SYSTEM 2 - Whicked Wicks
Time Frame: Daily
Indicators: 50 EMA
If the previous candle CLOSED above the 50EMA and was BULLISH, then draw cutsom fibs from the the HIGH of the previous day's candle to the LOW of the 2nd day's candle. Enter a BUYSTOP at the 110.0 Fibonacci level and set the stop loss at the 0.0 Fibonacci level. Leave the take profit blank. We 'chase' the market with stop losses.
Using the Move Stop EA provided, we set the first stop loss move at the 131.8 fib mark and set it to BE +5. Once that happens, we adjust the EA and use the 161.8 as the next level and move the stop loss to 131.8. The next level is 250 and move it to 161.8. After that we use the 400 fib level and move it to 250. Then, we tighten up the levels, 500 and move to 400, then 600 and move to 500, then tighten them up again, 650 and 600, 700 and 650 etc etc.
If the previous day's candle closed above the 50EMA and was BEARISH, we don't enter a trade that day.
If the previous candle CLOSED under the 50EMA and was BEARISH, then draw cutsom fibs from the the LOW of the previous day's candle to the HIGH of the 2nd day's candle. Enter a SELLSTOP at the 110.0 Fibonacci level and set the stop loss at the 0.0 Fibonacci level. Leave the take profit blank. We 'chase' the market with stop losses.
If the previous day's candle closed under the 50EMA and was BULLISH, we don't enter a trade that day.
Total Reward = +298 pips
Total risk = -92 pips
Risk/reward ratio = 3.2 to 1
Also note : GBPUSD, USDJPY, AUDUSD, NZDUSD are all 'waiting' for the candle to close, will do so in the next few days I'm sure.
If you wanted to get into the GBPJPY trade it's not too late to set a SELL STOP at the 50.0 Fib line. If drawn properly, place your sell stop at 133.23, your SL for both trades at 133.78, T1 at 132.00 and T2 at 130.90. Let's see how this trade develops!
Hi Eskimos, I'm not quite sure how to port indicators to different platforms. What you could do is use MT4 for the charting and your broker's platform to trade with.
I added both the MQ4 and the EX4 in the .zip file if that helps?
As of right now, the 3 trades I had set up last night got triggered and are sitting all on the + side, with a combined total of +68 pips. Not a lot, but not bad either for 5 minutes of trading in a sitting.
Last edited by windsorftw; 05-30-2011 at 07:12 AM.
nice, I like that zz indi, even tho it repaints like crazy, once you learn the timing, its great,
Good job, and great profits to ya
Ya I used to use the ZZ indi a while back then got tired of it repainting like it does. Decided to try it out again and see if I can get the timing down properly. So far this seems to work live on a daily chart so I'll be sticking with it.
Will post up the results from the trades that were triggered Sunday night.
So far, USDCAD hit T1 +58 and T2 is still in the hunt at +58 pips
GPBJPY hit my SL at -55 x 2 = -110
USDJPY hit T1 AND T2 for +31+59= +90
EURGBP is still going strong, T1 and T2 are sitting at +70 each.
So far, I'm sitting at +26 with 3 trades still in progress, 1 sitting at break even, the other at +140 total pips and looks like it will hit T1 at least.
Though looking back at the GBPJPY trade, SWING_ZZ moved the dot THREE candles, meh. Anyone have any suggestions on how to avoid this? Or help filter out false painting? THX!
Last edited by windsorftw; 05-31-2011 at 07:27 AM.