New York Weekly Fib

Introduction:

This is an Experiment
Trade at your own risk
See the attachments below
Please feel free to add your thoughts
Trade is based on the Eur/Usd

Indicator:

CanuckCT has created an indicator.

Indicator is attached below. Indicator is a work in process.... Indicator is painting fibs back in time for visual testing of the Entries, TPs and SLs.

Anchor Pivot is calculated at the 5pm EDT Open Candle on Sunday, UTC_GMT 21

To shift, use positive numbers only.

Keep on 1HR View

Download Indicator and use the following setup (this is Experiment 1)
This is attachment 1 (A1)
TimeFrame = W1
BTP = 1.11
BE = 0.50
BSL = -0.11
STP = 1.11
SE = 0.50
SSL = -0.11

Put the same indicator on another 1hr view of the Eur/Usd and use the following setup (this is Experment 2)
This is attachment 2 (A2)
TimeFrame = W1
BTP = 2.11
BE = 1.50
BSL = 0.88
STP = 2.11
SE = 1.50
SSL = 0.88

Short Description:

Fib range is based on the Daily ATR(22)/2.
0 is anchored to the Open Price.
Buy fibs start from 0 and go up.
Sell fibs start from 0 and go down.

If you want to buy at 25% above the open price, then use BE = 25.
If you want to sell at 25% below the open price, then use SE = 25.
Same for TP and for SL.
If you want the BSL at 0, then BSL = 0
If you want the SSL at 0, then SSL = 0
(Open, Buy Stop Loss and Sell Stop Loss Labels will overlap.)

MM:

1. Trade at your own risk
2. Modify Buy, Sell, SL, TP and Lots based on calculating how much you can afford to lose based on your Trading Objectives, and Trading Plan
3. Modify Buy, Sell, SL, TP and Lots based on Trend

Comments:

1. I'd like to see if trading from 5pm EDT Sunday night and eventually 5pm EST, based on the above or a modification of the above, can be profitable
2. Trade at your own risk. CanuckCT and I are not responsible for your wins or losses
3. Thanks go out to many FF members - 2005 to present

A1:

A2:

Ok, so the attached pictures are hard to read....they look really bad ....
For next week, the post will start Sunday night, and the attachments will be clearer to read.
The first set is showing this weeks results.

A1 --- took profit: a buy (about 50 pips) and a sell (about 50 pips)
A2 --- took profit: a sell (about 50 pips)


A1:
WeeklyBuyTP @ 1.40792
WeeklyBuy @ 1.40203
WeeklySellSL @ 1.39834
WeeklyOpen @ 1.39720
WeeklyBuySL @ 1.39614
WeeklySell @ 1.39237
WeeklySellTP @ 1.38640

A2:
WeeklyBuyTP @ 1.41758
WeeklyBuy @ 1.41169
WeeklyBuySL @ 1.40580
WeeklyOpen @ 1.39720
WeeklySellSL @ 1.38860
WeeklySell @ 1.38271
WeeklySellTP @ 1.37682

A1 is setup for a trade closer to the Open.
A2 is setup for a trade farther away from the Open.

This is attachment 1 (A1)
TimeFrame = W1
BTP = 1.11
BE = 0.50
BSL = -0.11
STP = 1.11
SE = 0.50
SSL = -0.11

This is attachment 2 (A2)
TimeFrame = W1
BTP = 2.11
BE = 1.50
BSL = 0.88
STP = 2.11
SE = 1.50
SSL = 0.88

A1:
I thought we'd start with 50 and add 61 (61.8) to get 111.
Also, 50 - 61 = -11

A2:
I thought we'd start with 150 and add 61 (61.8) to get 211.
Also 150 - 61 = 89

A1 shows a buy entry that made profit and a sell entry that made profit
A2 shows a sell entry that made profit

Not a bad start

Use the same indicator in two different screens.

A1 uses the A1 settings

A2 uses the A2 settings

Yes, it is.

Was messing around with the indicator in the editor and saw that there was an option to change the timeframe.

So, I changed the timeframe.

And here we are.

We know our risk.
We know our reward.
We've an indicator that puts the Entry, Stop Loss, and Take Profit lines on the screen.

It takes about, what, 5 minutes to input trades, and you walk away.
Well, almost, but, if this proves profitable, then all we need is an EA.... Swiss Army Knife should do or if there's a programmer willing to program it ....

Yes, you can change the %s to anything you want.
Can you setup a 3rd view with a 3rd set of numbers? Yes

Can you setup recovery trades if the A1 hits the SL? Yes
You can setup recovery trades for the Buy (which would be a sell)
You can setup recovery trades for the Sell (which would be a buy)

If you can setup a recovery trade for A1, can you setup a recovery trade for A2? Yes

If you setup an A3, can you setup a recovery trade for A3? Yes

Recovery, for the purposes of this thread, means that if a buy goes bad, then at or around the SL, Sell. Just remember to identify the risk first, then identify the reward. (SL Risk, TP Reward)

Now that would be nice to have in an EA. I don't think the Swiss Army Knife EA has that kind of ability.

Also, if you are interested, checkout Steve's thread:
http://www.forexfactory.com/showthread.php?t=259284

A1:

A2:

A2:

A1:

A2:

A1: Buy Loss, Sell Loss, Sell Profit (Net down 1)

A2: No trades

A1: Showing profit (net = 0)
A2. Showing buy entry