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Quick and Dirty EOD

  • #61
  • Jun 30, 2012 2:28pm Jun 30, 2012 2:28pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

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
Lol, good one.
  • #62
  • Jun 30, 2012 2:31pm Jun 30, 2012 2:31pm
Quoting spyderman
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?
It depends on the pair you're watching and how far it is away from strong s/r such as the previous swing high or low. You want to keep the r/r to around 2/1 so if you need to risk less you could shoot for a lower profit figure but don't cut it back needlessly, if there's not much to stop the move then still go for the 200.
  • #63
  • Jun 30, 2012 2:34pm Jun 30, 2012 2:34pm
Quoting Bobcat2
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,...
I think Porkpie has a valid point though, in testing it can quite often work out that you do miss out on profitable trades that would have paid for some losses and so in the long run you would actually have been better off leaving the trade alone and accepting the loss if it does occur.
  • #64
  • Jun 30, 2012 3:31pm Jun 30, 2012 3:31pm
Quoting Hugh Briss
I think Porkpie has a valid point though, in testing it can quite often work out that you do miss out on profitable trades that would have paid for some losses and so in the long run you would actually have been better off leaving the trade alone and accepting the loss if it does occur.
With all due respect, I believe this discussion warrants accurate data on the strike rate. It is a remarkable trading system that has a 1/2 risk to reward ratio, and still wins more than 40% of the time. If there was a really good one, we would all be trading it (maybe this is it!) So on a given trade there is a better chance of losing money than making profits. This is exactly why I utilize this very common strategy of moving the SL to BE+1 as soon as practical.

Wait until the market is whipsawing and traders start having successive losses...they will abandon the system and move on to the next "holy grail". That would be a pity with EOD, as it holds great promise.

I will start making smaller lot trades, one for each method, and share the results, but this would be difficult for someone else to emulate because of the discretion involved when moving the SL.

For newbies,please follow Hugh's rules as successful discretionary trading only comes with study, patience and time.

Thanks Hugh...you rock!
  • #65
  • Jun 30, 2012 3:47pm Jun 30, 2012 3:47pm
Quoting Hugh Briss
I think Porkpie has a valid point though, in testing it can quite often work out that you do miss out on profitable trades that would have paid for some losses and so in the long run you would actually have been better off leaving the trade alone and accepting the loss if it does occur.
Bobcat

I used to think the way you do. Once a trade was put on, what mattered most was moving s/l to b/e+ and removing the stress of possibly losing money. Over time, my backtesting and forwardtesting revealed that Hugh's and Porkpie's contention is the correct one -- at least in terms of overall profitability.

Backtesting the heck out of a strategy to the point where one has maximum confidence in its edge and one has a good grasp of its historic max drawdown, etc. can make it psychologically easier to allow price more room to breathe and more room for the edge to play itself out.

In any case, good to hear you are profitable.
  • #66
  • Jul 1, 2012 9:32am Jul 1, 2012 9:32am
Quoting Hugh Briss
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.

Thanks for your advise BUT I am talking about trades 200 pips apart! If the PA reaches that point means our trade principle stands!
  • #67
  • Jul 1, 2012 12:10pm Jul 1, 2012 12:10pm
Quoting behman8850
Thanks for your advise BUT I am talking about trades 200 pips apart! If the PA reaches that point means our trade principle stands!
I see your point but there's a certain amount of unpredictability about it all at the moment that means I would prefer to watch.
  • #68
  • Jul 1, 2012 12:16pm Jul 1, 2012 12:16pm
Hugh ;

First off, I really like your signature quote! Barry on storage wars is quite the guy... Although, my wife and I can't figure out, why whenever he finds something of significant value he decides to keep it. lol.

Onwards: Current Daily Chart on EU has the 5ema Open crossing the 8 EMA Close and the monthly is still 'down.' Does the mean that you will not be placing a Sell order under current up bar?

Thanks,
Matt
  • #69
  • Jul 1, 2012 1:19pm Jul 1, 2012 1:19pm
Quoting fxcatty
Hugh ;

First off, I really like your signature quote! Barry on storage wars is quite the guy... Although, my wife and I can't figure out, why whenever he finds something of significant value he decides to keep it. lol.

Onwards: Current Daily Chart on EU has the 5ema Open crossing the 8 EMA Close and the monthly is still 'down.' Does the mean that you will not be placing a Sell order under current up bar?

Thanks,
Matt
Yes, Barry is the man. Just how big is his house with all this stuff in? Apparently he is only in the show to make up the numbers, a friend of the producer or something, add a bit of interest. He certainly does that. He has got loads of money apparently.

As far as eurusd is concerned I'm not compelled to trade it for a few days whatever happens just because of the eu summit and announcements last week. The ma's crossing against the trend on the daily would tell you that too so no trade.
  • #70
  • Jul 1, 2012 3:15pm Jul 1, 2012 3:15pm
Quoting Hugh Briss
Yes, Barry is the man. Just how big is his house with all this stuff in? Apparently he is only in the show to make up the numbers, a friend of the producer or something, add a bit of interest. He certainly does that. He has got loads of money apparently.

As far as eurusd is concerned I'm not compelled to trade it for a few days whatever happens just because of the eu summit and announcements last week. The ma's crossing against the trend on the daily would tell you that too so no trade.
and to add to ur argument the EU stopped hard at a Monthly level , not 2 say that it will not move further up but I am inclined to leave this pair alone until it is predictably in my favor . Better 2 wait a few days rather than risk a few pips. Sorry for the barge, I follow religiously but don't post a lot
Attached Image (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 91 KB
Always Learning
  • #71
  • Jul 1, 2012 3:22pm Jul 1, 2012 3:22pm
Quoting JayTrader
and to add to ur argument the EU stopped hard at a Monthly level , not 2 say that it will not move further up but I am inclined to leave this pair alone until it is predictably in my favor . Better 2 wait a few days rather than risk a few pips. Sorry for the barge, I follow religiously but don't post a lot
No worries, you post a good point.
  • #72
  • Jul 1, 2012 7:39pm Jul 1, 2012 7:39pm
I have a Sell Stop @ 1.2324 on the E/A & a Buy Stop on the A/C @ 1.0458; both SLs are around 100 pips. I looked at the Z/$ but the monthly is too "junky" for me so I skipped it. I'll see how I do with the other two. p
  • #73
  • Jul 1, 2012 7:45pm Jul 1, 2012 7:45pm
Quoting piprac
I have a Sell Stop @ 1.2324 on the E/A & a Buy Stop on the A/C @ 1.0458; both SLs are around 100 pips. I looked at the Z/$ but the monthly is too "junky" for me so I skipped it. I'll see how I do with the other two. p

I too have a sell stop on the E/A at 1.2318 and a buy on the C/F .94275
My A/C shows a green candle on my last daily bar and the monthly just crossed up so I don't think its a setup for me. May be different daily bars giving different signals.
  • #74
  • Jul 1, 2012 10:31pm Jul 1, 2012 10:31pm
Quoting mahanxiong
good job man,thanks!I will code an ea later to backtest this.
Good job everyone.
My girl code this EA which's her first or 2ed EA.It's great.Welcome for any updates and please have a good deal with the chinese words in the code.Good luck.
If people here interest in it,we will make it more user friendly.
thanks.

BTW,I love you so much,my girl.

Without MM:
http://www.forexfactory.com/attachme...1&d=1341199666

With MM:
http://www.forexfactory.com/attachme...1&d=1341199666

mahanxiong
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1png.png Size: 19 KB
Click to Enlarge Name: 2.jpg Size: 69 KB
Attached File(s)
File Type: mq4 yanyungui5.mq4   5 KB | 362 downloads
  • #75
  • Jul 1, 2012 11:27pm Jul 1, 2012 11:27pm
Quoting mahanxiong
Good job everyone.
My girl code this EA which's her first or 2ed EA.It's great.Welcome for any updates and please have a good deal with the chinese words in the code.Good luck.
If people here interest in it,we will make it more user friendly.
thanks.

BTW,I love you so much,my girl.

Without MM:
http://www.forexfactory.com/attachme...1&d=1341199666

With MM:
http://www.forexfactory.com/attachme...1&d=1341199666...
on which pair and timeframe should we test it?
Hudson Metrics
  • #76
  • Jul 2, 2012 12:40am Jul 2, 2012 12:40am
Yes, please translate into English and make the images a fraction smaller! Thanks.
  • #77
  • Jul 2, 2012 1:16am Jul 2, 2012 1:16am
Also could you please confirm what rules are used?

Monthly trend, daily trend, pullback day, entry? Thanks
  • #78
  • Jul 2, 2012 4:28am Jul 2, 2012 4:28am
Quoting quantq3
on which pair and timeframe should we test it?
Any pairs,D1 TF.I love eurusd best.
  • #79
  • Jul 2, 2012 4:29am Jul 2, 2012 4:29am
Quoting Hugh Briss
Yes, please translate into English and make the images a fraction smaller! Thanks.
I will do this later.
  • #80
  • Jul 2, 2012 4:31am Jul 2, 2012 4:31am
Quoting Hugh Briss
Also could you please confirm what rules are used?

Monthly trend, daily trend, pullback day, entry? Thanks
All the same as the rules in the 1st post.
Two MAs,the same tread in D1 & MN1,a pullback bar(D1),just all the same.
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