Daily Quarter method | Page 16 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Daily Fozzy Method 2,814 replies

bo7a method... method for GBP/JPY 205 replies

Frosty's Daily Trades - 100/40 1D EA method 79 replies

Fozzy Alt... one more approach to the Daily Fozzy Method 40 replies

Which is the Daily Vegas Method? 8 replies

Attachments: Daily Quarter method
Exit Attachments

Daily Quarter method

  • #301
  • May 21, 2009 10:50am May 21, 2009 10:50am
Thanks

Quoting Bilyb
Yep
Today my stop is set at -41.7
Yea it's Life//
  • #302
  • May 21, 2009 11:20am May 21, 2009 11:20am
Quoting serj1
Thanks
EUR/USD = +41.7 pips

Stop was almost hit a couple hours ago, but Fiber rebounded and just closed my Long at Target of 1/4 Daily Range. I only take one trade per day with the DQ Method, so I'll see y'all tomorrow!
Mine?
  • #303
  • May 21, 2009 1:17pm May 21, 2009 1:17pm
Same here for EUR/USD. Posted +41.7. Did almost hit the stop loss but bounced back.

One question... AT the start we put a pending order for both Buy and Sell. Whichever gets hit first, we cancel the other one. Is that correct?

BillB.... for May 21 are these values correct (there may be a slight difference of 5-6 pips but in general?)

HIGH 1.38377LOW 1.3671CLO 1.37459RANGE 167

So
LONG Entry 1.3788Long - TP 1.3829Long - SL 1.3746
and for short
Short Entry 1.3704Short TP 1.3663Short SL 1.3746
So whichever gets hit, we close the other one.
  • #304
  • May 21, 2009 1:31pm May 21, 2009 1:31pm
Hi Ashish.
Yes those were my numbers today.
The 1st post rules for Daily Quarter don't suggest that you remove the other entry... that's just me. In fact it seems that most of our other friends in this system prefer to take that second trade if the first one stops out.

Since Dec 2, 2008:
EUR/USD Backtesting in my time frame had 60 winners, 40 losers, and 15 days with no trade. Averages 45 pips per winner, -45 pips per loser. There was a range of 12 losers in 16 days! December was the best month with a gain of about 625 pips. January was the only loser with a loss of about 220 pips. The past three months average a gain of over 200 pips each.
Mine?
  • #305
  • May 21, 2009 1:33pm May 21, 2009 1:33pm
Oh..OK.. Got it Thanks.

Checked the USD/CAD also.. That would have given 38pips too.
  • #306
  • May 21, 2009 2:08pm May 21, 2009 2:08pm
Quoting Ashish_Ampl
Oh..OK.. Got it Thanks.

Checked the USD/CAD also.. That would have given 38pips too.
I picked up 42 pips on U/CAD. I kept moving the TP and SL hoping for a huge break out, or i would have stopped out at 38 pips.
  • #307
  • May 21, 2009 3:17pm May 21, 2009 3:17pm
Hi all..
I was trading with crownforex. Now they have filed bankruptsy. Can anyone one suggest me good broker. Thanks
Make money Not pips
  • #308
  • May 21, 2009 3:22pm May 21, 2009 3:22pm
i heard google is good. JK
i use Oanda and FxCM micro. Didnt have any problems.
Go to brokers forum and see what ppl are saying.
Quoting balle1973
Hi all..
I was trading with crownforex. Now they have filed bankruptsy. Can anyone one suggest me good broker. Thanks
Yea it's Life//
  • #309
  • May 21, 2009 6:24pm May 21, 2009 6:24pm
hi fredella..
hi bont boy

if i want entry order manual, n i just want close pending order when i got TP . can ur EA do this?

n how to setting ea to do?

thx u vr much
  • #310
  • May 21, 2009 9:09pm May 21, 2009 9:09pm
How do you do abt Monday morning. Which high / lows should be taken
  • #311
  • May 21, 2009 9:45pm May 21, 2009 9:45pm
Quoting Bilyb
Hi Ashish.
Since Dec 2, 2008:
EUR/USD Backtesting in my time frame had 60 winners, 40 losers, and 15 days with no trade. Averages 45 pips per winner, -45 pips per loser. There was a range of 12 losers in 16 days! December was the best month with a gain of about 625 pips. January was the only loser with a loss of about 220 pips. The past three months average a gain of over 200 pips each.
Hey Bilyb,

Since we are making entries based on the 8:59AM close, I extended a 2nd trade to match the full daily range and made another 115 pips + the 42 pips from the first trade, or +157 pips total.

Obviously this was just 1 day's activity. Do you think streching that 2nd trade to match the previous day's full range movement is a reasonable approach? Or folly? Or possibly take the difference between the two points which would be about 75% of the previous day's movement?

Best of trading,
Bob
  • #312
  • May 21, 2009 10:59pm May 21, 2009 10:59pm
Hi Bobcat.

My opinion... You can pick any number of pips as a target and a stop on this pair (EUR/USD) after a breakout happens... and probably have more winners than losers. Thats probably due to a trending pattern in the pair.

I think today my 42 pip gain was pretty much luck, because after the entry, there was a reversal move that almost took out my stop! That made the trade invalid, because the setup is a breakout/momentum trade... If the entry is hit... Price should move toward the target!!!

When you made the second entry... that was a momentum trade based on another set of data... which you did really well to see, and made you a nice gain!
Mine?
  • #313
  • May 22, 2009 6:28am May 22, 2009 6:28am
BilyB,

What is your opinion? Do you think a second trade (dividing lot risk into 2 trades) has some merit? This would be taking greater advantage of the previous day's daily range rather than taking TP at only 50% of the movement with the 1st trade. Although I used 100% of the movement, yesterday, I'm thinking that doubling the TP on the 2nd trade is still conservative enough to work well. I would set the 2nd trade @ break even (if I'm awake), once the 1st TP is achieved. Risk to reward ratio would improve. If only 50% strike rate is achieved, you would still average 5 pips profit per trade.

So...
1) entry @ 1/4 daily range, (as per rules)
2) 1st TP @ 1/2 daily range, (as per rules)
3) 2nd TP @ 3/4 daily range

Bob
  • #314
  • May 22, 2009 8:20am May 22, 2009 8:20am
Quoting Bobcat2
BilyB,

What is your opinion? Do you think a second trade (dividing lot risk into 2 trades) has some merit? This would be taking greater advantage of the previous day's daily range rather than taking TP at only 50% of the movement with the 1st trade. Although I used 100% of the movement, yesterday, I'm thinking that doubling the TP on the 2nd trade is still conservative enough to work well. I would set the 2nd trade @ break even (if I'm awake), once the 1st TP is achieved. Risk to reward ratio would improve. If only 50% strike rate is achieved,...
The logic seems good, Bobcat. Not sure if it will work or not with this pair. It is a shame to get out early on a day like yesterday when there was a long candle that ran through the target. In my testing I didn't really look at an extended exit strategy. Putting a trailing stop at the target seemed like it would lose as often as it would gain, so no real profit gains over time...

I'll try to test it out a bit over the weekend and see if there's some historical support
Mine?
  • #315
  • Edited 12:11pm May 22, 2009 11:48am | Edited 12:11pm
My win and loss % for the pairs I have traded over the past week or so.


Preformace Summary%%Total Trades

PairsWin% Lose%Total Trades Total Pips
EUR/USD50% 50% 2 -40
USD/JPY100% 0% 3 +99
GBP/JPY63% 38% 8 -236
EUR/JPY0% 100% 2 -171
GBP/USD80% 20% 10 +283
NZD/JPY50% 50% 2 -62
AUD/USD100% 0% 1 +31
USD/CAD100% 0% 1 +42
AUD/JPY50% 50% 2 -86

Total Pips -140

I have been experimenting with some of the pairs at times other than before the London open. So far I have come to these conclusions:

--The Daily range isn't the biggest factor, it is the entry point. Before the London session seems to be the best. (as if we didn't already know this)
-- Be prepared for draw downs when both the long and short hit their stop loss.
--I think Bobcat2 is on to something in trying to maximize pips. How about after TP you open a new trade with a new TP of X pips (another 25% or so), TS of 10 pips, and SL at breakeven of the two trades, with a net effect of zero.


Next week I am scaling back to just one or two pairs until I can build up my equity again.
  • #316
  • May 22, 2009 12:19pm May 22, 2009 12:19pm
Quoting Ashish_Ampl
How do you do abt Monday morning. Which high / lows should be taken

Monday's are a little different. Depending upon whose advice you follow you will receive different info. One school of thought is to use Friday @ 06:00 through Monday @ 06:00 as the high and low. If you are using another start/finish time just substitute.

Another is that you should not trade on Mondays.

This may be very appropriate for 5/25/09 as it is a bank holiday in the US.

Hope this helps.
  • #317
  • May 22, 2009 12:51pm May 22, 2009 12:51pm
Anybody traded today?
Yea it's Life//
  • #318
  • May 22, 2009 1:01pm May 22, 2009 1:01pm
Quoting serj1
Anybody traded today?
I had my G/U open up overnight and was killed with a -168 short and A/J (opened just after the Asian session) with a -119 both short and long.

Might be my last trade with A/J for a while. Going back to G/U, and U/J for most of next week.
  • #319
  • May 22, 2009 1:21pm May 22, 2009 1:21pm
i got GY -152 then +81
EJ -72 and +41
GU at this moment -143

Truckjrt why you dont trade EJ or GY?
Yea it's Life//
  • #320
  • May 22, 2009 2:15pm May 22, 2009 2:15pm
Quoting truckjrt
--The Daily range isn't the biggest factor, it is the entry point. Before the London session seems to be the best. (as if we didn't already know this)
-- Be prepared for draw downs when both the long and short hit their stop loss.
--I think Bobcat2 is on to something in trying to maximize pips. How about after TP you open a new trade with a new TP of X pips (another 25% or so), TS of 10 pips, and SL at breakeven of the two trades, with a net effect of zero.


Next week I am scaling back to just one or two pairs until I can build up my equity...
Hi truckjrt,

Thanks for your suggestions.

Personally, I've experimented enough with TS's to know that although TS's seem to serve as insurance policies, I almost always am better off without one (personal opinion only). In particular, a short TS of only 10 pips is almost guaranteed to be stopped out because there is precious little breathing room for price to move back and forth.

Adding to your position with a second trade to an already profitable move on the first trade may be a good idea. That way if price doesn't reach the first target, then your exposure is only 1/2. The downside of course is that the 2nd trade wouldn't have benefited from the gain made on the 1st trade's profitable move.

Yet another alternative would be to cascade (overlap) trades (maybe several) so that exposure is limited when price reverses, but profits will continue to run in a trend.

The reason for doing this of course is to cash in on long trends and those profits will serve to offset a numberof smaller losses.
0 traders viewing now