Central Banks & Big Players

anyone using this system for long time could be post the profitability of the system in term of medium R/R, ROE, etc. etc.?

many thanks in advance

would you explain the use of the indicators referring on this system, please?

many thanks

Ouch, taken out @ b/e. Guess I bit the dust on that one [sarcasm] eh Tony!

Recent S&R

Pivots are good for all the strategies I trade. Study these levels in real time and you'll see how price reacts on them.

acceleration at London open, fell asleep

we got this thing on lock guys

One of the drawbacks of being your own boss is that you can't fire yourself for sleeping on the job.

lol

I would like your advices guys about a script for leaving the position.

Tony suggest TP120, well it takes advantage of the morning usual trend.


I thought It'll be interesting to take our profits this way :

You have a 0,9 lot position (has to be a multiple of 3)
-Set the stop loss at BE when price is +8pips
-Set a TP (at around 20/30 pips, depends) and sell 0,6 lot (2/3 of the position) when hit
-When TP is hit, set a trailing stop for the rest (0,3 lot, 1/3 of the position). If you want you can even program a trailing stop with ATR to watch out for volatility and make this Trailing stop more efficient

Why it can be great to program such script ?

1. It automatizes the close order process.
2. It profits of the quick acceleration on the opening market (TP 2/3 of the position).
3. It profits of the morning trend (trailing stop of 1/3 of the position).

Well, I don't know if it works on live, or if it's relevant but on paper it looks not bad. Can I have opinions from live traders on this method ?

My idea is to automatize by a script the close, but it's still up to the trader to choose when to open the position (I'm still working on for automatize opens but it's way more complicated).

Best Regards,
Walcott

Just a heads up: you can't do automated trading with Oanda unless you pay $600/month

thx for the heads up. So, imagine you do that with a script or manually

I have coded a script for this strategy. It can be placed on any TF. It is a loser on the backtest co'z it takes a number of positions which will eventually hit SL (3pips). Is this strategy really profitable?

I have attached the script.

Please leave your suggestions

Just because some stupid script (I hate this stuff in association with forex. I'm a coder myself) isn't able to make profit out of this strategy does not mean that it isn't profitable if you use it discretionary.

any suggestions instead? what filters can I apply on this?

I personally would say that a filter for this kind of trading would be your experience. At first I had a hard time to get into the right trades and yes I lost quite often while trying to catch THE trade.

But I kept on trying and there was this one trade a few days ago where I really could see what this system was about. Like tony said somewhere in his thread here, you can feel the rush and power of the price rocketing away and since this one trade I knew what I have to look for and I was now able to better filter bad trades just by the way the price behaves.

This is something you cannot filter via code in my opinion.

Maybe I could just use this system as an entry filter. So that I wont be trading during sideways. tnx man..

Needless to say, the system is not fool proof and if you spend your whole trading session jumping in on every tall candle, those 2-3 pip stops (don’t forget spread) will add up quickly. The system as it’s outlined in the opening post is very short and to the point, as it should be. Level of experience required is omitted, as it should be. Using other tools to guide you and preparing for the market each day is not mentioned either, leaving room for personal discretion.

Today, before Frankfurt open, I looked at my charts and saw on the GU that price was testing the monthly R1 level with weekly R1 shortly above it, amongst a cluster of tight daily pivot levels, because of yesterday’s small daily range. Then I looked at the news schedule and saw a huge cluster of releases throughout the day, which felt very scary to me. By doing that, I was now more prepared for price action on the 5 sec chart at London open, doubtful that I would enter a trade today, for this system or any other system. I gave it a chance for 10 minutes, before I closed my platform.

In conclusion, there’s a reason when a price bar bursts up or down 10 pips and stops dead in its tracks before it reverses. If you’re going for automated trading, you need to take that into consideration. Plus, historical 5 sec TF data only shows the distance a price bar traveled, not how it traveled, which makes this system less mechanical, i.e. less suitable for automated trading. If anyone could automate this system with positive results, it would certainly be a big breakthrough.

Two chances is all I get.

nine pip candle

stick with the rules

stopped out