Quick and Dirty EOD | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

EOD trading system 1,037 replies

EOD -1 day hold 213 replies

Quicker and Dirtier EOD 117 replies

Best EOD strategy 5 replies

The meaning of EOD? 3 replies

Attachments: Quick and Dirty EOD
Exit Attachments

Quick and Dirty EOD

  • #41
  • Edited Jun 29, 2012 9:10am Jun 28, 2012 2:32pm | Edited Jun 29, 2012 9:10am
Hugh, may I ask what broker platform you are using? I am using Oanda; the new daily candle apears at Midnight EDT. When does your new daily candle begin?

Thanks!
  • #42
  • Jun 28, 2012 2:32pm Jun 28, 2012 2:32pm
Quoting Bobcat2
Hugh,

What advantage is there to wait for a daily candle to be a contrarian candle running opposite to the trend? After all, in a downtrend, we are simply trading a breakout making a new low of the contrarian candle. Yes, it makes sense to trade with the MA trend, but why must there be a contrarian candle? It would seem ANY candle would work...be it green (up) or red (down).

I'm guessing the contrarian candle represents a retest of the price action direction and protects our pending trade if price is making a reversal?

Good trading!
BC2...
A counter trend candle suggests that a strong level of s/r has been met, strong enough to reverse the price against the trend whereas a trend candle doesn't give you the same information.
  • #43
  • Jun 28, 2012 2:35pm Jun 28, 2012 2:35pm
Quoting Bobcat2
Hugh, may I ask what broker platform you are using? I am using Oanda; the new daily candle apears at Midnight CDT. When does your new daily candle begin?

Thanks!
I use Vantage FX UK. Their candle close is midnight GMT.

The candle close will give different traders different views of the same price action but not much can be done about that and it is the method more that matters.

A note about the euraud trade. 200 pips takes the take profit below the last swing low so I'm just going for 100 on this one and reducing the stop accordingly.
  • #44
  • Jun 28, 2012 8:42pm Jun 28, 2012 8:42pm
Quoting Hugh Briss
I use Vantage FX UK. Their candle close is midnight GMT.

The candle close will give different traders different views of the same price action but not much can be done about that and it is the method more that matters.

A note about the euraud trade. 200 pips takes the take profit below the last swing low so I'm just going for 100 on this one and reducing the stop accordingly.
Sorry if this sounds like a stupid question... You said you are reducing your sl for the euraud trade. Since your taking off half your profit, are you in turn setting your sl at 50 to keep your ratio at 2:1?

Btw, I also wanted to mention that what I like most about your method here is that there is no pressure to take a trade on the spot. I love that you can debate it in your mind for awhile and be in no pressure to lose your entry point.

Thanks again for everything!
  • #45
  • Jun 28, 2012 10:55pm Jun 28, 2012 10:55pm
Quoting Nate04
Sorry if this sounds like a stupid question... You said you are reducing your sl for the euraud trade. Since your taking off half your profit, are you in turn setting your sl at 50 to keep your ratio at 2:1?

Btw, I also wanted to mention that what I like most about your method here is that there is no pressure to take a trade on the spot. I love that you can debate it in your mind for awhile and be in no pressure to lose your entry point.

Thanks again for everything!
With no hard and fast rules in place yet I'm going to have to come up with something on the spot here but yes, in principle you are correct, I want to reduce the stop if I can to keep the r/r the same. However it is not logical to just reduce the stop by an arbitrary amount so what I will probably do is look for a level of s/r in the region of 50 to 75 pips away from the entry and put the stop behind that. As you say, plenty of time to consider the options.
  • #46
  • Jun 30, 2012 6:30am Jun 30, 2012 6:30am
Hey Hugh your a smart guy for coming up with simple rules to effectively extract pips from the market keep up the great effort to gain on a daily basis
To Write Sonnets On Soliloquies In A Fortress Of Solitude
  • #47
  • Jun 30, 2012 7:13am Jun 30, 2012 7:13am
Hugh,

Thanks for another interesting thread. Glad I stumbled on your work the other day. It seems your "style" fits my eye so I'm getting some good ideas here.

My daily bar closes at 4:00pm EST so I think that's about 9:00 or 10:00 GMT (not very good with GMT) so my dailys will look slightly different.

Subscribed
  • #48
  • Jun 30, 2012 9:33am Jun 30, 2012 9:33am
Quoting Bobcat2
Hi Hugh,

I made two live trades with EU and EJ last night on Oanda. EJ is currently +50 pips and EU is +25 pips. I made small lot size trades to be cautious with a new strategy, but there were some other pairs that could have been traded, as well.

Just to protect myself, I have moved my SL to BE+1 on both pairs. I know moving the SL is not in the rules, but I hate to see a winning position end up a loser.

When I am trading multiple pairs simultaneously, I like to view the group as a whole, and generally set a basket goal. When I reach that...
Careful with the breakeven approach Bob. Unless you are going for high r multiples (high reward versus small risk), breaking even on 2:1 RR trades is not wise. Worth doing solid backtesting with various exit scenarios to see which works out best for your risk profile and your account.
  • #49
  • Jun 30, 2012 9:47am Jun 30, 2012 9:47am
Quoting PipLegend
Hey Hugh your a smart guy for coming up with simple rules to effectively extract pips from the market keep up the great effort to gain on a daily basis
Thanks, glad you like it.
  • #50
  • Jun 30, 2012 10:17am Jun 30, 2012 10:17am
Attached Image (click to enlarge)
Click to Enlarge Name: ptt.gif Size: 48 KB

hello Guys, will you please look at my daily and monthly e/u charts n tell me , should i put a short order at low of green candle that is 1.2431 sl 100 pips at 1.2531 and tp 200 at 1.2231? Thanks.
Bomi
  • #51
  • Jun 30, 2012 10:18am Jun 30, 2012 10:18am
sorry . here is my daily chart from yesterday.
Attached Image (click to enlarge)
Click to Enlarge Name: ptt.gif Size: 46 KB
  • #52
  • Jun 30, 2012 10:23am Jun 30, 2012 10:23am
Likewise on usd/chf, shall we take a long at 0.9659? sl at 0.9559 and take profit at 0.9859??
Attached Image (click to enlarge)
Click to Enlarge Name: ptt.gif Size: 59 KB
  • #53
  • Jun 30, 2012 10:50am Jun 30, 2012 10:50am
Quoting behman8850
hello Guys, will you please look at my daily and monthly e/u charts n tell me , should i put a short order at low of green candle that is 1.2431 sl 100 pips at 1.2531 and tp 200 at 1.2231? Thanks.
Bomi
Your charts look fine. Given the volatility in eurusd at the moment I would be careful taking that trade. Better to see what happens over the next few days and see if things settle down and the downtrend resumes.

As for usdchf I would say don't trade it at all, it is just a mirror of eurusd at the moment so you are essentially just trading the same movement and hence doubling your risk.
  • #54
  • Jun 30, 2012 10:52am Jun 30, 2012 10:52am
Euraud still looks like a valid trade. If after all the upwards movement yesterday it still can't make gains against the aud then what will happen on Monday when everyone realises the eurozone is still in a massive hole and starts selling it again? (this is speculation and could be wrong).
  • #55
  • Jun 30, 2012 2:05pm Jun 30, 2012 2:05pm
Quoting Hugh Briss
No worries. In this case I think letting it do it's thing, win or lose, would be better in the long run.
++++++++++++++++++++++++++++++++

Respectfully. I have done some testing on this matter and results show a slight improvement (1-2%) in favor of moving SL to BE after a given point. Most of my testing involves this move occurring after approx 1/3 move toward target.
This theory has only been tested on 1hr & 4hr charts so it may or may not stand up.
Darryl
  • #56
  • Jun 30, 2012 2:07pm Jun 30, 2012 2:07pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Respectfully. I have done some testing on this matter and results show a slight improvement (1-2%) in favor of moving SL to BE after a given point. Most of my testing involves this move occurring after approx 1/3 move toward target.
This theory has only been tested on 1hr & 4hr charts so it may or may not stand up.
Darryl
Thanks for doing the work to find out, that's an interesting finding. Sometimes moving to break even has a detrimental effect.
  • #57
  • Jun 30, 2012 2:08pm Jun 30, 2012 2:08pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Respectfully. I have done some testing on this matter and results show a slight improvement (1-2%) in favor of moving SL to BE after a given point. Most of my testing involves this move occurring after approx 1/3 move toward target.
This theory has only been tested on 1hr & 4hr charts so it may or may not stand up.
Darryl
For some reason I can't read your name without seeing diamondBBW!
  • #58
  • Jun 30, 2012 2:19pm Jun 30, 2012 2:19pm
Quoting Hugh Briss
For some reason I can't read your name without seeing diamondBBW!
++++++++++++++++++++++++++++++++

That's intentional... If you can't get my name straight, it's unlikely you'll be successful suing me...

Years ago I has a license plate (auto) that read DBDUBLU. Try to remember that in a flash leaving the scene of a crime. My initials DBW- W=dub-l-u
  • #59
  • Jun 30, 2012 2:20pm Jun 30, 2012 2:20pm
Hugh,

You mentioned in post 1 that s/l is above high of signal bar or 100 pips whichever is closer. Then t/p at 200 pips for a 1:2. Is that TP still the case if our s/l is much lower due to candle size?
  • #60
  • Jun 30, 2012 2:27pm Jun 30, 2012 2:27pm
Quoting Porkpie
Careful with the breakeven approach Bob. Unless you are going for high r multiples (high reward versus small risk), breaking even on 2:1 RR trades is not wise. Worth doing solid backtesting with various exit scenarios to see which works out best for your risk profile and your account.
Hi Porkpie,

Thanks for your response...your advice is well-taken. I understand the merit of your position. However, we have different philosophies regarding money management. For me, preservation of capital is key. Moving the SL to BE+1 as soon as practical has saved me from losing a great deal of money in forex trading over the past 5 years. With 90% of all forex traders losing all of their investment account, this simple act alone has kept me financially viable for the past 5 years...

Perhaps I don't accumulate as much profit as others, but this strategy has served to keep me out of harm's way...and that's my goal.

I believe that the average trader thinks of the SL vs the TP risk to reward ratio is a static concept. It does not need be...if you move the SL to BE as soon as practical. In most of my trades I do exactly that...and my exposure to financial loss is relatively short-lived. Others will argue that I may be curtailing profitable trades...but I view it as how quickly I an able remove all of the trade risk as soon as possible.

I sleep better at night this way!

Good trading!
0 traders viewing now