Simple Daily System

Trading Systems Free Forex Trading Systems
21

Hi Pipchaser,

Thanks for clearing up my question. One more I have is I am with FXDD which is GMT +2 (I thikn, may be +3 forDST). Since my daily candle will form on a different time should I just use my 0000 time, or look at a 30min chart and convert it to GMT, therefore think that candle forms around 0230hrs.

Thanks in advance.:slight_smile:

22

It’s up to you. If you want similar results, then you can trade when I do. 2 hrs in delta probably wouldn’t alter the outcome. You can try both ways and compare them and see what works best.

23

Nice system, Pip. I’m going to code a simple script this weekend for order entries. Just curious…out of all 21 pairs you trade why no EUR/USD or GBP/USD?

24

I have added these to the list. I just overlooked them. Thanks for coding the scripts.

25

Pipchaser,

Many thanks for the system. I do think the system will work well in a trending market such as we have been seeing recently as the credit crunch unwinds. But markets spend most of their time moving sideways which is when I expect a moving average based system like this will be in great difficulties.
What is your take on this salient point pipchaser?

Best regards.

26

Thanks Pipchaser another interesting system to have a look at.

I have added your indicator, and wonder if anybody has any ideas how I can modify it to “work” with Alpari.
They have switched to 5 decimal places on normal pairs and Jpy pairs have 3.
Currently the usdchf ADR is showing me 1579 instead of 137.

27

I am looking at a EMA angle indicator that I might add at some point in the future. I really need to look at the ranging market and see how the system would do with the current EMA settings. Good point on the consolidation.

28

The ADR straddle is still good in my opinion. I pefer this system just because it hardly takes any time for entries and you don’t have to cancel pending orders like the other system.

29

The trader, [B]Elang[/B], a brilliant trader, now gone, posted a similar system to this quite some time ago.

It was very successful initially.

Trouble is, he started to add modifications to it because of changing trend and ranging markets.

In the end, it became to complex for use.

So [B]Pipchaser[/B], it is very important that you keep this system very simple and do not add complications.
Many a system I have seen posted here has started off well, only to end in the rubbish bin because of excessive modifications to suit the prevailing conditions.

30

Thanks for the comments. I have seen this repeatedly and before long it is a completely different system with all of the modifications. I would like to add one more for the ranging periods and call it the day. Any suggestions?

31

Wouldn’t the easy solution to be, trade in trending markets, don’t trade in ranging markets?

If you’re making 1000’s of pips in the trending markets, why bother even trying to figure anything out in the ranging markets. Use the ranging markets to go spend all the money you made in the trending markets. :slight_smile:

34

I agree that trying to trade a trend following system in a ranging market will be devastating to the account. I am looking at an indicator that measures the angle of the 50EMA. I need to find a good setting to determine when a trending condition exists.

35

Thanks for the link. Let’s stay with the original settings and see what happens.

36

I have updated the 1st post with some EMA indicators (angle & colors). I will spend some time looking over the charts and try to identify a good setting for the 50 angle. To be continued…

37

Here are the EA and scripts I came up with for this system. The scripts can be used manually to automate order placing. There’s a separate one for buying and selling. The EA should run continually, and hopefully due to the initialization section, will continue to work even if you close MT4 or change time frames on a chart. They don’t take into account the new slope indicators, but if you get them “perfected” let me know and I will incorporate them as well.

SimpleDailyBuy.mq4

SimpleDailySell.mq4

[Simple Daily System.mq4](http://www.brianredmond.net/forex/simple/Simple Daily System.mq4)

38

Hey there,
Just a question, has any of this been tested on a live account yet? Looks exciting - great results.

39

I’m going to put my current “experiment” on pause and give this system a shot starting tonight…sounds like fun.

40

Where abouts in TX are you? I’m in League City south of Houston.

41

I am going live early next month.

42

Right now I’m in DFW. I’ve lived all over TX though. Furthest south I made it was living in Conroe for a bit.