My New Day Trading System-rate and test - page 20
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HA! How do you know these things!!?! BTW, are you on linkedin?
I am on linkedin but have never found a real use for it. Just another portal to monitor or maybe I missed the point of the whole thing.
Sweet 50 pips on EURUSD friday with w2000. Classic little yesterday gap filler move. Did you get it? Only trade I did all day but a nice one to finish the week.
I am working on a really clear newbie style signal using some new stuff I have programmed over the last month. Will let you have a look soon. Might pm you first so it doesn't get too disjointed throughout the thread as I value your signal insight.
cheers.
BTW
Is there anyone else out there trading this system currently. Would love some more feedback.
maybe this way, myway
I admire people do 1M chart trading as they could trade mostly whenever they are pleased
my 30M chart analysis got the best outcome for myself, here I introduce a simple idea for us, we can combine any of our own indicator in any TF
the idea is simple, just use 2 to 3 indicators
Last week, my experiment on forex blow out by answer the ultimate Q -- what is the best price level to enter a trade
in other words, even when situation unleash , I will only enter in the best-ever price level == but not a success with last week volatility
this weekend I will try to figure how to use another 2 indicators and synergy their tell-tale sign together
this is my proposed strategy, need also hedging to be the contingency plan though, if things go really wrong
>> Tiny URL - create a shorter link
see the aqua rectangle on top, that is the blowing whistle
but at which price level, then we have to WAIT or Search for another price level indicator, the horizontal pink arrow
this will encourage us to roll out our SINGLE ENTRY plan - drawback is delay could be an hour -- delay is the only issue, no repaint issue should be there
as a conclusion, I guess you could find the clear price level zone, that we don't trade, mixing 2 indicators to find the price level that we are "IN GAME", I also advice to hedge or SL beyond the BIG thick down arrow indicated
if you take time to read it, I guess it might give you some insight too
--
however -- I try to find its limitation
I don't like GBP/JPY due to its sudden choppyness - i.e. swing with magnitude with no reason
the method won't work in GBP/JPY -- so somehow, I can see the drawback for this method in the UN-determine market
---------------
my next research objective is to try to predict whether the Investment bankers will move the market will shooting speed volatility or slow as a disorientated turtle
will this be related to their WIN / LOSS of these big boys -- I think this is decisive to predict the ranging or trendy market -- i.e. could be profitable with the assumption on NO BIG NEWS
Hi xx3xxx.
That's a busy chart. I am sure it comes up clearer on your screen.
Happy to have a closer look later as you have bought up quite a few points.
As far as dealing with M1, I used to find it too noisy but now would not initiate a trade in any other Tf. I would have lost more money on M30 than any other tf. Never got my head around it.
I will mention one of my indis that you might find useful if you want to revisit M1 again. Details on this thread . You can get the indi for the main chart and sub window at that thread.
Allows you to see your M30 candles in detail. May give you a heads up.
cheers.
Charts below.
Hi xx3xxx,
Now I know where I get my indigestion from.
I learnt a long time ago to plan the trade, execute in M1 and then walk away from it. Watching a trade in M1 is like winning or losing a 12 round fight. You either die by a thousand cuts or win with a million bruises but it never feels easy.
Stop losses are a bugger.
I am feeling a little verbose tonight so I am just going to mention a few things below re stops and also a way that we may all get the most out of a W2000 move. Check the attached charts for reference to my ramblings. Chart in M30 but applies to all tf's.
Lets say you want to take a long at point 1.
Draw a Fib Fan from the recent highest high ( A ) and
lowest low ( B ).
I never see many fans used on charts around the forums but I have
found them great for planning stop losses.
If you want a tight stop plan one for Point 2 which falls
under a fib line. Add spread and a few pips slipage. If you
really want to give the animal some room to breathe you may want to
pop the stop in at point 3. Both points offer reasonable risk reward depending what you expect out of the trade. Just move your stops under the fibs below the one that the candles close over as price moves. 13 points below seems to keep away from sm stop junkies.
One way to really get some extra mileage out of a good move is to
do the following. I use this concept if I feel a bigger move is coming
instead of just placing a fixed Take Profit as in a ranging market where the liklihood of a breakout is diminished.
Approx figures so please don't beat me to death about spread etc.
1) Go long at Point 1 with 2 lots.
2) Place stop at point 3.( 66 total risk )
3) Add an additional lot at point 4 with stop at point 2. ( 39 risk )
4) Move first 2 lots stop to point 2. ( Now order 1 combined @ 30 risk )
Total risk 69 with 3 lots in play. No locked in profit yet.
5) Add an additional lot at point 5. Good close over fib.
6) Place tight stop at Point 6. ( 11 risk )
7) Move all other positions stop to Point 6.
Order 1 - 2 lots @ 50 profit ea ) 100 locked in profit
Order 2 - 1 lot @ 25 profit ) now 125 locked in profit
Order 3 - 1 lot possible loss 11) Guaranteed 114 profit
8) No close over 100 fib. Chicken out on doji.
Final Tally:
114 profit + 4 lots @ 18 ea ( 72 ) = 186 profit.
Thats 186 pips out of a 75 pip move.
If you play piano and are quick on the keyboard, you can do this on M1 or M5 and clean up a 50 pip move nicely which happens at least once a day.
The idea is that a move will tighten as it goes on and be a bit unruly in the beginning.
If you give the trade some room to get started with generous stops and tighten hard as the moves slows you should be right as things generally degrade hyperbolicly.
You can see the degradation effect on the 2 charts attached. Have a look at the tips of the MA's and the reversal once a perfect hyperbolic quadrant has been formed. Happens all the time in any timeframe.
Cheers.
thanks for replying
I may learn some black-belt M1 later, when the micro-volatility is more NORMAL
I am not fancy into M1 trading myself, just want to look at people trade like firework
as I spend far too much time on M30 independently, so I could do more than lot of people with their M30 or H1 chart
== haha, laughing to the floor
I hide away few indicators already in my above M30 chart, to illustrate my point
the REAL M30 template that I used is more complicated , more colorful than the above, even I pass it on, people may not able to see the tell tale sign, it is so B-U-S-Y
M1 and M5, I start forex demo with those, now I seldom touch it
the market is more stagnant than you think
the football fancy could slow down the datastream server even more, so sometime, my charting in MT4 got stuck these days in this football season
I am so lazy that, even some good indicator for H1 or H4, if it is real good, I will change the input parameter, so I could see in my M30 charts, i.e. lazy enough not to click another TF, just change the templates
tro got some cool indicator for M30 or instantly tell us what to do too -- kinda like M1 or M5 trading, but I am just using ONE of his indicators only (from another site of HIS)
== my current ideaology is still very much based on retractment and swinging market, those space exploration chart, i.e. NEW HEIGHT or new low, still scare me out of any entry, while other people taking pips like picking coins in the park, may use tro indicator to improve on these scalping thing --
recently, I find out one thing about forex
we know the direction in my 30M chart, it will go for that direction for 45 to 85 pips
but the SL still hit us hard and make us lost -- this is the nature of the forex game -- can't let you win until you are as edgy as M1 traders gut
---- even you take so much time to tell me the methodology , it still seem to be quantum physics , that the behaviour in the microscopic world got a totally different set of rule --
my recent attempt, is to hide the SL from my broker --hehe, tricky, but the overall result, I need to fine tune it
I know many people got different ways to hide SL !! == they never tell me though, so I am figuring it OUT now , by myself
but I guess, we might collaborate together, if you want to TEST the combination effort or confirm your entry
you could PM me with your MSN, then I could supplies you with 30M screen capture of my own work, tell what I did observe, but it is good enough for you to trade with M1 with a GOOD success rate with the recent market scenario --
I am still not convince with the M1 , M5 -- as it took me long to shake off, the CANDLE prediction habit, so I am OFF, even the market is less micro-volatile as the past
let me know, if you are interested to get the 30M screen capture -- as long as , you keep it confidential, I don't mind to let you see, my research result, my rules etc
Live trades
Hi WPR people!
I was hoping to give something back into this thread by giving some live trades and also uploading some useful tools. Are you guys interested?
cheers.
mike
Hi xx3xxx,
Now I know where I get my indigestion from.
I learnt a long time ago to plan the trade, execute in M1 and then walk away from it. Watching a trade in M1 is like winning or losing a 12 round fight. You either die by a thousand cuts or win with a million bruises but it never feels easy.
Stop losses are a bugger.
I am feeling a little verbose tonight so I am just going to mention a few things below re stops and also a way that we may all get the most out of a W2000 move. Check the attached charts for reference to my ramblings. Chart in M30 but applies to all tf's.
Lets say you want to take a long at point 1.
Draw a Fib Fan from the recent highest high ( A ) and
lowest low ( B ).
I never see many fans used on charts around the forums but I have
found them great for planning stop losses.
If you want a tight stop plan one for Point 2 which falls
under a fib line. Add spread and a few pips slipage. If you
really want to give the animal some room to breathe you may want to
pop the stop in at point 3. Both points offer reasonable risk reward depending what you expect out of the trade. Just move your stops under the fibs below the one that the candles close over as price moves. 13 points below seems to keep away from sm stop junkies.
One way to really get some extra mileage out of a good move is to
do the following. I use this concept if I feel a bigger move is coming
instead of just placing a fixed Take Profit as in a ranging market where the liklihood of a breakout is diminished.
Approx figures so please don't beat me to death about spread etc.
1) Go long at Point 1 with 2 lots.
2) Place stop at point 3.( 66 total risk )
3) Add an additional lot at point 4 with stop at point 2. ( 39 risk )
4) Move first 2 lots stop to point 2. ( Now order 1 combined @ 30 risk )
Total risk 69 with 3 lots in play. No locked in profit yet.
5) Add an additional lot at point 5. Good close over fib.
6) Place tight stop at Point 6. ( 11 risk )
7) Move all other positions stop to Point 6.
Order 1 - 2 lots @ 50 profit ea ) 100 locked in profit
Order 2 - 1 lot @ 25 profit ) now 125 locked in profit
Order 3 - 1 lot possible loss 11) Guaranteed 114 profit
8) No close over 100 fib. Chicken out on doji.
Final Tally:
114 profit + 4 lots @ 18 ea ( 72 ) = 186 profit.
Thats 186 pips out of a 75 pip move.
If you play piano and are quick on the keyboard, you can do this on M1 or M5 and clean up a 50 pip move nicely which happens at least once a day.
The idea is that a move will tighten as it goes on and be a bit unruly in the beginning.
If you give the trade some room to get started with generous stops and tighten hard as the moves slows you should be right as things generally degrade hyperbolicly.
You can see the degradation effect on the 2 charts attached. Have a look at the tips of the MA's and the reversal once a perfect hyperbolic quadrant has been formed. Happens all the time in any timeframe.
Cheers.hello, I like your first chart, what is your average winning % on your fib fan?
cheers
Hi! Thank you for sharing your charts and ideas. But one of the best I have come across is makemoneycurrencytrading dot co dot uk as they run free webinars and training. And they run live portfolio so you can actually see if their strategies are making profit live. They send out a daily report each day with the trades.
Hi WPR people!
I was hoping to give something back into this thread by giving some live trades and also uploading some useful tools. Are you guys interested?
cheers.
mikeHi Mike. Speaking for myself I would love any constructive input.
Cy who is the thread starter seems to have disappeared but I am still working hard on getting clear signals for the W2000 cross.
There are a lot of indi's and ideas mentioned on this thread and it will still be some time I think before we can up with a single clear signal. The -40 -60 cross point is very powerful as a break or reject point and I consider it these days in nearly all live trades I do.
Just for example is a chart below of a EurUsd trade I took last night and some explanations on the charts. The chart shows some of the thoughts behind my trade.
The chart is full of indi's that I am working on that are in various levels of finished. I have still to combine them in a singular signal.
I have attached the two that are ready for release which you may find useful in finding a signal that are ready now.
They are:
1) Brooky_Minute_Chart_Overlay.mq4.
Stuff happens on hour ends and at other minutes. To make it easier to see in M1 I made this indi where you can set it to see for example when the hour is ended. I set one of the lines 2 minutes before the hour to give me a heads up for the hour end coming. You can set 4 different repetitive minute ends. eg: 0 for hour, 15, 30 and 58 for individual minutes.
2) Brooky_USD_Strength.mq4
Time and again I have seen over the years how having an idea of the collective strength of the USD can help trade other pairs.
To help me see if I am pushing s--t uphill I made this indi which assigns a value to 7 USD pairs and how they are travelling to give me an index that shows the effect overall that the USD is having in the market collectively. I used it live for the first time in my trade friday after testing it and was pleased with the information I got from it.
It has finite values of 10 and -10.
10 means the minor appears overbought while -10 shows the minor as oversold. Should complement other indi's nicely.
The dynamic WPR indi is nearly finished as are the special levels that I use which are different than all others. Will post these soon.
Look forward to your input.
Cheers from OZ.
hello, I like your first chart, what is your average winning % on your fib fan? cheers
Hi Pizzazz79,
I had a look in the diary and too my surprise I have never had a lose with the fib fan, but too be clear I do not trade the higher Time frames often.
Like any levels it is all dependent on what way the market is pushing. If it is moving they will stop on any standard support or resistance. The trick is finding how far they are willing to move and what direction.
As a generalization I have always found the Tokyo session more level compliant than any other followed by the London session after they shake out a few starting trades. The NY session is for me is still the hardest to trade and I won,t go near it until they have all had a cup of coffee and lunch and make some sense of where they want to go. Then they can shift it nicely and many good W2000 trades happen in the NY session.
The one thing which is interesting with the fib fan is that it is the only level set that "talks too me". That may sound weird but if I am in the zone, the fan opening up on the right of the screen looks like the price stepping up or down stairs and coming closer too you. I rarely trade by gut feel but this is the only time I do and get it right. Too much time behind the screen does odd stuff too you.
If you have a set of momentum and direction signals that you trust I would definitely throw the fib fan up and I am sure you will be pleasantly surprised. All the same rules apply as per standard fibs. Just remember that you need to allow overshoot on any fibs as they are percentage based not pip based.
I had a look at the same trade I took last night with the fib fan (chart attached)
and to me it seemed reasonably compliant. Just attached to yesterdays high and first major low of friday.
If you are interested in levels just subscribe to this thread because you will definitely be interested in a new set of levels that I will showcase soon.
Cheers