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A simple strategy with no indicators

  • #281
  • Aug 16, 2010 4:03pm Aug 16, 2010 4:03pm
many thanks, devogel!

i'll have some fun with it, i believe.

and hey, i sincerely suggest you spare some efforts/time on backtesting, but use a few minutes demoing it. the reason is that this system is not a 5-min crazy scalping EA that requires sharp entry timing. so you might not have to spend too much time on those 1-minute data......

but demoing, and keep TP as '0' (or say, breakeven after 100 pips, lock 100 pips after 300 pips floating....) you'll see many losers, but every 10 trades, you'll have 1 or 2 winners that win you everything. i believe that within 1 month of demoing (on a few pairs), you can find this. really, this system let you catch some significant trend changes (from the very start of a trend change).

demo 2 EA, maybe, 1 with a fixed TP, the other without TP......(when you have 500, or 1000 pips floating, you will decide then...)

Quoting devogel
I have not yet had time to see if the EA works properly with fractional pip pricing (5-digit brokers). It works fine on 4-digit brokers. Watch your tester log. If you find bugs, please PM me.

Attachment
  • #282
  • Aug 16, 2010 4:06pm Aug 16, 2010 4:06pm
Quoting devogel
I have not yet had time to see if the EA works properly with fractional pip pricing (5-digit brokers).
Hello, I'm new to this thread. Found it yesterday and think it's interesting.

Put the EA on an FXOpen (5 digits) demo (GMT+3). EA should have gone short on USDJPY, but no trade opened.
  • #283
  • Aug 16, 2010 4:08pm Aug 16, 2010 4:08pm
drag a chart of major pair, eurusd or gbpjpy,

use our human eyes, we can easily see that some entries, (if we allow them to develop) may bring in hundreds OR thousands of pips. these kind of entries happens on "trend reversal" followed by a breakout/trend change.

sometimes, there is even no retrace after these entries, so why do we set a TP? we should let it run till next trend change.

and "floating TP" means that if you do so above, you will see your equity is growing significantly(due to those positions keep growing profit), but "NOT realised", because you have not "taken the profit and exited the position".

Quoting Gerard212
Devogel/Charvo

Hi Guys

Can you pls elaborate for a sloe learner what you mean by floating TP?

Thanks Gerard
  • #284
  • Aug 16, 2010 4:58pm Aug 16, 2010 4:58pm
Quoting NederPip
Hello, I'm new to this thread. Found it yesterday and think it's interesting.

Put the EA on an FXOpen (5 digits) demo (GMT+3). EA should have gone short on USDJPY, but no trade opened.
NederPip,

Thanks much for your feedback. I also saw the same problem at beginning of candle with FXDD (5-digit broker) but EA did open the short on IKON (4-digit broker).

I will solve the problem, test to confirm, then post a new version.

Best regards
  • #285
  • Aug 16, 2010 5:17pm Aug 16, 2010 5:17pm
Quoting devogel
I will solve the problem, test to confirm, then post a new version.
That would be very nice, thanks in advance!
  • #286
  • Aug 16, 2010 6:16pm Aug 16, 2010 6:16pm
Quoting charvo
thanks for the info.

however, for a reversal system, it might not be appropriate to set TP:SL = 3/10.

on the contrary, you should try at least 1:1 something, and did you try this:
set NO TP, and watch the green line's movement (floating equity), you'll be shocked...

hi

not sure what you mean by all this ? (iam a newbie). can you explain.
  • #287
  • Aug 16, 2010 6:19pm Aug 16, 2010 6:19pm
here are the signals i got today on the majors

usd/jpy short

gbp/usd long


usd/cad long


eur/jpy short
  • #288
  • Aug 16, 2010 8:13pm Aug 16, 2010 8:13pm
Quoting whatfx
here are the signals i got today on the majors

usd/jpy short

gbp/usd long


usd/cad long


eur/jpy short
i am using fxcm uk gmt+1, none of these are signals on my feed. yesterday body is not bigger than prev 2 bodies. i am not considering sunday candle
  • #289
  • Aug 16, 2010 8:34pm Aug 16, 2010 8:34pm
Quoting roundrock
i am using fxcm uk gmt+1, none of these are signals on my feed. yesterday body is not bigger than prev 2 bodies. i am not considering sunday candle
There could be an indicator running on a one hour chart that would show the proper daily signals for people not GMT+3. The user would only need to input broker GMT offset.

Anyone volunteer to code that indicator?
  • #290
  • Aug 16, 2010 9:02pm Aug 16, 2010 9:02pm
This might be a repeat question but I was unable to find it in past posts. What platform are you using and what time does your day end..
  • #291
  • Aug 16, 2010 9:15pm Aug 16, 2010 9:15pm
Quoting Iplus3
This might be a repeat question but I was unable to find it in past posts. What platform are you using and what time does your day end..
Iplus3,

I like your screen name plus it sounds like you are a coder.

Many traders here are using MetaTrader 4 but some are on other platforms.

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

Regards
  • #292
  • Aug 16, 2010 9:31pm Aug 16, 2010 9:31pm
Quoting devogel
Iplus3,

I like your screen name plus it sounds like you are a coder.

Many traders here are using MetaTrader 4 but some are on other platforms.

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

Regards
Thank you devogel.

Thank you for response..
  • #293
  • Aug 16, 2010 11:22pm Aug 16, 2010 11:22pm

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.


i missed this part, can you point me to the post please ?

thanks

Quoting devogel
Iplus3,

I like your screen name plus it sounds like you are a coder.

Many traders here are using MetaTrader 4 but some are on other platforms.

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

Regards
  • #294
  • Aug 17, 2010 1:49am Aug 17, 2010 1:49am
Quoting devogel
Iplus3,

I like your screen name plus it sounds like you are a coder.

Many traders here are using MetaTrader 4 but some are on other platforms.

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

Regards
Hey guys,

first of all, want to say thank you to all who contributes to this thread. But want to remind you, that this system/engulfing pattern doesn't apply exclusivelly to that specific GMT+3 time zone. It works anytime, anywhere depending on candle pattern (on Ashraf's system conditions from 1st post).

Once again, thank you all.
  • #295
  • Aug 17, 2010 2:41am Aug 17, 2010 2:41am
Quoting devogel
Iplus3,

I like your screen name plus it sounds like you are a coder.

Many traders here are using MetaTrader 4 but some are on other platforms.

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

Regards
is that 21.00 GMT which is 22.00 london time ?

but i think ashrafs daily candles expire at around 18.00 gmt ?

out of yesterdays signals, i only entered short on eur/jpy. currently running at -40 pips loss. lets see what happens during the day.
  • #296
  • Aug 17, 2010 2:45am Aug 17, 2010 2:45am
Quoting roundrock
i am using fxcm uk gmt+1, none of these are signals on my feed. yesterday body is not bigger than prev 2 bodies. i am not considering sunday candle
strange. iam based in london and iam in the same time zone as you. my daily candles expire at 23.59.59 gmt +1, and next daily candle opens at 00.00.01 gmt + 1. this is what i based my signals on. the ones i listed earlier. my broker platform is ig index.
  • #297
  • Aug 17, 2010 8:05am Aug 17, 2010 8:05am
Quoting roundrock

This thread's strategy stipulates that the daily candle ends at 20:59:59 GMT and begins at 21:00:00 GMT.

i missed this part, can you point me to the post please ?
roundrock,

Ashraf's daily candle times are discussed on post #40:
ashraff999 wrote, "I live in Saudi Arabia and the trading day according to FX Solutions starts at 9:00 PM (GMT)"

and again on post #54:
webglobe wrote, "thanks for the time clearification.i assume you mean 21:00 GMT"
  • #298
  • Aug 17, 2010 9:00am Aug 17, 2010 9:00am
Times are confusing. I struggled with it for two years until a 20-year veteran trader showed me the easy way:

Go to http://wwp.greenwichmeantime.com/ and find the current GMT time. Click the button "Switch to 24 hour display"
example: 13:23 GMT

Look at your platform to find your broker's current time
example: my broker IKON time: 16:23

Subtract the GMT hour from your broker hour
example: 16 - 13 = +3 (my broker is GMT+3)

----------

Now, to find your broker day start time, understand 00:00 GMT is same as 24:00 GMT:

subtract broker GMT offset hour from 24
example: 24 - 3 = 21 (my broker day begins at 21:00 GMT

----------

This method only works for MT4 platform during the trading week. On weekends the broker time stops updating. I don't know about other platforms.
  • #299
  • Aug 17, 2010 3:21pm Aug 17, 2010 3:21pm
At 20:20 GMT five prospective signals:

- GBPUSD short
- USDCAD short
- EURJPY long
- AUDJPY long
- EURCHF long

Many pips to you traders
  • #300
  • Aug 17, 2010 5:44pm Aug 17, 2010 5:44pm
At 22:40 GMT :

G/U
sell 1,5550
sl 1,5600
tp 1,5500

U/CAD
sell 1,0300
sl 1,0350
tp 1,0250

N/U
buy 0,7140
sl 0,7100
tp 0,7200

E/J
buy 110,60
sl 110,00
tp 111,00

A/J
buy 77,70
sl 77,00
tp 78,50
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