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Daily Quarter method

  • #61
  • Edited 6:36am May 8, 2009 3:43am | Edited 6:36am
as per my attached image, .. so the range is messured over 25hrs and not 24hrs?
From 5am gmt to 5am gmt, taking the CLOSE (of the last 5am gmt candle) as the point from where your buy/sell stops are calculated.

so the daily range is = 25hrs !?

Thanks for bringing this to our attention. It looks very interesting and i am going to test it too.
Attached Image (click to enlarge)
Click to Enlarge Name: daily range.gif Size: 17 KB
  • #62
  • May 8, 2009 6:05am May 8, 2009 6:05am
Quoting Jnita
as per my attached image, .. so the range is the over 25hrs and not 24hrs?
From 5am gmt to 5am gmt, taking the CLOSE (of the last 5am gmt candle) as the point from where your buy/sell stops are calculated.

so the daily range is = 25hrs !?

Thanks for bringing this to our attention. It looks very interesting and i am going to test it too.
Hi JNita

In the 1st post it was stated that you can choose your own daily range and if you calculate from 5 to 5 that is 25 hours but ignore the first 5 and make it 6am tot 5 am will give you 24 hours

OD
  • #63
  • May 8, 2009 6:36am May 8, 2009 6:36am
Quoting jmcl
Hi JNita

In the 1st post it was stated that you can choose your own daily range and if you calculate from 5 to 5 that is 25 hours but ignore the first 5 and make it 6am tot 5 am will give you 24 hours

OD
Hi OD

Thanks for your prompt message. I was wondering if it was 6,2:25 and not meant to be 6:24 ...

J
  • #64
  • May 8, 2009 6:46am May 8, 2009 6:46am
It has been suggested to not to trade Friday. But I am testing what if.
The trades are swinging from profit to loss and loss to profit.
May be the news will decide the outcome.
  • #65
  • May 8, 2009 7:57am May 8, 2009 7:57am
04/08/09

GMT +4

GBP/JPY: 70 pips (closed)
GBP/USD: open
EUR/JPY: Open

Both GBPUSD and EURJPY went to 11pips and 8 pips near the target and retracted back.
  • #66
  • May 8, 2009 9:30am May 8, 2009 9:30am
Quoting Fredella
Hi,

after your feedback i have made some modifications that should sort all the problems (lack of trades, too many trades, SL value wrong). I can only check on 5 digit broker so there might still be issues for 4 digit brokers, just let me know. This version also has a 'tradeonfridays' flag.

Regards,
Fredella
I have forward tested the ea, found the following:
1. when put in multiple instrument, gbpusd, eurusd ..., only eurusd create pending order
2. when price almost reached pending order price, suddenly the order pairs being removed, and another pair being generated.

will keep forward test, anyone has similar experience?
  • #67
  • May 8, 2009 11:13am May 8, 2009 11:13am
The system is pretty simple and appears to be quite profitable. Thanks $aly.

While the system is simple enough to do it manually, having an indicator would help a lot that do not feel comfortable with EA and at the same time do not want do some manual calculation before placing an order.
The indicator can be something like the following two lines showing in the main chart window:

$aly system long @ xxxxx, TP: xxxxx, SL: xxxxx
$aly system short @ xxxxx, TP: xxxxx, SL: xxxxx

It would be nice to have the option to choose the start/end time. It should be a pretty simple indicator for an MT4 programmer. Help from anyone would be much appreciated.
  • #68
  • May 8, 2009 11:49am May 8, 2009 11:49am
Hi $aly and all friends

This method is so straight forward that in my mind an EA can and will spoil the sweat, fun and swearing the market.

Listen to yourself, put on music and ride the tides.

Maybe I am wrong but on so many threads everybody is chasing and advising, but to listen to the experts helps a lot and more.
  • #69
  • May 8, 2009 1:14pm May 8, 2009 1:14pm
thanks my friends and i prefer manual trading with such a simple systems...
i found some efficient points when i saw history of charts and i will reply them to you and demand you to give me your ideas for developing this system

thanks again

saly
  • #70
  • Edited 9:28pm May 8, 2009 1:16pm | Edited 9:28pm
Results for 04/08/09

GMT +4

GBPUSD: 63(closed)
GBPJPY: 70(closed)
EURJPY: 72(closed)

What a lovely week: Net 587 pips profit.!!! ( for last four days)
I started trading from Tuesday.
  • #71
  • May 8, 2009 8:48pm May 8, 2009 8:48pm
hi,

How about Monday trade? We use Friday close or Monday 1st bar close?

thank you in advance.
  • #72
  • May 8, 2009 9:31pm May 8, 2009 9:31pm
As far as Monday is concerned, I remember having read in the original thread that we have to take Friday and Sunday together. for determining the HIGH, Low and CLOSE. Let me follow the same for the coming Monday. It should be Friday GMT +4 to Monday GMT +4.
  • #73
  • May 8, 2009 11:35pm May 8, 2009 11:35pm
Quoting simplecoders
As far as Monday is concerned, I remember having read in the original thread that we have to take Friday and Sunday together. for determining the HIGH, Low and CLOSE. Let me follow the same for the coming Monday. It should be Friday GMT +4 to Monday GMT +4.

ty man. But my platform nv show sunday data. So i think i wil move 1 hour in order to complete the 24 hour range.
  • #74
  • May 8, 2009 11:46pm May 8, 2009 11:46pm
Quoting Jacgyc
ty man. But my platform nv show sunday data. So i think i wil move 1 hour in order to complete the 24 hour range.
You may take the help of Oanda Platform. They have GMT +4 as the Daily open candle.
  • #75
  • May 9, 2009 2:20am May 9, 2009 2:20am
Quoting simplecoders
You may take the help of Oanda Platform. They have GMT +4 as the Daily open candle.
k i will try wit it. Ty ag.
  • #76
  • May 9, 2009 3:28am May 9, 2009 3:28am
Quoting Jacgyc
hi,

How about Monday trade? We use Friday close or Monday 1st bar close?

thank you in advance.
if you have a big gap on sundays bars don't use this system
but if it's less than 20 or 30 pips there is no problem.
  • #77
  • May 9, 2009 2:30pm May 9, 2009 2:30pm
Quoting pkhalder
The system is pretty simple and appears to be quite profitable. Thanks $aly.

While the system is simple enough to do it manually, having an indicator would help a lot that do not feel comfortable with EA and at the same time do not want do some manual calculation before placing an order.
The indicator can be something like the following two lines showing in the main chart window:

$aly system long @ xxxxx, TP: xxxxx, SL: xxxxx
$aly system short @ xxxxx, TP: xxxxx, SL: xxxxx

It would be nice to have the option to choose the start/end time....
Hi, it seems most people use this system manually and so I have spent some time today to see how far i got with the above. I have attached an indicator that you have to save under Experts/Indicators which will after you restart the MT4 application become available in your Navigator Window under Custom Indicators as "daily_quarter_method".

Only one parameter is optional which is the shift in hours that you want to go back in time to find the highest and lowest prices in the last 24 hour bars on the H1 window. By default this is zero which means it takes the latest 24 hours.

The result of this will become visible as a green and a red bar for highest and lowest prices chosen, which you can verify.

These same prices are then fed in the text strings that calculate the buystop, buy tp, buy sl, sellstop, sell tp and sell sl levels, offset from the opening price of the current bar (so not the current price e.g.).

Please check and let me know of any improvements that could be made. Obviously this indicator comes without any warranty for now ;-)

Fredella
Attached File(s)
File Type: ex4 daily_quarter_method.ex4   4 KB | 466 downloads
  • #78
  • May 9, 2009 6:30pm May 9, 2009 6:30pm
Hello Fredella
Thanks for your indicator . It is very useful. But I think there is a mistake in calculating the entry point.The daily range divided by 4 should be added/subtracted from the closing rate and NOT from high / low . The following paragraph is from the 1st post by $aly.
(((you should calculate the daily range and then divide by 4 then you find the point of daily close and put a buy and a sell order with (daily range)/4 offset from the daily close point ...your profit is daily range/4 from that offset ...your SL should set 10 pips before the next order))). May be this will correct the EA as well
Regards
  • #79
  • Edited 8:39pm May 9, 2009 7:33pm | Edited 8:39pm
Fredella, please see my query on revised EA problem above (post 66)


and one thing about the system I want to alert user. the stop loss should be 'Set your SL levels 10 pips away from the opposite order.' as posted from the origin of the system http://forex-strategies-revealed.com...th-daily-range

there is an excel that calculates this, I see the excel example, then I understand the SL

And after reading the original link, it seems that the EA dont have 'if previous day range is less than 100 pips, set 100 pips', I remembered it is not mentioned in this thread.
And I think the EA dont have this, as I remembered it used 68 pips during my forward tests.
  • #80
  • May 10, 2009 11:30am May 10, 2009 11:30am
Thanks a lot Fredella for the indicator.... will test this out and let you know any recommendation/suggestion if any.... thanks again.

Quoting Fredella
Hi, it seems most people use this system manually and so I have spent some time today to see ...

Fredella
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