My New Day Trading System-rate and test - page 9
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Here's what I mean. Check the picture. The price dipped for whatever reason and then hit that wall of support. Had the -40 line been the trigger line -60 I definitely wouldn't have taken this trade so I think that we are pretty safe filtering by support and resistance. The concept is simple. Using Money Map or your own method to determine the S & R at the time the trade is triggered determine the amount of S or R in the way and make a judgement on the trades merits. I've seen a lot of great signals made by this system with absolutely no regard to S & R but seeing the relationship between it and price in this way makes me think that this type of filtering would be great.
There will be trades when there is practically no resistance on the way up and then there will be times when there will be lots so it makes sense to me to leave those less desirable trades by the way side.
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Anatomy of a Trade:
It's 10:30 pm and I think this trade is finally ready to go off. It looks good too. There's a nice safety net of support right below us. I'm just waiting for it to close above -40.
Ok, I'm in at 10:43.
It rockets straight from. 5 to .16. Long term resistance is around .45.
10 pips floating profit so far. I'm watching short term support and resistance closely.
-11:03, it's having trouble breaking through short term resistane at .16. I think as soon as it does it's going to take off.
-11:11, price bounced down from the .16 resistance.
-12:40, The third attachment shows what's happened so far in this trade. The price is having a very difficult time breaking the resistance at .16. Thankfully, the cluster of support around .05 has kept us alive. This is what I love about Forex, the battle, the blood shed. Er..as long as I'm right more than I'm wrong that is. My prediction is that if the price can break .16 the price is going to explode upward to at least .50 .
(The indicator depicted is the FX Money Map clone, it's freely available but it has a learning curve and it's not a perfect clone.)
-1:10, price breaks through .16 and lands on .20 for the first time. Hits 29 within 1 min. It's holding at the short term support level at .25. The next resistance is at 39. The TD Sequential just went off so I might be in for a bit of a retrace here. If nothing else the .25 support will continue to be tested.
-1:19, The price hovered on .25 for a min or so and then touched .30 for the first time. Now I'm looking to see how well it ledges on the 27-30 area to get a feel for whether or not it is going to test the .37 resistance level.
ok, so last post of the day, I promise.
I got out at .35 for 30 pips. I would have liked to stay in longer but the hard resistance on the 15 min time frame warned against it. I expected it go up hard from .16 and it did so I stuck to my plan. Don't get greedy. Mr. Market will rake the the pips back to his side of the table and take your spread too if you aren't careful.
Williams Multi Currency Indi
Hi all.
Nice play on the Eur Cy.
I was getting tired of looking at different charts for trades so I knocked up a multi currency WPR. I put this on the chart and just squeeze it down if I am not interested but it will show you all the major pairs. I find it useful and you guys may as well. Just hover your mouse over the line to see the currency. Current chart and the rooster in the roost USDCHF are the two wider lines.
One interesting thing to observe is the correlation that suddenly becomes evident. If you have a look back at yesterdays Aud trade and check out the massive spread between UsdChf and AudUsd and others , you would have banked your house on it-- assuming that was no more than 2% :-)
Thanks for the TD Sequential indi Cy, quite amazing I must say. Found a lot of this sort of sequencing when using renko and Toms full system. Just a pity renko is such a pain to backtest on. At least seeing the chop keeps you on your toes. I use 7 in the settings, have you found this best?
I noticed you having a play with the Williams ROC. I am starting to like it myself quite a lot. Just need a little more time with it.
Any hoo, indi attached and back to some more screen time.
Here's a pic of that Eur/Jpy analysis. Note that the pic is of the 1 hour chart.
Currently I'm waiting for it to get into the trade zone.
Hi all.
Nice play on the Eur Cy.
I was getting tired of looking at different charts for trades so I knocked up a multi currency WPR. I put this on the chart and just squeeze it down if I am not interested but it will show you all the major pairs. I find it useful and you guys may as well. Just hover your mouse over the line to see the currency. Current chart and the rooster in the roost USDCHF are the two wider lines.
One interesting thing to observe is the correlation that suddenly becomes evident. If you have a look back at yesterdays Aud trade and check out the massive spread between UsdChf and AudUsd and others , you would have banked your house on it-- assuming that was no more than 2% :-)
Thanks for the TD Sequential indi Cy, quite amazing I must say. Found a lot of this sort of sequencing when using renko and Toms full system. Just a pity renko is such a pain to backtest on. At least seeing the chop keeps you on your toes. I use 7 in the settings, have you found this best?
I noticed you having a play with the Williams ROC. I am starting to like it myself quite a lot. Just need a little more time with it.
Any hoo, indi attached and back to some more screen time.Thanks Brooky. Wow that multi currency William's looks really nice! Coolness. Yeah currency correlation and confluence is a big part of interpreting the Money Map too. I can't wait to interpret this indicator into the overall system.
Yeah, I had your William's Rate Of Change up yesterday during my trade. I was watching it thread above and below zero. Pretty nice so far.
Rinko! I love Rinko. I always loved the concept of taking time out of the equation. As for TD, I just want to remind anyone reading that the TD indicator that I posted doesn't give trade signals it just alerts you to be aware that a price surge is probably in the works. The price simply can't move too far in a given direction without snapping back in the opposite direction. Of course there times when it goes into congestion at the 9 minute mark but if one looks at a chart with it applied they will see that most often the price either continues strongly in the direction it's going or reverses strongly.
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There's a possible USD/JPY short currently in the works (4:15PM here in the eastern US) but it's extremely unnattractive set up. The price is currently at 94.69 and it looks like the trade would trigger at around 93.80. There is serious support across all time frames all the way down to 93.50 so I won't be touching this one.
If you don't know how I'm seeing the S & R simply download the 4Pma (4 period Moving Average) indicator that I uploaded a few pages back and apply it to USD/JPY on the 1 min chart.
EUR/JPY is a possibility for later in the shift. It would also be a short but it looks like there would be a good gap in support to take advantage of. It looks like the trade will trigger at around 124.02. There are clear roads below that to 123.87 and then it's totally clear below that. This looks like the best bet for today. One interesting thing that adds credence to the EUR/JPY trade if it should trigger is the fact that the one hour William's 2000 is at -67 and has formed a clear crest. There is literally no support much further down.
Yesterday I noted that the possible NZD/USD short would be a bad investment because of all of the support below it. Well it did hit -60 several hours after that and it immediately sky rocketed all the way back up to 0! Score one for technical analysis. Support and Resistance is king.
There's a possible USD/JPY short currently in the works (4:15PM here in the eastern US) but it's extremely unnattractive set up. The price is currently at 94.69 and it looks like the trade would trigger at around 93.80. There is serious support across all time frames all the way down to 93.50 so I won't be touching this one. --------- Support and Resistance is king.
Had a look at USD.JPY and while doing so snagged some sitting ducks. Thought I should share another little winner.
Heres why I opened the trade.
1-Came down under the -60 with a little bump back up to it as per Cy rule.
2-Close on the green was not higher than before
3-Williams ROC had closed under the -0.618 line with a little room to go down.
4- The trading all day had been a drizzle down and the lure of a little profit taking to the next resistance was surely going to be enough. They had had a poke at it earlier in the day.
Opened the trade on the open of the short bridging candle with an absolute minimal stop and stopped it manually on the close of the line under the Williams ROC as there was no visible kick in the MA.
This was never going to be a long trade but a neat little scalp when your bored. Thanks again Cy.
Just a note on the unfiltered cross of the 60 and 40 Ea. The poor ol dear is on cycle 2148. Few more days yet.
Interesting to note though that besides some idiot setting mix that the strategy tester came up with, generally it is cycling up and down profit and not. This would support Cy's theory that with human intervention, brains, brawn and good looks, the concept of this trade could be made profitable. I will certainly keep working on it.
Enough for now
Cheers.
Chart below.
Forex Calendar
Just a quick note.
News does make a difference.
If you don't know about it, this forum has a fantastic calendar.
Forex-Tsd Calendar :: Calendars
Cheers
It's beautiful when it works.
Chart below says it all. Thanks Cy.
Hope we all got a slice of CAD tonight.
(You did check the calendar didnt you?)
In on the arrow, Tp1 on the first ROC break, Tp2 on the second.
Thats me for the week, nothing but ka$ing with your concept.
Cheers and thanks again.
Hey Brookey,
Nice play on USD/JPY. I saw it get triggered while waiting for EUR/JPY to fall yesterday but decided to leave it alone because of all the support. I noticed that it did allow for some scalping before it went back up but it looked a bit too risky for me. Looks like just recently it triggered twice, one would have been stopped out and the other would have been good.
Irony of ironies, by the time EUR/JPY actually fell enough to take advantage of the lack of support I was asleep (why must we sleep?!?!) but it looks like it would have been a bumpy ride. I don't think it fell enough by the time it hit -40 to have actually fallen below the key supports that it needed to anyway. Oh well, that's me for the week.
So for the week I made 40 pips from my live trades with this simple system. 'Course that was just 3 trades and 40 pips isn't gravy, but hey, it's not negative either.
trade 1:
20 pips
trade 2:
-10 pips
trade 3:
30 pips
As a matter of fact, a consistent 40 pips a week can give one a nice income. That's what I love about Forex. You don't need to take very much from Forex to make money. It just depends on how much you have to start with, as in all things.
Good trades Brookey, here's to next week.
Hopefully someone will catch onto this thread and start forward testing with us. Maybe we can compile all of our trades into one linear chart.
Thanks for the calender, I'll keep the dates in mind. I wouldn't mind trading into news if I was sure that I could get out when I needed to. That being said, I probably wouldn't so it's good to know when news is coming out.
What?! A 100 pip move?! I really needed that. Grrrrrrrr I should have just stayed up all night last night...that CAD signal looks so gooooood. Nice catch. Did you catch the whole move up? How many pips did you net from it?
You know what we say in my country ( oh ok in my house, doh in my trading room
) : 10 pips a day is a beautiful day !
Forget the 100 pips moves, if you are happy with your current settings, and if it cover your losses and make a small gain : THAT'S THE WAY.
Cheers