Anyone to program this very simple and profitable system?
Interesting concept... I'll try to bang out an EA this weekend...
Also a similar daily system from the same guy http://forexfactory.com/showthread.php?t=13507
This could be used for providing some hedging to the weekly system.
I think there is some similarity with the ACD system by Fisher used by a lot of traders...
I got started on this EA but I haven't had much time so it's not ready yet.
However, I have been manually trading this in a demo account this week and so far it's been pretty disappointing... It's stopped out 3 times for a total of 90 pips loss and currently is in a long position that's up 70 points. If it keeps going up we may see a profit overall, but the "weekly trend" is very slow in developing...
Bad week to start this system considering the cable has a yo yo at the end of it. Overall however, there is definitely potential.
I am working on similar system..
I am thinking shorter charts... M30 & H1...
1st T/P= 7-10 pips 2nd T/P = 14 - 20 3rd on reversal or t/s/l
move s/l to break even after 1st or 2nd T/P is reached...
thats my theory, just need a good indicator to give signal on ticks.
NFP coming up tomorrow, hopefully the market will move 100+ pips.
Still, I'm in profit using the 3 orders I described above.
Based on the system described at ForexFactory, this week ended in a 47 pip loss, but going back over the last five weeks, it looks like this (FXLQ data, 4 pip spread in GBPUSD):
+245
+215
+13
+52
-47
Total +478 pips
With some aggressive compounding, one could just about doubled equity in the last month...
I've posted the EA for this system as I understand it. It starts by setting entry points at +50 pips and -50 pips relative to the previous week's close (you must enter the previous week's close in the parameter dLastClose). All trades have a 30 pip stop loss, and once the first trade of the week is triggered, the opposing entry point is moved to last week's close. After that the entry points stay the same and re-entries occur as often as they are triggered. All trades are closed at the end of the week's session. My calculations of pips gained don't include swap gain or loss, of course.
I recommend setting this EA up before the Monday open, placing last week's close in the dLastClose parameter and just letting it run. Could be very interesting!!
Based on the system described at ForexFactory, this week ended in a 47 pip loss, but going back over the last five weeks, it looks like this (FXLQ data, 4 pip spread in GBPUSD):
+245
+215
+13
+52
-47
Total +478 pips
With some aggressive compounding, one could just about doubled equity in the last month...
I've posted the EA for this system as I understand it. It starts by setting entry points at +50 pips and -50 pips relative to the previous week's close (you must enter the previous week's close in the parameter dLastClose). All trades have a 30 pip stop loss, and once the first trade of the week is triggered, the opposing entry point is moved to last week's close. After that the entry points stay the same and re-entries occur as often as they are triggered. All trades are closed at the end of the week's session. My calculations of pips gained don't include swap gain or loss, of course.
I recommend setting this EA up before the Monday open, placing last week's close in the dLastClose parameter and just letting it run. Could be very interesting!!ZTrader,
Thank you for sharing your EA. I have been interesting in this method though I have not tested it manually. (There is an alternative of this method called W.O.R.M that I tried out with success.)
Starting on Sunday, I will forward test it and we will see how it goes.
Regards,
Chrisstoff
One thing I should have mentioned about the EA is that it doesn't have an exit strategy (other that stop losses..) The original strategy as defined in ForexFactory says you should close all open positions 1/2 an hour before the markets close for the week.. so if you use this EA you'll have to do that manually - otherwise it will carry your positions over until the next week.
I should also mention that it's not been tested yet...
Here's a different version based on the originally suggested system, but changed to accomodate a couple of thoughts I had:
1. Many times good profits are lost while waiting for the week to end so positions can be closed. The original author says not to use trailing stops, but I think it would be more profitable if one could book the profits rather than hoping they stay intact until the end of the week, so I've included trailing stops.
The only problem with this is that you might lose out on further profits later in the week, so it needs to be coupled with a strategy for re-entering - so...
2. I also feel that the separation of market moves into set periods of 1 week is artificial and arbitrary... if you look at a H1 chart of GBPUSD with no period separators shown you'll see that there's seldom any way to tell when one week ends and another starts. It's just a long continuum of market movement, so it makes no sense to say that opportunities can occur only at the beginning of the week. This means there's no reason not to enter whenever the market moves enough to trigger an entry point, and leaves us with the option to re-enter the market at any time..
So, the new version (very different from the first version) simply trades and trades and whenever it closes a position it resets the entry points based on the current price. You still have to give it a "Last Close" price, but in practical terms you might as well just enter the current price at the time that you start it.
This is also untested, so let's try it out and see what tomorrow brings...
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It's posted at http://forexfactory.com/showthread.php?t=11937
A possible nice addition would be the option to enter with lets say 3 orders, the first 2 having a TP (maybe 50 and 100) and the 3rd as a runner with no TP. Close all orders at midnight Friday.
I think it would be a nice EA to have...