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Strength for one week, No Charts Attached ;)

  • #41
  • Aug 9, 2011 10:00am Aug 9, 2011 10:00am
Quoting gilab
Maybe this is crazy, but what if you reversed the losers instead of closing (half) of them?

Any thoughts?
Hi Gilab, I have thought of this as well. But my decision to just close the losing positions is because if you would reverse the trades you would no longer trade that pair in direction of strength...

I consider losing positions to be corrections on the current direction of strength. Most of the time corrections have less power of direction then trend. Espesially if strength was strong this strength will not be easely broken.

If the 10 week strength calculation shows direction of strength (or trend) has changed I will open trades on monday in the new direction.
  • #42
  • Aug 9, 2011 10:10am Aug 9, 2011 10:10am
That makes a lot of sense, considering you opened the trades based on strength. Those that are losing are probably correcting and not necessarily reversing.

I once opened a basket of trades (demo of course) completely randomly. After an hour, I reversed the losers. The results were astounding. I didn't do it again because I thought it was just random luck. Since my goal is not to make money on demo, but to actually refine systems that are used for real trading, I didn't see the point of repeating the experiment.

But it seems like what you started doing has a rational basis to it.
  • #43
  • Aug 9, 2011 10:15am Aug 9, 2011 10:15am
i find this, i hope it helps http://www.currencystrengthmeter.com/
passion and discipline
  • #44
  • Aug 9, 2011 10:18am Aug 9, 2011 10:18am
Quoting rohule
i find this, i hope it helps http://www.currencystrengthmeter.com/

I've used that. It changes by the second and I think the goal was to find the strongest currencies for the past 10 weeks. The CCFp indicators can do that.
  • #45
  • Aug 9, 2011 10:26am Aug 9, 2011 10:26am
ok, thank you so much, i will drop that
passion and discipline
  • #46
  • Aug 9, 2011 10:26am Aug 9, 2011 10:26am
Quoting FBForex
Hi Gilab, I have thought of this as well. But my decision to just close the losing positions is because if you would reverse the trades you would no longer trade that pair in direction of strength...

I consider losing positions to be corrections on the current direction of strength. Most of the time corrections have less power of direction then trend. Espesially if strength was strong this strength will not be easely broken.

If the 10 week strength calculation shows direction of strength (or trend) has changed I will open trades on monday...
That sounds reasonable FB and thank you for sharing this method. It remains to be seen how sound this method is but so far has made nearly 20% profit with a drawdown of just 4%.
  • #47
  • Aug 9, 2011 10:38am Aug 9, 2011 10:38am
Quoting FBForex
Attached is a screenshot of the current positions that I opened at London open.

Beauty is, no charts are needed to trade .

Will see how things develop during the week!
Here I see 24 currency pairs. 8 Currencies generates:
7+6+5+4+3+2+1 = 28
no?
  • #48
  • Aug 9, 2011 10:40am Aug 9, 2011 10:40am
Just today, I think the best results would be using this indicator from the same thread, when we attach it to a weekly chart and if we follow the first histogram on top left.

If it works ok, a coder would not have problem to modify this indicator for showing 10 weeks.....

A description of this histogram could be find here:

http://www.forexfactory.com/attachme...6&d=1310323057
Attached File(s)
File Type: mq4 StrengthMeter.mq4   14 KB | 577 downloads
  • #49
  • Aug 9, 2011 10:53am Aug 9, 2011 10:53am
Quoting BaliuxXx
Here I see 24 currency pairs. 8 Currencies generates:
7+6+5+4+3+2+1 = 28
no?
This monday I opened 26 pairs, but my alpari demo doesn't show NZD/CHF, NZD/CAD... maybe I forgot a pair last week?

Don't know for sure...
  • #50
  • Aug 9, 2011 10:55am Aug 9, 2011 10:55am
Quoting FBForex
This monday I opened 26 pairs, but my alpari demo doesn't show NZD/CHF, NZD/CAD... maybe I forgot a pair last week?

Don't know for sure...
My broker doesn't providing couple of crossing pairs. Wuold them affect the results, whoo knows...
  • #51
  • Aug 9, 2011 11:02am Aug 9, 2011 11:02am
Quoting FBForex
This monday I opened 26 pairs, but my alpari demo doesn't show NZD/CHF, NZD/CAD... maybe I forgot a pair last week?

Don't know for sure...
would you open pairs like EURUSD which has a difference of only 0.03%?
  • #52
  • Edited 11:21am Aug 9, 2011 11:06am | Edited 11:21am
Quoting wilson
would you open pairs like EURUSD which has a difference of only 0.03%?
Yes, reason is that we can never know if EURUSD might develop a trend... but if it does it's most likely in direction with strength...

If direction is wrong since they are close together other pairs with EUR or USD might make up for the losses... (Edit: And losses are likely very low because if two pairs are close together as strength is concerned they are likely to go not very farin either direction)
  • #53
  • Aug 9, 2011 11:56am Aug 9, 2011 11:56am
I'm keen to open a demo using this method, but I guess I need to wait until next Monday?? Or can I just use a 10 week period from today?

Thanks

GG
Now trading live
  • #54
  • Aug 9, 2011 12:42pm Aug 9, 2011 12:42pm
20 minutes before closing half loss.........
Attached Image (click to enlarge)
Click to Enlarge Name: fwc.gif Size: 79 KB
  • #55
  • Aug 9, 2011 12:57pm Aug 9, 2011 12:57pm
Quoting Gg33
I'm keen to open a demo using this method, but I guess I need to wait until next Monday?? Or can I just use a 10 week period from today?

Thanks

GG
Wait for the monday
  • #56
  • Aug 9, 2011 2:52pm Aug 9, 2011 2:52pm
Greetings FBForex,

Thank you for posting this.

I have just one question: how do you determine which pairs to trade?

For instance, if I look at the "Relative Currency Strength Calculator" right now it shows the following for the past 10 weeks:
CHF3.88 %
GBP2 %
EUR1.71 %
USD1.48 %
JPY-0.31 %
CAD-1.46 %
NZD-2.93 %
AUD-4.08 %

So would you enter trades something like this?

Long CHF/JPY
Short AUD/CHF

,etc. like that?

Thank you for any further explanations.

Quoting FBForex
[size=3][color=Navy]Hi Guys,

I had a very simple idea two weeks ago.

What would happen if I just follow strength of the 8 majors for one week?

Let me explain the idea a bit further:

Monday morning 8.00 am (Central European Time)
I look at the currency strength calculator on this site: Currency strength calculator
[color=DarkGreen]I don't exactly know...
  • #57
  • Aug 9, 2011 3:18pm Aug 9, 2011 3:18pm
Hi everyone,

Had an appointment and just back..
Closed half my losing positions just now...

Point is, markets should have settled before closing positions.

Had to close one position GBP/CAD. Attached is the picture of the account before closing this position.

Currently massive open profit...
Attached Image (click to enlarge)
Click to Enlarge Name: Mt4.jpg Size: 205 KB
  • #58
  • Aug 9, 2011 3:23pm Aug 9, 2011 3:23pm
Quoting KelvinM
Greetings FBForex,

Thank you for posting this.

I have just one question: how do you determine which pairs to trade?

For instance, if I look at the "Relative Currency Strength Calculator" right now it shows the following for the past 10 weeks:
CHF3.88 %
GBP2 %
EUR1.71 %
USD1.48 %
JPY-0.31 %
CAD-1.46 %
NZD-2.93 %
AUD-4.08 %

So would you enter trades something like this?

Long CHF/JPY
Short AUD/CHF

,etc. like that?

Thank you for any further explanations.
If this would have been monday morning I would open trades like this:
Sell GBP/CHF
Sell EUR/CHF
Sell USD/CHF
Buy CHF/JPY
Sell CAD/CHF
I don't have NZD/CHF available...
Sell AUD/CHF

Then move to remaining GBP trades..

Sell EUR/GBP
Buy GBP/USD
Buy GBP/JPY
Buy GBP/CAD
Buy GBP/NZD
Buy GBP/AUD

and so on for the remaining currencies, hope you get the idea.
Good luck next week!
  • #59
  • Aug 9, 2011 3:25pm Aug 9, 2011 3:25pm
This makes perfect sense now. I am going to demo beginning Monday morning.

Thank you.

Quoting FBForex
If this would have been monday morning I would open trades like this:
Sell GBP/CHF
Sell EUR/CHF
Sell USD/CHF
Buy CHF/JPY
Sell CAD/CHF
I don't have NZD/CHF available...
Sell AUD/CHF

Then move to remaining GBP trades..

Sell EUR/GBP
Buy GBP/USD
Buy GBP/JPY
Buy GBP/CAD
Buy GBP/NZD
Buy GBP/AUD

and so on for the remaining currencies, hope you get the idea.
Good luck next week!
  • #60
  • Aug 9, 2011 3:45pm Aug 9, 2011 3:45pm
One other question:

I understand you are trading with .01 size lots, or 1000 units per trade. What size account are you demoing with, or would you recommend?
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