10.3 SCALPER/RANGE TRADE SYSTEM

[kwanann]

http://www.reuters.com/article/2013/01/ ... 8U20130111

Time to start buying yen

[McNish]

Hello,
Following the posts here.

@Paul (Baluda) - I tried to modify the indi with a condition to first check if Open/Close of the last bar on 15m tf is less than DO/DP, then when current bar Open/Close is above DO/DP, only then go for buy, But it doesn't get there. If there is a no trade setup at first and later when the conditions are favorable for trade, the message does not change to indicate the same, neither the trade takes place if the conditions are true later on. Flipping the tf does give a trade though but that's not the desired result.

Here's an sell example on UsdCad. I put the EA on this about 7 candles back and the message then was - Will not trade. Right at first, later on the price has moved in the zone where the setup is true but the message remains the same and I also doubt if the trade will take place once the price closes/opens below DO.

In the code you gave a condition to check for Bid >/< DO/DP. I wanted to give something more concrete and not just Bid rate. Can U or anyone else please guide me here. Attaching the code too.

[atharmian]

I agree with Baluda about GMT offset being at NY close, as most traders prefer that for reasons explained by Baluda.

Precisely because forex is an OTC (over the counter), not an exchange (centralized) market, with brokers using various price feeds and open/close daily times ('offsets') we need to agree on something- one time sync so we can all compare our results. Because of various price feeds and broker/Empty4 idiosyncrasies, we may not still get exact prices, but will be as close as possible.

Now calculating GMT offset always looks confusing because GMT is both a clock and an offset, and will involve DST (daylight savings time) and UTC (Universal Time Clock) ! GMT, after 1972, has been (mostly) replaced by UTC in official circles.

For example 0 GMT is the start of day, i.e., midnight before the day starts, so 0 GMT is 7 pm in New York the day before nowadays with DST (Eastern Daily Time US, or EDT time zone). Or EDT = GMT -5.

In spring/summer, 0 GMT will become 8 pm EST New York time the day before. Or EDT = GMT -4.

Also London/British Summer (BST) Time and GMT are 1 hour apart in spring/summer, but same in winters. That is, nowadays (DST), London open is 8 GMT, also 8 am London time, just as it will be 3 am EST in New York for the London open, a 5 hour difference between GMT and EDT.

In spring/summer though, with DST change, London open will still be 8 am London time, but will become 7 GMT (just as it will be 2 am EST in New York.) UTC is the same as GMT.

More accurately East Coast US = UTC- 5, always, year round.

For details, see:
http://en.wikipedia.org/wiki/Time_zone

One question, Baluda: Given above, is it (GMT +2) or (GMT -2) you mean for NY close nowadays (DST)?

[hilavoku]

http://www.reuters.com/article/2013/01/ ... 8U20130111

Time to start buying yen

buying? I don't think so...

[nanningbob]

http://www.reuters.com/article/2013/01/ ... 8U20130111

Time to start buying yen

buying? I don't think so...

You Buy the cross pairs which is the same as selling the YEN. Buy and hold and add positions on retracements. This should run for a while OR buy and close and reenter at the retracements.

[hilavoku]

http://www.reuters.com/article/2013/01/ ... 8U20130111

Time to start buying yen

buying? I don't think so...

You Buy the cross pairs which is the same as selling the YEN. Buy and hold and add positions on retracements. This should run for a while OR buy and close and reenter at the retracements.

Yepp. Buying cross pairs but not the yen. Thats right.

[kwanann]

http://www.reuters.com/article/2013/01/ ... 8U20130111

Time to start buying yen

buying? I don't think so...

You Buy the cross pairs which is the same as selling the YEN. Buy and hold and add positions on retracements. This should run for a while OR buy and close and reenter at the retracements.

Yepp. Buying cross pairs but not the yen. Thats right.

Oops, haha typo there, i got all excited over a potential japan holiday this year. Yes sell yen, buy other currencies.

Its been more or less constant over the last few hours after the news event. Lets hope this will finally allow me to breakeven my account. Going to just hold it in and see what happens, just hope the retracements dont kill me

[Jedster]

Hi Guys,

I'm a bit late to this party, been lurking for a while but thought it was about time I start getting involved.

I've read Bob's 10.3 booklet several times (thanks Bob) and read many pages of this thread, although I have yet to get through it all, I am working my way through it!

One question comes up for me and it relates to peoples preferences for entries and stops. Are you simply placing fixed stops and trading when price crosses the DO regardless of what that particular market is doing, or do you change it around based on price action? Or, are you all just trading this automatically with the EA's?

I ask because, as I look at todays EU 1H chart for example, price has broken above the DO today a few times but not by much as there is clearly resistance around 1.3277. So if I was looking to go long here, I would probably wait for that resistance to be broken, and place a stop underneath the support, so my stop perhaps around 1.3240, giving me about 40 pips of initial breathing space. Is that what others are doing, using 10.3 as a guide as to which way to trade and then making final decisions based on price action, or are you simply using a fixed stop/target and entering regardless of PA.

Thanks

J

[sk29]

So, my trades for today 01/11/2013 are as shown in the picture.

Obviously, things begin to work in the right direction, but there are too many early stop outs. Any recommmendations on what would be a next good experiment on SL, TP, and JS?

Capture.JPG

[Baluda]

There we go again on EURUSD:

10.3 EURUSD Trade, again.png

Stoploss now at 64 pips.

Paul