EOD trading system

Thanks will answer over week end

update

USDJPY 17th Nov 96930 TP 238 SL 145 Stake £1.78 per pip TP Hit
Closed

EURUSD 19th Nov 12580 TP 287 SL 243 Stake £1.06 per pip still open

EURJPY 19th Nov 12129 TP 482 SL 300 Stake £0.86 per pip TP hit closed


CADCHF 19th Nov 0.9690 TP 193 SL 191 Stake £1.35 per pip TP Hit Closed

GBPUSD 20th Nov 14799 TP 307 SL 458 Stake £0.59 per pip still open


P

Hi,

I wonder how many of you who keep your positions open during weekends? Do you see positive/negative effects of closing them or keeping them open, with in mind that this is more of a long-term system?

Regards

Archie

Hi Paulus

I noticed now that you are not closing out 50% and trailing as per your other thread. You mentioned that this method of trailing will net you more money over time, so just wondered why you are closing out 100% at ATR and not trailing etc?

Law

Hi Paulus,

What charts do use to set up your trades on? I can see where some of the trades are on my charts but others do not match at all.

All the best

Mister ED

Hi everyone,
I'm using IBFX and last night I got sell signals on GBP/USD, GBP/GPY, GBP/CHF, and a buy on EUR/GBP. Did anyone else get all these? I'm using the indicator included in this thread. I'm at work so I can't include a copy of the charts.

Thanks,
Tom

Hi Tom

I looked at my charts and did not see signals on any of the pairs that you mentioned. It does seem that there is quite a difference in signals depending on what charts you use.

I have done my back testing on Ikon Royal charts which are GMT+2 which ideally should give a midnight close of day at 5PM EST ie New York close, if my maths is right.

The system seems to work but there are diffinitely differences in how the signals show up depending on the time frame that you are using.

All the best

Mister ED

Thanks MR. ED

I just love how consistant retail forex broker feeds are....NOT!

--Tom

The chart posted by Paulus is from Alpari UK.
Daily bars close at 23:00 GMT (23:00 UK) on his chart.

I got the same signals like yours and I am also using IBFX. I took two trades Gbp/jpy and Gbp/usd let us see what will happen

Thanks harar,
ok, so I'm not crazy. The trades are down a little since the run up in the pound overnight (central time US). We'll see what happens. I'm taking Paulus's advice and taking all trades and then setting and forgetting. It's just that there are a lot of GBP pairs, and a strong pound could really hurt the trade. Oh well, the mental aspect is the key to the bank.

--Tom

do nothing, just let it go

Archie

I do every thing from a mechanical point of view if my TP or SL isn't hit it stays open clean and simple

Law

At the moment I'm trying to turn the account over and because of my time constraints it doesn't take me as long.On the sliding stop principle once my TP has been hit and 50% close with the stop brought to break even I would then have to maintain the position every day.I dot think I have that time esp with several trades open.This way atm I can just close the whole when my TP is hit.

Mr ED

I use MT from Alpari and use the indicator kindly written by Dezil


Ben Q

Nice piece of kite thanks will apply it over the week end .. if it saves me time Im all in favor of it :-)

Steve

here are the currencies I trade no magical reason why thier just the swaps I could trade with the spread betting firms

USDCHF
GBPUSD
EURUSD
AUDUSD
USDCAD
EURGBP
USDJPY
EURCHF
EURJPY
GBPJPY
GBPCHF
EURAUD
CADCHF

Cheers

Paulus

USDJPY 17th Nov 96930 TP 238 SL 145 Stake £1.78 per pip TP Hit
Closed

EURUSD 19th Nov 12580 TP 287 SL 243 Stake £1.06 per pip still open

EURJPY 19th Nov 12129 TP 482 SL 300 Stake £0.86 per pip TP hit closed


CADCHF 19th Nov 0.9690 TP 193 SL 191 Stake £1.35 per pip TP Hit Closed

GBPUSD 20th Nov 14799 TP 307 SL 458 Stake £0.59 per pip still open

The account is now 122% ROI since Nov 5th

I have a signal at present on EURGBP its a long with an ATR target of 139 pips if its there at approx 9pm I will be taking it.

Cheers

Paulus

Ive been updating my spread sheet

The average RR on the 19 signals comes out as 1.72

The minimum being 0.67 RR

The max being 4.2 RR

Because the money management protects me the 0.67 RR trade had a stake of just £0.61p the highest RR trade had a stake of £2.81

We have had 4 long signals and 15 short signals

The strike rate for the system over the 19 signals is 78.95% but this inc the 2 open position which are not recorded as a win.

Paulus

Hi,

I have been trying out the EA this week, and it seems to work great so far. I do not always have time to be in front of the computer, so this way I do not miss any trades, even though I know that trading manually is always better. Still great EA. Thanks fxid10t!

Cheers!

Archie

Hi,

Thanks for your answers Paulus. Great system and always fast and educating answers in this thread.

Have a nice weekend all of you!

Archie

Great system Paulus, I'm impressed.. I have been trading a very similar strategy for a while on 4h chart succesfully and I can't wait to test your on a daily timeframe..

When i looked at 9.15pm the signal had gone as we had a red doji so no trade for me.

I think why this system tends to work quite well is 2 fold and these 2 elements apply to any trading system or methodology

1. The stop is placed where it is protected from a technical point of view.

In other words if we are down trending and we get a short signal our stop will be placed 10 pips higher than the last swing high.As a down trend is made up of lower lows and lower highs for our stop to be broken would require the swap to make a higher high,from a technical point of view quite a tough thing to do.It will happen of course if we are un lucky enough to be in a short when the trend reverses we will suffer a loss but thats just trading

1. The target is based on what the swap has achieved every day for the last week

In other words if we have a swap moving 100 pips a day and we get a signal why set a target of 20 ? its been making 100 why should this day be any different.If its making 100 pips a day why set the stop to 150 we have no evidence of this happening and we need to be in and out quickly we don't want to swim with the sharks any longer than is necessary

So we set a target that is viable and as the swap will not move the same amount every day that means we take the high and low of each day for the last 5 days add them up and divide by 5 this gives us the 5 day average true range and this becomes our target.Its not fool proof but its logical and mathematical

Paulus

This is a safety stop and can be used if you wish to protect your position I will illustrate with a hand drawn chart .

From a technical point of view a double bottom or top is a very powerful pattern.

If we are down trending and making new lows or a new monthly low for example then for us to make a lower low it means we have to break the previous low BUT we can reverse as we approach this low and the swap could make a double bottom ...make support ....and reverse

So when we are 10 pips above the last low we move our stop to break even we are now protected and its called a safety stop

I personalty don't use this stop due again to time restraints it does mean more house keeping on your part but if your a safe trader and you don't mind cutting short some winners but you reduce the losing trades even more you may wish to use it.You may wish to set to break even at 50 pips from previous low or high its up to you above is only an example

This hasn't changed but had a few requests so here are the template and indicators.

These havnt changed from the start of the thread which is good news

ATR in pips mq4 ,CCI mq4 ,EOD mq4 and stochastic mq4 all go in your

MT.expert. indicator folder

And eod cci tpl goes in your template folder.

If you look in the top left of your chart you will see the ATR displayed that is currently on the last bar on your chart if you wish to check what the atr was 3 days ago on that bar simple click on the Data window icon ( looks like a cross hair) select your cross hair and place it over your bar as per the screen shot