Follow the monthly candle and be profitable | Page 29 | Forex Factory

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Follow the monthly candle and be profitable

  • #561
  • Nov 8, 2014 6:28am Nov 8, 2014 6:28am
Quoting unimak
ok friends while we are doing a blanket 27 pair weekly trade approach , i am giving it a little tweak in concentrating on a few of the 27 pair which i think hold great promise. valid till 10 -14 nov 2014. So for next week these are my pairs each gunning for 60 -100 pips with same 100 pips sl SELL AUD CAD 0.9783 below sell it AUD NZD 1.1137 below sell it AUD CHF 0.8341 below sell it BUY EURAUD 1.4421 above buy it GBPAUD 1.8378 above buy it We will review it at the end of next week .
Good day, I can still put GBPCHF, EURNZD and GBPNZD all sell.Muito well ... you got fast. Congratulations !!!
  • #562
  • Nov 8, 2014 8:21am Nov 8, 2014 8:21am
The same thing when i see it on a monthly basis valid for november

AUDJPY 98.8
NZDJPY 87.5

Above this we should have bought on the first of this month . I am seeing now so late but we can review the performance .

NZDJPY hits 89.25
AUDJPY hits 99.71


so both have giving good gains . we shall see how it fared this entire month.
  • #563
  • Nov 9, 2014 10:20am Nov 9, 2014 10:20am
Quoting SmoothTrader
Here is the EA that I have been working on for the WEEKLY CANDLE trade. Put it into the EXPERTS folder and drag it onto the chart you want it to run on. It will place an order to SELL at Monday's opening if the previous Weekly candle was down, and it will place a Pending BuyStop at the High of the previous day's candle. It will place an order to Buy at Monday's opening if the previous Weekly candle was up, and it will place a Pending SellStop at the Low of the previous day's candle. If the Pending order is not filled by Friday it will be deleted....
hi smoothtrader,
how do you backtest with your ea ?
i tried in visual mode, but none positions is taken ?
thx
js
  • #564
  • Edited 11:29am Nov 9, 2014 10:45am | Edited 11:29am
Quoting js497
{quote} hi smoothtrader, how do you backtest with your ea ? i tried in visual mode, but none positions is taken ? thx js
I set it with period set to 1 hr. I use "Every Tick" model, then I checked the "Use Date" box, and I set up different start and end dates. Uncheck the visual mode and Start the back test.

You can then view the equity graph, results, etc when it is done.

Then I set it up with start date set to 2014/11/3 and end date to 2014/11/7 and run it under visual mode to watch the last week.

Be sure that the "AutoTrade" is enabled by pressing the "AutoTrade" button on the top of your MT4 screen and turning it from RED to GREEN

Hopefully that helps. If you have any questions you can always PM me.

GREEN pips to you always.
  • #565
  • Nov 9, 2014 4:24pm Nov 9, 2014 4:24pm
Hi everyone,

Thanks to everyone's contributions - this is a great thread. I just wanted to announce that I have just placed all my trades for the week -- let's see what happens!

Many pips to all.

Also, thanks SmoothTrader for posting the EAs and scripts. I really appreciate your effort on that. Unfortunately, I only just now saw them, but I'll be checking them out in the weeks to come. Thanks!
I am NOT an expert. I post to learn from others.
  • #566
  • Nov 9, 2014 4:29pm Nov 9, 2014 4:29pm
Good night,,, SO FAR THE ONLY usdsgd and OPENED AN OPERATION FOR THE WEEK ... THE SCRIP NOT NOTHING HAPPENED.
  • #567
  • Nov 9, 2014 4:34pm Nov 9, 2014 4:34pm
Entries day 10/11
gbpaud 1.8351 sell
gbpchf 15325 sell
eurnzd 1.6032 sell
gbpnzd 2.0429 sell
nzdchf 0.7506 buy
  • #568
  • Nov 9, 2014 4:36pm Nov 9, 2014 4:36pm
I entered all my trades manually this week. It was really quick and easy to do because I already had all my charts opened and set to W1 from last week.
I am NOT an expert. I post to learn from others.
  • #569
  • Nov 9, 2014 6:01pm Nov 9, 2014 6:01pm
There was a small quirk in the EA that I posted in post 544.

It would enter a pending BUYSTOP even when it wasn't suppose to.

I tracked down my error and have corrected it.

The update EA is here:
Attached File(s)
File Type: mq4 Weekly EA V1.MQ4   84 KB | 518 downloads

Attached File(s)
File Type: ex4 Weekly EA V1.ex4   133 KB | 429 downloads


I appreciate your understanding.

GREEN pips to all.
  • #570
  • Nov 9, 2014 6:03pm Nov 9, 2014 6:03pm
Quoting SmoothTrader
There was a small quirk in the EA that I posted in post 544. It would enter a pending BUYSTOP even when it wasn't suppose to. I tracked down my error and have corrected it. The update EA is here: {file} {file} I appreciate your understanding. GREEN pips to all.
Very quick fix, thanks!

Have you used the EA to place your weekly trades, or are you waiting until Monday?
I am NOT an expert. I post to learn from others.
  • #571
  • Nov 9, 2014 6:19pm Nov 9, 2014 6:19pm
EA THIS Not Doing as Starters? Is that so?
  • #572
  • Nov 9, 2014 7:46pm Nov 9, 2014 7:46pm
Quoting Phantom-X
{quote} Very quick fix, thanks! Have you used the EA to place your weekly trades, or are you waiting until Monday?
I place them at the opening of the day. My broker opens at 4 pm CST to begin the week and closes at 4 pm Friday. So technically my Monday begins at the market open.

I used it to place my orders and that is how I discovered the quirk and was able to correct it. I am trading live, but I would suggest that all others trade and back test on demo until they feel comfortable with the system.

May GREEN pips flow into your account.
  • #573
  • Nov 9, 2014 9:26pm Nov 9, 2014 9:26pm
i place the EA so far no pending order has been placed. Is it supposed to trade when the price comes to its level .
  • #574
  • Nov 9, 2014 9:49pm Nov 9, 2014 9:49pm
Quoting unimak
i place the EA so far no pending order has been placed. Is it supposed to trade when the price comes to its level .
Make sure you had the EA from post 569.

The EA has to be in place BEFORE the opening of the weekly candle. That means if you keep it attached to the chart, it will be in place for next weeks opening.

GREEN pips to one and all.
  • #575
  • Nov 10, 2014 4:54am Nov 10, 2014 4:54am
I have seen the monthly candle strategy but what exactly is the weekly strategy and how does it differ from the monthly?
  • #576
  • Nov 10, 2014 5:07am Nov 10, 2014 5:07am
Quoting Robinho
Entries day 10/11 gbpaud 1.8351 sell gbpchf 15325 sell eurnzd 1.6032 sell gbpnzd 2.0429 sell nzdchf 0.7506 buy

The 05 wins the day
Attached Image (click to enlarge)
Click to Enlarge Name: 05 vitórias 10 11.png Size: 265 KB
  • #577
  • Nov 10, 2014 6:51am Nov 10, 2014 6:51am
Quoting danno22
I have seen the monthly candle strategy but what exactly is the weekly strategy and how does it differ from the monthly?
This is also my question..Any specific link which tells us the rules?

Thanks
Failure, is a wonderful teacher!
  • #578
  • Nov 10, 2014 7:14am Nov 10, 2014 7:14am
Quoting mike1349
{quote} This is also my question..Any specific link which tells us the rules? Thanks
This is an off shoot of the Monthly system and not a replacement for it. Just as Robinho said the concept will work with yearly, monthly and weekly candles. This is just an easy way to test the concept on weekly candles.

The basic rules of the weekly system is that it will sell on the opening if the prior weeks candle was down or buy on the opening if the prior weeks candle was up. If it is a sell week it also enters a pending buy at the high of the previous day, and if it is a buy week it enters a pending sell stop at the low of the previous day. All orders have a 20 pip TP and an 80 pip SL. If the pending stop order is not filled by Friday morning it is automatically deleted.

Now comes the testing. I am back testing and forward testing to determine which pairs are the most consistently profitable, and then I will back test and forward test what TP and SL are also the most consistently profitable for each pair.

For those that want to help, make sure you have the latest EA and by all means back test it and forward test it in a demo account until you feel comfortable enough with the EA. Any and all reports would be welcome.

GREEN pips to everyone.
  • #579
  • Nov 10, 2014 7:55am Nov 10, 2014 7:55am
Quoting SmoothTrader
{quote} This is an off shoot of the Monthly system and not a replacement for it. Just as Robinho said the concept will work with yearly, monthly and weekly candles. This is just an easy way to test the concept on weekly candles. The basic rules of the weekly system is that it will sell on the opening if the prior weeks candle was down or buy on the opening if the prior weeks candle was up. If it is a sell week it also enters a pending buy at the high of the previous day, and if it is a buy week it enters a pending sell stop at the low of the previous...
Thanks man
Failure, is a wonderful teacher!
  • #580
  • Nov 10, 2014 9:19am Nov 10, 2014 9:19am
Thanks SmoothTrader for prompt reply. will have a look at this. Cheers
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