Scooby, I’m in Walnutport, just north of Allentown, PA. However, I am really looking forward to heading back down to south Florida after having visited Ft Lauderdale and Miami last month.
And when I joked about codifying the system, yes, I merely meant having the strat laid out like a how-to manual – which I’d really like to get, actually. The past two weeks has seen so much trending in the market I simply must have a system to trade during these times when MMTT yields mostly heartbreak.
It seems that everyone agrees that some kind of hi-lo breakout works, the question is 1-bar, 2-bar or more – and how much SL/TP should be in place, presumably based on a standardized percentage of the ADR of any given pair.
Lol, I have a few friends that live in allentown. I grew up in Levittown, its like the south part of bucks county. Ill try to get the system posted in more detail tonight. Btw your using mt4 right? I use two indicators for trend direction and only have them for mt4
This will be a totally off topic non forex post. But since you all mentioned PA, Allentown, Bucks couty area. Back in the 1700s that was the birthplace of the American long rifle. I made a reproduction and modeled it after a Jacob ****ert rifle. Here’s a few pics, edit: LOL I’m not allowed to spell his last name, it got changed to asterics.
TalonD I trade the Daily High as support if technicals are supporting a trending market condition and this same area is in a buy zone for Pivots.
Reverse for shorting the daily lows as resistance. To filter these trades I use the daily and 4 hour trends to determine if we should see continuation or expect a reversal.
If you trade breakouts on daily highs and lows in the daily chart direction… you will see handsome results and it will align your trades with the general market flow.
Look at a daily chart of any pair and plot a momentum indicator and as long as it is trending higher and not overbought… count the number of times the daily highs are penetrated then acts as support intraday before continuing the trend higher. Filter trend following breakouts like these when Daily is extremely Overbought. This is the area I like to find false breakouts above daily highs.
Does anyone have a mt4 indicator that shows the high and low for a specified time? I found some for days but I need to have it at a certain time. I found a few more useful things to allow for more pips per day, and for merchant prince, a few pages back I posted the one system and indicators. I’m out of town right now and the internet here isn’t so good, cuts on and off.
ugh, I gotta stop creating different kinds of breakouts! As of right now I have 3 different breakouts to look for during the course of the day,and 1 breakout to look for from day to day (breakout of previous day’s hi/lo)! Theres just TOOOOOO much to test :(! LOL, I’ll post some things up later, also changed an indicator around which will make a box around 3 specified times throughout the day making breakouts much easier to see.
Okay, some things I’ve noticed. Some from other forums, some from just examining charts.
-Breakouts from 1:00 GMT to 10:00 GMT, that is, a breakout of the highest high and the lowest low between these two periods.
-Breakouts between on 1! candle (LOL) ya, I know, but this looks better then all the rest so far. Specificly the 13:00 GMT candle
-Breakouts from 14:00 GMT to 16:00 GMT (got this from FF, looks very promising, also out of 694 votes, 563 found it profitable which is an astonishing 81.12%) So I’ve included this one as well.
Each one gives about 30 + pips, I just dont know how big of a SL to use. BUT! The good thing is
TalonD gets to keep his small gains, while being slightly bold by going for an additional 10!
That’s 3 times PER DAY you get a chance at 30+ pips!
Remeber 20 pips a day keeps the bill collectors away, but also keeps all your friends around bugging your for money.:mad:
Attached is a session indicator, this will expand to fit the high and low between the specified time periods. The settings for the breakouts are
-AsianBeg. 0:00 (I noticed you need to set this indicator 1 hour before you’d like in order to get the first bar included in the calculation)
-AsianEnd 10:00
-Dark Grey (or any color you’d like :))
-EurBeg. 13:00
-EurEnd 16:00
-Dark Grey (or any color you’d like)
-USABeg. 12:00
-USAEnd 16:00
-A different color then EUR because the boxes will overlap so its best to just have a different color.
well, there ya go, just remember IDK what kind of SL to use, but a TP or 20,30 or sometimes more will work.
just a brief post from me today. Was busy all weekend so didn’t get to back test like I wanted to. did make my 20pips this morning from a break of Friday’s high. just barely got it though.
Just to make it easier for me to manually backtest there is an indicator I would like to have. If one already exists or if you could make one scoobydoo.
I want to look at a 15m chart, with a vertical line seperating each day. so for example a vertical line at 17:00 eastern going back as far as I want to look. that time should be an external variable so I can adjust it.
Would also want it to place a horizontal line between those vierticals at the high and low but that’s optional, I could just eyeball those.
Is there already a such thing as that? Will that indi you just posted do that? I’ll check it out when I get a few minutes
What that indicator will do is it will place a variable box around your specified time period. The box is transparent and will expand to meet the extremes between the specified time. It was originally designed as a session indicator that show the highs and lows for 3 main sessions but I simply changed the times around to fit my needs. I know in MT4 on the 1h if you place the period seperators it will show you each day, not 100% sure what the 15m period seperators will do though, hopefully it will show each day.
What you can do with the session indicator is place one session at the start of when you’d like to start and one for the rest of the day. When they overlap the make a random color wich will show you the start of the day and the other session time will show you the extremes of price for each day.
Just checked, on MT4 the period seperators on the 15m show each day.
I didn’t know about the period sepperators, learn something new every day.
favorite quote:
“live and learn or die stupid”
Your sessions indi works for my purpose even better because it marks the high and low. and I expanded the lines to show the whole day rather than just a session.
This will make it a lot easier to backtest.
I was looking through this thread and please dont jump down my throat. I am a newbie in forex
I was manually testing retracements from daily HI and LOWS for 100 days and I came to some pretty mixed results.
32 days would have had you in profit (30 pips) if TP was 30 pips
27 days would have averaged once the trade 30 pips away and made a few pips (no loss)
21 days you would have averaged twice where price was 60 pips away from your first entry to break even (no loss)
12 days you would have had averaged thrice and broke even (no loss). this is very highly leverage and you could have blown about 20 of your account.
8 days where no trades were being made where the hi or low were not reached
I am not an expert or anything maybe this info could help you guys build a system or just a useless post:)
Not exactly what you mean. Which system are you refering too? I know the one w.o a SL or TP can experience some drawdowns before closing at the end of the day
