Advanced system #14 (Simple trading with Daily range)

Open daily charts and point your cursor at the daily candle, it should highlight the numbers for you.
(works on many platforms I tried)

Thomas

Hello i want to try this strategy and i want to know if i m putting everything right here.
i m using GBP/JPY daily the HLC is for 18th September 2009.
High=150.033
Low=148.237
Close=148.371

According to the excel file i have placed my HLC and got the long and short positions
Long= 148.8200
TP=149.2690
sl= NA

Short= 147.9220
TP= 147.4730
SL= 147.9320

i will be placing both the trades before sydney market opens. I am not still clear with COG if that works with this strategy. So i will place both long and short trades and i will wait till one of the pending position is reached and i will than cancel the second position. According to this strategy and the way i will implement i dont get it what happens if i went on with a buy trade and later on the day closes in opposite direction. Do we have any other way to determine if we can only open sell or buy position.

I am thankful to the author of the strategy and thanks for helping me out.
MVP

Hi MVP,

You've got everything correctly regarding the general calculation and entry rules.

SL for the Long position is available for September 18th, you just have to widen the Excel column a bit, and instead of ##### you'll see 148.810

COG indicator applied to 1 hour charts suggests trend direction, which means that instead of setting up both Long and Short trades for the day, you can, based on COG channel, set only one trade: COG channel up - only Long, COG channel down - only Short, which should give you an additional edge.

Regards,
Edward

Hi Edward, I think that the stop loss for the short positions in the latest excel spreadsheet is wrong. please let me know if I am right or wrong.
Thank you for all that you do here.

can i use this system every hour by count the number of 1 hour candle ?

please comment...
thank you..

I checked.
The SL calculation is correct for both: Long and Shot positions in the last revised Excel sheet published on page 47.

Can we use the system to trade every hour? Possibly, although I can't be sure. I guess we would need an expert advisor for this purpose, otherwise we'll go crazy doing math and managing trades every hour :)

Another question to answer: how long will you hold to a trade, when you have a new one coming every hour?

Regards,
Edward

Hello Stuart,
Hello Stuart To begin with I would like to thank you for this technique for us it is great, also I will to know what do you recommend if I get in to a trade and it takes over 24 hours to take me out of it. Should I close the trade, and place a new order or let it run until it hit the limits. An example I would place my trade at 6:00, than when I come back next. Day at six it is still running should I close it or let it run until it closes by itself, and just place the next trade the day following.
Thank you in advanced.

Jose Macias.

Hello Edward, thanks again for your kind reply. Can you please tell me what are the other pairs that will work well with this strategy? and i tried making the column wide and it worked so many thanks for that too mate. To make it clear just look at the HLC from last 24 hours place it in the excel sheet and whatever data u get u place trade accordingly & with the COG we will be looking at the H1 chart to determine weather to go short or long for the day. I am clear till that point.

Sometimes i have experienced that H1 and D1 shows downward trend but H4 shows upward so what can be done than and do u think parabolic indicators would be of any use? what other indicators do you use to confirm that it is a downward trend? Thanks a lot

Today with EUR/GBP i have made 31 pips with a buy trade using this strategy but the H1 COG shows downward trend and so i still have a sell trade open.

Thanking you
MVP