Advanced system #14 (Simple trading with Daily range)

Thanks for the link Stuart - clearer than the one I was using so maybe I will understand a little more. Get back to you when have had time to test.

Diana

P.S. do you have any automatic way of entering orders - I know that there are EAs written for metatrader but never used them?

Stuart

Do you 'stay up' and follow the action on your positions or 'set and forget' and get some rest? If one is watching you can manually elect to take profits prior to the end of the day . . . that would be tempting sometimes.

Just wondering how you handle it. Late hours take their toll on those who get up and go the next morning . . . like me.

Many thanks, David

Excellent Stuart. I may try that also on a couple of pairs. Even with only a 60/40 winning percentage you will pick up a good amount of pips. Also Stuart, did you only trade in the direction of the cog indicator or did you place both orders?

Hi Josh?

Yesterday I did only trade in the direction of the COG. But ... as you said in an earlier comment, "if it isn't broken, don't fix it.".

The 15% distance is, in my eyes, not enough move in the said direction to determine the continuation. Am I making sense? Also, with the SL then going to 1:1, it doesn't give the pair enough time and "space" to allow for retractions? With my total lack of experience, I HAD to keep things as simple as possible for me to understand. I had been just watching charts and came up with this method.

This morning though, I am again trying an OCO approach...

But, all ideas and thoughts can only make the method better?

Thanks all,
Stuart

Hi all,

I was just looking at the charts again, and thought of another possible way to determine which way to place your orders. If the previous 24 hour period went up, go long, and if it went down, go short? Obviously you would miss a trade when it changes direction, but all in all it seemed accurate.

My idea is to keep it as simple as possible. Your thoughts are always wanted.

Kind regards,

Stuart

Hi Stuart,

I entered both type of orders in live account with on all 10 pairs using 1:1.5. Currently see a loss of -300(2 positions closed, 10 positions open, 8 orders pending). Do you think it is normal?

Thx.
Tom

Stuart. I tried the 15% method on 4 pairs and basically broke even. 2 wins 2 losses. I am thinking about trying 20% this next time. Even thought the risk/reward won't quite be 1/1. We will see how it goes. Also I am now thinking that it might matter what time frame you are using. I have been placing orders at approx 7:00 GMT which is 11:00 pm where I am. I might want to switch to the day time here, say 21:00 gmt.

Thinking about something else. What if we pay no attention to the direction of the COG and go ahead and place both orders, but place them at 20% with 20% profit and the stop can be placed at the open price. This way we only need a 40% move in 1 direction and the risk/reward is 1/1. It is very unlikely that we will get stopped out on both orders. It would have to be a very bad luck for that to happen. The only downside is that we make a little less profit by only taking 20% instead of 25%. Maybe we will eventually find the holy grail on this system :)