Traderboy, what markets do you trade this? Your idea for calculating TP is genius 
But donāt you think that 40 days is too much?
Please keep sharing your results with us.
Hi, I like your idea Traderboy. And thanks for the indii, I will start testing immediatelly too.
Well it should not be so hard after all itās a pretty simple systemā¦
I trade eur/usd, eur/jpy, gbp/usd, gbp/jpy and aud/jpy. For this pairs I back-tested it ā¦ I will start the back-test on chf/jpy, aud/usd, s&p500 and gold soon as I think it should do well.
Maybe 40 days is a little too much, I think that a 20 days it will be a better approach to be in line with the latest volatility but when I back-tested on the pairs I choose to find out how the system will do in a sideways and uncertainly market as I know that in the trend periods will do better.
Thanks for the indi goes to babypipsjbentz. I look forward to see your results.
I was just thinking about this in the gym:)
I observed that it actually count monday highs from the sunday data and not from friday. So that numbers are irrelevant for the final avg. TP and may affect the system. I explained in the chart below alsoā¦
Maybe when you have time you can exclude the sunday data and I think this will be the final modification.
Thank you!
Traderboy, in your backtest did you use the H4 or the Daily charts? I believe that on the H4 we should avoid the ānon-marketā hoursā¦
Thanks.
I used only the daily chartsā¦
Good point. Can revise it, however, that difference in a 40 day average is going to amount to a difference of maybe 0.1 pips, so wouldnāt get too stressed about it.
Traderboy if youāre in a trade do you wait for it to close or do you enter multiple trades in same market?
And how do you manage the SL? Sometimes it could be really big, do you stick with it?
Thanks.
Ok, here is revised version. Since my broker doesnāt show Sunday bars, I donāt know if it will make any difference on your charts. But it should now draw only on ānon-sundayā candles, and calculate from Fri-Mon, instead of Fri-Sun and Sun-Mon.
But I cannot test it to see. Let me know.
High-High_Low-Low_TP_v5.zip (1.33 KB)
It works on mineā¦sunday candle is ignored.
Ok, good. thanks
Hi Guys, Iām pretty new in this world of so called Forex.
But I have to say, Iām reading alot of forums and reading, reading, reading. Picking up alot of info.
I have to start to say thanks to you all for your great insights, strategies, indicators, eaās etc.
You guys are ALL GREAT for trying to come up ways to get some edge over Forex, AGAIN with good Money Management.
[B]Donāt chew my head off, but I thought of something, please advise of what you all think?[/B]
A little tweak of the original strategy.
Time frame: Daily only
Buy @ Previous bar high [I][/I](ADD 2 entries) (While 1st entry with 10 pips profit, then second entry keep open to go for a longer run maybe 20 +, with the stop loss at break even.)
Sell @ Previous bar low [I][/I](ADD 2 entries) (While 1st entry with 10 pips profit, then second entry keep open to go for a longer run maybe 20 +, with the stop loss at break even.)
Take profit : 20pips
SL: Now hereās whereās the trade management comes in.
Set your stop loss at Previous Bar High when your going SHORT. or
Set your stop loss at Previous Bar Low when going LONG.
This stop loss is temporary !
Once price trigger either Buy or Sell pending order, switch to 4HR time Frame.
If price hits your TP, congrats ! If not, wait till the current 4HR bar to completely form and when the next 4HR bar starts, move your stop loss at the previous 4HR low/high + 5pips. And continue to trail your stop this way until price hits your TP or hit your stop loss OR close your position before a new daily bar starts.
Out of interest have you traded this manually yet?
How about the day price doesnāt reach your TP? it will now reverse and hit your SL by then it would have wiped out many days of profit just by one lossā¦Any system that doesnāt have a good R:R is not ideal
What broker do you use? Itās not working for me and I test it for 2 brokers yet (admiral markets and aaafx).
Maybe I get a demo account at your broker and it will work there.
As for your question about the SL I stick with it but Iām not happy with that I know it can be really big but I have some concerns about moving it. When I back-tested the pairs I tried to manage it from the 4h time frame and some looses were cut but a lot of profits were cut too and I get little pips in that 2 months.
I know we have to manage it somehow but it require more work to find a better solution.
And ā¦ when I am in a daily breakout trade I donāt wait for it to close. Regards of what direction take the daily trade I do my usual trades based on trend lines and patterns.
Whatās your broker if you donāt mind? Iāll be reading my target from a demo account of a broker that does not print sunday data.
It doesnāt work for admiral markets, aaafx, and demo fxcmā¦
I use ILQ. It is GMT +3 last I checked, but with the DST ended now for I think everyone, it might be +2, have to wait till open of market to be sure.
Thank you! I requested a demo account with them but it will take over 24 hours as they said in the email Iāve got.
I also do a little research on Google and find out that FXDD are not printing Sunday data or itās included in the Monday candle. I open a demo account with them and are a lot of differences especially if you set the indi for the last 20 days.
So I will use the FXDD data for TP and make my trades with my usual broker. I also like that the demo account is valid for 90 days.
Thank you again for the indi!
I use ArmadaMarkets, they have really very tight spreads and a very usefull EA called One Click Trader wich we can you to enter/manage trades right on the chart.