Simple Intraday System. Trade once per hour. I need an EA to back test. - page 2
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For the New York open(for a long position)...the first 60 min bar(13:00GMT) close has to above open, the 14:00 GMT bar has to close above the open and the close of the 13:00GMT bar...if conditions are met enter at open of 15:00 GMT bar.....Am I correct?
I think a filter(non indicator) could be used in certain situations...suppose the above conditions are met for a long but the 14:00 GMT bar is a pin bar(or any other bearish bar or formation) occurring at solid resistance, maybe pass on that trade.
I do like the simplicity of this method...if we improve upon it we should still try to keep it simple as possible.Also another thing to check...the average daily range...at the time of the Eur/Usd trade today the range was already about 200 pips...not much room left to the upside.
Of the pairs I'm watching, I only had one that fit the parameters at the first 2hour mark after NY open. My platform is gmt+2. And this uj trade wasn't exact because the closes were the same, but I tried it anyway. Entered long at the open of the most recent candle.
Attached are my results for this method today. I'm pretty sure I followed the rules correctly. Red vertical line is NY open at 0800 EST. Closed all trades at 4 pm EST. Red vertical line is session open. Blue vertical lines are trade entries at open of those candles. Down about .5%
Attached are my results for this method today. I'm pretty sure I followed the rules correctly. Red vertical line is NY open at 0800 EST. Closed all trades at 4 pm EST. Red vertical line is session open. Blue vertical lines are trade entries at open of those candles. Down about .5%
Looking at Chicago vs. NewYork:
It seems to me that once Chicago closes, either the price action immediately begins to range, or any gains made during Chicago hours are erased.
Here is a potential simple solution: Use the NY open time of 08:00 EST and close all your trades at 02:20PM EST.
Attached is a nice script that closes all your trades at once.
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NY floor trading in Eastern Time
08:00 - 17:00 EST
I haven't tested NY. Nor have I tested Chicago at any real length. I'm hoping somebody will come up with an expert advisor to backtest all this stuff.
I traded Chicago hours yesterday and today. Today was a loss. My statement is attached.
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Since this method is based on price action, the only indicators I'd be comfortable with would be pivots and/or fibs. For the time being, I am sticking to pure price action as published.
ATR could be used to determine volitility for your money mangement. For now, I am trading the broker minimum of $10,000 lots or .1 lot.
For the New York open(for a long position)...the first 60 min bar(13:00GMT) close has to above open, the 14:00 GMT bar has to close above the open and the close of the 13:00GMT bar...if conditions are met enter at open of 15:00 GMT bar.....Am I correct?
Yup. You're right.
I took another small hit today. Statement attached.
This time I traded Nzd and Aud. I'm sticking to the big four after today.
My LIVE trading account. Last week's results.
My excellent example actually demonstrates 2 trade losses. That's real life for ya'!
1.3026 Open
1.3056 Hour1 Price above Open
1.3047 Hour2 Price above Open but below previous bar =No Trade
1.3061 Hour3 Price above Open and above previous bar =Open Long Position
1.3063 Hour4 Price above Open and above previous bar =Open Long Position
1.3043 Hour5 Price above Open but below previous bar =No Trade
1.3016 Close All Trades
That is the best way to explain it.
But if you could use only NY time as a reference, people would understand it better.