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EOD trading system

  • #541
  • Dec 5, 2008 9:59am Dec 5, 2008 9:59am
All the following recent trades were winners and all hit the profit targets as expected.

I didn't include the number of pips or the profit because that would vary depending on your entry price and what each pip is worth.

buy or sell / pair / entry date - exit date

sell usdjpy 11/26 - 12/01
sell eurjpy 11/27 - 12-01
buy usdcad 11/27 - 12/02
sell audusd 11/27 - 12/05
sell gpbusd 11/27 - 12/01
sell eurusd 11/28 - 12/01
sell gbpjpy 11/28 - 12/01
sell nzdusd 12/01 - 12-01
buy eurgbp 12/01 - 12/04
sell gbpchf 12/02 - 12/04
buy eurcad 12/03 - 12/04
buy eurchf 12/03 - 12/04

You can verify these trades on your charts if you choose. I'm using the MIG MT4 platform.

I hope to have more good runs like this -- as often as possible.

Dave
  • #542
  • Dec 5, 2008 11:59am Dec 5, 2008 11:59am
I began to demo this EOD method Nov 17th with a $2,000 demo account. As of today Friday 12-0-08, my account is sitting at just over $3,000. 30% in 3 weeks. Not bad considering I'm using the EA and never have to look at a chart. lol.

I did close all the open positions today since I didn't want to get gapped out again like I did last weekend.

Todd
  • #543
  • Dec 5, 2008 12:42pm Dec 5, 2008 12:42pm
Hi Take every signal don't try to select the best

cheers

paulus
  • #544
  • Dec 5, 2008 7:51pm Dec 5, 2008 7:51pm
Quoting todd960960
I began to demo this EOD method Nov 17th with a $2,000 demo account. As of today Friday 12-0-08, my account is sitting at just over $3,000. 30% in 3 weeks. Not bad considering I'm using the EA and never have to look at a chart. lol.

I did close all the open positions today since I didn't want to get gapped out again like I did last weekend.

Todd
was that using http://www.forexfactory.com/showpost...&postcount=378
?
if so did you need to attach the ea to every chart, or did it trade all pairs?
  • #545
  • Dec 5, 2008 10:54pm Dec 5, 2008 10:54pm
Quoting dracozny
was that using http://www.forexfactory.com/showpost...&postcount=378
?
if so did you need to attach the ea to every chart, or did it trade all pairs?

Yes that's the one. And yes, I had to attach it to each chart. I chose about 10 different pairs to trade.

todd
  • #546
  • Dec 6, 2008 3:35am Dec 6, 2008 3:35am
It's not for me to speak for him (of course), but I seem to remember reading Paulus saying that unless the signals/EA say otherwise, then he leaves positions in at the weekend.

However, what I had been wondering was whether people took new positions on a Friday evening (UK time).

I looked back to the original thread (referenced somewhere near the top of this one), and P. had made a reference to this.

I'm assuming (unless I hear otherwise) that it is probably as well not to take a new position late on Friday evening.

BTW, we are often told (elsewhere) that Forex is a 24 hour market. As it happens, the SB accounts I'm currently actively using only allow trades to be placed up to about 21:00 GMT anyway, although ISTR IG-Index are almost 24 hour, at least Mon-Thurs, closing around 21:15 Friday(?), opening sometime Sunday evening (GMT), can't remember exactly when now.

However, Mon-Thurs, I think the times around 23:30-00:30 seem to make for fairly erratic trading, although, this is from (probably faulty) memory.
What is other people's experience of "24 hour" FX trading (based on UK times)?

Regards,
M.
Regards, Mike Still learning my trade.
  • #547
  • Dec 6, 2008 6:31am Dec 6, 2008 6:31am
Quoting montmorency

However, what I had been wondering was whether people took new positions on a Friday evening (UK time).

I looked back to the original thread (referenced somewhere near the top of this one), and P. had made a reference to this.

I'm assuming (unless I hear otherwise) that it is probably as well not to take a new position late on Friday evening.

I asked the same question and Paulus indicated he does take the trade on a Friday evening.

see post
http://www.forexfactory.com/showpost...&postcount=102
  • #548
  • Edited 10:02am Dec 6, 2008 8:49am | Edited 10:02am
on a MT4 Mobile Platform. I wonder if anyone does this? You do not need many indicators. You could be traveling 24/7 [or at work], and still get your trades in, in the Evening. I like it and plan on testing it Next week. I may use one of the EA's on a Demo for now.

Post #333 says to use EOM Indicator with EA so this must be all thats needed then using any of the EA's.

I also was wondering which Broker is best for EOD CLOSES, or does it matter? I asked because of closing times of dif. Brokers; I use ODL so I think Candle closing earlier US Eastern will work just fine.


Very Nice Simple Method here to take a better look at! Hey Jeff where are you? lol ......IMO
  • #549
  • Dec 6, 2008 10:02am Dec 6, 2008 10:02am
I will be updating my spread sheet over the week end and will post how the 5k account is looking this will be done tomorrow.As you know I started on 5% on each signal and in 3 weeks the account doubled I then cut my risk per trade to 2.5% of bank for each trade.

When it doubles again ( notice not if lols ) I will cut down to 1% or 1.5%



Im also looking at an extra filter for entry .. but have no back history on it,the entry will mean you get in at a better price I will post in a couple hours

may lead to nothing but some might like to use it

Paulus
  • #550
  • Edited 10:32am Dec 6, 2008 10:12am | Edited 10:32am
Quoting Paulus
I use a spread betting company because for example if I go short £1 per pip I can close at 25p or 50p increments plus I pay no capital gains tax on profits ;-)

Paulus

COOL as Capitol Gains is a very big deal in the USA. I guess this would also be Valid in the US. And for US Residents who would you recommend if any ..... as I have always been told to stay away from spread betting CO., as in the end they will cause loses in the shady arena??? IMO

Answer:
OK Paulus I just read where u say u use these: I presume in the US will work too:
I Use a combination of Capital spread, finspreads City index
  • #551
  • Dec 6, 2008 11:23am Dec 6, 2008 11:23am
Not every one will like using this entry technic as it does some times let winners pass by.But it does give us a better risk reward gets us out hopefuly quicker and works just on price action no additional indicators to use

Rules

We take a normal signal

Long signal is on a up bar and we have set our TP as normal using the 5 day ATR and our stop as the last swing low.

We now wait for a down bar when this occurs and its lower than the close of the normal entry bar the TP hasnt been hit and the CCI is still above 0.00 we enter our long.

To Calrify

 

  1. We get a normal long signal and mark our stop loss and target as normal
  2. We wait for a down bar the close of which has to be lower than the fill we would of got on the normal entry above
  3. The TP must still be active
  4. The CCI must still be above 0.00 saying ' take longs'
  5. We enter on the down bar as close to 9pm as possible and reset our target (TP) from our filled price

Sounds long winded but its easy here are some examples

Attached Image (click to enlarge)
Click to Enlarge Name: Refined entry.jpg Size: 74 KB
  • #552
  • Dec 6, 2008 4:35pm Dec 6, 2008 4:35pm
Hi

Here is small observation based on my backtesting of this system from 2005-2008

TOP 10 performers (first pair best pair, all pairs on this
list have positive cummulative result for period observed)

  1. EURCHF * each year positive
  2. EURUSD * each year positive
  3. USDJPY
  4. CADJPY
  5. CADCHF
  6. USDCAD
  7. EURJPY
  8. NZDCHF
  9. NZDUSD
  10. AUDJPY

TOP 10 negative resulting pairs (first pair worst pair, all pairs on this
list have negative cummulative result for period observed)

  1. AUDNZD
  2. EURNZD
  3. GBPAUD
  4. GBPCAD
  5. EURCAD
  6. EURGBP
  7. EURAUD
  8. GBPUSD
  9. USDCHF
  10. GBPCHF

  • #553
  • Dec 6, 2008 5:19pm Dec 6, 2008 5:19pm
Hi Manistra,

Well done for all your hard work.
Unfortunately, any system involving an indicator does not back test accurately; as i have painfully found out after 3 years of back testing them!

I forward tested and back tested the same period with this system and this system performs better than back testing reveals.

Keep up the good work.

Gray.

Quoting manistra
Hi

Here is small observation based on my backtesting of this system from 2005-2008

TOP 10 performers (first pair best pair, all pairs on this
list have positive cummulative result for period observed)[list=1][*]EURCHF...
  • #554
  • Dec 6, 2008 5:26pm Dec 6, 2008 5:26pm
Can you give any example of not accurate backtest result in comparence with forvardtest?

Quoting gtrade
Hi Manistra,

Well done for all your hard work.
Unfortunately, any system involving an indicator does not back test accurately; as i have painfully found out after 3 years of back testing them!

I forward tested and back tested the same period with this system and this system performs better than back testing reveals.

Keep up the good work.

Gray.
  • #555
  • Dec 6, 2008 5:28pm Dec 6, 2008 5:28pm
Hi Paulus,

Another interesting idea to put in the pot.

A standard way to enter the EOD trades would be to wait for a 50% retracement (as already mentioned here by some posters), however, I've found with other systems that you can miss more trades that way, as you just miss getting taken into the trade--swings and roundabouts, as usual with FOREX! Your idea kind of does a similar thing. Either way the system produces significant profit.

Well done, mate!

Gray.



Quoting Paulus
Not every one will like using this entry technic as it does some times let winners pass by.But it does give us a better risk reward gets us out hopefuly quicker and works just on price action no additional indicators to use

Rules

We take a normal signal

Long signal is on a up bar and we have set our TP as normal using the 5 day ATR and our stop as the last swing low.

We now wait for a down bar when this occurs and its lower than the close of the normal entry bar the TP hasnt been hit and the CCI is still above 0.00 we enter our long.

To...
  • #556
  • Edited Dec 7, 2008 9:41am Dec 6, 2008 6:01pm | Edited Dec 7, 2008 9:41am
Hi Paulus
Just read thru the whole thread and I like what I see, another great system, your traffic lights formed the basis of my current system, and am looking to adopt this one as well. May God bless you and your family.
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #557
  • Dec 6, 2008 7:40pm Dec 6, 2008 7:40pm
Quoting gtrade
Hi Paulus,

Another interesting idea to put in the pot.

A standard way to enter the EOD trades would be to wait for a 50% retracement (as already mentioned here by some posters), however, I've found with other systems that you can miss more trades that way, as you just miss getting taken into the trade--swings and roundabouts, as usual with FOREX! Your idea kind of does a similar thing. Either way the system produces significant profit.

Well done, mate!

Gray.
some methods to contend with entry accuracy and minimizing drawdown is to use lower entry size, then use additional entries at predetermined retracement points, typically those would tp at the original entry point, but all trades would stop out at the first original stop and for no more than 2% or whatever your expected risk% is
  • #558
  • Dec 7, 2008 6:42am Dec 7, 2008 6:42am
I'm aware that it is in no way part of the original strategy, but does anyone happen to be using pivot-points in conjunction with this system? (At some point, Fibonacci retracements were mentioned, so I guess some people are using additional tools if they feel they help).

With thanks,
Regards,
M.
Regards, Mike Still learning my trade.
  • #559
  • Edited 5:07pm Dec 7, 2008 6:54am | Edited 5:07pm
Certainly, one of the fundamental differences between professional and amateur traders is that they scale into a position; letting the market decide if it's going to be a winner as opposed to entering with all contracts and then scaling out (the preferred amateur way) hoping it's going to be a winner.

Sometimes less is better.

Gray.

Quoting dracozny
some methods to contend with entry accuracy and minimizing drawdown is to use lower entry size, then use additional entries at predetermined retracement points, typically those would tp at the original entry point, but all trades would stop out at the first original stop and for no more than 2% or whatever your expected risk% is
  • #560
  • Dec 7, 2008 2:28pm Dec 7, 2008 2:28pm
Quoting Paulus
Not every one will like using this entry technic as it does some times let winners pass by.But it does give us a better risk reward gets us out hopefuly quicker and works just on price action no additional indicators to use
Paulus,

Not sure how that is giving better risk/reward as you are getting a better entry but you are also adjusting your take profit by the same amount, or am i missing something?

I am doing this quite often when the R/R is no good but i tend to leave the same TP as it would have been from the original entry. The way i look at it, you are then taking the same signals but with a much better entry so you can afford to lose a lot more trades and still stay on top. My Eur/Aud on Friday was a bugger though! Got a lovely entry on a limit, it was up 400 pips, missed my target by 100 pips and now is -45 but thats the way it goes.

I can see that this refinement will get you out quicker though.
I have just set a buy limit around the 50 fib on Usd/Chf at 2080. Stop is 165 pips, i have left the target at 2385, which is what it should be if i entered now. R/R is 1.8:1

Still long Eur/Aud and short Aud/Usd, that ones painfully slow!!

Steve
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