I've been a member of FF for a quite a while (somewhere around 3-5 years) and haven't really been the most active at posting in the forum. Over that time, I've tried more trading methods than I could possibly count and have learned a great deal. Some of the methods I've learned have been quite successful, others not at all.
Some of the key threads I've learned from in the past include James16 (price action), Bobokus (fibs), various multi-timeframe (MTF) threads, etc... I tend to like using fibs for targets and to figure out where to place my trades, and like to use higher timeframes to get the best possible longer term view of things. I also like to keep things as simple as possible.
One thing I've always wanted to do, and the goal of this thread, is to create a fairly consistent end of day trading system. This would be one that could be traded around the open of the Asian session for the next day (US, EUR). My timezone is EST.
There are tonnes of "end of day" of systems out there, but I'm hoping to create/use one that is more consistent than most. Most of the "end of day" systems I've used in the past or have seen on forums are simple breakouts. For example, take the consolidation period prior to the opening of the EUR session and trade on the range breakout. A number of pay systems out there do this. This works in strong trends, but dies out in ranging conditions. I still intend to use a breakout approach, but intend to use things like higher timeframe trends, major support/resistance lines, etc... to filter my trades a bit.
I fully intend to keep this system as simple as possible. Every indicator used (and there won't be many) will be simple and obvious as to what it's there for. I hate charts that are littered with thousands of indicators, most of which just show the same thing already shown by other indicators on the same chart.
Anyway, I'll get back to this a little later today to describe the system rules that I'll be starting with. As I go, I'll keep posting stats and pending trade setups.
If this fails, so be it. I will be completed up front and honest with my trades on this thread. I'll be using a demo account with around $500 to see where I can take it. I will focus on percent profit/loss, and far less on number of pips. Personally, I don't care how many pips I gain, just how much money I make or loose. I'll also try to use a number of currency pairs just so I can see which ones respond better or worse to the approach.
Cheers,
Mike
Some of the key threads I've learned from in the past include James16 (price action), Bobokus (fibs), various multi-timeframe (MTF) threads, etc... I tend to like using fibs for targets and to figure out where to place my trades, and like to use higher timeframes to get the best possible longer term view of things. I also like to keep things as simple as possible.
One thing I've always wanted to do, and the goal of this thread, is to create a fairly consistent end of day trading system. This would be one that could be traded around the open of the Asian session for the next day (US, EUR). My timezone is EST.
There are tonnes of "end of day" of systems out there, but I'm hoping to create/use one that is more consistent than most. Most of the "end of day" systems I've used in the past or have seen on forums are simple breakouts. For example, take the consolidation period prior to the opening of the EUR session and trade on the range breakout. A number of pay systems out there do this. This works in strong trends, but dies out in ranging conditions. I still intend to use a breakout approach, but intend to use things like higher timeframe trends, major support/resistance lines, etc... to filter my trades a bit.
I fully intend to keep this system as simple as possible. Every indicator used (and there won't be many) will be simple and obvious as to what it's there for. I hate charts that are littered with thousands of indicators, most of which just show the same thing already shown by other indicators on the same chart.
Anyway, I'll get back to this a little later today to describe the system rules that I'll be starting with. As I go, I'll keep posting stats and pending trade setups.
If this fails, so be it. I will be completed up front and honest with my trades on this thread. I'll be using a demo account with around $500 to see where I can take it. I will focus on percent profit/loss, and far less on number of pips. Personally, I don't care how many pips I gain, just how much money I make or loose. I'll also try to use a number of currency pairs just so I can see which ones respond better or worse to the approach.
Cheers,
Mike
