Outside The Box????

[et_phonehome_2]

Originally Posted by mjchris

so I have been very successful with this stategy, it is perfect for my style, the only weakness is that many of the entry points are when I am asleep. If I had a n EA that would buy on the close outside entry point, with an adjustable stoploss then I would manage it the rest of the time as if I were trading manually, that would be the perfect world for me.

Just enter a buy stop / sell stop order. Hmmm, an adjustable S/L, I wish I could remeber which program I had that may do that....

[scorpion]

et, i think you refer to the auto trailing stop EAs. These EAs automatically trail the stop for your manual orders.

This system yields good profit over long-term, in tick-model backtesting. Setup is so simple that you don't need any EA to trade.

[mjchris]

that would work for part of it, but is there a way to set an order for a candle close outside a certian value? I dont want just execute order just when price crosses the line, I want the close of the candle outside line. Is that possible or will I have to settle for a buy stop when price is above the indicator lines?

thanks for input everyone!

Originally Posted by scorpion

et, i think you refer to the auto trailing stop EAs. These EAs automatically trail the stop for your manual orders.

This system yields good profit over long-term, in tick-model backtesting. Setup is so simple that you don't need any EA to trade.

[Nentro]

I just finished making the DreamMachine-W (weekly system) for a client of mine. It is very similar to the system explained in this thread and have decided to give it away for free. It buys/sells if the price breaks too far from Monday's trading range. It also has a volatility filter in place in case Monday's trading range was too narrow or too wide for this system to make a probable trade. Adaptive Trailing stops and adaptive TPs are also included. I like this kind of system because it makes good sense to me. It tries to capture the big weekly moves in the GBPUSD and EURUSD. Please run on FXDD on hourly charts as this EA may be very time-zone sensitive. Also test on strategy tester and demo account for a while before using with real money. I've included some 8 year backtest data on this EA. Please remember backtested results are not indicative of future performance. Also remember that this is a slow EA because it only trades a maximum of 1 trade per week. And sometimes it will not place a trade if the conditions are not good. Most years are good, but some years are not very good. I am estimating that the EA could have drawdowns that are 2 or 3 times bigger than the drawdowns in the backtests (but it may not). If I were you I would reoptimize the EA every 1-2 years. I would leverage 1 mini lot ( 0.1 Lots) per $12,000. So if you had $120,000 you could leverage 1 lot per trade. If you have any further questions or suggestions, please let me know. Enjoy!

Chris
Nentro Financial
Nentro Financial - Forex Trading Signals, FX Currency trade alerts, Investment Services

--
Disclaimer:
Trading/Investing in the Foreign Exchange can be extremely risky. Do not risk money you cannot afford to lose. None of the information in this message is intended to be taken as any kind of financial advice or service.

[glenn5t]

I find this method very intresting, I see some are having trouble with the whipsaw, and i agree the big trouble with a weekly method is giving back the profits as it returns to the entry level before bouncing off again to a higher level.

A sugestion that may help. ( some may find it helpful).

As we are talking fibonacci levels why not add fibonacci extensions to the mix , that will give you the level of bounce.

I have found the following..

If the move retracts 61.8% it will bounce back 176.4%.
50.0 or 38.2%...................161.8%
26.4%...........................127.2%..

Therefore you will be able to tell if it will bounce and where to place the TP..

The other option is to place a trailing stop......however that is likley to take you out of some nice trade's..

Just a thought.

Glenn

[glenn5t]

Sorry for the second post , but I thought I would add a chart as you can see the UJ retracted back to entry and then went on to the 161.8 level..


Glenn

[droesparky7]

Hey scorpion those dayprojection programs are they indicators or EAs?

[glenn5t]

droesparky7

There indicators...

Glenn

[droesparky7]

I cant get them to open to the chart, double click and nothing, any ideas. tried to compile and it wont let me do that either.

[glenn5t]

Not sure, but what I did was to save it to documents and the through explorer copy and paste it to the indicator file and it work well also in my doc's it appears as a yellow diamond..

Glenn