Advanced system #1 (Midnight setup)

bad strategy, i coded its ea and it sucks big time

Hello. I was wandering, do you include dealer's spread into your calculations or not? For example, for a buy order is it previous days' high +5 pips + spread (4 pips with GBP/USD with my dealer)

Yes, we need to include the spread as well.

Regards,
Edward

Hi Edward,
I must commend you and all others who made this site possible.Forex trading, I have come to learn, really needs putting heads together.You work on this site has really revolutionise my trading and given me confidence in an almost elusive field.

I found the midnite setup very interesting because i am a firm believer in candle stick patterns as the most reliable way to show the intentions of the Big Players.However I got stuck in that i always waited for a second higher or lower candle(uptrend/downtrend as the case may be) as confirmation of a trend be for i entered any trade.Also I used two candles in the opposite direction to exit.while this approach look logical it only worked well in very high trending situation.it resulted in losses or very little profit in moderate trending situation.I thought hard of a way to enter and exit quickly but to no avail until last friday after the close of the trading session I was so frustrated, i google forest strategy and behold your website came up and my eyes opened!

i think the midnite set up is a very high probability set up and I am thinking of ways that it can be made to work in lower time frames. Also, I was thinking if anyone knows of a programme or expert adviser that can handle the trade such as it would determine that a candle meets the minimum required pips for a entry and also to be able to exit the trade when the set profit target is reached and then automatically scanned the candles for minimum entry and enter a trade automatically when the minimum is met.This should go on automatically from 2am est to 2pm est everyday without human intervention.

this any one know if this can be programmed in or is there an expert adviser that can handle such a routine?I would appreciate feed back.
Thanks all, particularly Mr edward.

Cheers,
Malik

Thanks to all for this very interesting strategy and great discussion. Very helpful to a noobee like me.

What is Expert Advisor? Where is it available, and why do the people backtesting report this system doesn't work?

As I've read the comments, it seems like Edward and others have modified it in several ways to eliminate congestion, weekends, and other times when trading would not be favorable. Also used indicators to detect times when the market was trending and not. So I don't see how these kinds of judgment calls and modifications could have been programmed into a mechanical backtesting system.

I'd appreciate more comments from people who have actually tried this system and are willing to share their results in net pips over time.

I'm trying it on a demo system starting Tuesday and I'll write about my results in a few months.

In the meantime, thanks again --

ericjt

I just needed to add one BIG modification to this strategy, Just test it on weekly timeframe and you'll all come to know the difference, Thanks,
Bhatti