welcome on board !
naked charts...hmmmm It is so exciting
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| Author: | oathbreaker [ Sun Feb 10, 2013 7:43 am ] |
| Post subject: | Simple system(Trend trading system) |
Hi Guys My name is prakash n i am from India.I have been trading for last 3 years.I am happy with my trading style but i trade it manual.I am a active member in FF but i was browsing through forums to automate my system and found stevehopwood forum.Though I am an engineer, It will take some time for to learn coding and start my own code for the EA.It will be great help if some one here help me out in coding my system. Here, are some screen shots of my chart.I will post my rules in next post.I don't have any indicator for time being. i use only naked charts. Regards Prakash |
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| Author: | phil_trade [ Sun Feb 10, 2013 7:48 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
welcome on board ! naked charts...hmmmm It is so exciting |
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| Author: | oathbreaker [ Mon Feb 11, 2013 6:14 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
Guys,Just help me out in coding EA for following rules. I normally trade, Daily charts,weekly charts and monthly charts. Here are my train of thoughts when i see the daily chart(same rules apply for weekly n monthly charts). 1. Open eur/usd daily chart at start of new candle (for myself its the asian session) And ask myself 1 question. Is it going up or down? And this simple question is governed by close of the previous candle. 1.a) If price closed above the open price of previous down bar then my bias for today is up. 1.b)If price closed below the open price of previous up bar then my bias for today is down. Here is the chart for the above rules. if it is confusing let me know.I will clear it further. Regards Prakash |
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| Author: | oathbreaker [ Mon Feb 11, 2013 6:46 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
The first question i ask myself is,"is it going up or down"? As price closed above the open of previous down bar my bias is up.I anticipate its going up. 2)What is next step? participate in low-risk entries. How do I do that? It is by anticipation. You need to anticipate that today will be a good day before it happens. You must assume that today's daily candle will be up with no retrace. Now this is where your personal threshold of stop loss comes into play. For this type of method I choose 15 pips on 4hr chart, 25 pips on daily chart, 70 pips on weekly chart, 120 pips on monthly.(for EUR/USD) This setting needs to be tweaked by yourself through trial and error and find your own comfortable level. Lets go back. Since the above chart is daily, I have 25 pip stop loss. So as soon as the day opens, I will open 1 position towards the direction of the my first rule. So on this day, Today my leg survives as price didn't retrace below 25 pips. |
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| Author: | oathbreaker [ Mon Feb 11, 2013 6:55 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
Let us look at a day it did work out for me, eur/usd daily |
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| Author: | oathbreaker [ Mon Feb 11, 2013 7:02 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
This is where I ask myself another question. "Ok. Position has survived the retrace and it now 30 or 40 pips in profit. How can I amplify the profit taking if this the day that price will never come back" A lot of ifs when i am anticipating. I will open another position and move the first position to break-even. If today is a good volatile day then price should not make any more newer lows. |
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| Author: | oathbreaker [ Mon Feb 11, 2013 7:05 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
With 2 positions in play, you are covering few scenarios. The first position is at BE at open price of the daily candle whilst second position is at -40 or -50 pips with SL at the lowest price of the retrace. That is an average loss of 25 pips per position however the second position has a bigger breathing space. Price will charge on with both positions in profit or price might retrace near the open of the day closing the first position but price does not make a new low so the second position survived to end up as profit at end of day. I would like to stop you here and advise you, you can alter few things above. 1. You dont need to add second position if it doesnt suit your trading style. However, you will need to find other means to amplify your profits. 2. Your personal threshold of stop loss for the first position could be larger than my 25 pips or lower than my 25 pips. Bigger stop loss will see you more positions surviving till end of day however bigger losses. Smaller stop loss will see you more number of losses which are smaller but less opportunities. Now this method above will ensure that you capture those volatile bold movements. Take profit is only again to your personal threshold. I aim for 1000 pips for each positions. Once again you can tweak this setting to your personal threshold. You can aim to catch profit totalling 1000 pips with few positions - This means that you will have few more wins over the course of year than myself. I aim to catch 1000 pips per position - This means I will have less wins than the above trader but bigger potential profit in the long run. You could even adjust the take profit pip of 1000 to 500 with few positions totalling together or 500 pips each position. The adjustments you could do is endless. This method works as 3 vital ingredients were added. 1. Participation - for a volatile breakout 2. Low risk entry - risking 25 pips on daily chart 3. Growth - letting the position grow to its greater extent You will need to demo or live (on small account) for some extended period of time collecting data on your trading statistics and tweaking the above settings. |
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| Author: | oathbreaker [ Mon Feb 11, 2013 7:21 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
There is something else I also add in to the above method. If today is just another typical day where the daily candle does follows the trend. Sometimes the retrace is greater than my 25 pip stop loss, so that gets me out of the game. However. Some days there are retraces of more than 25 pips that will come back and charge forward. So the day had more than 25 pips . When I watch a retrace happening, I set an alarm on my phone so I get alerted when price comes back to open of the day. When I get alerted, This is where I tell myself, 'if today is going to be a typical day up price should not make any more newer lows and move forward from here' Then I would open a position at the open of the daily candle with stop loss at the lowerst price of the retrace. This is where personal threshold comes in. 1. I do not want to see any retrace larger than 50% of the previous candle. This is important. I prefer less than 33% retrace on previous candle. 2. Preferably not bigger than 50 pips retraces. And if my anticipation is correct I will find that price will move on. If it doesnt then Im not interested in a day where price fluctuates between open price and low price of the day. So the first method aims for volatile moves that does not have any retrace and charges forward. These are the best movements in forex market. Second method aims for price to first retrace and then enter when price resumes its anticipated direction. I use both methods simultaneously. |
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| Author: | oathbreaker [ Mon Feb 11, 2013 7:31 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
This is the system i followed for last 3 years with good win rate.I will be interested in taking up your questions.This is not my system and i am just following "pipeasy" system in FF. http://www.forexfactory.com/showthread.php?t=245149 i just extracted the post which are easy to automate and make pips. Regards Prakash |
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| Author: | forex.rapheal [ Thu Feb 14, 2013 9:10 am ] |
| Post subject: | Re: Simple system(Trend trading system) |
Hi, How many fx pairs you trade using this system? What is the winning ratio and edge? Do you think we can have a "Dashboard" to show all fx pairs? |
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