Advanced system #1 (Midnight setup)
Submitted by Edward Revy on April 29, 2007 - 08:11.
Ready to dedicate your midnight hour to Forex trading? This strategy can be your winner.
Trading strategy setup:
Currency pair: GBP/USD or any other.
Time frame: 1 day.
Indicators: None.
Trading Rules:
This system is based on the fact that most of the time you won't find same size candles for 2 consecutive days on a daily chart. What does this mean for us – only one thing: the price is moving steady either up or down with almost no price "noise" which is always present on smaller time frames.
Read entire post >>>
Hi barend,
You can use Doji for entries (e.g. as a valid previous day candle) if the candle's length measures more than 90 pips.
Regards,
Edward
Hi Edward,
Have u posted ur daily profit/loss sheet anywhere. bcz while reading ur posts.... i found dat u made very good pips in June, July 2007... but my back testing is showing only 200 pips or less in those months... May b I am missing something or doing it wrong a lil bit. may b i have to d d back testing again to double confirm.
Reg,
Azy
Hi Azy,
I mostly forward-test my ideas and strategies.
At present I trade my own set of rules. I'm very sorry, I don't have the old sheets for this strategy anymore.
Best regards,
Edward
Could somebody please confirm if my EA is correct by looking at the results and see if they are in agreement with the strategy?
If my EA is correct, I would like to post the profit graph.
dogberry
Hi dogberry,
Entries, exits are inline with the rules with one exception.
On Sept 13 we had a small candle less than 90 pips tall. With my rules, we cancel all trading orders till the new qualified (more than 90 pips) candle. In your EA, the Buy stop and Sell stop orders kept open since previous day (green "OK" on the screenshot), and as result on Sept 14 you were in the trade.
Other than that it resembles the rules.
Regards,
Edward
Hi dogberry,
would you be so kind to share your EA? Thanks.
Hi, Edward,
Sept 13 is Sunday, so the trade on Sep 14 is based on Sept 11, where the candle is 98.9 pips on my chart. A typical profit graph since 2005.01.01 until today is attached. In the EA I opened another pending order (buy stop or sell stop) if one order was closed. For example, if I had one buy order 111 and one sell order 112, and the order 111 was closed by stop loss or taking profit, then, if the current price is lower than previous day's high, the EA opens another buy stop order on the same day. All other parameters are the same as described in the strategy.
I tested many EAs written by myself on many currency pairs. I think if we don't want to open another order on the same day when an order is close, then using 300 pips instead of 100 pips might be more profitable. On the other hand, if we do open another order on the same day when an order is closed, 100 pips may be a good choice.
PS.
I would like to post the EA here. However, the EA used for backtest cannot be used for trading as you may have other open and pending orders. If somebody can sponsor me 100 pounds, I would like to develop an EA and post it here. I would offer 6 months time to fix any bugs within the EA. My email dogberry2009(at)live.co.uk.
Many thanks!
dogberry
I am sorry, A Doji should be based on the difference between the open and close price (smaller than 10 pips). In the upper profit graph Doji was based on the difference between the daily high and low. Here is the updated profit graph since 2005.01.01.
dogberry