EOD trading system

Mr Ed,
Thanks for your input on this system.
Those values for retracement, are they % or pips?

Thanks

They are in pips.

Mister ED

Mr Ed

Thanks for all the time you have put into this..I know how long things like this can take.

perhaps you can put a couple posts into the thread on how exactly you enter with the retracement once you have a signal

I am a fan of this and would be interested to implement it

cheers

paulus

Which pairs are you focusing on? The twelve Paulus mentioned, or another group?

where are theese pairs please?

The Paulus 13 here: http://www.forexfactory.com/showpost...5&postcount=26

Minus USDCAD stated here: http://www.forexfactory.com/showpost...&postcount=632

But I´m forward testing about 30 pairs including Gold and EuroGold. I will probably backtest further before the new year really kicks in and going live.

http://www.forexfactory.com/images/icons/icon12.gifOK¡¡

it does well on gold, silver, wheat, soya, oils, and indexes

I have posted charts of all earlier in the thread
,
paulus

Great

I´ve tried everything from 1min to 1hour with no luck! It looks like my timeframe is 1day hehe

I am just focusing on the pairs that I have listed as these are the ones that I have been back testing. However I do have a few rules that I use which I will try and write down tonight.

Mister ED

PS some of the pairs I do not trade as I cannot with my spread betting firm

Just to give an update on my forward testing.

I and another colleague are getting excellent results forward trading this system just using the original rules; no modified entry (entering on a retrace etc.).

I'm getting 30-40% return per month with an 81% win rate.

For its ease of use and % return this is easily the best system I've seen.

Let's hope it keeps it up.


Well done, Paul.

I am trading this in demo fro about 20 days now and am loving it as well. Thanks to Paulus and the rest of the guys who have made improvements along the way. So simple yet effective.

The only thing I am having a hard time deciding is what I shuld put my time frame at. I am in NY but am considering making my trades in UK time. Any insight? should I just make my trade 12am Est time after my daily candle closes?

DramaKing,

FWIW, I've had some success on 4hr, but I think it does work best on the daily TF.

Thanks for the positive inputs and comments

markets change a system that works today may well not work in a back test looking back 5 years,times change the market now is very technically driven

I know a few professional traders who were true professionals working in the city who now trade their own account and they for instance love the 100 and 200 day moving average to them it show market sentiment.

But 15 years ago perhaps only a fraction of traders looked at it so it responded differently when price approached it.The price doesnt know when its coming close to the 200 ma its the thousands of traders who see it and buy when its close that drives price up down etc...

So markets do change and we have to change with it this system will change and adapt the longer it goes on they may only be small changes hardly worth doing but I like to think the system is robust if the market explodes in volatility and daily bars become 3 times the size a system with a fixed TP will suffer the TP will now be too small and the SL will be constintly hit due to the increased size of candles if your using a fixed 100 pip stop for example.

This systems SL and TP expand and contract with the daily bars..ok its not instant and it will lag but Im sure its one of the reasons its doing so well.

Im also looking at an EOD 1 day hold which looks promising atm and will look to run this in conjunction with this system.

I remember going on a course run by a UK trader unfortunately I forgot his name but he was a pro at liffe .....when the markets when over to sets ( electronic trading) all the traders came off the floor and sat behind PC's on thier own..they had lost the herd instict..

ie they knew one trader was the big hitter when he started buying Ftse Future contracts so would every one else and it gained momnetum and they all made when he stated selling so did they.

Allot of those guys when sets come in couldnt make money it was all technical the emotion they fed off was gone and they fell by the way side.

the great thing about Forex factory is that although we are spread all over the world sitting in our offices bedrooms lofts dinning rooms or bed sits we do have a feeling of belonging ,being part of a community and for that I thank the guys who set the site up

Paulus

Which pairs are you using? Could you please post your account history report?

Here's one of the accounts on Interbank FX traded purely with the EA and basic indicators (there might be one trade I closed early but it doesn't make a great deal of difference) the results, of course will depend on your MM.

However, it's a pretty robust system so, at this time, it isn't inconceivable to be a little more aggressive with MM.

PAIRS TRADED:
GBPUSD/EURUSD/USDCAD/EURCHF/GBPJPY/NZDUSD/USDJPY/USDCAD/USDCHF/AUSUSD.

Gray.

Hi gtrade, would you mind share the .set your using
with the eod ea?

Thanks

Simple settings for the EA (see attachment).
Bank on 3-7 trades open at any one time; max of 7 seen sofar.
But note that some may be in profit whilst others aren't.

So eg you may divide your risk across 6-7 and aportion that dollar amount per pair.

eg

100,000 start capital at 1,000 usd per pair risk, at 6-7 open at one time = 6-7% risk but some will be in profit so risk will be less.
The win rate is very high at the moment so I'd allow the increase percentage risk compared to start capital.

This EA doesn't perform money management so if you trade live you are risking entering on all pairs at once with increased MM risk, so it's best to get an EA coded to limit your exposure according to your risk; only open trades to a maximum of eg 3% (inputted) or higher capital risk, depending on your MM style. Maybe the original coder would be kind enough to do that.
Also, I noticed for one trade that the stop was placed incorrectly by the EA but all-in-all it has performed very well.

Daily bars normally close at 10pm or 11pm GMT (UK time at present) which correspond with 5pm or 6pm EST; trades should be place near close of the bar or at close of the bar.

I place my orders between 9 and 10pm GMT that is between 4 and 5pm EST and as I place limit orders allowing for a % retracement it really does not matter what time they are placed as long as it is towards the close of the bar. and you have a setup.

Just a quick question: the USDJPY gave a signal on Dec 25 and now it looks like it's gonna give another signal today. Is the second signal valid?