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Advanced system #14 (Simple trading with Daily range)



Submitted by User on March 6, 2009 - 07:22.

Submitted by Stuart (BE)

This method is basically to do with what a pair moved like the previous 24 hour period.

In this, I will use the GBPJPY, but one could use it on any pair.

Method/Strategy:

You choose your own 24 hour period move - here as an example I will be using 21:00 to 21:00 GMT+1 (my local time).

Mark the High, Low and Close for selected 24 hours.


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Submitted by User on March 23, 2009 - 12:48.

Stuart I believe you've created the holy grail or as close to it as we can ever get, thanks so much. If only the risk:reward could somehow be raised to 1:1 Please everyone lets work on this.

Thanks to Stuart and of course our Edward.

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Submitted by User on March 23, 2009 - 15:12.

I was wondering if someone could suggest where i could get the COG indicator?
I am with FXCM and they dont have it.

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Submitted by Edward Revy on March 23, 2009 - 15:41.

You'd need to register a demo account with any of the MT4 Forex brokers, and use COG indicator on MT4 platform - the platform it was made for.

Regards,
Edward

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Submitted by David on March 23, 2009 - 15:48.

Edward, Stuart

[ E ] I wonder if you have any follow-up thoughts on using the Pivot Pt + 15 as your SL?

Secondly, do you still prefer to take the 25% off the PREVIOUS day (perhaps unless there is a spike) rather than the 10 day AVERAGE?

[ S ] Stuart, do you believe your daily performance has been enhanced by using the 10 day average figure, or is that a tactic to hold for days following spike moves?

Thanks to both,

With appreciation, David

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Submitted by Edward Revy on March 23, 2009 - 16:24.

Hi David,

I haven't had a chance to compare 25% vs 10 day Average trading. PP stop loss is still in testing.
I'll try to catch up this week.

Regards,
Edward

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Submitted by traderjosh on March 23, 2009 - 20:02.
Hey Scott. As for your first question. I have not idea what settings I am using on the COG to be honest. I just downloaded and went with the default. The trades I made yesterday,that closed this morning was EUR/USD short, Good for +50 pips. USD/JPY long good for +46 pips and GBP/JPY which should have went for about +65 but I left home and used a trailing stop which I should not have done and only picked up 7 pips on that trade. I am using the daily average for the last 20 days to determine my 25%. Yesterday I traded in the afternoon here on the west coast of California but today I will likely trade in the late evening right before the London open. I like for the trade to be triggered when the market is moving, and this gets you in at a pretty good time.
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Submitted by traderjosh on March 23, 2009 - 20:06.
Honestly. I do not care about the risk/reward ratio if at the end of the day I have a nice collection of profitable. I think if it is not broke we should not try to fix it. I am always open to better ideas but we have a good thing here. This is a good system that allows you to not get caught up in the emotions of trading. Just let the system work itself out and at the end of the day you will be profitable.
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Submitted by traderjosh on March 23, 2009 - 21:31.
Remember Guys. If you get an account here on this site (free of course) your posts appear immediately. They do not have to be reviewed.

  
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