The stop loss is pretty simple on the Daily.
There is 2 options that you can use.
1st. Option
Simple stop loss when the indicators
break levels the other direction than
you have enter and that means your
new entry signal is set.
In this option your stop loss should
not be larger than 200-250 pips.
2nd. Option
Set stop loss to 150-200 pips.
Friday, October 12, 2007
Recommendation
Try to trade during the London session
where is the most likely that you will
make good pips amount compare with
the other sessions where the market
moves most of the time side ways and
that makes you lose your money.
where is the most likely that you will
make good pips amount compare with
the other sessions where the market
moves most of the time side ways and
that makes you lose your money.
Thursday, October 11, 2007
Important Notice
Do not ever test any system on live account
there is demo for it or forex tester.
If you have any questions please leave
comment and i will be happy to answer.
I have more to come ;)
there is demo for it or forex tester.
If you have any questions please leave
comment and i will be happy to answer.
I have more to come ;)
Daily Back Testing Results
The back testing results are based
on one year testing during year 2005
on Daily time frame and the exit is
based on indicators so i was losing
lots of pips but anyways the results
are pretty good and you can see it on
last profit where i just took profit at
almost 1000 pips.When you enter on
Daily time frame it might take
you 1 to 2 months to close it.That is
why i want to use the 4 hr time frame
along the Daily one to make some daily
profit where position will not be open
longer than one day.
on one year testing during year 2005
on Daily time frame and the exit is
based on indicators so i was losing
lots of pips but anyways the results
are pretty good and you can see it on
last profit where i just took profit at
almost 1000 pips.When you enter on
Daily time frame it might take
you 1 to 2 months to close it.That is
why i want to use the 4 hr time frame
along the Daily one to make some daily
profit where position will not be open
longer than one day.
| type | lot | open | close | swap | profit |
| ----------- | ----- | --------- | -------- | -------- | -------- |
| balance | 0.0 | 0.00 | 0.00 | 0.00 | 2000.00 |
| buy | 1.0 | 194.83 | 199.48 | 760.88 | 3572.24 |
| sell | 1.0 | 199.48 | 200.46 | -166.82 | -759.17 |
| buy | 1.0 | 200.46 | 202.76 | 395.66 | 1786.22 |
| sell | 1.0 | 202.76 | 196.88 | -1059 | 2511.4 |
| buy | 1.0 | 196.88 | 197.65 | 304.35 | 769.89 |
| sell | 1.0 | 197.65 | 196.04 | -500.47 | 472.67 |
| buy | 1.0 | 196.04 | 199.39 | 913.06 | 2938.45 |
| sell | 1.0 | 199.39 | 201.56 | -271.09 | -1582.7 |
| buy | 1.0 | 201.56 | 199.32 | 45.65 | -1308.64 |
| sell | 1.0 | 199.32 | 200.99 | -83.41 | -1092.82 |
| buy | 1.0 | 200.99 | 210.41 | 776.09 | 6471.37 |
Exit Strategy
Exit is mostly up to you but i will
work on the best possible option.
Just to give you some ideas that
you could use is Automated Trailing
Stop,Support and Resistance Levels
or just keep moving your Take Profit
to trail the stop but i will work on
the exit and will post the results.
work on the best possible option.
Just to give you some ideas that
you could use is Automated Trailing
Stop,Support and Resistance Levels
or just keep moving your Take Profit
to trail the stop but i will work on
the exit and will post the results.
Short Entry Signal
Short entry signal happens when
RSI breaking level 50 downwards and
CCI is breaking level -20 downwards.
Make sure they are both below the
levels.
RSI breaking level 50 downwards and
CCI is breaking level -20 downwards.
Make sure they are both below the
levels.
Long Entry Signal
Long entry signal happens when
RSI breaks level 50 upwards and
CCI is breaking level 20 upwards
but make sure there is clear break
through the levels especially on
RSI because the CCI is much faster
and you have to wait for both indicators
to be above the levels not only one of
them.
RSI breaks level 50 upwards and
CCI is breaking level 20 upwards
but make sure there is clear break
through the levels especially on
RSI because the CCI is much faster
and you have to wait for both indicators
to be above the levels not only one of
them.
Daily Chart Set Up
I use MetaTrader 4 as charting
but you can use any you like as you
prefer but the set up might be different.
What i do is that i set up two
windows one with 4 hr and another
one with Daily time frame on the
screen which helps you with entry
signal without switching the time
frames.
Indicators Set Up On Daily TimeFrame
RSI 16 [level 50]
CCI (Commodity Channel Index) 21
[levels 20 and -21]
Pairs
I have back tested the system with
GBP/JPY only on Daily time frame
and i am going to test the system on
4 hr time frame soon.Meanwhile i was
testing it on the Demo and i used the
same set up for two other pairs
GBP/USD and EUR/USD will test all
of them in future.
but you can use any you like as you
prefer but the set up might be different.
What i do is that i set up two
windows one with 4 hr and another
one with Daily time frame on the
screen which helps you with entry
signal without switching the time
frames.
Indicators Set Up On Daily TimeFrame
RSI 16 [level 50]
CCI (Commodity Channel Index) 21
[levels 20 and -21]
Pairs
I have back tested the system with
GBP/JPY only on Daily time frame
and i am going to test the system on
4 hr time frame soon.Meanwhile i was
testing it on the Demo and i used the
same set up for two other pairs
GBP/USD and EUR/USD will test all
of them in future.
My System
Hi guys
This is system that i was back testing lately
as well as i was using on demo with pretty
good results.The system is easy to use and
i will be using it only on 4 hour and Daily
time frame because i do not like lower ones
but i will use those with entry signals.
This is system that i was back testing lately
as well as i was using on demo with pretty
good results.The system is easy to use and
i will be using it only on 4 hour and Daily
time frame because i do not like lower ones
but i will use those with entry signals.
Wednesday, October 10, 2007
My Blog Forexideas
Hi to all of you who is into forex trading.
This blog is for anyone who likes to find some
useful info maybe some system or inspiration.
I will post my system shortly which i had
backtested with good results and i will be
taking live trades on demo and i hope in
next couple of weeks i will open live account
so keep checking this blog during the day
and take some trades with me if you like.
Any comments are welcome and if you have
any ideas or suggestions how to improve
this blog please let me know.
Have a good one and keep piping.
This blog is for anyone who likes to find some
useful info maybe some system or inspiration.
I will post my system shortly which i had
backtested with good results and i will be
taking live trades on demo and i hope in
next couple of weeks i will open live account
so keep checking this blog during the day
and take some trades with me if you like.
Any comments are welcome and if you have
any ideas or suggestions how to improve
this blog please let me know.
Have a good one and keep piping.
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