Advanced system #14 (Simple trading with Daily range)

hi stuart, in you table given, i still confuse, what is pp in red column and how to determine 'MOVE' in grey column... and how to calculate for stop loss.
thanx for great strategy n your advise...

zul... Ranau

Hi Stuart,
Thanks for your strategies you share with us,God bless you.
Stuart,could you please tell me If I pick my 24hrs to be 21 to 21 +1GMT,You mean I should place my trade before london session of 8.am GMT as pending order?
please your answer.

Thanks
Ezekiel

Hi Takahashi,

Thanks for sharing you simple, yet profitable method on the GBPJPY.
I have only been trading the first orders of 200 away from pp, and have had great success.

However, I have seemed to get better results calculating my pivot point from London close to London close (18h00 to 18h00 - my time GMT+2).

Thanks again.

Hi Takahashi,

Thank you for your helpful information. I will start coding an EA for this strategy in order to backtest and forward test easier.
One question, in earlier post, you said that you used this strategy for years so do you still use it now and how is its performance? Could you post some result?

Have a nice weekend everyone

Thank you,
Regards,
Keith

Hi Keith

I put the limit orders on the base of previous day pivot point and set my profit limit on the same pivot point but I change the profit limit to the next pivot point when daily candle closes as we can calculate the pivot point again. My agent is closing the daily candle morning 6:00 A.M Japan time, I guess it might be the New york close time. As I can set my orders any time cuz usually it takes time to go the price away 200 and 300 pips aways from the pivot point and my buy/sell orders will only be executed at that time.

Regards
Takahashi

Hi Takahashi,

I have a question about your strategy, you said that you place limit orders base on the pivot point so is it the pivot point of the previous day, isn't it? and when do you place your orders? At new bar opened or later?
Whenever I have your answer I could start coding an EA to back and forward test

Thank you,
Regards,
Keith

Have anyone have some new update?

Additional data from:
Alpari databank for MT4.

I'm newbee to trading, but I have programming skill.
I would develop a module to digg inside the history and do the setup calculations not so hard.
The only source for history data I have found is inside the MetaTrader platform
Does anybody know about other data source (for free).

I'm planning to make a software module that takes 3 parameters (pair, start date/time end date/time) a answer the S/L and T/P in a snap.

Regards,
Juan (Madrid)

Takahashi,

It can be an interesting way to get profit.

But I am thinking like this scenario:
If we move TP everyday to near pivot point that day, the TP of original day would be too large to achieve.
Then on the the other day, after TP being moved, it can be easy to achieve, or vise versa, it can be even difficult to achieve.

If the second condition occur, we will have a floting transaction with big minus, it is dangerous to our capital/equity.

Let say, in October 2008, there are a day with long run, about 2100 point, hit pending order then running the opposite way.

I just thinking about SL instead, is it possible to use SL here?

Thanks
Pauladie

Hi

I had an experience for my strategy of 200 and 300 pips from pivot point as stated earlier.
I am thinking to exit my position just near to the pivot point of that day. I think that
we should fix our TP every day for our open position at or near the pivot point of that day
looking forward for the suggestions and idea for this
thanks to all

Takahashi

Takahashi,
What should I say...
Your system is amazing but very-very simple.

Giacomo,
I have tried (backtest) this system for a couple days.
This is truly simple and amazing.
- I think Takahashi set 200 and 300 point from pivot point because he uses it in GBPJPY.
If we use another currency pair, it should be optimized once again according to that currency pair.
- The easiest way to place orders is follow broker's time and chart.
This way, we can get pivot point easily, because yesterday's HLC are already informed in the chart.
- About TP, I have an experience, I let them open and wait until it hit TP, but it is pain to watch big floating order.
I give time for about 3 days for this open order, then set its TP to BEP.
This way, it can close easily on several days.

Thank you everybody, let's discuss more to make this system perfect.

Hi Takahashi,

your strategy looks quiste smart! I'm starting testing it.

A couple of questions:
- did you test it on other currencies? (say EUR/JPY, ETC.)
- WHEN do you place your orders? Around 00:00 GMT?
- WHAT if you don't reach the target (TP) on the same day? Do you let the order open in the following day ? (It seems that target is reached anyway, if we can wait, and it seems you don't you stop loss).

Thanks to Edward for his precious work to keep the forum up.

Giacomo... Italy

Thanks Edward.
Just FYI - last night I lost my all 3 positions GBDJPY EURJPY GBDUSD. I entered around 00:00 EST and all of them lost...

I'm trying with the fixed profit 90pips and trailing stop 60pips. The Perform is rather good, 2 weeks only 2 lost and 1 trade hit the traling stop. I'm just triyng GBP/JPY only.