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Daily green/red candle

  • #861
  • May 29, 2015 6:54pm May 29, 2015 6:54pm
Thanks Dimdel for taking the time to show what works for you.

after forward testing this for primarily the entry - I can say that my findings are pretty much the same as what IgotAplan explained.

The only thing I do is keep a eye on the trades-- but can do this with some leisure for we are on the daily charts- (to me this is a plus)

Like IgotAplan I will ck all 28 pairs and place pending's using S & R and a little voodoo -- keep an eye on the trades that trigger. I don't use fibs to get out--- I will use S & R and some voo doo of course .

I have found that I will keep a trade for a day or two and close most and hold any runners and I am big on trailing.
The winners seem to take care of the losers. very stress free trading - for the most part. Thanks again Dimel for a great thread.
Live today like theres no tomorrow-- Prioritize like you will die today
  • #862
  • May 30, 2015 2:13am May 30, 2015 2:13am
Hello.
My result is not pretty. It was a gain of 8% to the bill, currently 0.79%, the bank 15 days. I try to stick to the original rules, MM.
b0roda na birzhe Return Today: -2.8%
  • #863
  • May 30, 2015 3:18am May 30, 2015 3:18am
i am glad if you win

evgeny use the TrSl? where ? 140fib?

and what MM?
  • #864
  • May 30, 2015 3:21am May 30, 2015 3:21am
817 POST
please must clarify it
because i saw the price stop to BE without any movement more
  • #865
  • May 30, 2015 4:55am May 30, 2015 4:55am
Hi All of you,

And congratulations (especially to Dimdel) for all your fruitfull contributions to this nice trading system which seems to work and looks like the one I have developped. I am quite amazed by the level of seniority of some of you in the field of trading.

I would like to modestly contribute also myself to your "club" with a few tips and learnings that I have learned while trading the Forex since many years now.

A few words about me: I am French, 61, living in Paris, Aerospace Engineer, with a long industrial management experience in fields completely different from Trading, but I got the Trading virus during my MBA when one of my professors told us (it was in 1983) that people were living from trading just by looking at charts, ignoring completely the news.
I had not much time to dedicate to trading (my job was very busy, traveling the whole world), but I am now close to retirement (for December 2015) and will have more time.
So I am not a "Pro" at all. I developped a lot of different systems (I am a rather creative guy), but had no time to really test them on a long term.
I anyway managed to earn some money on the markets.
I read a lot trading books, from successfull traders (Larry Williams, Joseph Stowell, Perry Kaufman, Alexander Elder, Lars Kestner, Thomas Stridsman, Matk Fisher, Ryan Jones - fabulous book on Money Management, etc.) and tried to learn from them.

My conclusions after all that are:
- All systems (based on whatever indicator) work!!! We just need a bit of work to adjust the appropriate set-up conditions, entry, exit target, stop loss and money management.
- I have never developped EAs. I have coded some indicators but I am not a fan of automated systems (while I recognize they may work). I like to see the charts and to "feel" the markets.
- I agree with somebody in this thread who said that indicators are useless, the best and faster indicator is the price itself. So I use as less indicators as possible (just Moving Linear Regressions to get the trend direction, pivots and resistance/support indications to watch where market may reverse, volatility indicator to use it as filter for the entry breakout).
- All the figures I use in my trading are dictated by the market, nothing is set in advance. For instance, I never set a filter to enter a trade on a breakout at High+3pips, or Low-3pips. The number of pips is given by the Market volatility: the Market decides, not me.
- A good system must work on any market (Stock Exchange, Forex, Commodities), and any Time Frame, I always test that.
- I disagree with somebody who said in this thread: don't trade in the pivot, at a resistance or support level, etc. This levels, as the bars Highs and Lows, are always crossed (otherwise the markets would be flat!). Of course, we need to be carreful at these level at we need to watch closely what happens. But it does not prevent us from trading these levels.
- After a losing trade, I always reverse my position immediateley to recover the loss (or at least part of it). This is so magic that some times I ask myself if the right trading system would not be to trade only false signals!!! I applied this reversing methodology since I read in a book a guy saying: if the market is not going your direction, it's for good reasons, so follow the market in the reverse direction. Take care: this reversal system is not 100% fail safe!!!
- I like veru much the Fibo approach with levels set at 150%, 175% and 200%, stop and reverse on the 0 line. This levels are given by the market. I exit the trade at 175% if we are the same day, 150% if we are the next day. I use the 200% level when the Fibo range (line 0 to line 100) is small.
- I have created 3 Time Zones on my charts: 8.00am - 7.59am next day - Paris time (corresponding roughly to the European Markets), 2.00pm - 1.59pm next day - Paris time (corresponding roughly to American Markets), 0.00am - 23.59pm - Paris time (corresponding roughly to Asian Markets), which provides me multiple entries on a day.
- Discipline and trust in our system is really a must in trading.

Have a good day and see you soon.
From sunny Paris this morning, my room overlooking the whole Paris city with the Eiffel Tower right in the middle.
Xavier
  • #866
  • May 30, 2015 8:40am May 30, 2015 8:40am
I like ideas like this one....simple to implement and add to the arsenal. I have a set of filters in mind ..... Key daily S/R, and weekly S/R, a daily strength meter, and volume. I know it sounds like a lot, but I don't see fighting S/R as a good idea, and want to trade the strongest vs the weakest. I will test this on a demo over the summer months. If it shows the results I believe it will, I will get an EA created. Good luck to all....
  • #867
  • May 30, 2015 9:00am May 30, 2015 9:00am
[Цитата = dimdel; 8293178] я рад, если вы выиграете евгений использовать TrSl? где? 140fib? и то, что ММ? [/ цитата]
I probably was not written correctly. income account decreased from 8% to 0.79%. All that is earned in 15 days almost disappeared.
TrSL not use. TP put fixed at Fibo 150.
MM - money management
b0roda na birzhe Return Today: -2.8%
  • #868
  • May 30, 2015 9:29am May 30, 2015 9:29am
the idea behind using a stregth meter and volume, is that I want momentum on my side. I will not be trading consolidation.....IMO why bother with so many pairs to select from? I will trade 5% per trade and see how it goes. I will look at the weekly charts to select my set of pairs for the week, then use my ideas in combination with the original method on the daily charts.
  • #869
  • May 30, 2015 12:12pm May 30, 2015 12:12pm
a
  • #870
  • May 30, 2015 12:17pm May 30, 2015 12:17pm
Quoting Evgeny24
[Цитата = dimdel; 8293178] я рад, если вы выиграете евгений использовать TrSl? где? 140fib? и то, что ММ? [/ цитата] I probably was not written correctly. income account decreased from...

hi evgeny

the initial rules dont have tp 150fib
so you stoped some movements
  • #871
  • May 30, 2015 12:21pm May 30, 2015 12:21pm
Quoting panamamike
the idea behind using a stregth meter and volume, is that I want momentum on my side. I will not be trading consolidation.....IMO why bother with so many pairs to select from? I will trade 5% per trade and see how it goes. I will look at the weekly charts to select my set of pairs for the week, then use my ideas in combination with the original method on the daily charts.
hi panama..
yes
the idea for weekly chart ( and i will say the weekly candle ) is good
to take the signals according the weekly candle
but you will lose many good movement
try it please and i would like to see your results

give a chart with the strenth meter or momentum or volume or any combination you think, to talk about it

thanks
  • #872
  • May 30, 2015 12:32pm May 30, 2015 12:32pm
Quoting iamsovereign
Thanks Dimdel for taking the time to show what works for you. after forward testing this for primarily the entry - I can say that my findings are pretty much the same as what IgotAplan explained. The only thing I do is keep a eye on the trades-- but can do this with some leisure for we are on the daily charts- (to me this is a plus) Like IgotAplan I will ck all 28 pairs and place pending's using S & R and a little voodoo -- keep an eye on the trades that trigger. I don't use fibs to get out--- I will use S & R and some voo doo of course . I have...

hi

voodoo?
black magic?
i will try to use it , can you help me with what the primary material use?
thanks
  • #873
  • May 30, 2015 3:04pm May 30, 2015 3:04pm
Quoting panamamike
I like ideas like this one....simple to implement and add to the arsenal. I have a set of filters in mind ..... Key daily S/R, and weekly S/R, a daily strength meter, and volume. I know it sounds like a lot, but I don't see fighting S/R as a good idea, and want to trade the strongest vs the weakest. I will test this on a demo over the summer months. If it shows the results I believe it will, I will get an EA created. Good luck to all....

Hi panamamike;

The beauty of this method is it's simplicity.

I wouldn't bother with filters until you know how it performs without them.

Just doing a visual back test I can see it's potential, I know it goes against all my Trading knowledge to Trade this way but what I love about it is the fact I know Exactly when to Enter - where to put my Stop Loss - when to Move my Stop Loss to BE - when to Take Profit.

I've never traded anything that was so clearly defined before entering a Trade.
  • #874
  • May 30, 2015 3:25pm May 30, 2015 3:25pm
Quoting stevepatt
{quote} Hi panamamike; The beauty of this method is it's simplicity. I wouldn't bother with filters until you know how it performs without them. Just doing a visual back test I can see it's potential, I know it goes against all my Trading knowledge to Trade this way but what I love about it is the fact I know Exactly when to Enter - where to put my Stop Loss - when to Move my Stop Loss to BE - when to Take Profit. I've never traded anything that was so clearly defined before entering a Trade.

i really dont recognize you Steve
i must feel guilty?
  • #875
  • May 30, 2015 3:52pm May 30, 2015 3:52pm
Quoting stevepatt
{quote} Hi panamamike; The beauty of this method is it's simplicity. I wouldn't bother with filters until you know how it performs without them. Just doing a visual back test I can see it's potential, I know it goes against all my Trading knowledge to Trade this way but what I love about it is the fact I know Exactly when to Enter - where to put my Stop Loss - when to Move my Stop Loss to BE - when to Take Profit. I've never traded anything that was so clearly defined before entering a Trade.
Steve has it nailed on this. Keep it simple and stick with the basics. The last thing you want to do is add lagging filters to a strategy that relies on price action. You can learn a lot by doing a visual backtest with your preferred trading rules. Spend some time with your charts, to see how your strategy performs over a specific time period. You'll find that certain pairs do better than others, so take the time to find out which ones make money, and which ones are turkeys.
  • #876
  • May 30, 2015 4:04pm May 30, 2015 4:04pm
Quoting dimdel
{quote} i really dont recognize you Steve i must feel guilty?

Hi dimdel;

I always keep an open mind.

It's early days yet, but sometimes you have to turn things on their head and be open to new ideas and ways of looking at the Market.

A Trading Method doesn't have to be sophisticated to be successful less is sometimes a great deal more.
  • #877
  • Edited 4:52pm May 30, 2015 4:16pm | Edited 4:52pm
Quoting ChicagoRob
{quote} Steve has it nailed on this. Keep it simple and stick with the basics. The last thing you want to do is add lagging filters to a strategy that relies on price action. You can learn a lot by doing a visual backtest with your preferred trading rules. Spend some time with your charts, to see how your strategy performs over a specific time period. You'll find that certain pairs do better than others, so take the time to find out which ones make money, and which ones are turkeys.
Thanks....I am not using lagging filters. The only lagging aspect would be the previous key S/R from the Daily and weekly charts. Again, I will follow along while I do my things and report results.

The only reason certain pairs are better than others is because signals are taken that do not have volume and relative momentum behind them....IMO. It is not just what you trade, but what and WHEN you trade specific pairs that show results. The market switches darlings and dogs in cycles. I have been a full time trader for more than a decade. I believe I see an edge in this system that can be improved upon. If everyone listened to those that said "don't try to improve upon what is successful" we would all still be driving a black model T Ford.
  • #878
  • May 30, 2015 4:17pm May 30, 2015 4:17pm
Quoting stevepatt
{quote} Hi panamamike; The beauty of this method is it's simplicity. I wouldn't bother with filters until you know how it performs without them. Just doing a visual back test I can see it's potential, I know it goes against all my Trading knowledge to Trade this way but what I love about it is the fact I know Exactly when to Enter - where to put my Stop Loss - when to Move my Stop Loss to BE - when to Take Profit. I've never traded anything that was so clearly defined before entering a Trade.
I have not thought to change any of those things you like about the system...I like them too. I am just carefully choosing when and where to apply it, and then using a little more risk per trade. I love that I can spend 5 minutes to set up my trades for the day with this system and let it go. Then trade my regular 1 hour system London open to close.
  • #879
  • May 30, 2015 5:07pm May 30, 2015 5:07pm
Quoting panamamike
{quote} I have not thought to change any of those things you like about the system...I like them too. I am just carefully choosing when and where to apply it, and then using a little more risk per trade. I love that I can spend 5 minutes to set up my trades for the day with this system and let it go. Then trade my regular 1 hour system London open to close.
Hi panamamike;

I admit, when I first looked at this I thought it needed extra filters to make it work effectively.

But after taking a closer look I realised it might just work better as it is.

I know nothing about programming but would have thought it would be easy to program an EA to make it possible to back test it as it is.

Anyway good luck with your Trading.
  • #880
  • May 30, 2015 5:16pm May 30, 2015 5:16pm
Quoting stevepatt
{quote} Hi panamamike; I admit, when I first looked at this I thought it needed extra filters to make it work effectively. But after taking a closer look I realised it might just work better as it is. I know nothing about programming but would have thought it would be easy to program an EA to make it possible to back test it as it is. Anyway good luck with your Trading.
I wish you good fortune in your trading as well. I do not program either. It is one of the few regrets I have in my education; having never taken the time to learn. I pay someone else to code for me.
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