I only trade on the dailies, but my friend has attempted lower time frames. Unfortunately I don't believe he's been that as successful as I have. I'm hoping that he will chime in with his experience and thoughts.
Mitch your efforts are aprecciated... but everyone be very careful with this system in the case if you are going to immediately start out trading on the live account... GoldMinner indicator is reason of my hesitation... monitor 1m chart and you will see why.
Mitch your efforts are aprecciated... but everyone be very careful with this system in the case if you are going to immediately start out trading on the live account... GoldMinner indicator is reason of my hesitation... monitor 1m chart and you will see why.
Ignored
I know what you mean, the goldminer is repainting bigtime.
D.
Thanks for posting this system. I think it has great potential and I can't wait to hear the comments of other traders.
I've been using a variation of this system for a month. I'm on an fxdd demo - build 220. I did limited testing on the 1 hour and 4 hour charts. I didn't find them to be as profitable as the Daily chart.
My approach is different from Mitch's. But his approach is far more profitable than mine. I should note that because I work at home I have more flexibility in placing and monitoring trades.
Because I like to limit risk here is how I've decided to trade this system:
1. Sunday night: Wait for the Daily candle. Take a look at each chart and evaluate the signals. Decide which trades to take.
2. Place trades between 4:15 cst and 5:00 cst
3. Use a trade manager to place a basket TP--- currently using $300.
4. Wait (the hard part lol)
Most traders suggest not trading Sunday but it's been a good day with this system.
I also am not currently using a SL but there are EAs and trade management systems out there that will let you place a SL for the basket of trades.
My goal is to get some profit ...even if it's not the $300..... before I go to bed each night.
I place new trades each day after the daily candle and again place a TP. I think one area for discussion would be how to calculate a TP. One formula I've seen is Lot size * 100 * # of trades. It makes sense that if you trade only 3 pairs that your TP would be different (lower) than if you traded 8 pairs.
As far as SL goes I think if you place SLs for each individual trade you'll be less successful. On the Daily chart there's a lot of sub trend movement within the overall trend. So for those who plan to let trades run 24 hours or more, I'd consider using a trade management package to set a basket SL. Individual SLs will probably be taken out.
Some things I've learned is to pay attention to include holidays. The Sunday before the MLK holiday was not a good trade day and frankly I forgot Monday was a holiday. Also there are some days where you get great signals and the trades just go in the opposite direction. I can't explain why but these are fewer than the trades that go well.
With my approach I haven't paid much attention to news. Most red folder news comes out during the earlier sessions. So by placing orders at the daily candle and closing them during the Asian session, most of the news impact has already been absorbed by the market.
All in all I'm very excited about Mitch's system. He took a scalping approach and moved it to the daily chart, refined the indicators and has been very successful.
Thanks for sharing the system. Like you, I work full time, which means scalping isn't really an option for me either. The longer I am in this "game", the more convinced I am that the big money is made in the higher time frames, anyway. Plus, it's usually a lot less stressful!
I will be eager to try out your method on a demo account and see how it does.
You mentioned the method was viable for ALL pairs. Which pairs have you tested this on to date?
Scott
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Scott,
I am testing all pair on IBFX. I'm about to do some analysis to see which did better than others. I will report my findings.
Got a question.
Do you have the mq4 file for the goldminer 2?
Thanks.
D.
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I don't have the mq4, sorry. And yes it repaints, but not so much on the daily charts. This is also why I do not start taking trades untill Sunday night when it's had time to settle in.
I am a little interested in, and confused about, trading times. How long do you wait until you take trades on sunday night? And do you mean the forming of the daily bar according to GMT?
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Joined Apr 2008
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Status: Slow and steady wins the race...
|545 Posts
Thanks, Mitch. I will look forward to your analysis.
If you have time, could you also post your trades as you take them starting next week? I think that would be helpful to all of us as we try to get a handle on exactly what you're doing.
Also, have you been live since December or just on demo?
I am a little interested in, and confused about, trading times. How long do you wait until you take trades on sunday night? And do you mean the forming of the daily bar according to GMT?
Cheers,
Archie
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Archie,
I wish I could give you a specific time, but thats not how I trade. Most Sundays I'm not at my computer for the start of trading, so I start as soon as I can get to it (probably around 7 or 8pm CST). I trade IBFX which is at GMT time. I hope that clears some things up.
Thanks, Mitch. I will look forward to your analysis.
If you have time, could you also post your trades as you take them starting next week? I think that would be helpful to all of us as we try to get a handle on exactly what you're doing.
Also, have you been live since December or just on demo?
Cheers,
Scott
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Scott,
I will post my trades Sunday Night - not a problem!
I have been trading live for about a year now, but only since December with this method. The Excel that I posted is all live trading specifically with this method. Not I got lucky one week when US interest rates were reduced and I was in all the right places (+$3000 that week).
I hope you will find the same success I have - it's a pretty easy system to work with.
Do the indicators change at the day change OR can the indicator change colour through the day depending on how far the day ranges.
For example; FXDD changed the day over an hour ago, so looking at the USDCAD the HMA is red and going down . Goldminer, RSI and CCI are all going down but are green , green and going down respectively.
If CAD dropped significantly, would the colours of the indicators change through the day OR would they only change the next day?
There is one indicator missing as I got an error message in Experts tab. The missing indicator is THV Sonic Slope, which is available in thread about THV system.
What I've been trying to figure out is when to take profit (without letting greed take over). I ususally make my trades Sunday Night and things usually go well till Wednesday. When I let things ride into Thursday or Friday I usually end up giving back some $$ (still quite profitable I must say). So lately I have been taken back some profit before Wednesday (cutting my trades in half) and then letting everything ride till Wednesday night. Depending upon my profits for the week, I either cut my trades in half again or let them ride one...
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One thing that I like to incorporate into daily trading is the Average True Range (14). I use that value as my s/l when i open the trade and then I adjust it along the way using the closes of the bars that follow, or adjust it if the ATR decreases in value, based upon the last close in the case of we had a close higher then the previous close in a short trade..
As long as i can move the stop tighter I do it.
I think that you will find you will stay in trades much longer just using this simple formula.
One thing that I like to incorporate into daily trading is the Average True Range (14). I use that value as my s/l when i open the trade and then I adjust it along the way using the closes of the bars that follow, or adjust it if the ATR decreases in value, based upon the last close in the case of we had a close higher then the previous close in a short trade..
As long as i can move the stop tighter I do it.
I think that you will find you will stay in trades much longer just using this simple formula.
Do the indicators change at the day change OR can the indicator change colour through the day depending on how far the day ranges.
For example; FXDD changed the day over an hour ago, so looking at the USDCAD the HMA is red and going down . Goldminer, RSI and CCI are all going down but are green , green and going down respectively.
If CAD dropped significantly, would the colours of the indicators change through the day OR would they only change the next day?
Stephan
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Stephan,
That's a very good question, I'm not sure I can answer that. I have a full time job that doesn't allow me to view my trades during the day, so I only look at my trades in the morning and night. I can tell you that I have placed some trades in the morning and at night the indicators have changes. What I can't tell you is if they can change numerous times during the day. Overall I believe if you are trading the daily charts you won't see too much movement until a new bar appears or there is a drastic change in price.
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Joined Apr 2008
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Status: Slow and steady wins the race...
|545 Posts
Sounds very interesting, Damon. I put the ATR (14) on one of my charts. It gives values between, say, .015 and .025. If you don't mind, how does this translate to a stop loss value?
One thing that I like to incorporate into daily trading is the Average True Range (14). I use that value as my s/l when i open the trade and then I adjust it along the way using the closes of the bars that follow, or adjust it if the ATR decreases in value, based upon the last close in the case of we had a close higher then the previous close in a short trade..
As long as i can move the stop tighter I do it.
I think that you will find you will stay in trades much longer just using this simple formula.
Hope it helps......
Ignored
Prices are never too high to begin buying or too low to begin selling.
