommend a good company for spread betting?

By the way, do you close all positions at the end of today, or let it run during weekends?

Thanks.

Yes I briefly saw it some time before 5pm est but at the close it disappeared
Where is the signal on your fxdd chart now, on today's bar or yesterday's bar?

Correct it moved around some around 4:45; back and forth between signal and non signal, but right after 5:00 when the new candle opened it moved drastically and there was no doubt about it.

I'll check when I get home to see what it looks like now. I only use it for charting.

Wed Wed .. Let the signal complete win or lose afraid is normal but human emotion we don't need its difficult but necessary to just sit tight but as always up to you its your account and money ;-)

Rum.. nice entry you may have some thing there good thing about these threads you take and use what you want and adapt it to your trading systel nothing wrong in that.

Forexunder .. sure you can use several these are the most widely used

www.capitalspreads.com
www.igindex.co.uk
www.cityindex.co.uk
www.finspreads.com

No I dont close I let it run over the week end ..I only close for 2 reasons I win I lose

btw up 205 on usdchf and up 177 on eurusd only another 35 pips ish on usdchf and I can close out may happen we will see

cheers

Paulus

Paulus, first off, I am very greatful that you have shared the system and MM techniques etc...The system itself is not perfect, of course, however, is very stressless and consumes minimum time. 70-80% hit rate is achieved due to relatively low TP which is ATR. Many of previously used systems will hit that target with the same rate. So that the idea to use ATR as TP is great.

Nevertheless, RR on average is 1:1, often less, hence, I tried to make some calculations to plan trade management and I think that the most reasonable idea is to close 50% after ATR is achieved, then TS (have not decided yet on the TS size, could you suggest please what is the optimal size of it...from your experience, of course).

Also I tried to do some backtesting on random pairs to have some idea about whether is is more profitable to close only some part of the position after ATR being hit. So the stats showed:

70-80% ATR is hit
Out of those 70-80% in 36-40% cases the price goes higher than 2 ATR, to be precise, the average is 3.2 ATR...so I tried to calculate what part of the position to close, at present still think that 50% after ATR then TS and the remaining after 3ATR...Want to hear your thoughts about how to maximise RR not losing too much of hit rate. Having said that, I am quite happy with what the system can achieve now with TP at ATR. Thanks again!!!

Peter

Update: TP for usd/chf hit, 232 pips profit, 182 pips up on EUR/USD...happyy now...But my other system which looks at big moves says those 2 trades will be quite a big moves, 5+ ATR, thats why TS needed, looking forward to hearing from you

Target hit of 244 pips a few minutes ago on usd/chf, euro/usd looking good.

Thanks Paul. U r the man!

ok closed out USDCHF for + 242 pips

EURUSD currently at +180 ish pips

P

Used ODL with broker time 8 pm EDT

E/U sell, (tp ATR(5), 20%, approx 88 pips), (SL @ Swing High + 5 pips)

Thanks.

How many of the 13 pairs would you trade at the same time?
If 2 signals, would you take 500/2 = 250 per currency pair?

Have you noticed an increase or decrease in the success rate based on the recent volatility in the market?

Hi Guys
As of now I have 7 pairs showing eod signals. Now I know things can change between now and a few hours time, but if we still have multiple entry signals when the time comes how do we play it? Do we enter before close today or wait for open after weekend? What do we do about money management with so many signals?
Love the system
Regards
Geoff

This is my first post. I thank Paulus for sharing this system which has a great potential, as we all know.

I’ve been test running Dezil’s EA on my FXDD demo account for a couple of days. And I have a suggestion for him.

The EOD EA seems to open trades at around 21:35 FXDD (GMT+2) time, and then waits for 24 hours until it searches trade signals again the next day. Correct me if I am wrong.

A problem with this way of trading system is that it did not make trade on EURUSD or USDCHF yesterday. Their signals were completed about two hours later when Paulus posted above messages with “go head” suggestions with the two pairs, although the EOD indicator correctly displayed trade signals. (See posts #160 thru #162.)

The EOD as I understand is an end of day system, so it is supposed to open trades at the end of day. So, I was wondering if there was a way to improve the EA to continuously search for the trade signals, and opening trades until 24:00 (the day’s end), or let the users define a period to start and finish searching trade signals & opening trades, i.e., only between 22:00 and 24:00, etc.

If Dezil or anyone can improve the EOD EA with above features, it will be an invaluable addition to already great end of day trading system.

Michael

Peter great work..

I havnt got the time to number crunch all this stuff even me writting this post could lead to an ugly scene ;_(

I did look some time back at closing out at 75% atr when i ran the system before so your 50% atr and run the rest doesn't surprise me.

I would stress however that you have to run this system using min stakes ie with spread betting companies that will prob mean £0.50p per pip and with broker micro or mini contract the reason being we can have several swaps all trigger on the same day and its not nice trying to figure what ones to take and what ones to leave because your MM wont stretch that far,its emotional its subjective and we dont want to go that way if it can be helped ....Closing out at 50% 1/2 the position would release funds to reinvest.

Big moves can occur and I have taken 1200 pips on one signal using the sliding stop which i will post next week as Im away down to the south coast for the week end.

But basically at atr or if it seems viable to do so 50% atr close 50% and bring stop to break even ride the rest using the slider.

Thanks for the post and the number crunching will be very interested in what you find out

Paulus

you should trade as low as possible so you can take advantage of all signal triggered.

I would rather have 8 open signals on 50pence per pip then 2 chosen signals on £2 a pip.

Im out at 7pm so I will be taking signals 15minutes to..its all about working round your private lives.

If you can take the signal as close as possible to candle close albeit as you know taking my signals at 8pm last night because I had wing chung gave me a bit of a better fill than if I took at my normal time of 9pm but its swings and round abouts this system is meant to be low maintenance and stress free ;-)

paulus

Thanks Paulus for quick reply , will take all signals at 9pm uk time today and see what happens. Should make for a fun opening on sunday.
Kind regards
Geoff

short GBPUSD at 1.61300 tp 535 pips
short AUDUSD at 0.66570 tp 337 pips
Long USDCAD at 1.20310 tp 429 pips
Short EURJPY at 125.715 tp 719pips
Short GBPJPY at 158.855 tp 955 pips

This is the earliest Iv taken signals I wouldnt dream of doing this normaly but leaving now for week end trip to coast for haloween...If signals disapeer by my normal 9pm or other appear its just the risk I have to take..If I was trading large and on full stakes I wouldn't open any at this time and if it meant I missed them because I was away so be it we have to have a mechanical rule.But Im willing to post the signals

But positions all on min stake

Made the usdchf trade at 02:49 am GMT 31/10/08

The yellow line = stop loss @ 1.1173
The purple line = price at trade @ 1.1373
The aqua blue line = target profit @ 1.1573

The solid red line represents the trade time at 02:49 but on a daily chart doesn't mean a lot. The dotted red line is what I would have been looking at to decide on the trade with stoch and CCI from yesterdays bar close.

The 8 ATR on the dotted line gave 207 pips as a target. I used this is a ball park figure. Luckily at the time of trade 200 pip below entry coincided to be beneath the low of the previous day candle. Made RR 1:1 by going for 200 pips above entry price. The trade automatically closed out around 14:23. Set and forget trade!


The money management can be dicey on this system though. The EURUSD trade for example. The morning star?! (im not hot on my candlesticks) we had signifies a possible down trend, but does one put a stop loss above this high of the day. If we did that would of given a bad RR ratio. I think that would of given a 500+ pip stop loss!! With only an approx 330 pip target TP. I need to figure that out. I understand giving trades some breathing room, but if you do get taken out, you need to win more trades to catch your losses which is never a good thing.

Let the force be with you, paulus.

I'm new to this thread, but I have been studying it for the past couple of days. This looks brilliant. I have to study more, and practice more, and I may have questions later. But for now, I have to wrestle with it a liitle more. I love the simplicity.

Good day Paulus,

The chart below is for USD/CAD after the market been closed, do you think the signal still valid for going long?

Regards,