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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Hi Kevin,
Follow this link:
http://forex-strategies-revealed.com/scalping/center-of-gravity
And don't change a thing on it. Just follow the center line on your H1 chart for direction.
Cheers,
Stuart
Hello Edward,
Can you please discuss how you took the trades in detail? What percentage entry did you use, how about the stop? Was your target 1:1? Did you enter both buy and sell order or follow the cog on the i hour chart at the time of placing the order?
Thanks so much
Stuart/Edward
For those of us on OANDA (or something else without COG) can you suggest a good proxy for COG? Perhaps a SMA of some size? Something else? Love Stuart's fine work but do need to be sure I am trading the proper direction.
Thanks to you both. Have a great trading day to end your week. It has certainly been a successful one so far on Advanced 14.
With much appreciation and best regards, David
Hi all,
Another simple indicator is using the 200ema. If the price is above the ema, only place a long order, and if below the ema, only a short. Very simple.
Cheers,
Stuart
Replying about how I traded last two times.
I used EST time with day start/end at midnight.
I used 25__MOVE_3.xls spread sheet for calculating all entries, exits etc with 25% rule. Everything by the formulas given there.
I used COG indicator (Center of Gravity 1.mq4) on 1 hour chart to tell me the trend direction. Depending on a trend, I placed only one order (either Sell or Buy).
I used a Stop loss originally recommended by Stuart - the stops from same 25__MOVE_3.xls spread sheet.
If no TP/SL was triggered, position was held till midnight and was closed manually.
Regards,
Edward
Hi Stuart
I am a newcomer to this thread, but have been thinking through a similar strategy to yours over the years! I like the way you have simplified the idea. A question: using metatrader, I download the data to the spreadsheet using the data window. I wonder if there is any way to automate that? This means I can set up some decision rules so can test a couple of new assumptions would like to build in. Will report back when I have any meaningful results.
Thanks for all the stimulating ideas.
Diana
thank you for the reply Edward ur expertise helps us a lot
Hi David,
Thanks for the comments. :-)
I too am on OANDA? But ... I have a demo on a MT4 platform, and use that demo as a reference re charts and indicators. It helps me specially with the COG line and decision.
On OANDA, I have the 200 ema loaded as a guide too.
Regards,
Stuart