An entry a day "happy-go-lucky" system - rolling EMA200! | Forex Factory

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Attachments: An entry a day "happy-go-lucky" system - rolling EMA200!
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An entry a day "happy-go-lucky" system - rolling EMA200!

  • #1
  • First Post: Edited May 31, 2014 10:58am May 30, 2014 11:42am | Edited May 31, 2014 10:58am
Hey guys

I want your opinion, criticism, comment, or ridicule on this system!!

Setting: 1 hour chart EURUSD USDJPY
Entry: once a day at +12 GMT 2 hours before Tokyo open (the calmest time in the market).
Long -- if EMA50 is "up" -- when EMA50 at +12 GMT is higher than it was 24 hours ago.
Short -- if EMA50 is "down" -- when EMA50 at +12 GMT is lower than it was 24 hours ago.
No entry -- if EMA50 is flat -- say, if the difference between ema50 and ema50-a-day-before is less than 10 pips, no entry takes place.

SL -25
TP +50 (can use a trailing stop)
BE Once reaching +10, SL=entry point

If no SL, TP, or BE hits, it rolls over next day. But it closes at the end of week no matter what.

Idea -- Between NY and Tokyo, the market is inactive. When Tokyo opens up, the market starts moving up and down. Is the direction (up or down) totally random? Say, is it 50:50/up:down.

I think not. Then, how do you know about the bias? I just put EMA50 and follow the direction. I would be profitable if it gives more than 51%.

Look at the daily charts or even 4h and 1h and put EMA200 and 50. There is always an obvious bias waiting to be taken advantage of.

Thanks!
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  • #2
  • May 30, 2014 7:44pm May 30, 2014 7:44pm
My opinion is not to be lazy and test it yourself. If you decide it is good enough, demo until you double your account with low risk trades (1-2%) then continue with a real account using small amounts of money and continue as it proves itself as a winner. But, you need to test it yourself to commit to taking the trades through the bad times.
"Even if you fall down face first, you still went forward."
  • #3
  • May 30, 2014 10:03pm May 30, 2014 10:03pm
Sounds like a good system - would definitely prevent over-trading and those who are trigger happy.

Would be interested to see how your test goes.
  • #4
  • May 31, 2014 12:25am May 31, 2014 12:25am
Quoting Forexgogo
Setting: 1 hour chart Entry: once a day after NY before London (when the market is calm)

Long -- if EMA50 is up in the previous day
Short -- if EMA50 is down in the previous day
No entry -- if EMA50 is flat (discretionary!!)
SL -25 TP +50 (can use a trailing stop
BE Once reaching +10, SL=entry point
If no SL, TP, or BE hits, it rolls over next day. But it closes at the end of week no matter what. On the attached chart, entries are 0:00 in Oanda time.
I believe to more specific you are saying "after NY time, before Asia"... It's Asia > Europe > NY > Asia > Europe > NY etc...

I think Oanda uses GMT/UTC is that correct?

To program you need to be specific on when to enter each day. Perhaps make the entry time a variable.

When you say "if EMA50 is up in the previous day" what do you mean specifically? For example...
Closes higher at 11:59 compared to 11:59 a day ago? Of course, in MT4 that would be:

if iMA(NULL,PERIOD_D1,50,0,MODE_EMA,0,1) > iMA(NULL,PERIOD_D1,50,0,MODE_EMA,0,2)

The discretionary part would also need to be more specifically coded.
  • #5
  • May 31, 2014 3:36am May 31, 2014 3:36am
Quoting juicyt
My opinion is not to be lazy and test it yourself.
You are quite tight. Yes I'm lazy, which led me to come up with this system.

I will test it myself. But before that I wanted FF members' comments about it. You guys often give better ideas than the original.

Please keep commenting.
  • #6
  • May 31, 2014 3:36am May 31, 2014 3:36am
Quoting Ivanyo
Sounds like a good system - would definitely prevent over-trading and those who are trigger happy. Would be interested to see how your test goes.
Thanks. I hope it goes well
  • #7
  • Edited 7:42am May 31, 2014 4:23am | Edited 7:42am
Quoting Pipologist
{quote} I believe to more specific you are saying "after NY time, before Asia"... It's Asia > Europe > NY > Asia > Europe > NY etc... I think Oanda uses GMT/UTC is that correct?
I meant it after NY. But I think the best time to enter when Tokyo opens -- +9 GMT/UTC. This is because the spread is too big before Tokyo due to the low volume.

I believe it's 18:00 on Oanda charts.

Quoting Pipologist
{quote}When you say "if EMA50 is up in the previous day" what do you mean specifically? For example... Closes higher at 11:59 compared to 11:59 a day ago? Of course, in MT4 that would be: if iMA(NULL,PERIOD_D1,50,0,MODE_EMA,0,1) > iMA(NULL,PERIOD_D1,50,0,MODE_EMA,0,2) The discretionary part would also need to be more specifically coded.
A good question!
(1) the slope of EMA50 is "up" when EMA50 at +12 GMT is higher than it was 24 hours ago. When the week strats, it compares to Friday's data (72 hours ago).
+12 GMT is the calmest time in the market.
(2) As for discretionary, say, if the difference between ema50 and ema50-a-day-before is less than 10 pips, no entry takes place.

Please ask me more if anything unclear. Thanks!!
  • #8
  • Jun 2, 2014 2:54am Jun 2, 2014 2:54am
So are you using this system now, or have you used it before? Or did you read about it...

Any progress on testing it?
  • #9
  • Jun 2, 2014 7:40pm Jun 2, 2014 7:40pm
No you're not lazy Forexgogo!

Isn't the forum all about discussing potentially profitable trading techniques?

I hope you only agreed with the accuser to shut 'em up.

You have fun threads full of money making ideas.

Tokyo open would probably be best to start for better spreads.

I read on the FXCM forum once that most of the profitable traders they have trade the Asian session - or something along those lines.
  • #10
  • Jun 3, 2014 2:29am Jun 3, 2014 2:29am
Quoting Forexgogo
Entry: once a day at +12 GMT 2 hours before Tokyo open (the calmest time in the market). Long -- if EMA50 is "up" -- when EMA50 at +12 GMT is higher than it was 24 hours ago. Short -- if EMA50 is "down" -- when EMA50 at +12 GMT is lower than it was 24 hours ago. No entry -- if EMA50 is flat -- say, if the difference between ema50 and ema50-a-day-before is less than 10 pips, no entry takes place. SL -25 TP +50 (can use a trailing stop) BE Once reaching +10, SL=entry point If no SL, TP, or BE hits, it rolls over next day. But it closes at the end...
You have "entry once a day" and you have "roll over if targets not hit" so the question remains...

Up to how many open positions max during the week? Just to clarify...

1 total? max?

or 5 max?
  • #11
  • Jun 3, 2014 8:37am Jun 3, 2014 8:37am
Quoting Pipologist
{quote} You have "entry once a day" and you have "roll over if targets not hit" so the question remains... Up to how many open positions max during the week? Just to clarify... 1 total? max? or 5 max?
It's a good point... Say, only 1 trade at any time.
  • #12
  • Jun 3, 2014 8:40am Jun 3, 2014 8:40am
Quoting Poocher
No you're not lazy Forexgogo! Isn't the forum all about discussing potentially profitable trading techniques? I hope you only agreed with the accuser to shut 'em up. You have fun threads full of money making ideas. Tokyo open would probably be best to start for better spreads. I read on the FXCM forum once that most of the profitable traders they have trade the Asian session - or something along those lines.
Thanks for nice words!

I think the Asian session is better to trade than London and NY because less volatile. If you aim to catch swings of 1-3 days, the Asian session is easier to enter, I believe.
  • #13
  • Jun 3, 2014 2:06pm Jun 3, 2014 2:06pm
Quoting Poocher
Tokyo open would probably be best to start for better spreads. I read on the FXCM forum once that most of the profitable traders they have trade the Asian session - or something along those lines.
Hi Poocher, I believe you're referring to the DailyFX article on the best time of day to trade which is part of a series on incorporating profitability statistics.
  • #14
  • Jun 3, 2014 7:00pm Jun 3, 2014 7:00pm
That was it.

Awesome Jason!

Thanks for the clarification.

Quoting Jason Rogers
{quote} Hi Poocher, I believe you're referring to the DailyFX article on the best time of day to trade which is part of a series on incorporating profitability statistics.
  • #15
  • Last Post: Jun 8, 2014 2:26pm Jun 8, 2014 2:26pm
Can any friend make an EA to test it? The rules are clear to make this an EA and test. Thanks!
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