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Daily Quarter method

  • #141
  • May 14, 2009 7:04am May 14, 2009 7:04am
Quoting simplecoders
No trades open for the day yet.
WOW. Timing can make all the difference. I moved my H/L and close back to 4:00 am GMT. I have had my G/J buy fill and close at -161. Since it closed now my sell has filled the pair retraced and is currently -64, but open.

If I would have waited until 6:00 GMT to place my orders. I would have nothing open like you guys.

I guess its time to back up my entry time again.

I think I am also going to put in the 10 pip buffer between buy and sell orders. Any thoughts?
  • #142
  • May 14, 2009 7:58am May 14, 2009 7:58am
I entered my trades 1hour before London Open. Sorry dont know what time that is in GMT. And now I am -50 on GJ and -17 on GU.
Yea it's Life//
  • #143
  • Edited 8:50am May 14, 2009 8:25am | Edited 8:50am
For me no orders filled up till now !!!
Because yesterday the range was high and today volatility ..not high

P.S. EUR/JPY Long trade open
  • #144
  • May 14, 2009 8:28am May 14, 2009 8:28am
Quoting truckjrt
WOW. Timing can make all the difference. I moved my H/L and close back to 4:00 am GMT. I have had my G/J buy fill and close at -161. Since it closed now my sell has filled the pair retraced and is currently -64, but open.

If I would have waited until 6:00 GMT to place my orders. I would have nothing open like you guys.

I guess its time to back up my entry time again.

I think I am also going to put in the 10 pip buffer between buy and sell orders. Any thoughts?
Buffer for buy and sell orders or Between stop loss of one and order of another?
  • #145
  • May 14, 2009 8:58am May 14, 2009 8:58am
Quoting simplecoders
For me no orders filled up till now !!!
Because yesterday the range was high and today volatility ..not high

P.S. EUR/JPY Long trade open
Sorry... I'm a little late. You calculate at GMT+4, right? So, you were filled at approximately 130.29 long? I'm just trying to make sure I'm grasping this right.
  • #146
  • May 14, 2009 9:01am May 14, 2009 9:01am
Quoting simplecoders
Buffer for buy and sell orders or Between stop loss of one and order of another?
10 pip buffer between buy SL and Sell order. and 10 between Sell SL and Buy order.

I am thinking that it is worth it to help reduce any retracing.
  • #147
  • May 14, 2009 9:01am May 14, 2009 9:01am
Quoting lilydat
Sorry... I'm a little late. You calculate at GMT+4, right? So, you were filled at approximately 130.29 long? I'm just trying to make sure I'm grasping this right.
You are right, it is 130.29 + 5 pips for spread so it is 130.34.

Now running in negative.
  • #148
  • May 14, 2009 9:25am May 14, 2009 9:25am
Quoting simplecoders
For me no orders filled up till now !!!
Because yesterday the range was high and today volatility ..not high

P.S. EUR/JPY Long trade open
Any thoughts about using a 5 or 10 day Avg Trading Range instead of yesterday's range?
  • #149
  • May 14, 2009 10:14am May 14, 2009 10:14am
Quoting truckjrt
Any thoughts about using a 5 or 10 day Avg Trading Range instead of yesterday's range?
This may be used as per the original thread in the other forum. ATR for the last 100 days was used as far as I remember
  • #150
  • May 14, 2009 10:19am May 14, 2009 10:19am
GBPUSD LONG trade entered at 1.5182

GBPJPY LONG trade at 145.43
  • #151
  • May 14, 2009 2:38pm May 14, 2009 2:38pm
Quoting simplecoders
GBPUSD LONG trade entered at 1.5182

GBPJPY LONG trade at 145.43
are these entries according to rules ?

thanks.
Make money Not pips
  • #152
  • May 14, 2009 2:51pm May 14, 2009 2:51pm
aly you seem to have taken the method and developed it very well to everyones benefit.

Good job !!
  • #153
  • May 14, 2009 10:08pm May 14, 2009 10:08pm
Quoting balle1973
are these entries according to rules ?

thanks.
Yes the entries are according to rules except the following:

(1) My daily candle starts at GMT +4 whereas $aly's candle starts at London open. The timings are according to my convenience.

(2) My stop loss for one order is equal to the opening of the opposite order. No buffer of 10 pips.

To sum up following are the rules I follow:

(1) Select one particular 24 hour start. ( In my case it is GMT +4)

(2) Calculate the previous 24 hours daily range ( High - Low)
(3)* Divide the range by 4 ( 25% of the previous 24 hrs daily range)
(4) For Buy order Previous 24 hrs close + (3)*
(5) For Sell order previous 24 hrs close - (3) *
(6) Stop Loss; For buy order the stop loss is the opening of sell order and for sell order it is the opening of buy order.( This is the only difference with original rule posted by $ aly in the first post)

Only negative point in this strategy is the risk reward ratio is 2:1

But the demo testing for the last 10 days showed that the rewards are much higher than risk, it seems that the strategy is viable. But I will go for one full month demo testing before going live.

Yes the difference in the 24 hour start timing between us can create a lot of difference in profits.
  • #154
  • May 14, 2009 10:50pm May 14, 2009 10:50pm
Results for 05/14/09

GMT +4

GBPUSD: 62 (closed at target)
EURJPY: 58 (manually closed )
GBPJPY: 83 (manually closed)

Net profit: 203 pips
  • #155
  • May 14, 2009 11:31pm May 14, 2009 11:31pm
simplecoders
do you have any idea about using this method on other pairs?????

Saly
  • #156
  • May 15, 2009 12:02am May 15, 2009 12:02am
Quoting $aly
simplecoders
do you have any idea about using this method on other pairs?????

Saly
Saly,

Extending the number of pairs may reduce risk. But calculating ( though I use an excel sheet)and putting the orders manually is laborious.

But if you observe IF one currency goes up then all the currencies go up if one currency goes down all the currencies go down. ( If you put the USD or JPY on the same side for all the currencies)
  • #157
  • May 15, 2009 12:16am May 15, 2009 12:16am
Simplecoders,
Why did you closed it manually.

My results so far
GMT + 5

GBPJPY: (-166 +88 = -78)
GBPUSD: (-112 +39 at the moment)
EURJPY: +30 at this moment

Quoting simplecoders
Results for 05/14/09

GMT +4

GBPUSD: 62 (closed at target)
EURJPY: 58 (manually closed )
GBPJPY: 83 (manually closed)

Net profit: 203 pips
Yea it's Life//
  • #158
  • May 15, 2009 12:35am May 15, 2009 12:35am
Quoting serj1
Simplecoders,
Why did you closed it manually.

My results so far
GMT + 5

GBPJPY: (-166 +88 = -78)
GBPUSD: (-112 +39 at the moment)
EURJPY: +30 at this moment

Rule No 7, First post by Saly,
" 7-THE ORDERS WILL EXPIRE WHEN YOUR NEXT DAY BEGIN"
  • #159
  • May 15, 2009 1:18am May 15, 2009 1:18am
Quoting simplecoders
Saly,

Extending the number of pairs may reduce risk. But calculating ( though I use an excel sheet)and putting the orders manually is laborious.

But if you observe IF one currency goes up then all the currencies go up if one currency goes down all the currencies go down. ( If you put the USD or JPY on the same side for all the currencies)
good idea but some pairs like usdchf or aud's cross looks promising for this method.
  • #160
  • May 15, 2009 6:34am May 15, 2009 6:34am
This method really needs a good indicator:

To show vertical lines of your 24 hour choice for visual confirmation

To show high and low of the chosen 24 hour for visual confirmation

To calculate the range of the 24 hour, its quarter and based on that entries, stops and targets.

Otherwise it will involve a lot of work to do it all manually for a number of pairs even if we use a spread sheet and there is always the risk of making mistakes in calculations

Fredella did go for it but apparently has left.

Any help by coders would be apreciated
Regards
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