1 Hour after daily open | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why does 4 hour bar close 1 hour later than daily bar? 6 replies

average true range for 1 hour and 4 hour charts 2 replies

X-1102 1 hour , 4 hour and daily Tf trades 7 replies

Create a verticle line at certain hour for every certain hour 16 replies

Please help! - How to automatically close open position after 1 hour? 5 replies

Attachments: 1 Hour after daily open
Exit Attachments

1 Hour after daily open

  • #1
  • First Post: Edited Apr 17, 2015 12:32am Apr 14, 2015 4:11pm | Edited Apr 17, 2015 12:32am
If the first 1 hour candle will close above DO line, we go bullish

If the first 1 hour candle will close below DO line, we go bearish

Trading pairs GBP/USD; EUR/USD; (Why? because those two are less volatile at that time)

Stoploss is 10 pip.

Take profit is 10 pip.

You sought that was it? no.

Here are additional option.

Both trades are opened at the same time.

So we will set Equity Take Profit (which: if both positions will gain 10pip in a row, they'll be closed).

___________________________________________________________________________

Below -

Daily open line Indicator - guess what is that if you can.

Equity Sentry EA - easiest EA so far, you will see. (PS, I do not claim ownership, I found it on FF) system similar to this

OpenFirstHour EA - opens positions with the logic above, thanks to ranger_lp

system similar to this >>> http://www.forexfactory.com/showthre...13#post8211413

DO NOT FORGET TO SMILE, WRITE YOUR OPINION, SUGGESTION OR AT LEAST SAY THANK'S FOR EA PROVIDER.
Attached File(s)
File Type: ex4 Daily open line.ex4   8 KB | 958 downloads
File Type: ex4 Equity Sentry v1.4c.ex4   46 KB | 786 downloads
File Type: mq4 OpenFirstHour.mq4   4 KB | 975 downloads
Stay Hungry Stay Foolish
  • #2
  • Apr 14, 2015 4:15pm Apr 14, 2015 4:15pm
PS, and I do not want to see 2875683756243423 downloads on files above, without any replays, suggestions or something. That makes me mad, it looks like nobody wants to help but everyone wants to get a profitable system.

that another EA is needed, so PLEASE provide it if you can.
Stay Hungry Stay Foolish
  • #3
  • Apr 14, 2015 5:10pm Apr 14, 2015 5:10pm
Forgot to say thanks for sharing your thinking here.
Have you any backtest or forward test result bro?
  • #4
  • Apr 14, 2015 8:43pm Apr 14, 2015 8:43pm
you could use AmazingEA: http://www.forexfactory.com/showthre...51#post8091951
  • #5
  • Apr 14, 2015 9:49pm Apr 14, 2015 9:49pm
Was playing around with an EA that might do what you are looking for......try it out....
Attached File(s)
File Type: mq4 OpenFirstHour.mq4   4 KB | 591 downloads
  • #6
  • Apr 14, 2015 10:54pm Apr 14, 2015 10:54pm
daily open open tends to behave as one of the strong support and resistance . This system works wonder if we dont stop for just 10 pips. instead with some manual blend this is the system which has 60% to 90% profitability with 2:1 or 3:1 R:R ratio

as i dont have programming skills, how could we put stop loss on the other side of daily open price with 10-15 pips margin

and how buy and sell rule could be modified for number of pips away from open price,

and only one order at one time
  • #7
  • Apr 14, 2015 11:18pm Apr 14, 2015 11:18pm
Quoting mahdihasan
Forgot to say thanks for sharing your thinking here. Have you any backtest or forward test result bro?

Hi, thanks for replay and you are always welcome.

No, I have not yet.

When Sydney starts, there is 1AM in my country (so i have to wait 1 more hour to see the setup). That's why I need an EA to open it automatically.
Stay Hungry Stay Foolish
  • #8
  • Apr 14, 2015 11:29pm Apr 14, 2015 11:29pm
Quoting ranger_lp
Was playing around with an EA that might do what you are looking for......try it out....{file}

Thanks good sir, I appreciate that.

Perhaps, I will open 3 MT4 for 1 account to make 3EA work at the same time, but it's not a problem.

Thanks!
Stay Hungry Stay Foolish
  • #9
  • Apr 14, 2015 11:29pm Apr 14, 2015 11:29pm
Quoting kohonez
you could use AmazingEA: http://www.forexfactory.com/showthre...51#post8091951

Thanks friend!
Stay Hungry Stay Foolish
  • #10
  • Apr 14, 2015 11:46pm Apr 14, 2015 11:46pm
Quoting imran.78p
daily open open tends to behave as one of the strong support and resistance . This system works wonder if we dont stop for just 10 pips. instead with some manual blend this is the system which has 60% to 90% profitability with 2:1 or 3:1 R:R ratio as i dont have programming skills, how could we put stop loss on the other side of daily open price with 10-15 pips margin and how buy and sell rule could be modified for number of pips away from open price, and only one order at one time

Thanks for replay, I'll do my best to explain my point o view about everything written above.

1. EU & GU are less volatile (as I already mention) before LO. we can set 3:1 / 2:1 ratio for pairs, like NU, GJ, EJ, ..... (Because they're more volatile during Sydney and Tokyo), however we can not set 10SL and 30TP, why? because SL (once again because of high volatility and spread disadvantage) is more likely to be hit more than 75% of the time, so at the end of the month we are lucky if we will close at the BE.

2. DO does not guaranty a trend which will give us 30 pip profit, so I tried to increase our chance on 49-50 (Spread factor is the biggest disadvantage of the FX trader) and not on 75/25. Positive RRR has nothing to do here, why? because SL is too tight.

However, we can design a system similar to this, for example : same rules, but SL-50 TP-150 (or something like that), then we can count on MM.


Edition:

Oh, by the way, S/R in Forex market are LESS important (but important as well) then in Stock markets. simply because stock market is moved by more by MarketMakers and BSD's, while FX market is moved by economy.
I do not agree that DO can somehow be S/R.
Stay Hungry Stay Foolish
  • #11
  • Apr 15, 2015 12:07am Apr 15, 2015 12:07am
Hi Nik

check this out EJ ... The blue line is daily line.. how it behave yesterday and day before as resistance

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 225 KB
  • #12
  • Apr 15, 2015 1:31am Apr 15, 2015 1:31am
Quoting imran.78p
Hi Nik check this out EJ ... The blue line is daily line.. how it behave yesterday and day before as resistance {image}

Hi imran!

Thanks for replay.

Do you think that we can use it on EJ as well?

I'm trying to collect couple of pairs together, in fact, what I want to do is to close equity profit in a row, not TP from single positions.

If we can mix EJ, GJ, UJ (for example) or just EJ and UJ, than that'll be great,
Stay Hungry Stay Foolish
  • #13
  • Edited 2:14am Apr 15, 2015 2:04am | Edited 2:14am
hi nik

as i am currently using the DO + 15-20 as start and stop loss at the other side of DO - 15-20 pip and using it on AU, NU, GU, EU and Japanese pair s , and for day trading not just for 10 pips , so i can recommend it for pairs mentioned above
GJ has has very high volatility and i usually dont play with this dragon
  • #14
  • Apr 15, 2015 6:34am Apr 15, 2015 6:34am
Quoting imran.78p
daily open open tends to behave as one of the strong support and resistance . This system works wonder if we dont stop for just 10 pips. instead with some manual blend this is the system which has 60% to 90% profitability with 2:1 or 3:1 R:R ratio as i dont have programming skills, how could we put stop loss on the other side of daily open price with 10-15 pips margin and how buy and sell rule could be modified for number of pips away from open price, and only one order at one time
I agree with this, I just scrolled back on a chart and did a visual insoection, it is possible to get more than 10 pips. may be 20 pips. RR of 1:2
  • #15
  • Apr 15, 2015 7:11am Apr 15, 2015 7:11am
Quoting shiva
{quote} I agree with this, I just scrolled back on a chart and did a visual insoection, it is possible to get more than 10 pips. may be 20 pips. RR of 1:2
Thanks for replay shiva.

I agree too, MAY BE we will get 20 pip, however it's more likely to get 10 pip, then 20..

Let me explain : scroll back and you will see, that almost every (99%) of daily candles have shadow on the opposite side of the close (if Daily candle is bullish, it has bearish shadow and vice versa). From my point of view, in most cases those shadows are more likely to be 10 pip long then 20. . .

what you think?

Perpheps let's create another bakset of pairs and do a 20 pip target if you want to. No problem, but we will need somebody else (except of me, because I'm running 5 MT4 at one time and it's horrible) to forward test it.
Stay Hungry Stay Foolish
  • #16
  • Apr 15, 2015 7:15am Apr 15, 2015 7:15am
Quoting imran.78p
hi nik as i am currently using the DO + 15-20 as start and stop loss at the other side of DO - 15-20 pip and using it on AU, NU, GU, EU and Japanese pair s , and for day trading not just for 10 pips , so i can recommend it for pairs mentioned above GJ has has very high volatility and i usually dont play with this dragon

Very well, do you think that running AU and NU at the same time is a good idea? (because of the high correlation) The thing is if AU will go in -8 it's very likely that NU will be in -7/-6 (or nearby) as well. .

Can you write down a basket of pairs (other pairs like EU/GU) with TP and SL levels for each to trade on them as well please?
Stay Hungry Stay Foolish
  • #17
  • Apr 15, 2015 7:16am Apr 15, 2015 7:16am
Quoting Nik13
{quote} Thanks for replay shiva. I agree too, MAY BE we will get 20 pip, however it's more likely to get 10 pip, then 20.. Let me explain : scroll back and you will see, that almost every (99%) of daily candles have shadow on the opposite side of the close (if Daily candle is bullish, it has bearish shadow and vice versa). From my point of view, in most cases those shadows are more likely to be 10 pip long then 20. . . what you think? Perpheps let's create another bakset of pairs and do a 20 pip target if you want to. No problem, but we will need...
How about locking in 5 pips and letting it run with stops being moved every 10 pips or so. I will start a demo with tp 20 and SL 10 with tomorrows open.
  • #18
  • Apr 15, 2015 7:49am Apr 15, 2015 7:49am
dear nik

Why the hell are u running 5 Mt4,
if you want forward test on different pair for the same EA, just change the Magic number on each chart .....??
or is any thing else..
  • #19
  • Apr 15, 2015 7:54am Apr 15, 2015 7:54am
Quoting shiva
{quote} How about locking in 5 pips and letting it run with stops being moved every 10 pips or so. I will start a demo with tp 20 and SL 10 with tomorrows open.

OK, let's try it.
Stay Hungry Stay Foolish
  • #20
  • Apr 15, 2015 7:59am Apr 15, 2015 7:59am
Quoting imran.78p
dear nik Why the hell are u running 5 Mt4, if you want forward test on different pair for the same EA, just change the Magic number on each chart .....?? or is any thing else..

I'm testing another systems as well.

Besides, on our system, I have to use 2 EA's, so as I know, it's impossible to run 2 EA's on 1 mt4 ( isn't it?)
Stay Hungry Stay Foolish
0 traders viewing now