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Traffic Light System

Hi,

Yes, that cleared it all out. I also entered the market last night. I entered soon after the forming of the daily candle, that's 0 GMT since I'm also on IBFX. When I sat down to watch my trades at 8 GMT, they were up 1000 pips!!! I trade 0.1 lots, so that's $100. Is this just plain luck?

You described in your first post that you take trades Sunday night and let them ride until Wednesday. But have you tried the approach of taking trades every night, and letting them run until the morning? Could that be a good approach? Then the trades only run through the Sydney session, and mostly the Asian session, so that would mean avoiding most news in Europe and the US. Or shoudl one hold on to the trades longer?

Also, about the starting time, is 0 GMT to soon? Should one wait for the daily candle to really settle in? Perhaps take trades in the morning (GMT), and then let them run throughout the day? Or take trades in the evening and lt them run until the daily candle closes?

A lot of questions, and I don't expect answers to all of them. I will try to test most of my strategies soon.

I hope you wake up to $500-600 on your account!

Cheers

Archie




Quoting mitchp
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.

Mitch
Hi all,

After watching the CCI(14, close) and Trend Master, I think TM is in sync with CCI crosses the 0 line. So I guess it's safe to take out one of the indicator. What do you guys think?
Quoting mitchp
Hi, I'm Mitch ( Hi Mitch), I have a problem!

I just re-entered the market - why, I don't know, I just like being in the hunt. Here is what I did. I will let it run overnight and close out (hopefully) in profit int he morning. As I type this my trades are already over $100 profit.

I love Forex!!!!!!
Good morning to all, it's 6:15 CST, and I just closed out these trades I made last night at 11:30. I had hopes that I would see $500-$600 (I'm interested in dollars not pips), but I will just have to be satisfied with $950!!!!! And yes I know I am incredibly lucky and take big chances, but they have been paying off. I know one of these weeks things won't be going my way like they did this week ($2500 profit) but hopefully I will have built up a large enough account to ride that wave.

Anyway off to my full-time work, I will try to sneak into FF later to answer any questions. Otherwise I will see everyone later tonight.

Have a good trading day!
Quoting valasindo
Hi all,

After watching the CCI(14, close) and Trend Master, I think TM is in sync with CCI crosses the 0 line. So I guess it's safe to take out one of the indicator. What do you guys think?

The less indicators the better - let's try to keep this simple and profitable for all!
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi Mitch good morning over there brother.I too made good today.I just closed my positions ( $700 or 320pips ).That is enough for me today.Thanks for the system bro.I have managed to combined this system with some chaos trading strategy.I m sure with good money management this system of yours will work wonders.

Mitch, you make my day.You the man.

Nim
Quoting Archie
Hi,

Yes, that cleared it all out. I also entered the market last night. I entered soon after the forming of the daily candle, that's...

Archie I take daily trades and close out when I hit a profit I like. It reduces profit but also reduces risk. Last night I placed my trades on fxdd about 15 minutes after the new candle. The trades went up and down for a few hours and then picked up steam during the Asian session. I closed them out at +$200. With this system I think it's possible to take a conservative approach and bank $200 to $300 a night. Not too shabby.

Sandy
For those that want to use this system to trade a lot of pairs, here's some EAs that will protect you. They are self explanatory and you'll have to play around with them first to make sure you competely understand the settings before using them live. Be careful on the Close All EA. Once you attach it to ANY chart, it will IMMEDIATELY close every trade. Good to use if things are going real bad for you.
Not sure to what to make of this system yet, but appears to be a trend following system. So, probably only works when there's strong trends? May be a good reason to use an account equity protection EA if you plan on letting trades run for any period of time untended if you're trading several pairs.
Attached File(s)
File Type: ex4 CloseAll.ex4   6 KB | 400 downloads
File Type: mq4 CloseAll.mq4   6 KB | 463 downloads
File Type: ex4 CloseAtEquityAmount v1.0.ex4   2 KB | 395 downloads
File Type: mq4 CloseAtEquityAmount v1.0.mq4   3 KB | 439 downloads
File Type: ex4 CloseTrades_After_Account_Loss_TooMuch.ex4   2 KB | 384 downloads
File Type: mq4 CloseTrades_After_Account_Loss_TooMuch.mq4   3 KB | 421 downloads
Thank you for introducing this system to us mitchp!

I been trading the Tokio session last nigh and got about 300 pips.

Very promising system! I appreciate it!
Wow. Congrats, Mitch. Well done.

Quoting mitchp
Good morning to all, it's 6:15 CST, and I just closed out these trades I made last night at 11:30. I had hopes that I would see $500-$600 (I'm interested in dollars not pips), but I will just have to be satisfied with $950!!!!! And yes I know I am incredibly lucky and take big chances, but they have been paying off. I know one of these weeks things won't be going my way like they did this week ($2500 profit) but hopefully I will have built up a large enough account to ride that wave.

Anyway off to my full-time work, I will try to sneak into FF...
Prices are never too high to begin buying or too low to begin selling.
yeah gi day there mitchp. I too have started trading daily charts recently. have just come across this thread, so perhaps you & others may be onto something here. I have just been putting an entry each day 20 pips above previous daily high & 20 pips below each daily low, but only on usd/gb. Doesnt work on the others. but with these indicators you have, should make it easier. anyway i`ll keep watching, thanks.
  • Post #71
  • Quote
  • Edited 9:44am Jan 23, 2009 9:20am | Edited 9:44am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
paradoical bro....Thanks for the EAs man.
If I'm not mistaken, those EAs only close trades, not open them. So there would be nothing to "backtest."

Scott

Quoting Nimrod
paradoical bro....Thanks for the EA man. I ll have a go at it. what is the back testing result like?
Prices are never too high to begin buying or too low to begin selling.
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting thehenryfam
If I'm not mistaken, those EAs only close trades, not open them. So there would be nothing to "backtest."

Scott

Thanks bro.my mistake.
Thanks for sharing Mitch

I'm a scalper, but its hard to trade like that with day job, and was looking for good daily trade system, this one looks good and simple(hate million indics on my chart), will take a look for sure...

Cheers
These EAs are not EAs to make trades for you based on a particular system. The Close All EA is simply to close out all open trades and orders. This is only needed if you have several trades, and don't want to take the time to close them all manually. You'd slap that EA on any chart, and it would immediately close all of your trades. You'd need this if you were freaking out while watching a your trades go against you rapidly. With that EA, it workd a lot faster than your shaky fingers could.
The two other EAs are to protect you from losing too much, and to let you take profit at a certain dollar amount. These would be very good to use with this system when you're out, or asleep. Most likely, people here are going to have anywhere between two and several pairs open at one point in time. Instead od setting a stop on each pair, you can use the EA to stop you out at a $300.00 loss, a $500.00 loss, or whatever you want. I think you'll see when trading many pairs at once some pretty nasty drawdown, and you need to be prepared for that. Depending on your account size, you can have the EA close you out, so you can trade another day. If you traded seven pairs, and the market went screwey, I GUARANTEE all of you that you could be down 700 pips easy. I'd really recommend that people be aware of this potentiality, and only use a lot size that wouldn't blow 50% of your account if you were down that 700 pips. It's nice when the pairs are trending and you've made 400 pips. Not so nice when it goes the other way, and before you know it, you're down a thousand pips. This EA is a GLOBAL EA and gets you out of all trades at whatever equity loss you want to use.
The other one will allow you to take profit at whatever you want, anbd again, this is a global EA. Whether you have one pair or 10 going, the EA will close them all when in profit by whatever amount you want.
These three EAs are a good fit for this system if you plan on having several trades going. Play around with them on demo accounts until you get the feel for how they work.
Quoting thehenryfam
If I'm not mistaken, those EAs only close trades, not open them. So there would be nothing to "backtest."

Scott
Quoting paradoxical
These EAs are not EAs to make trades for you based on a particular system. The Close All EA is simply to close out all open trades and orders. This is only needed if you have several trades, and don't want to take the time to close them all manually. You'd slap that EA on any chart, and it would immediately close all of your trades. You'd need this if you were freaking out while watching a your trades go against you rapidly. With that EA, it workd a lot faster than your shaky fingers could.
The two other EAs are to protect you from losing too much,...

Another thing to be aware of is if your computer loses connection to the internet or if the broker server goes down these EAs will not protect your account. If the connection is lost the EAs can't function. It's not like setting a hard SL and TP with each pair. Hard SLs and TPs go with the order to the server and remain in effect even if your computer loses connection with the broker system. That being said I use the Hopwood trade manager to set a global TP and SL for all open orders. But currently I watch the trades during the evening and worst case could call my broker if I wanted to kill the trades.

Sandy
Paradoxical,

Thanks for the EA's. These will be very helpful and I plan on incorporating some of them immediately. I have the Close All already in my arsenal - it's come in handy before.

Mitch
This traffic light system is also working well on 1H time frame.

I also no longer use the Trend Master indicator as CCI 14 close, is far more "powerful" than Trend Master since I can see when the price is going to reverse its direction. To catch this "early wave", enter when CCI is going up/down and breaking the -100/100 line and HMA is green/red, and exit when CCI is haven't touch the 0 line yet but already moving against your trade.
The trendmaster is the indicator that puts the arrows on the chart?

thx,
todd
Hi,

I am not quite sure what the different indicators show. It would be very helpful if someone could give a short explanation of them.

RSI shows if the currency pair is overbought/oversold, right? So red means overbought, and green means oversold?

The HMA shows the average trend, right?

I am not sure about the Goldminer indicator, what does it show?

According to the first post trades are not taken with CCI and Trend Master taken into account, why? And what do these two indicators show?

Thanks

Archie


Quoting valasindo
This traffic light system is also working well on 1H time frame.

I also no longer use the Trend Master indicator as CCI 14 close, is far more "powerful" than Trend Master since I can see when the price is going to reverse its direction. To catch this "early wave", enter when CCI is going up/down and breaking the -100/100 line and HMA is green/red, and exit when CCI is haven't touch the 0 line yet but already moving against your trade.
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