Forex trading strategy #15 (10 pips a Day)

i can write the EA if you show me successful history of trading for this strategy.

contact me at: mostafaawady aatt hotmail.com

Hello Steve;

Actually this system is great, but i thing if your Stop Loss 50 pips & your Take Profit only 10 pips i thing you have a bad risk : reward; its not good for a long run.

Imho: rather you just take a small profit with a big risk, better you use another filter such MACD Histogram, RSI (21) w/ 50 line, or CCI(50) w/ Zero Line & let your profit run (at least 1 bar in Daily Charts = 1 Day)

Example : if you use CCI (50) with 0 Line; you just only put BUY Stop if CCI above 0 Line & Sell Stop if CCI bellow 0 Line, if you used RSI(21) BUY Stop you put only above 50 Level, SELL Stop Only bellow 50, MACD like that too use above or bellow zero level for put your BUY/SELL Stop.

Take Profit: Next Day Candle Open, you close your position (otherwise if Market run in your way you let your profit run & you just only adjust your Stop Loss by trailing them)

Stop Loss : Put in the Previous Low Candle (BUY Setup) or Previous Candle (SELL Setup)

For Trailing Stop Loss use the same formula like above or use a Parabolic SAR (0,001; 0,1)put your SL at the SAR with a spread

I suggested use pairs with small spread like EUR/USD (0.9pips at Oanda)

Regards;

Manus168

Hi,
Here are some similar ideas to yours
http://forexnirvana.com/showthread.php?t=549

also on this site is "simple trading with daily range"
Also I have attached a ea that you may be able to get to work with your system. I'm no expert here so please don't ask for advise just sharing stuff.

OCO.mq4

thanks

Grant

Hi Steve

I noticed you have a 10 pip target and a 50 pip stop, your strategy has to be 90% correct for you to succeed. If i was you id work on a better risk factor.

Cheers Lino

How did u come up with this strategy?I'm backtesting it now,it's got a lot of winners,but setting the stop loss at 50 pips is a killer,at least in my opinion...
Would love to hear back...
Thanks for sharing

Hy Steve,

"IMMEDIATELY AFTER THE OPEN OF A NEW CANDLE STICK FOR A NEW DAY"
Do you mean that 0:00 (GMT, Local or Broker Server time)?

If yes, please look at EURGBP 2009.03.19 & 2009.03.20

Anyway I like your idea because I'm also looking for a general price momentum based system...

Regards,
AIMrus

Dear Steve..First of all thank you for your strategy..when ı read this ı interested and begin to research for it.ı download the day graph history,print it and begin to calculate the numbers of your strategy from 2008.11.20 until 2009.04.13..it means it is clear 100 days (approximately 6 months) and ı think it is good to take an idea for your strategy..and here are the results;
In 100 days,just 3 times for buy and for sell position at the same day,there is a profit.this is important.so ı add them to profit part.
Total win: 71
Total Loss: 4
Non Trade day:28 day
Total seems 103 day but it is not.As ı say above,3 times there is a buy and sell profit at the same day..So that in fact 68 daythis system opens position and it makes %72 times it opens position..

So the numbers of profits makes 71*10=710 pips
Losses makes 4 *50=200 pips ...510 pips net profit

Average profit 510/100=5.1 let's make 5 pips a day.. İt means not 10 pips..But the real problem is it is hard to calculate the pullout levels for the buy positions and impulsive for the sell positions..Because of those informations we could make the best s/l level and İf there would be an ea for this ı think we can make a good optimization for it..Anyway,as a result that system is not bad but must be develope..thaks Steve..

P.S: İf anybody wants to see my workpapers ı can send him/her if he/she drops a mail line..

Good Luck everybody..

Just out of curiosity, Say if my chart are using GMT +0, does that mean my daily candle starts at GMT+0 00:00? how about those person with new york time chart and etc?

So what is a start of a new candle?