Hi there all...I"M BACK
Anyway, I do not know how many of you chaps/ettes still frequent FF, but I have stumbled across a method that I am familiar with, but this version is, shall I say, a bit more elegant
Now, if I recall correctly, Tommaso has already provided something similar, but between the mess that is my list of posts & the sieve that is my memory, I have failed to find it...
Anyway, the link to the FF thread is "http://www.forexfactory.com/showthread.php?t=487923" The person that made the submission has shared it freely so I am making the assumption that it is okay for me to post about it here, I have downloaded the indies and templates used for the method and it does look promising...
The premise is that this method is a short term scalper of off pre-determined levels, so there is no time frame involved. (Collecting few pips, regularly seems to be my preferred style of trading, and happily it also seems to work...)
The rules are as follows:
SL - 10 pips
TP - 5 pips
(reverse ideal R:R I know, but the hit rate of the method seems not to be a problem)
Trades are only placed in times of high liquidity & volatility, being, the 2hrs from the opening time of a session (i.e. Frankfurt open+2hrs, London open+2hrs, NY open+2hrs).
At "red" news times, trades are not placed either.
The "open" price is determined at the Frankfurt open, according to your brokers platform. From there, when the 1Hr and D1 candles agree, pending trades are placed at x.xxx00 (i.e. every 10 pips)
SL & TP as above, however, TP can be managed differently as well with jump stops & trailing stops in order to take advantage of any runaway days. (Think, one account is run on the standard settings, another is run according to a jump stop that moves the stop to BE when profit = 5 pips, and remains there till the end of the trading day when all is closed down, and yet another account is run similar to the above but with active jump stop for every 5 pips following the market and stopped out when market retraces.)
This is all managed via ADR for the past 20 days. If price has not moved ADR at the Frankfurt open, trades may be placed, with a ban on placing trades occurring when ADR has been exceeded. (The reasoning is to not get greedy and to take pips off of the table quietly and quickly, in and out without to much exposure to the market ito time)
Ideally lot size should be owner decided.
Does it make sense, does it have legs, can anyone help me out?
Even though I am self employed, I am in and out a lot, so I cannot say with any certainty that I would be around for the session opening periods in order to place pendings etc, that is why I was hoping to automate...
All comments / debate on the method are welcome, and of course any help with coding as well. Shout if anything is unclear (I have the Word doc from the OP that explains his method, but I think that I have laid it out pretty well above.)
Cheers
H
:hi: