Hi guys, having some success also first couple of days trying this, on mainly EJ and GJ, like Udine says but I am trying to simplify as much as possible the technique so that I can eliminate as many potential mistakes as possible with detriment to the profit. Could you guys kindly look at this and confirm if im doing it similar to you guys?
For a Long trade:
1. Starting trade hours 7am GMT but only for the first 2 hours? (most money in), no intraday?Open.
2. Check price is more than D1 Open and check price is more than last H1
3. Check ADR Room up has enough room.
4. No trading 1 hour before RED NEWS and 30 mins after.
5. Set a BUY STOP pending order at the [nearest] 00.Level above the current price.
6. Takeprofit 5pips+Spread (e.g 6pips) and Stop loss 10pips + spread (e.g) 11pips.
7. 2% Goal then stop. Or 4 Losses in a day stop. (Money Management)
(anything missing?)
For a short trade: (same rules opposite indications and direction)
I could be wrong but my concern with something like this is that the long term odds are potentially against it, and give that i have experience writing over 30Eas, I like to test the long term effectiveness of it and share my findings. However, given the Wukar, Udine has probably a long time ago considered this but correctly dismissed the idea since there are many factors which cant be put into the EA such as the news checking, unless you had a news list feed for the EA to check for the past, which current Indicators I dont think do. So given that the EA idea maybe out of question, I want to see if the simplest aspects of this technique still has long term profit potential. Hence why I am checking that I have understood the algo correctly, and then possible experiment with some other filters and report back! Thats going to be a heck of a load of man hours but the hope is it will help the thread in some way. E.g experimenting with different takeprofit/SL placements and so forth.
plz let me know any thoughts!
first time involved in FF forum.
Peace
For a Long trade:
1. Starting trade hours 7am GMT but only for the first 2 hours? (most money in), no intraday?Open.
2. Check price is more than D1 Open and check price is more than last H1
3. Check ADR Room up has enough room.
4. No trading 1 hour before RED NEWS and 30 mins after.
5. Set a BUY STOP pending order at the [nearest] 00.Level above the current price.
6. Takeprofit 5pips+Spread (e.g 6pips) and Stop loss 10pips + spread (e.g) 11pips.
7. 2% Goal then stop. Or 4 Losses in a day stop. (Money Management)
(anything missing?)
For a short trade: (same rules opposite indications and direction)
I could be wrong but my concern with something like this is that the long term odds are potentially against it, and give that i have experience writing over 30Eas, I like to test the long term effectiveness of it and share my findings. However, given the Wukar, Udine has probably a long time ago considered this but correctly dismissed the idea since there are many factors which cant be put into the EA such as the news checking, unless you had a news list feed for the EA to check for the past, which current Indicators I dont think do. So given that the EA idea maybe out of question, I want to see if the simplest aspects of this technique still has long term profit potential. Hence why I am checking that I have understood the algo correctly, and then possible experiment with some other filters and report back! Thats going to be a heck of a load of man hours but the hope is it will help the thread in some way. E.g experimenting with different takeprofit/SL placements and so forth.
plz let me know any thoughts!
first time involved in FF forum.
Peace
