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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Hello everyone, my name is Hassan and I am from Norway. I think this method is very interesting and logical. I will try it on the different pairs and looking forward to the results.
Hi folks,
A friend of mine stumbled across this thread and to say the very least it appears very interesting. Ref the initial spreadsheet I cannot see what relevance the pivot price plays because it is not used in any calculation for the entry, limit and stoploss prices, am I missing something.
I am using the 24hr period from 09.00 and with the exact time being 11.23 only 3 of my pairs have triggered, is this unusual?
Have any of you used IGIndex, they provide excellent charting. We shall be testing 8 pairs each and will be happy to add any input we can.
Hi
The pivot point is really only for your reference. I just mark it on the chart, and generally just keep my eye on it.
Cheers,
Stuart
5 pairs now triggered.
Just a brief explanation of how I am trading your system. I have devised a spreadsheet that uses 5 day rolling average daily range to see if this "smoothes" this process out, all other calculations are has your spreadsheet. I hope I can bring something to this board.
1st thing to note is the need for pairs not connected, by doing this one is basically setting up and including a nice hedging system ie 2 of my pairs have closed, both are ***/jpy, one has closed for 42 profit, the other 81 pt loss. i will try and select 8 pairs with no similarity.
User
This seems a needed extention to select pairs with limited correlation. Please let us know what you find. Since there is some significant correlation at work here it might be hard to find 8-10 lowly correlated pairs. We'll see.
Thanks User.
Best, David
Just thinking about the correlated/connected pairs. If you try and find pairs with no correlation, which I think would be difficult anyway, you may just choose a load of losing trades without the advantage of getting a few winning trades from the (discarded) correlated pairs moving the other way at the same time. I think you should accept a "mixed bag" with the assumption that the system is good enough to give more winners than losers over time.
regards
Andy
Evening all,
I have selected the following 8 pairs and would welcome any comments.
GBP/USD
AUD/USD
CHF/JPY
USD/CAD
GBP/CHF
EUR/JPY
EUR/CAD
NZD/JPY
I add that this selection is at this stage experimental has I have just been made aware of this site (very good it is). I have devised a spreadsheet that gives a 5 day rolling average day range. I attach it and again would welcome any comments.
EXCEL_FOREX_MONTHS_TRIAL.xls
Stuart you (along with all those who have contributed) are to be congratulated on all your good work, I hope I can contribute to the fine tuning of what already appears to be a excellent system.
Has anyone experimented with the 24 timeframe used ? I am using 9am to 08.59am GMT but am thinking this might not be the optimum timeframe.
Chris