EOD System

Broker = The Collective

Goal:

Make 20 pips - spread per trade.
Use a variable trading range above and below the initiating candle.
Currently using 125 pips above and 125 pips below close of the daily candle.

Determine entry, exit and stop loss based on a % of 125 pips above and below the close of the daily candle.

Game Plan:

1.1.1. Start with the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, or the Open of the 0 UTC_GMT Candle.


1.2.1. Take the Fib Tool and add 1.0, .833, .668, 0, -.668, -.833, -1.0
1.2.2. Use 100.00, 83.30, 66.80, 0.00, -66.80, -83.30, -100.00 to display the % and %$ to display the price
1.2.3. Use Close as the description of the 0 line.
1.2.4. Update the Fib Tool to add or subtract more lines to make your trading easier.


1.3.1. Put the 0 line of the Fib Tool at the Close of the 21 UTC_GMT Candle, if a Friday, or the Close of the 23 UTC_GMT Candle, if a Monday through Thursday Candle, or thr the Open of the 0 UTC_GMT Candle.

1.4.1. Put the 100 line of the Fib Tool 125 pips above the Close or Open used in 1.3.1.

1.5.1. Buy at .668 and Take Profit at .833. Profit Target is 20 pips.

1.6.1. Sell at -.668 and Take Profit at -.833 Profit Target is 20 pips.

1.7.1. Stop Loss TBD, recommend SL is sometime before the other order is triggered.
1.7.2. Stop Loss Idea 1:- see Post #7 and #8.
1.7.3. Stop Loss Idea 1 Comment: Wondering if sl needs to be a bit larger (potentially at the Close with a Reverse to the Buy or Sell Entry?)

1.8.1. Money Management is up to you.

1.9.1. Only move the Fib Tool for the next trade when you take profit. Use the Close of the Day when the profit was taken or you can also use the Open of the next days candle.

2.0.1. Repeat 1.3.1. through 1.9.1.

((As a note: the first trade was started on a Friday using the Close of the 21 UTC_GMT. Price at the Close of the 21 UTC_GMT Candle is similar to the Open of the 0 UTC_GMT Candle.))

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No back testing has been done.

Forward testing starting with Friday's Trade.

If anyone would like to create an Indicator, have at it:

Provide the ability so that UTC_GMT is the basis for determining when the indicator starts.

Provide the ability to use the Open, High, Low, or Close of the initiating candle.

Provide the ability to input a fixed number of pips for the trading range....above the Open, High, Low or Close of the initiating candle.

Provide the ability to input a fixed number of pips for the trading range....below the Open, High, Low or Close of the initiating candle.

Provide the ability to use a % for the Buy Entry, a % for the Sell Entry, a % for the Buy Take Profit, a % for the Sell Take Profit, a % for the Buy SL and a % for the Sell SL.

The %'s would also be the basis for drawing lines on the screen to display the Buy Entry, Sell Entry, Buy Take Profit, Sell Take Profit, Buy SL and Sell SL.

Ok so... why not just set your entry orders 125 pips away from the close of the desired candle? Do you really need the fib tool for this?

Also, I see that the goal is to make 20 pips. So, if it take all week to get there, has the your goal been satisfied?

Lastly, if the stop loss is somewhere on the other side of the trade, then the r:r is not very good, however, i am inclined to believe that once the movement of the pair occurs, it is more than likeley to continue to your target. Even so, how will you adjust for the poor r:r when you lose a trade?

A1: Fib tool used for entry, exit and eventually sl
A2: If only one trade during the week, then yes goal has been satisfied.
A3: R:R Question: no answer. However, like you, I believe that once the movement of the pair occurs, it is more than likely to continue to the target.

Note: Answer to the SL / RR Question will be the key to determining if this idea works. However, it is the key answer to the key question for all trading ideas. I don't have an answer yet...don't know if I will...

E/U Daily Screen.
1st Profit.
Sell Entry from -66.80% 1.44140
Sell Take Profit at -83.30% 1.43934

Appreciate the honesty and will be watching the thread.

E/U Daily
Today was the day we took profit.
Today we move the fib tool to the close of daily candle.
We start with a Buy Entry at 66.80% and a Sell Entry at -66.80%.
The Buy Take Profit is at 83.30% and the Sell Take Profit is at 83.30%
Remember the "Buy Range is based on 125 pips" and the "Sell Range is based on 125 pips."

Stop Loss at 33.8% or -33.8% with Reverse Entry with Close as the Profit Target, and 66.8% and -66.8% as the SL.

E/U:

E/U:

E/U Daily Screen.
2nd Profit.
Sell Entry from -66.80% 1.43478
Sell Take Profit at -83.30% 1.43272
20 Pips
40 Pips Total

E/U Daily:

E/U Daily:
(Sorry picture is not that good....however, the concept is that the Buy Entry and Sell Entry, based on the past, shows a high probablity of being taken, understanding that E/U has been ranging for some time.)

Hi Barney, Your stragegy seem to done a very good profit. I will backtest it for a last 2 years and will post a result soon (maybe tomorrow).

thanks again.

Appreciate the effort dolvliz ....

Is there a way for you to determine the draw down distribution, if you were not to use a stop loss.

I personally trade with a catastrophic sl, not the sl in this thread.

The sl in this thread is just an attempt to provide an idea for others.

E/U Daily:

What made you choose the Thursday candle instead of the 5pm Friday candle as stated in the rules? Is this purely by personal preference?

I picked the Friday Candle, because it was Friday when I thought to open up this thread.

The Broker I use closes their Friday Candle at 21 UTC-GMT. That is why I used the Friday Candle.

Probably, to make it easier, use the Open of the 0 UTC_GMT Candle, +/- 125 pips, use the %'s mentioned in Post #1.

Also, remember you can use any Hourly Candle, the Close, the Open, the High or the Low....+/- a any number of pips, and any % for Entry, Profit Taking, and any Stop Loss.

E/U:
4th Trade was a Buy
5th Trade is a Sell

In post #15, you did not use the Friday candle, you used the Thursday candle.

Thanks

Sorry, misunderstood....thought you were refering to the initial trade.

In answer to your question:

1.9.1. Only move the Fib Tool for the next trade when you take profit. Use the Close of the Day when the profit was taken or you can also use the Open of the next days candle.

I moved the fib tool to Thursday, and used the close of the candle, which for me was the 23 rd UTC_GMT Candle....you could have used the open of the 0 UTC_GMT Candle.