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GBPJPY Daily Trend Method

  • #181
  • May 19, 2010 8:58am May 19, 2010 8:58am
Quoting MichaelLee_8
Cool.....did you trade the 7pm signal from last night?
Reached my TP too
  • #182
  • May 19, 2010 9:01am May 19, 2010 9:01am
Long @ 131.74

The spreads I'm getting on Forex.com MT4 are lame. All my live trades are placed with fxcm. I usually don't see a GBPJPY spread outside of 4.8-5.1

I'm seeing spreads of 5-10!! Maybe because it's a demo.
  • #183
  • May 19, 2010 9:02am May 19, 2010 9:02am
Long - 131.69
  • #184
  • May 19, 2010 9:05am May 19, 2010 9:05am
Quoting Trilonfelis
Long - 131.69
You suck
  • #185
  • May 19, 2010 9:10am May 19, 2010 9:10am
Quoting MichaelLee_8
Yes, you are correct. However, the last hour of trading for London is 10-11am est. That's part of the reason I picked those bars. The market gets a lot of it's direction for the day during this time period.

I believe that every open/close is going to be different. For example, most of the European markets open BEFORE London. Germany is the largest economy in Europe so I think starting 2 am est would be a good time to start. However, all of my thoughts and beliefs are subject to back testing.

Thanks for your thoughts and feedback. I appreciate...
Yes, actually I don't like starting at 4:30 AM EST too. It would be a big missed. I noticed the price usually move right after London open. So, I agree with you at 2:00AM
  • #186
  • May 19, 2010 9:18am May 19, 2010 9:18am
This one looks like it will be a quick death http://cdn.forexfactory.com/images/icons/icon9.gif
  • #187
  • May 19, 2010 9:19am May 19, 2010 9:19am
WoW...that was fast....Stopped out. I was worried there would be an aggressive move down.

Total May Pips: -150
  • #188
  • May 19, 2010 1:43pm May 19, 2010 1:43pm
Currently back testing 2:00 am est start time
  • #189
  • May 19, 2010 4:49pm May 19, 2010 4:49pm
I'm finding a few interesting tid bits of information from all of the back testing data.

1) February has not been positive for the last 3 years!!!
2) May has not been positive for the last 2 years. (We aren't done with 05/10 yet)
3) I'm going to test a new entry condition. Price must be within 130 pips from the Custom Trend.
  • #190
  • May 19, 2010 6:13pm May 19, 2010 6:13pm
Traders,

Should be long from around 131.94 for the 7:00pm trade.
  • #191
  • May 19, 2010 6:45pm May 19, 2010 6:45pm
Anyone else in on the 7pm trade?
  • #192
  • May 19, 2010 7:27pm May 19, 2010 7:27pm
Quoting MichaelLee_8
Anyone else in on the 7pm trade?
Bay is on board.
  • #193
  • May 19, 2010 7:39pm May 19, 2010 7:39pm
Quoting Bay
Bay is on board.
Cool....working on a bunch of modifications.....does anyone have any free time on their hands?? LoL
  • #194
  • May 19, 2010 10:33pm May 19, 2010 10:33pm
I'm workiing on forward testing on a small Live account I opened up for testing secondary methods. I will post updates of results here in this thread.

Since you coded the indicator, I was wondering if you could code some kind of alert sound/email notification that notifies me of a change of the trend bar color from red and blue when a bar closes.

This is your indicator. Can you add this to help with forward testing. If you can't do email an alert sound / popup will be fine.

(hmm something seems to have happened to my account...my posts are reset)
  • #195
  • May 20, 2010 7:24am May 20, 2010 7:24am
Quoting nntrdr
I'm workiing on forward testing on a small Live account I opened up for testing secondary methods. I will post updates of results here in this thread.

Since you coded the indicator, I was wondering if you could code some kind of alert sound/email notification that notifies me of a change of the trend bar color from red and blue when a bar closes.

This is your indicator. Can you add this to help with forward testing. If you can't do email an alert sound / popup will be fine.

(hmm something seems to have happened to my account...my posts are reset)...
I found the indicator. It's also called Slope Direction Line. I have attached one with an email alert that I found here on FF.

I would not test this method on a live account. May has not been friendly in the past and is certainly not being friendly now. I would only take it live when we have all the bugs worked out.

Thanks for your interest in the method.
Michael
Attached File(s)
File Type: mq4 Slope Direction Line Alert.mq4   6 KB | 346 downloads
File Type: ex4 Slope%20Direction%20Line%20Alert.ex4   7 KB | 314 downloads
  • #196
  • May 20, 2010 7:25am May 20, 2010 7:25am
7:00 PM trade was stopped out.

Total May Pips: 43

10:00 AM Trade
Total May Pips: -150
  • #197
  • May 20, 2010 8:29am May 20, 2010 8:29am
Hi

I'm keeping an interested eye on your experiment. I trade longer time frames using support and resistance lines and trading in direction of trend.

Right now this pair is at important support around 130. It looks like you may have a trade upcoming on your system for a short, is that right?

Larry
  • #198
  • May 20, 2010 8:42am May 20, 2010 8:42am
Quoting LarryK
Hi

I'm keeping an interested eye on your experiment. I trade longer time frames using support and resistance lines and trading in direction of trend.

Right now this pair is at important support around 130. It looks like you may have a trade upcoming on your system for a short, is that right?

Larry
Yes that is correct. Thanks for your interest. It is definitely an "experiment". I'm just about done testing all of 2008 for the 10:00 am trade and the results have not been kind. There were massive amounts of counter trend trades. It was as if Europe started the counter trend rally and it ended around 10 am just in time to stop the trades out. If you look at the trades from this May you will notice that 3 of the trades that have been stopped out have been counter trend. This is a BIG problem and frustrating to say the least! Any ideas on how to stay out of those counter trend trades?

However, this method was actually spawned from another that closely mirrored one of TEB's systems. Once I complete the testing of 2008 I'll begin to see how my original thought played out in 2008. It's based on taking the first signal you get between 10am-1pm with a target of 200 and stop of 50. I only have a few months of data for the original so it may be a while before I can post a valid spread sheet.

Michael
  • #199
  • May 20, 2010 8:49am May 20, 2010 8:49am
Traders,

100% positive we will have a short trade in a little over 10 minutes.
  • #200
  • May 20, 2010 9:01am May 20, 2010 9:01am
Short from 128.73
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