Daily Hi Lo

Trading Systems Free Forex Trading Systems
290

+20 tp lol

291

MerchantPrince
I have been using 30 pips as a stop and take profit I have not yet looked at the losing trades to see if a 20 pip stops would make a difference. It might be better with some pairs. I am hesitant to change anything yet as what I am doing seems to be working.

Every night I look at the chart and pick the high and low from 17:00 to 17:00 (I am -5 gmt thats New York time) I drop a pending buy and sell at the high and low I do it right on the 1 hr chart so my orders are within 5 or 10 pips of the real hi and low. It takes me about 5min to set up each night. The orders are good for 24 hrs or until I set up new orders the next day. I have closed out a trade when I catch it retracing to save it. One more thing is if the price is currently above or below the daily hi or low I will put an order a few pips beyond where its at. Not very well defined with exact numbers just trying to catch the momentum that may happen when the previous days levels are broke.

Here are some pics from myfxbook of the last 3 days. and one more showing the pairs I am watching its the same pairs I trade with MMTT.

292

I noticed for at least 1 of the breakouts I trade the only time they dont go +20, at least, is when there is S/R in the way. So, I suggest you make use of recent S/R to help with profit targets.

293

Does anyone look to trade Thursday night into Friday or hi-lo on Mondays?

294

For a daily breakout I wouldnt trade the Sunday breakout of Friday or Monday of Sunday, Monday of Friday may work but idk. For sessions or random timeframes id trade money-Friday.

295

I did last Monday and that was a winner.
This morning Friday morning GU was a looser, but I won on NZD/USD
but my account balance went down because Iā€™m not familiar with the nzd pair and got something wrong. One winner one looser should have broke even.

the GU trade lost by on a coulple pips on a retrace. Would have won if my stop had been bigger.

296

I, too, have been using 30 as my SL, except for lower volume pairs like EG. Are you going for 20 or 30 pips TP on the majors? Iā€™ve been going for +20 this past week in the hopes of enjoying a higher win % and have finished up for the week - but this of course is a small sample size.

Clearly, this remains a work in progress and Iā€™m sure a veteran breakout trader could come into this thread and in five minutes clarify for all of us those R:R numbers which have worked best for him over time.

The orders are good for 24 hrs or until I set up new orders the next day.

This was what I was looking at yesterday when the news started coming out. Iā€™d had some breakout triggers still in place when I made my first couple of MMTT trades. Watching all the price action I found myself thinking ā€œIf this pair goes outside the previous candle will it just be normal movement - with a high chance of retracement - or would such action at this time (about 14:00 GMT) truly be a breakout?ā€. I actually have to go back to yesterdayā€™s candle to see what ended up happening.

I ultimately decided to close my un-triggered entry orders, but will consider leaving them open until the close of that daily candle at the end of the day.

297

woke up to +40 again :smiley:

299

Are you still using this:

[B]Scooby Hi-Lo Breakout[/B]

Enter Long if
-MMACD is above 0 line
-MA is facing up on the previous day close
-only trade the Tuesday-Friday candles

Enter Short if
-MMACD is below 0 line
-MA is facing downwards on the previous day close
only trade the Tuesday-Friday candles.

I forgot to mention: trade the breakouts, so set pending orders accordingly. The goal is to trade with the long term trend, still catching breakouts. If any of the above conditions are not met, do not take any trades.

No TP or SL (as of yet)
Close the trade at the end of the daily candle

It only trades about seven times a month, but it is still based on the breakout method.

The McGinley MA is what you had been talking about. I noticed most days the MMACD is above or below the 0 line and that most days the MA is facing upwards ro downwards to one degree or another. Was there some filter or particular detail that you used to limit the trades so only a hadnful would be viable each month?

300

Im doing something different now though that still looks like a guy system after the backtests. MMACD has to be + and McG has to be pointing upwards for longs, also cant trade Friday/sunday breakouts. vice versa for shorts

301

I made 120 pips and lost 90 pips and came out down over all on my account balance:rolleyes: I to need to pay some closer attention to the pip value on each pair. I need to do some maths and make sure I size my orders right.

I still have a positive trade open that might save me on Sunday(or not).

302

I went ahead and put my orders on using Fridays levels. My one open trade is still going almost to breakeven. I did take the time to make 30 pips have the same $ value on each pair. Its not that hard with my platform when I enter an order it will calculate the $ vale of the trade for me I just adjust the trade size and leave the stops alone.

303

what trade do you have open? I just set up orders on GU based on Fridayā€™s high and low.

I was looking back through the tread. Was wondering about those posts from Used. I donā€™t suppose anyone figured out what he was trying to point out? It just escapes me.

kind of reminds me of stuff on the tecnical templates thread

304

does DLST affect 1hr breakouts? or session breakouts?

305

whatā€™s DLST ?

I just cancelled my orders. Big move on GU but didnā€™t trigger my order and I feel like I missed the big move. Price went from near the top of Friday to near the botttom of Friday. Thatā€™s one problem with this strat, you miss some big moves. Should have been using R.Carterā€™s or Ruiā€™s method today.

306

So far, closed trades are: NU Long triggered for -30, EG Long +10, GU Short -30. AU is Short is still active at +10 pips. EU, UCHF, EJ and UJ have all yet to trigger one way or another.

307

Daylight savings time, And I found out all it does is make me stay up an extra hour :(, man im tired. still, +40 again, thats 4/4

308

One good thing about daylight savings time. Now Europe opens at 3am my time instead of 2am so I may have a better chance of waking up early for it.

+40 ? man youā€™re doing better than me. But then I only had those untriggered orders on GU this morning. tomorrow may be different.

309

Hereā€™s an idea worth taking a closer look at. while looking back at my charts this weekend, it seems like the times when the break of the high or low doesnā€™t go very far and turns back in that it seems to often go a long ways so maybe if you get stopped and are awake to do it then do a market order in the oppostie direction.

310

Okay, so Iā€™ve had some fun wasting time today with some maths based on Talonā€™s earlier post on winning percentages based on take-profit targets.

Working on the assumption that going for 20 pips daily on GU yielded just a touch under 80% win percentage, I decided to calculate ADRs for all the pairs using that TP number to calculate a winning coefficient (is that the right math term? Itā€™s been so long since school).

I found a site that will calculate the ADRs of all the pairs going back any desired time period. I chose 4 weeks and got the following for GBP/USD: 167.3. Dividing that by 20, I got 8.365. So I went and grabbed the ADRs of all ten pairs I commonly chart and got:

EUR/USD = 138.9
GBP/USD = 167.3
USD/CHF = 108.8
EUR/GBP = 75.4
GBP/JPY = 197.7
EUR/JPY = 159.7
USD/JPY = 89.4
AUD/JPY = 119.1
AUD/USD = 95.1
NZD/USD = 84.4

Using that 8.365 number, I determined the following TP targets for each pair, based on their ADR (rounded whole numbers in parenthesis):

EUR/USD = 16.61 (17)
GBP/USD = 20.00 (20)
USD/CHF = 13.01 (13)
EUR/GBP = 9.01 (9)
GBP/JPY = 23.63 (24)
EUR/JPY = 19.09 (19)
USD/JPY = 10.69 (11)
AUD/JPY = 14.24 (14)
AUD/USD = 11.37 (11)
NZD/USD = 10.09 (10)

Now if we figured a 30-pip SL on GU got us the best chance at the 80% win rate of 20 pips, then weā€™d commensurately use a 50% increase above each of the TP figures above to determine respective SLs for each pair. That gives me a final series of SL/TP numbers of:

EUR/USD = 26/17
GBP/USD = 30/20
USD/CHF = 20/13
EUR/GBP = 14/9
GBP/JPY = 36/24
EUR/JPY = 29/19
USD/JPY = 17/11
AUD/JPY = 21/14
AUD/USD = 17/11
NZD/USD = 15/10

So is this crazy or what? :eek:

        John (Merchantprince)

[I]ā€œNobody can be exactly like me. Even I have trouble doing it.ā€[/I]