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E/U daily correction system

  • #21
  • Dec 28, 2009 8:47pm Dec 28, 2009 8:47pm
Quoting maanawi
Hi,
No my time is not GMT im in Egypt time zone after GMT within 2 hours, if you saw 17 on my chart its 17:55 ...
I'm not talking about the time I saw on your chart.

I'm talking about the bars themselves.
I know what time bars occur on my chart.
I matched your charts with mine. The bars you are marking that you think occur at 1600, actually occur at 1700.
  • #22
  • Dec 28, 2009 8:51pm Dec 28, 2009 8:51pm
Backtesting it looks like drawing the line at the 1600 open works.
  • #23
  • Dec 28, 2009 9:00pm Dec 28, 2009 9:00pm
here is the template I dont know if its going to work indiffrent time zone as on my setting or not, kindly if some one try and let me know.
View on EU 5M
Attached File(s)
File Type: mq4 Session_Profile.mq4   3 KB | 370 downloads
File Type: tpl usa-correction.tpl   34 KB | 383 downloads
  • #24
  • Dec 28, 2009 9:01pm Dec 28, 2009 9:01pm
Quoting billbss
He's using 5M bars. The bar he is calling the 1600 bar is actually the 1700 bar....

I honestly did read this thread all the way, and now I'm goin to the bar...
Attached Image


Fwiw, assuming I'm understanding what he's trying to get at, ((and I may not be)) I've been trading this type of general PA or something very similar to it but using Daily Pivots on longer TF's (6m/20m to 1h/2h) for quite a long time now and have referred to that action several times thruout the 5 posts linked to in my sig and many dozens of times in my open trade posts... starting a'rd the Asian Open and seeing how things develop thru FoLo.

Not sure what's really "new" about it, but I will also admit I got a little disoriented about halfway thru the thread. My bad...

In any event, all the best and Many Pips to you...
FUBAR...
  • #25
  • Dec 29, 2009 3:02am Dec 29, 2009 3:02am
No where does he say it is "new", and this is a different method/style than what you are doing.

Quoting ak4x

I honestly did read this thread all the way, and now I'm goin to the bar... Attachment

Fwiw, assuming I'm understanding what he's trying to get at, ((and I may not be)) I've been trading this type of general PA or something very similar to it but using Daily Pivots on longer TF's (6m/20m to 1h/2h) for quite a long time now and have referred to that action several times thruout the 5 posts linked to in my sig and many dozens of times in my open trade posts... starting a'rd the Asian Open and seeing how things develop thru FoLo....
  • #26
  • Dec 29, 2009 11:29am Dec 29, 2009 11:29am
Thanks for this info tried the system at 16.00GMT today with great success also I feel there is a similar opportunity to gather about 20pips on the trades that start at 08.00GMT
Koyco
  • #27
  • Dec 29, 2009 11:32am Dec 29, 2009 11:32am
Quoting Koyco
Thanks for this info tried the system at 16.00GMT today with great success also I feel there is a similar opportunity to gather about 20pips on the trades that start at 08.00GMT
Koyco
This is not a "system" yet. What did you actually do at 1600? Let's develop it into a system.
  • #28
  • Dec 29, 2009 11:34am Dec 29, 2009 11:34am
Quoting Koyco
Thanks for this info tried the system at 16.00GMT today with great success also I feel there is a similar opportunity to gather about 20pips on the trades that start at 08.00GMT
Koyco
How did you do that?
It's dropped like a rock since 1600 and hasn't returned.
  • #29
  • Dec 29, 2009 11:50am Dec 29, 2009 11:50am
Well, wait and see.

Quoting billbss
How did you do that?
It's dropped like a rock since 1600 and hasn't returned.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 51 KB
  • #30
  • Dec 29, 2009 11:54am Dec 29, 2009 11:54am
Quoting maanawi
Well, wait and see.
I don't think Bill has any problem waiting to see if price will return to the 1600 opening price, I think he was questioning how anyone could have "great success" with this already, since all it has done is drop!
  • #31
  • Dec 29, 2009 11:56am Dec 29, 2009 11:56am
Quoting maanawi
Well, wait and see.
Wait and see what?

How could someone have tried your system at 1600 today and already been successful?
  • #32
  • Dec 29, 2009 12:06pm Dec 29, 2009 12:06pm
yea this is the most scary thing, how i wish it to be 100% success every day!

but any way its look amazing and successful on most of the days

Quoting Dreamliner
I don't think Bill has any problem waiting to see if price will return to the 1600 opening price, I think he was questioning how anyone could have "great success" with this already, since all it has done is drop!
  • #33
  • Dec 29, 2009 12:24pm Dec 29, 2009 12:24pm
Quoting billbss
How did you do that?
It's dropped like a rock since 16.00 and hasn't returned.
Well opened short in the direction of Trend Magic Indicator@ 16.00 @ 1.44055 closed @ 16.26 @ 1.43487 = 57pips

QED well this time!
  • #34
  • Dec 29, 2009 12:30pm Dec 29, 2009 12:30pm
Quoting Koyco
Well opened short in the direction of Trend Magic Indicator@ 16.00 @ 1.44055 closed @ 16.26 @ 1.43487 = 57pips

QED well this time!
What you did has nothing to do with this method.
  • #35
  • Dec 29, 2009 12:54pm Dec 29, 2009 12:54pm
This appears to have some potential, especially if one were to scale in to a full position. Perhaps something like this would work: Watch the pa following 1600 GMT and as soon as the price has moved 30 pips away, open up 1/3 of your maximum position in the direction of the 1600 close. If the price continues away from the 1600 close open up another 1/3 at 60 pips away, with the final third opened at 90 pips away. Cover when the price returns to the 1600 close or if the price moves more than 120 pips away from the 1600 close.
I don't have access to good backtesting software so the numbers will need to be tweaked I'm sure. Any other ideas, improvements?
  • #36
  • Dec 29, 2009 12:56pm Dec 29, 2009 12:56pm
I am still confused.

So 5M chart...Vertical line flagged @ 1600 GMT (regardless of where you are in the world??)

Now Draw a horizontal line across the Top (if it's a bull candle) or Bottom (if bear)

then place entry orders 30 pips away?

Is that correct?

Thanks
Darren
  • #37
  • Dec 29, 2009 1:15pm Dec 29, 2009 1:15pm
I dont think its been explained thouroughly.
Whats happening in EUR/USD should be happening to you!
  • #38
  • Dec 29, 2009 1:26pm Dec 29, 2009 1:26pm
view the image so its more clear for you.
please view my first post at this thread, we may all here find good strategy to trade this correction daily, but for me I didnt recommend any trading strategy yet on this system!

Quoting pilotui
I am still confused.
So 5M chart...Vertical line flagged @ 1600 GMT (regardless of where you are in the world??)

Now Draw a horizontal line across the Top (if it's a bull candle) or Bottom (if bear)

then place entry orders 30 pips away?

Is that correct?

Thanks
Darren
Attached Image (click to enlarge)
Click to Enlarge Name: 29dec2.gif Size: 42 KB
  • #39
  • Dec 29, 2009 1:54pm Dec 29, 2009 1:54pm
Quoting Dreamliner
What you did has nothing to do with this method.
It is based on this strategy but I put my own spin on it and if you look back at the same positions since 1st December I think you could have a gained some 11 winning position @ 30TP with six loosing positions @ 15SL resulting in 221 pips but there were a possible 488 pips at best.
What I did may not be quite as specified but it succeeded let’s see how it goes.
  • #40
  • Dec 29, 2009 1:56pm Dec 29, 2009 1:56pm
Quoting Koyco
It is based on this strategy but I put my own spin on it and if you look back at the same positions since 1st December I think you could have a gained some 11 winning position @ 30TP with six loosing positions @ 15SL resulting in 221 pips but there were a possible 488 pips at best.
What I did may not be quite as specified but it succeeded let’s see how it goes.
I agree, glad you put your own spin on it, that's fine. What is it exactly you are doing? Please share your method here, so we can examine it.
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