The six pairs I went with yesterday all but g/u triggered. I ended up at about BE for the group of trades. Tonight I am going to go with a 1:1 ratio if I had done that last night I would be ahead. I know 6 trades does not constitute any sort of meaningful test. I just feel a 1:1 ratio will be less risky across many pairs that I have not tested like TalonD tested G/U.
Tonight I put orders on 8 pairs I watch for MMTT I went with a 30 pip sl and tp.
what kind of SL are you going to use? I noticed some days it would require a huge SL to avoid getting stopped out early and eventually the trade would go your way
TalonD
I know we are in the same time zone, what local time is your Oanda drawing the new daily candle. Mine is starting the new day at midnight. That does not seem right. My understanding is the forex day starts at the end of the New York session.
If I look at the charts in the evening when I get home from work I am looking at a candle that includes the last London session often its already broken the previous days extremes. If the chart was showing a conventional forex day I would be right at the start of a new daily candle when I am placing orders. My question is are your charts set up differently and if so how do I get mine to match or are you getting your daily levels from a different broker?
Which way do your candles look?
Oanda Daily candle USD/JPY
FXCM Daily candle USD/JPY
I use Oanda as well. You are correct that the forex day ends at the end of NY session at 5pm EST. I usually look at the hourly chart and draw a vertical line at 17:00 to view daily levels since I am in the EST timezone. Hope that helps 
Time zones always confuse me for some reason. Oanda uses local eastern time and I’m going to post here a couple of pictures.
This is Oanda 1 hour chart
You’ll see a box made by the yellow lines. The first candle in that box is midnight on march 3, the last candle is 23:00 on march3 these are all Eastern times so add 5 to get GMT.
to the right of the yellow box the first candle is midnight on March4 the last candle is 23:00 march4, not yet finished as I write this. about 20 minutes to go.
Remember the yellow box surrounds March3, that’s yesterday.
you can see the white cross hair on the 17:00est candle.
Now look at the daily chart. you can see the candle surrounded by the yellow box. and a candle just to the right and another small candle to the right of that. Well on this daily chart, if I put my cursor on the candle, Oanda says it is March2 but remember the hourly chart shows all those hours as March3,
On the Day chart, Oanda says the candle to the right of the yellow box is March3, on the hourly chart those hour candles are actually March4.
See why I get confused? 
To do the the right way, I think it’s best to go to the hourly chart and select the high and low between the last two 17:00 candles EST.
This is Oanda 1 day chart
I am glad I am not the only one that thought something was screwy I was starting to think I was getting stupider the longer I tried to figure out what was going on.
Looks like the simplest thing for me to do would be get the levels from my mt4 demo or fxcm account in the evening my local time and enter the orders by typing the numbers in Oanda.
Just checked with Oanda to verify. the daily candle ends at 11:00 pm EST, the new candle appears immediately after that.
when we change to EDT daylight time, that will change to 12:00pm midnight EDT.
one thing I do like about Oanda is the ease of entering an order. just right click on the chart. you can drag the TP and SL lines also.
Ive been setting up my orders on today’s candle before it closes at 11pm, the danger in that is that it may not have made the day’s high or low yet since the candle is still not closed. But I do that after 5pm so ‘usually’ the high and low have already been established by then.
A better way to do it is zoom in on the hourly chart and find the high and low between 5pm yesterday and 5pm today.
hopefully that’s not too confusing.
Marketshot 2.0, the platform used with FXCM’s Trading Station II has this functionality, as well. I can’t imagine using a platform that does not make trading this smooth.
ya something like that
hmmm, that may be toooo many bars back but yeah thats the idea lol
more new ideas :D:D:D
what about doing breakout of sessions? I noticed that if we take the high and low from GMT 1:00 to GMT 10:00 and set buy/sell orders on the hi/lo you can get atleast 20 pips and as high as 140ish. this is on USD/CAD. havent checked out other pairs yet but this is looking promising.
Not a bad idea to look at that. I started out looking at daily candles rather than shorter times such as sessions just because they typically cover a lot of distance in pips, even though I’ve got the habit of limiting myself to 20 pips. should be going for more. but if the pips are there on session breakouts then we could go for it.
here’s an interesting idea, maybe someone could design a chart that shows session candles, one candle per session in other words.
well I guess that would be an 8hour chart wouldn’t it.
I have a mt4 indicator that puts boxes around the sessions and expand to meet the high and low, and another that shows what sessions are opening and closing. From the times I mentioned I think its from tokyo open to close, but I’m not 100% sure. Still, ill post a chart sometime and show you. Easy 20+ pips.
yeah, that sounds about like Tokyo session hours. I was digging around all my indicators and I have one that boxes the sessions. may have even gotten it from you, I don’t remember now.
they say memory is the first thing to go…
I can’t remember whats second…
umm…
now what was I sayin?.. mmm
All I know is that I want a Scooby breakout ATM machine strat codified and posted - [I]stat[/I] - along with a TalonD dependable 20+ pip breakout strat. I would like to have all this done by the weekend so I can begin trading on Monday.
~ John (Merchantprince)
[I]“Nobody can be exactly like me. Even I have trouble doing it.”[/I]
You know… in a gold rush, it’s the hardware store owners who get rich selling picks and shovels to the miners…
In other words, maybe we should all get together and start a forex broker business. then we make 4 pips on EVERY trade from every trader!
have you seen the business model currensee has with their trade leader program? That looks like the best money making idea involving FX I have seen.
It takes the profit generated by one good trader multiplies it across many accounts and spreads it around to account holders, brokers,currensee, and the trader. That would be a system worth imitating. It also gets around a lot of legal problems because the trader is not actually managing anyone’s account but their own.
What exactly do you mean by coded? an EA? IDK how to do that :(, only simple ones :). If you’d like the strat and indicators I can do that.
I was thinking the same thing. Just gotta get a loan from a bank. If it flops claim bankruptcy and pay back like 3 or 4$ LOL
Ya, I just checked it out. do you know the requirements to become a trade leader? I think I might apply lol. That would be a nice system to imitate too
BTW, where in eastern PA are you from? I grew up in eastern PA, been in texas for about 7 or 8 months now for college though.
Currently trying to find out what kind of SL and TP would be good for EUR/USD, after that I’m going to see if trading with the trend will increase the results or not. Gonna be a long weekend and im all out of scooby snacks :mad:
Its a session breakout so I’m just doing 1H, wouldnt make a difference if you did it on 1m or 4h. Aslong as you know the high and low of the session you can trade it.