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System for testing and improvement

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  • Which time frame should we use as a base entry?
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  • #1
  • First Post: Edited Mar 13, 2009 10:09am Dec 26, 2008 3:53pm | Edited Mar 13, 2009 10:09am
One hour or so before and the starting of the US market open i start placing trades for the currency pairs that have all the arrows aligned in the same direction on all the time frames. I close all the trades just before the starting of the Asian session and i do the same for the Asian session. I've done this testing for almost a month and the results looked promising.
I've been testing only with 5 mas using Tro's indicator
  • #2
  • Dec 26, 2008 3:57pm Dec 26, 2008 3:57pm
Attached Image (click to enlarge)
Click to Enlarge Name: Tro's indicator.png Size: 35 KB
  • #3
  • Dec 26, 2008 3:59pm Dec 26, 2008 3:59pm
Attached File(s)
File Type: mq4 _TRO_Dashboard.mq4   19 KB | 378 downloads
  • #4
  • Dec 26, 2008 4:02pm Dec 26, 2008 4:02pm
Attached Image (click to enlarge)
Click to Enlarge Name: Jessus christmas.png Size: 34 KB
  • #5
  • Dec 26, 2008 7:38pm Dec 26, 2008 7:38pm
Excuse my ignorance on this subject but, what is the dashboard based on?


Thanks
  • #6
  • Edited 8:04pm Dec 26, 2008 7:46pm | Edited 8:04pm
Quoting wiztrader
Excuse my ignorance on this subject but, what is the dashboard based on?


Thanks
As far as i know it's based on mtf price action mas.
In this instance if ma=5 and price is above ma5 will show arrow up,
if price is below ma5 will show arrow down for all the specific time frames.

Thanks,
  • #7
  • Dec 27, 2008 12:04am Dec 27, 2008 12:04am
How often are all 7 arrows pointing in same direction? What if only 1 min or 5 min is in opposite direction would you still take the trade? Do you always wait till 7:00 EST to close trades or do you check and see if one pair is up lets say one hundred pips and then close trade in just that pair? Thanks, I will test it.
  • #8
  • Dec 27, 2008 12:46am Dec 27, 2008 12:46am
Quoting cjd
How often are all 7 arrows pointing in same direction? What if only 1 min or 5 min is in opposite direction would you still take the trade? Do you always wait till 7:00 EST to close trades or do you check and see if one pair is up lets say one hundred pips and then close trade in just that pair? Thanks, I will test it.
Usually around market open all the 7 arrows are pointing more in the same direction for different curency pairs. I prefer to do it as a rule for all 7 arrows pointing in the same direction to take the trade. As a rule i wait till around the next market open to close all the trades. We want to give the relative trend equal oportunity to the non-trend. Since we trading more relative trends at a time we should have a bigger chance for profit. Yes i close all the trades at the same time.

Thanks
  • #9
  • Dec 27, 2008 12:59am Dec 27, 2008 12:59am
I know we only need indicator open on one pair but do we need to open all charts of pairs for indicator to work? thanks
  • #10
  • Edited 1:28am Dec 27, 2008 1:03am | Edited 1:28am
Quoting cjd
I know we only need indicator open on one pair but do we need to open all charts of pairs for indicator to work? thanks
I've got all the charts opened for my mt4 platform. i didnt test it if you need all the charts open. If you like you can test it.
The indicator should work. I'ts been working for me just fine.

Thanks
  • #11
  • Dec 27, 2008 2:50am Dec 27, 2008 2:50am
I promoted this indicator on my thread so it should draw some interest. If you go to a daily candle chart you will see most days on most currencies will have a full body to the candle. You also are starting your trade halfway through the day (candles start at 0 GMT time on most systems) but usually before the biggest moves of the day. Interesting possibilities. Could do 100TP and 50 SL or no TP but a 50 TS and see how often you have more winners than losers.
  • #12
  • Edited 3:53am Dec 27, 2008 3:34am | Edited 3:53am
Quoting nanningbob
I promoted this indicator on my thread so it should draw some interest. If you go to a daily candle chart you will see most days on most currencies will have a full body to the candle. You also are starting your trade halfway through the day (candles start at 0 GMT time on most systems) but usually before the biggest moves of the day. Interesting possibilities. Could do 100TP and 50 SL or no TP but a 50 TS and see how often you have more winners than losers.
Thank you for posting and your advise Nanningbob.
I've had some great trading results with the rules outlined in the first post but if you have good ideas related to this system as for entry and exit points please post it with also some trading results. That will be great.

Thanks,
  • #13
  • Dec 27, 2008 4:24am Dec 27, 2008 4:24am
Quoting constin
Thank you for posting and your advise Nanningbob.
I've had some great trading results with the rules outlined in the first post but if you have good ideas related to this system as for entry and exit points please post it with also some trading results. That will be great.

Thanks,
That is really hard to do right now because the market is in such a flux. Normally there is a reversal at the end of the Euro open but that has not been happening lately so you system should do well. Also because most traders are just jumping on the band wagon of the daily trend it seems to run in one direction for the day. Anyway I will give this a spin manually and using a sell only or buy only EA.
  • #14
  • Edited 5:13am Dec 27, 2008 4:56am | Edited 5:13am
Quoting nanningbob
That is really hard to do right now because the market is in such a flux. Normally there is a reversal at the end of the Euro open but that has not been happening lately so you system should do well. Also because most traders are just jumping on the band wagon of the daily trend it seems to run in one direction for the day. Anyway I will give this a spin manually and using a sell only or buy only EA.
Attached Image


Yes Bob it actually could be a reversal at Euro/London open and if this is hapenning we'll have to close the trades and place new trades based on reversal or no trades till New York open.
Good point.

Thank you,
  • #15
  • Dec 27, 2008 8:17am Dec 27, 2008 8:17am
Hello Constin,

You say you have been running this for a month. How many pips are you in profit for the month.

thanks
  • #16
  • Dec 27, 2008 9:23am Dec 27, 2008 9:23am
Quoting constin
Attachment

Yes Bob it actually could be a reversal at Euro/London open and if this is hapenning we'll have to close the trades and place new trades based on reversal or no trades till New York open.
Good point.

Thank you,
I was talking about the close of the Euro session, about halfway through the USA session. I did not make that very clear, sorry.
  • #17
  • Edited 4:54pm Dec 27, 2008 4:13pm | Edited 4:54pm
Quoting nanningbob
I was talking about the close of the Euro session, about halfway through the USA session. I did not make that very clear, sorry.
Hello Bob,

This picture should help us better:
Attached Image


This sessions tool you can get it from this thread:
http://www.forexfactory.com/showthread.php?t=102905
  • #18
  • Dec 27, 2008 5:29pm Dec 27, 2008 5:29pm
Quoting toyoproxo
Hello Constin,

You say you have been running this for a month. How many pips are you in profit for the month.

thanks
383 pips profit on demo.
  • #19
  • Dec 28, 2008 6:00pm Dec 28, 2008 6:00pm
Attached Image


Attached Image (click to enlarge)
Click to Enlarge Name: sunday28 dec tokyo open.png Size: 26 KB


Half hour before Tokyo open started to place trades and the results one hour later.
Standard acount 0.10 lots
  • #20
  • Dec 28, 2008 6:36pm Dec 28, 2008 6:36pm
Quoting constin
Attachment

Attachment

Half hour before Tokyo open started to place trades and the results one hour later.
Standard acount 0.10 lots
You were lucky, the Monday gaps went in your direction. They can just as easily gone against you depending on how the news went over the weekend. Banks, businesses, traders will place trades over the weekend depending on the news. If the news is bad or good enough the gaps can run into hundreds of pips at one time. There is no closing out a trade in a gap, its either a big winner or a big loser.

Banks also will exchange all their trades from the weekend and may do the sells first and then the buys and price will bounce up and down quickly. Depends on how business was over the weekend. I dont ever trade gaps. I wait until later in the morning to enter trades.
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