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End of Day Trading System

  • #21
  • Jan 1, 2010 3:23pm Jan 1, 2010 3:23pm
Quoting mystic
Hi,

You might want to also check out the daily 95 pips thread....

http://www.forexfactory.com/showthread.php?t=44246

A similar type of system, with a few refinements.


Peter
Thanks Peter! :-)
  • #22
  • Jan 1, 2010 3:24pm Jan 1, 2010 3:24pm
By the way, the "end of day" strategy, as I thoght earlier, is used only in stock market because there is start-time and end-time of trading. But it does not concern the forex market which works 24 hours.
Best regards, Andrew Forex
  • #23
  • Jan 2, 2010 8:16am Jan 2, 2010 8:16am
stevewide tell us more it sounds really intresting will you keep on trading this system have you used all the pairs recomended for this trading style ?`

best regards
  • #24
  • Jan 2, 2010 8:37am Jan 2, 2010 8:37am
Quoting Andrew Forex
Did you try to implement martingale money management system to this strategy?
I sure hope not! Martinagle is the worst money management method that exists today, and people who use it either have blown out their account in the past or will do so in the future.
  • #25
  • Jan 3, 2010 1:01pm Jan 3, 2010 1:01pm
stevewide i also got -2 gmt what time is that in the strategy what time do you start also if you only got one lose in that time maybe you can have more in the market than just 7.5 procent of the account ??


best regards
  • #26
  • Jan 3, 2010 1:51pm Jan 3, 2010 1:51pm
Quoting Dreamliner
I sure hope not! Martinagle is the worst money management method that exists today, and people who use it either have blown out their account in the past or will do so in the future.
I would not tell in a such categorical way. If you can manage that strategy in the period while there are few losses in the market it can be profitable I think. Of course, with some particular nuances. There are many forms of that strategy (martingale I mean). But it requires you to be clever (e.g. not a half of deposit to invest for one trade etc.)
Best regards, Andrew Forex
  • #27
  • Jan 3, 2010 6:48pm Jan 3, 2010 6:48pm
yes; correct. Follow the 11 rules too.

Steve

Quoting bnbb2004
Thanks for that indy! It will definitely come in handy for this! :-)

So, to be clear about the strategy, you just look at the high/low with this indy and then set your orders 1 pip above or below the given high/low for the previous day. For example, G/U Daily chart (Ikofx) shows the High as 1.6090 and Low as 1.5830 for 12/30/09. You would set your orders at 1.6091 and 1.5829. Is this correct?
  • #28
  • Jan 3, 2010 7:14pm Jan 3, 2010 7:14pm
Hi jgadefelth:

This method is making the 40-100 pips per week that the author of the word document experienced...

Therefore, I'll continue to spend 5-10 minutes each day to place the pending orders and collect the cash.

I trade the 6 pairs that the author of the word document suggests. Cable pays the fastest.

Please demo all 6 to see how exciting this is and to gain confidence before trading a small live account. Don't increase lot size till your track record clearly suggests this is working for you.

Eventually, will consider using more pairs or collecting sufficient data to revise the rules to catch more trades with the 6 suggested low spread pairs.

Sure would be nice to reduce the stoploss but 35 pips has been safe. When price hits its daily high/low it frequently bounces so plenty of room is required.

My experience is excellent with this method but i'm a barely profitable trader with my shorter time frame methods. There's alot I need to learn.

Good luck with your trading,

Steve





Quoting jgadefelth
stevewide tell us more it sounds really intresting will you keep on trading this system have you used all the pairs recomended for this trading style ?`

best regards
  • #29
  • Jan 3, 2010 7:41pm Jan 3, 2010 7:41pm
jgadefelth:

-2GMT is the correct time.

My self confidence is not sufficient to trade 7.5% leverage. As more live results are in, increasing lot size should confidently and naturally come. But with a 35 pip stoploss for a 10 pip profit its doubtful that I could trade more than the 1-3% of my account which is what most mentors teach here on Forex Factory.

BTW, tonight I have pending orders for Ej, Gu, and Ucad long and short, and Eu long. Au's daily range was less than 100 pips, Uj's high and low were both inside the 85-15 no trade zone; and Eu's daily low is less than 25 pips from its daily close(but Eu easily paid anyway...happens alot).

Good trading to you,

Steve




Quoting jgadefelth
stevewide i also got -2 gmt what time is that in the strategy what time do you start also if you only got one lose in that time maybe you can have more in the market than just 7.5 procent of the account ??


best regards
  • #30
  • Jan 3, 2010 10:02pm Jan 3, 2010 10:02pm
steve what time in our time gmt -2 fo you place the orders im not good in translate the usa time?


also you take profit with the spread also so your profit is 10 pips and your stop is 35 regardless what the spread are, you dont take the spread in the 10 pips ?

thanks for your answears it is really intresting hope you doing well if you will im being werry intrested to see and follow you how this strategy is working.

best regards
  • #31
  • Edited 5:14am Jan 4, 2010 4:55am | Edited 5:14am
Hi jgadefelth:

I place orders at 5:30 EST which is -2 GMT. Place the indy attached to help you with keeping up with times.

Bad news with this method this morning: woke up to 35 pip losses in Ej and Ucad short, and Gu long for a total of 135 pips; could be bad to trade after a US holiday but trades have been paying during holidays. Ucad loss turned around after touching the stoploss and then paid after my loss. Ej long paid 10 pips.

Adding 5-10 pips to daily H/L at entry to avoid the big bounce at the daily H/L that happened today might help.

Removing the 85-15 no trade zone would provide more wins than losses from backtesting which could help too.

These three losses cost me most of my winnings from the last months trades with this method...not good.

Forex is a hard business. There is no easy way I can find to trade.

Is anyone having better success with a breakout method? Please teach us...

Steve

Quoting jgadefelth
steve what time in our time gmt -2 fo you place the orders im not good in translate the usa time?


also you take profit with the spread also so your profit is 10 pips and your stop is 35 regardless what the spread are, you dont take the spread in the 10 pips ?

thanks for your answears it is really intresting hope you doing well if you will im being werry intrested to see and follow you how this strategy is working.

best regards
Attached File(s)
File Type: mq4 P4L Clock.mq4   63 KB | 511 downloads
  • #32
  • Jan 4, 2010 8:07am Jan 4, 2010 8:07am
Steve, so sorry for the loss. This is the reason I no longer trade anything with a very bad risk/reward ratio like this. All it takes is one or two losses and all the wins are gone. I have learned to trade a minimum of 1:1 (better 1:2 or 1:3) risk reward ratio. Losses will come.

Quoting stevewide
Hi jgadefelth:

I place orders at 5:30 EST which is -2 GMT. Place the indy attached to help you with keeping up with times.

Bad news with this method this morning: woke up to 35 pip losses in Ej and Ucad short, and Gu long for a total of 135 pips; could be bad to trade after a US holiday but trades have been paying during holidays. Ucad loss turned around after touching the stoploss and then paid after my loss....
  • #33
  • Jan 4, 2010 9:34am Jan 4, 2010 9:34am
Steve,

I just read through this thread and I have to agree with Dreamliner...the R/R ratio is not good. As for other breakout systems I have been trading a demo account on this thread. Its a 5min GBP/USD breakout (link below) and it has been very profitable since Nov 09. However I am still working on a few changes to improve it but its well worth checking it out..I reckon that using a R/R of 1/1 or even 1/1.5 it could be very profitable with a few filters applied.. unfortunately the guys over on the thread don't appear to be trying to improve it too much as it has been working so well lately but as you unfortunately found a losing streak is only ever just around the corner..anyway good luck with your trading....

http://www.forexfactory.com/showthread.php?t=208170

Blinkers.....


Quoting stevewide
Hi jgadefelth:

I place orders at 5:30 EST which is -2 GMT. Place the indy attached to help you with keeping up with times.

Bad news with this method this morning: woke up to 35 pip losses in Ej and Ucad short, and Gu long for a total of 135 pips; could be bad to trade after a US holiday but trades have been paying during holidays. Ucad loss turned around after touching the stoploss and then paid after my loss....
  • #34
  • Jan 4, 2010 10:08pm Jan 4, 2010 10:08pm
stevewide that did not sound so good, what do you mean by hollidays we take away trading from mondays then ?


best regards
  • #35
  • Jan 6, 2010 6:58am Jan 6, 2010 6:58am
fxblinkers:

My thoughts were after Christmas or New Year's holidays, being almost 2 day holidays, the markets on Monday might start erratic so caution at first. That's all I meant.

My losses upset me enough to stop trading this method until a reasonable risk to reward ratio can be found. I don't know what to do with this method at this point. The other breakout methods on Forex Factory haven't interested me much so far so stepping back, thinking, reading, and looking at charts.

Keep making pips.

Steve
  • #36
  • Apr 27, 2010 9:38am Apr 27, 2010 9:38am
hi,
what indicator would be reccomended to determine if the market is ranging or trending on the daily chart
  • #37
  • Sep 13, 2010 6:14am Sep 13, 2010 6:14am
Quoting Cullen
hi,
what indicator would be reccomended to determine if the market is ranging or trending on the daily chart
your eyes.
  • #38
  • Sep 13, 2010 5:52pm Sep 13, 2010 5:52pm
hello
  • #39
  • Sep 14, 2010 1:46am Sep 14, 2010 1:46am
Just in case anyone is interested. The best way to determine whether a daily trend will end is to look at weekly charts supply and demand levels. If daily is heading into a higher time frame SR level then you need to expect a trend reversal. Lagging indicators will get you in too late.
Cheers
  • #40
  • Sep 14, 2010 3:51am Sep 14, 2010 3:51am
Quoting Porkpie
Just in case anyone is interested. The best way to determine whether a daily trend will end is to look at weekly charts supply and demand levels. If daily is heading into a higher time frame SR level then you need to expect a trend reversal. Lagging indicators will get you in too late.
Cheers
Yes surely, I just wonder do you stil use this method in your trading arsenal, I mean the method of this thread?
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