My Revolutionary New Trading System - page 2
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Which timeframes and SL, TP levels do you use? Is it always the same number of pips or do you use indicator for this? Do you have any rules for closing position? I can make EA if you describe strategy in more details.
Time Frame: 1 min live chart, 2 min offline chart (see Mr. Nims instructions on how to set up the Rinko chart)
Stop Loss: 15 pips
Take Profit: 30 pips
No special rules for closing, I'm still testing.
The indicators are MACD and ADX, both of which come pre-installed in Metatrader (see pictures)
If you could make an EA I'm sure that would be greatly appreciated by those that use them.
Thanks for your idea, looks promising too..
Thanks Nims!
BTW Renko script is making Meta Trader lock up...any ideas?
Ea
Here is EA for the described strategy. You can change many options through EA inputs.
Renko and Ganzigzag
Hey guys,
I have some pretty strong success in the last few days taking signals from ganzigzag on a Renko chart. I'm wondering if this has been shown to be unprofitable in the long run by anyone here. I can see that the indicator doesn't repaint and it gives honest signals, which is good. It's just that it does give some signals here and there that obviously would have been -EV.
I'm trading these pairs:
EUR/USD
USD/JPY
EUR/JPY
AUD/USD
NZD/USD
..and I'm just taking the trades as they come. I took one per day for the last three days and all of them were good. I just get in when the zigzag tells me to.
Stop loss is 20 pips+spread
Limit is 20 pips
Renko box is 10 pips.
Just thought I'd throw this out there and see if anyone else had tried it.
Though, I see that a moving average (14) applied to a Renko charts gives similar signals...
Simple System
Hey everyone,
This is a simple, noob-friendly system that uses Renko and one moving average (14 period).
Entries:
Each position, whether long or short has two potential entries.
Entry One:
If the price is riding ABOVE the 14 period MA, then dips down and touches it and then bounces off, BUY.
Entry Two:
If the price moves up through the 14 MA, BUY.
REVERSE THIS FOR GOING SHORT (SELLING)
*****Additional Details and rules******
-In entry two, we do not buy or sell unless the MA has a good AMPLITUDE. This is a simple concept. If the MA is flat we are not taking signals from it. The MA and PRICE must be slanted at a good angle before this signal can be taken seriously.
-In both entries, we wait till a new candle forms before entering.
-In both entries we have a stop loss of 20 pip +spread and a limit of 20 pips.
-Works for all major currency pairs
-Note that this is with RENKO charts. I can not attest as to whether it would work on a time based chart.
Open Positions Summary - OANDA FXTrade
Open Positions Summary - OANDA FXTrade
Thanks!
Though I think that Oanda's chart is much harder to read then FXCM's. Also, I don't see any in depth analysis. The fact that the chart only seems to go up to 30% is odd. 30% is not nearly enough of a bias for the info to be useful.
Am I missing something?
My Revolutionary New Trading System
Ok, so I can't really claim this system as mine since I'm quite sure that I'm not the first to come up with the idea. In fact, it's a very simple system, which is, as many of you know, the only type of system that I like. Wow, what I run on sentence. I will try to be more succinct from here on out.
For years we retail Forex traders have been deprived of one essential piece of information that would, in theory, make our trading decisions so much easier. Recently, because of the luck of the draw I guess, I was lucky enough to happen to be using FXCM as my primary broker. Wait, wait, this isn't a promotional thread for a particular broker, I assure you.
It just so happens that FXCM is the only broker SO FAR to be offering this information. I am quite sure that this will change in the coming months. So, what is this essential information that we have been deprived of that FXCM has so generously made available to it's clients?
(Drum roll)
The information is:
what % of their clients are long or short in a given currency pair!
How many times have you wished that you could know for sure what the 'herd' was doing? I know, for me, I have wished just that quite often.
So, I get this information updated twice a day now. I can see at a glance if the 'herd' is making a showing in a given currency pair. For instance, looking at the information I can see that 80% of FXCM's clients are LONG the USD/JPY right now.
Now, let's take a minute to open up the daily chart for USD/JPY
Did you do it? What do you see? You see a big, fat, juicy down trend don't you? So why are most of FXCM's clients long right now?
Because they are the 'Herd.' They are idiots who think that they can predict tops and bottoms. They are the fools who buy high and sell low.
You see, this information MUST be used as a contrarian indicator. Day after day since I received this data feed I have seen over and over again that Herd simply can not prevent itself from trading agains't the trend, and what, prey tell happens then?
That's right, I'm going to tell you. The market eventually shakes them off, like a Great Dane getting up and ridding itself of so many flees. The top and bottom picking herd screams and shrieks in terror as their stops are hit and margin calls go out like account lancing javelins.
This is but rocket fuel for those of us who trust the old adage, 'The trend is our friend.'
What then, is this proposed system?
Open your SSI indicator from Dailyfxplus (moderators I'm sorry, but FXCM is the only supplier of this data so far that I know of. As soon as another broker makes their dealer book data available I will update this post) and look for currency pairs that are greater than 2.5 in either direction. A 3 or 4 is ideal so pick those over any others.
A positive number indicates that the Herd is buying, and the price will soon fall. A negative number indicates that the Herd is now selling and the price will soon rise.
Combine this information with the fact that the current daily trend for this currency pair is OPPOSITE to the SSI data and you have a trade in the making.
So, to recap: You want to pick a currency pair that is positive or negative 3 or 4 ideally. If it is a negative number then the currency pair will PROBABLY be in an uptrend. This is because the Herd does not have a clue.
If the currency pair's trend happens to be in agreement with the Herd's sentiment choose another. If there is no discernable trend, pick another.
Now, simply use your favorite technical indicator on the one hour chart or 4 hour chart to choose an entry in the direction of the prevailing trend.
Money Management:
You want a 1:2 ratio here. So, our stop will be -50 and our limit will be +100.
This means that we only need to be correct 4 out of 10 times to profit, but with the SSI data in our hands we should do better then that.
If you have any questions please let me know. Let's get a good discussion and testing going on here.
I will keep an eye out for other brokers that offer their dealing book information and update this post as that data becomes available.
Currently I am short USD/JPY and am +66 pips. I expect the trade to close within a few hours as stops get hit.
I was going to post pictures of FXCM's DailyFX+ SSI report which contains the dealing book info but since it's proprietary information I don't know if I can do that or not.
I can tell you that you can get access to this info by opening a $25 micro account. Not a big deal if you ask me.
OH! But if you are in the US like me, make sure you sign up under the UK branch or otherwise the account will be pretty much useless because of the insane new margin requirements for US customers.
Again, I am not trying to promote any given broker it's just that to the best of my knowledge this is the only broker that makes their dealing book info available.
UPDATE:
I've been made aware that Oanda also makes their book info available, though imo FXCM's info is superior in clarity and depth. I'll keep updating this post as more brokers make this info available.
Though I think that Oanda's chart is much harder to read then FXCM's. Also, I don't see any in depth analysis. The fact that the chart only seems to go up to 30% is odd. 30% is not nearly enough of a bias for the info to be useful.
Am I missing something?Well, there are 4 areas on chart, like now we can see that most people have short positions opened at prices lower than the current one... which basically means that the majority is in the loss... nothing new
But really I do not know how such information can be used for trading decisions and whether it can be trusted at all... I'm sticking to the 1500 period indies on 1 min charts + 10 pip renko boxes... seems to work as good as it can do in the probabilities world...
It was just a link for your consideration if you want to look into this statistical sort of direction.