My New Day Trading System-rate and test - page 14
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Hi
How do you avoid sideways price action with your method?
Kind regards,
-Muhammad Azeem
========================Good question readyforex. In fact, I have been intentionally testing this method in the sleepiest time of day (3-10 pm US Eastern Time for me) and I've been doing pretty well so far. You'll get your 100 pip runs in the busy times, when the markets over lap. As Brookey noted this system relies on the premise that the price will continue moving up or down after the trade has triggered. Testing it in the slowest times gives me confidence. Plenty more trades to log though.
I consider the signal to be the potential propagation of a new cycle. For example, we should only be going long when the price has already been below -60 for some time. We would not want to go long if the price has been over sold for a long time, happens to dip down below -60 and back up. That's not a signal I would be comfortable taking.
I came up with the William's 2000 after observing that the market likes to move in these cycles. Up and down. It's very basic, but I think it captures something elemental. In the William's 2000 we can see the price line broken up into zones that indicate where the price might want to move.
The price will never be able to remain above say, -80 forever. It will have to move down and form a new cycle, and sooner rather than later.
When it does move into a new cycle the momentum will be there regardless of time of day, news, or lack their of.
The -40/-60 trigger lines are there to alert us that the price is in a position to move into a new cycle. Whether or not it will is up to the market, but we are in a position to profit on a large move.
Brookey said that the system gets us into the move late but this can't be avoided. If we are to sell and buy at -50 or anywhere else it would be pure speculation.
The occasional 100 pip slide should make him forget about that complaint
.
When the momentum isn't there and I get stopped out what do I do? I try again if the opportunity arises, and again, and again. IMO, we must be willing to face the reality that we will be hit with modest losses in the short term often. If the market does totally steam roll me one day I know that because of the nature of the system I have the potential of making 100 pips the next day. It hasn't happened yet in the live trades but it will eventually. Put another way, the system has a pretty good risk to reward ratio.
Lately I have begun to filter the trades with the Money Map concept. So far so good I think. IMO it just makes sense not to buy at -60 if the price is going to have to punch through a bunch of multi time frame moving averages.
Nylon,
The other indicators I have listed help me decide whether or not to take the trade and once in the trade how to manage it. Unless you use Brookey's EA this system is one that will require a bit of screen time on your part.
SCISSORS
I don't know what the author calls this indicator himself but I call it scissors. This is another tool that I find useful once I'm already in the trade. See the attached picture. This indicator is extremely useful when coupled to the Money Map concept (4periodma). When the price enters a pocket it WILL retrace. The only problem is that A) We cant see the code and B) it requires DLL imports to be on and when you load the indicator sometimes it takes you to the guys website.
I use the indicator anyway beacuse it's so useful.
However, if anyone wants to take a shot at making a shareware version that would be great. I don't know how to get the candles to glow like that when the price enters a pocket but I have surmised that the short Standard Deviation Channel (Bollinger Band w/o the MA) is set to 102 and the long one is set to 200. The problem I have is that I can't find a Bollinger Band indicator that lets me remove the middle MA.
Anyway it's a great tool.
thinking of a e-business model (that could apply to forex site)
say, I have a e-store selling logitech latest mouse -- rather than promoting the latest models
I could start a netflix section, saying
hey dudes, this is our LAST MONTH screen capture of last Month most popular sale items
Now you could pay $20 and rent a mouse, just put it in a Jiffy bag to return
then you could try another mouse before your membership expires
i.e. if the customer pay membership, the customer could have what others were having , during last month
I am still testing the above template this week, see whether it is good for Re-entry or rebound tradings
-- i.e. so rather than Buy or give away freebies
we could try out the e-business model of RENT and Try out COOL STUFF of last month's
oooh cycle surfer suggestion, still trying it out this week -- not too many textbook scenario this week though
======= with my motto, I do not want to enter in volatile time -- 1) true pip spread is too deep 2) SL is not HIGH enough compete with bankers
this week THU and FRI -- GBP like its got no Collateral for the country -- and I feel risk taking like to be worth it -- but I am not good with 1M and 5M-- Have to pick a template if the Rave party continue for GBP related
maybe I would pick this i.e. every sell must match with 2 LO buy -- just in case that I got it so wrong 1:2 or 1:3 -- I could recovered by B/E better than 1:1 hedge
how MT4 works
when you OPEN it -- it will compile all the mq4 into ex4 (NOT AGAIN !!, but it does) in expert - indicators folders
then for every movement in your chosen time frame -- it will recalculate the new input price again or may go back a few candles
I am quite sure that it will run some of the ex4 too that is not in your template (as some indicator , like early digital.. ones rely on few similar indicator to make the one that you put on your template works)
----------------
so the solution is obvious to have a clean slate
dashboard type and some repaint indicators are resource intensive --- if you know which are your chosen templates already, just don't put those stuff that you don't need there
for MQ4 , if you are not programmer, put it in a totally different folder for archive
for your trading platform (I don't use MT4 to trade, just for charting) - close it after you open and if you are not going to cut it soon -- as it might hurt HDD by writing lots of data
watch cable TV rather than watch youtube for fun
pretty sure that your computer shall run very fast after all the cleansing -- whether you are on window 7 or XP
will this be helpful
BBands Without Middle Line
I don't know what the author calls this indicator himself but I call it
However, if anyone wants to take a shot at making a shareware version that would be great. I don't know how to get the candles to glow like that when the price enters a pocket but I have surmised that the short Standard Deviation Channel (Bollinger Band w/o the MA) is set to 102 and the long one is set to 200. The problem I have is that I can't find a Bollinger Band indicator that lets me remove the middle MA.
Anyway it's a great tool.Hi Cyclesurfer,
Thanks for sharing the interesting review. I look forward to more, thanks!
Regarding the middle line for BBands....
Attached is a basic BBands indicator (comes standard with MT4 in custom indicators) that you can remove the middle band by changing the settings.
Just load the indicator, click on the Color Tab, and change the middle line to BLACK...
See attached screen shot.
Hope this helps,
Robert
Hi Cyclesurfer,
Thanks for sharing the interesting review. I look forward to more, thanks!
Regarding the middle line for BBands....
Attached is a basic BBands indicator (comes standard with MT4 in custom indicators) that you can remove the middle band by changing the settings.
Just load the indicator, click on the Color Tab, and change the middle line to BLACK...
See attached screen shot.
Hope this helps,
RobertThanks Cosmic. I did try the bands indicator but the formula it uses seems to be different and I couldn't get it to match up with the Scissors indicator.
Williamstrade indi
Friends, I'm working in a new Idea for trading de williamstrade indicator. Somebody can code a Sound alert for the moment whenSMA of %R crosses some ajustable levels?
Sharing the Rules:
Settings:
williamstrade indicator:
wperiod: 400
MA 13.
williamstrade line invisible (same color of background)
short -15 long -85
IFR 9 periods
Template and gold example chart attached.
Event sequence:
BUY:
- SMA of williamstrade indicator crosses up the -85 line
- IFR-9 goes above 50 (entry allowed)
- Buy.
SELL
- SMA of williamstrade indicator crosses down the -15 line
- IFR-9 goes below 50 (entry allowed)
- Sell.
The trader's ability determines the exact time to entry..
Nylon
Hedge
one more thing... in this system we have not to use stop loss.
After buying, for example, we put a pendent sell order at the last bottom of the prices and only closes the trade if the %R goes to -15 with no profits... this means that the price exploded against you, but your losses is locked.
The protection sell order must be closed if the price goes in direction of the main order.
it's clear?
hi nylon,
your template is not complete. Can you do it again.
Thank you
where can I buy it?
ya, I am starting to get some research result on sophisticated entry signal
probably combine 2 template and need lot of GUT (I got scare out easily) to enter
but I am starting to test it under live situation -- hope that I could change the habit in my mind and go along with ithello xx3xxx,
where can I purchase the waves auto trend indicator?
thanks
Do you have the williamstrade indicator?
hi nylon,
your template is not complete. Can you do it again.
Thank you