hey guys,
Few things...
ok for sometime now i probably have mentioned a few systems that i said i will use for the market. But lately i realize how vague my entry/exit points are. So i worked for the past couple of days trying to come up with a new system with a clear entry signals and possible limit/stops possibilities.
I use BBs (1 and 2 std dev superimpose), EMA 5/10, RSI
entry signals must be confirmed by the BB rules (Boris' book), EMA crossover, and rsi. These 3 must agree before i take in any position. three indicators is the max i'm gonna use.
I'm focusing on usd/jpy, euro/jpy, usd/cad, euro/jpy (3 major, 1 cross) good mix..
After analysis of each, i pick just one to trade within the next couple of days/hours
I use the chart package from fxcm where they have a package that shows 4 price charts at the same time ( i forgot what the name is )
start by looking at daily charts for all 4 pairs. Put in BB at 1 and 2 std dev. (Borrowed this from Boris' book). Add ema 5/10 (borrowed this from pip daddy's system). And add a 14 day rsi to each. Simplicity is key for me
.
Then determine pivot points and s1/r1 s2/r2 and s3/r3 and fib levels to note key resistance/support
Basically i'm looking for 2 things in the daily chart. Either a trend or consolidation. If there is a trend forming, i'll wait a couple of days and see what happens. If there is consolidation, i use a 4 hour chart to look into the consolidation.
When looking into a 4 hr chart, i only use 1 BB with 2 std dev.Everything else stays the same.
The reason i use only 2 std dev in the 4 hr chart is because i feel that is the best way to trade range, while 2 BB's are good for trend. I also gonna assume that a trend develop nicely on the daily chart vs the 4hr chart, so that's why i use 2 BB's in the daily and only 1 BB in the 4 hr chart.
Now this is pretty much the backbone of my system. I'm sure i will add or take away stuff as i'm working to validatte this system. I like it because it provides me with the ability to trade range and trend. I also will get into risk management as i figure out what's the best ratio for my system is.
My question is...where can i do backtesting??? I just don't feel like searching through the whole forum or the net for it. I need something that moves a candle at a time deal...
I want to test this for at least 2 months..
as always..comment away
ps. this is my final revision to my system
, i just need to stick to it and test it.
Few things...
ok for sometime now i probably have mentioned a few systems that i said i will use for the market. But lately i realize how vague my entry/exit points are. So i worked for the past couple of days trying to come up with a new system with a clear entry signals and possible limit/stops possibilities.
I use BBs (1 and 2 std dev superimpose), EMA 5/10, RSI
entry signals must be confirmed by the BB rules (Boris' book), EMA crossover, and rsi. These 3 must agree before i take in any position. three indicators is the max i'm gonna use.
I'm focusing on usd/jpy, euro/jpy, usd/cad, euro/jpy (3 major, 1 cross) good mix..
After analysis of each, i pick just one to trade within the next couple of days/hours
I use the chart package from fxcm where they have a package that shows 4 price charts at the same time ( i forgot what the name is )
start by looking at daily charts for all 4 pairs. Put in BB at 1 and 2 std dev. (Borrowed this from Boris' book). Add ema 5/10 (borrowed this from pip daddy's system). And add a 14 day rsi to each. Simplicity is key for me
.Then determine pivot points and s1/r1 s2/r2 and s3/r3 and fib levels to note key resistance/support
Basically i'm looking for 2 things in the daily chart. Either a trend or consolidation. If there is a trend forming, i'll wait a couple of days and see what happens. If there is consolidation, i use a 4 hour chart to look into the consolidation.
When looking into a 4 hr chart, i only use 1 BB with 2 std dev.Everything else stays the same.
The reason i use only 2 std dev in the 4 hr chart is because i feel that is the best way to trade range, while 2 BB's are good for trend. I also gonna assume that a trend develop nicely on the daily chart vs the 4hr chart, so that's why i use 2 BB's in the daily and only 1 BB in the 4 hr chart.
Now this is pretty much the backbone of my system. I'm sure i will add or take away stuff as i'm working to validatte this system. I like it because it provides me with the ability to trade range and trend. I also will get into risk management as i figure out what's the best ratio for my system is.
My question is...where can i do backtesting??? I just don't feel like searching through the whole forum or the net for it. I need something that moves a candle at a time deal...
I want to test this for at least 2 months..
as always..comment away
ps. this is my final revision to my system
, i just need to stick to it and test it.
