Advanced system #14 (Simple trading with Daily range)

Hello All

Just following on from the discussion on average daily ranges (thanks Stewart for the spreadsheet)and to answer Kevin's question, I have been using an MT4 indicator called #(T_S_R)-Daily Range Calculator which averages the last day, 5 days, ten days, 20 days and a long average as well which i cannot recall the period for. Copy and paste the full name (starting with #)into google and the first link actually lets you download it straight into your MT4 Indicator folder and then just drag onto the chart.I have been using the main long term average.

Stuart, have you noticed any anomalies using the non-re-painting cog? I used the standard cog yesterday and the non-re-painting cog today and noticed that there was some variation on a couple of pairs as to whether they were short or long which i thought was slightly weird.

Scott

Hi Stuart,

You said using a 200ema is also a good indicator, is that on a hourly chart or what time frame?
I really like what you have done here.

Thanks for everything
Kevin

Hi All (again)

Just a quick question for those of you trying this approach - has anybody got some hard and fast rules about determining the trend when you are getting ready to enter your orders for the day? The day has not been a good one in terms of determing the trend - perhaps I should stay away from anything where the COG or short sma I am using is approaching anything like the horizontal.

Would welcome any suggestions about what represents a good trade or not in terms of trend or is it as simple as - if it aint going diagonally dont bother with it?

Cheers

Scott

Hi Stuart, thanks fror the strategy. I'm in the UK and the 24 hour nature of forex confuses me when calculating High/low/close. any advice on which times to use many thanks paulk

Hi Stuart, I am new to forex. Thanks for the strategy. The column P in the excel sheet, I hope its the number of days in a month. we have to put down the Highs , Lows and Close for all the previous days in a month before we arrive at SL, TP for a day I guess. For eg.. For today the 20th march if we were to arrive at SL , TP the previous 19 days highs, lows and close has to be there in the excel sheet.?

Raj

Hey Scott. I have thought about this as well on the horizonal COG. My Idea is this. Out of the 10 pairs that are being traded how about only taking about 5-7 trades that look like they have a clearer direction (diagonal) on the COG. For instance, instead of trading 1 lot on 10 pairs you can find the 5 with the clearest direction and trade 2 lots. Hope I am making sense. Also we might want to look at not trading Fridays if we are not getting fair results on Friday.

Stuart and all SoS fans [Strategy of Stuart]

For those of you that have been trading 10 (or multiple) pairs, has anyone done a little study to determine WHICH of the ten have been regularly more promising [1 - % of winning days, and 2 - avg pip gain]?

Of course, none will be 'perfect,' but some may be much more favorable.

Best to all, David

HI ALL,

FIRSTLY I WOULD LIKE TO THANK EVERYONE FOR THEIR IDEAS AND THOUGHTS WITH REGARD TO THIS METHOD.

HOWEVER, AFTER MANY TESTS AND COMPARISONS, I AM GOING BACK TO MY ORIGINAL METHOD OF SETTING BOTH THE LONG AND SHORT ORDERS. THE RESULTS HAVE "OUT PROFITED" ANY OTHER. 1200 PIPS IN A WEEK CAN'T BE WRONG?

THE ONLY DIFFERENCE THIS TIME, IS I WILL BE USING THE AVERAGE DAILY RANGE, INSTEAD OF THE PREVIOUS DAYS RANGE. THANKS SCOTT FOR THE INDICATOR:

Average_Daily_Range.mq4

I HAVE ALSO ADDED MY "FINAL" SPREAD SHEET. ALL YOU NEED DO IS ADD THE DATE (optional ...HAHA), THE AVERAGE DAILY RANGE FROM THE INDICATOR, AND THE CLOSE PRICE AT THE START OF YOUR 24 HOUR PERIOD. IT WILL DO THE REST FOR YOU.

FINAL_25_MOVE.xls

IF YOU ARE TRADING ON A NON MT4 PLATFORM LIKE ME, CREATE A DEMO WITH ANY MT4, AND USE THAT FOR YOUR INDICATORS.

I WILL KEEP POSTING MY RESULTS HERE, AND WILL ALWAYS WELCOME MORE SUGGESTIONS AND QUERIES.

MANY THANKS, AND HAPPY TRADING,

STUART