Desperately seeking a good DAILY Trading System

swissforex

Member
50 19
Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrs\day

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there :confused:

I'm Desperately seeking a good DAILY Trading System,or any other system could be working placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share ;)

Please help me
 

shadowninja

Legendary member
5,524 643
Well, try learning to draw trendlines on daily charts, then place orders at the lines. You'll have to use a fairly big stop (50-100 pips on major pairs) and have to experiment with exit areas.
 

SvenFoster

Well-known member
250 10
You need to start relying on limit/stop orders.
If your free in the evening GMT then thats when the daily bar will print --As good a time as any.

SN has suggested a very simple method that would be profitable if applied sensibly.

basically you can try to profit from the next day(intra) or place orders in the manor described by SN to get into a longer term trade..

Other things(assume trending up)... look for Horizonal Sup and Res on 4HR or 1HR and place some limit orders incase it pulls back.. Place some STOP orders above the last swing high incase it runs off on one.
Maybe split your orders in two, same SL, one TP at the same distance as the SL, so you dont have to worry to much about being there to set things to Breakeven/update SLs etc.

Just try to keep it simple and try it.
 

swissforex

Member
50 19
You need to start relying on limit/stop orders.
If your free in the evening GMT then thats when the daily bar will print --As good a time as any.

SN has suggested a very simple method that would be profitable if applied sensibly.

basically you can try to profit from the next day(intra) or place orders in the manor described by SN to get into a longer term trade..

Other things(assume trending up)... look for Horizonal Sup and Res on 4HR or 1HR and place some limit orders incase it pulls back.. Place some STOP orders above the last swing high incase it runs off on one.
Maybe split your orders in two, same SL, one TP at the same distance as the SL, so you dont have to worry to much about being there to set things to Breakeven/update SLs etc.

Just try to keep it simple and try it.
thank you

but this is what I've been trying to do until now

maybe I'm not a good Trader :confused: ,but I'm simply searching for a good Trading System, more mechanical - less discretional
 

shadowninja

Legendary member
5,524 643
I suspect very few of them truly exist. They'll be profitable for a while then just fail for months or maybe years because something has changed in the market eg volatility, and if you were to buy a black box system then you won't know if it's just a drawdown or a complete failure of the system - I don't know if you can buy mechanical systems whereby you can see the code.
 

Adamus

Experienced member
1,898 97
Some people say it's easy to find a system that will give you an edge. I haven't found it easy, not for something with the risk profile I'm searching for. There's no Holy Grail.
 

bbmac

Veteren member
3,584 787
keep it simple

....I'm Desperately seeking a good DAILY Trading System,or any other system could be working placing order between 8 PM GMT and 1 AM GMT.....
Simple approach:

On a weekly chart:

a. Mark where there have been near-term obviouslarge imbalances of supply/demand (fractal swing highs) and demand over supply (fractal swing lows) [shown as the coloured zones on chart shown.]

b. Add fibs of the onvious swings. (fibs of the last 3 most obvious swing hi-lo's circled from the swing hi on the chart shown.)

c. Add any relevant trend lines.

Then,

e. When price enters any point of confluence of those 3 x potential support/resistance factors drop down to your daily t/f as your trigger and assess whether you see any good rejection/reversal candle/set-up forrms and trade accordingly with stop outside of the potentialo supp/res zone.

Remember confluence is king. (gbpusd weekly shown as an example....)

 

forexkunta

Established member
818 24
SF,
Here is something that you should look at. In the Moving Average section, I like the 21 and 34 EMA averages to determine trend. And the best of all, this handbook was a free download at the publisher's website.
Regards,
Kent
 

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swissforex

Member
50 19
Re: keep it simple

Simple approach:

On a weekly chart:

a. Mark where there have been near-term obviouslarge imbalances of supply/demand (fractal swing highs) and demand over supply (fractal swing lows) [shown as the coloured zones on chart shown.]

b. Add fibs of the onvious swings. (fibs of the last 3 most obvious swing hi-lo's circled from the swing hi on the chart shown.)

c. Add any relevant trend lines.

Then,

e. When price enters any point of confluence of those 3 x potential support/resistance factors drop down to your daily t/f as your trigger and assess whether you see any good rejection/reversal candle/set-up forrms and trade accordingly with stop outside of the potentialo supp/res zone.

Remember confluence is king. (gbpusd weekly shown as an example....)

first of all abig thanx to all the guys trying to help me

keep it simple ?
your hint is one of the most difficult-and technical-I've ever seen

I don't use fractals for my Market analysis so I'm really confused by your post

Couldn't you make it more easy to understand?

maybe it's just my fault

2 years of studying and never get enough

I'll do my best to improve myself

oops:whistling I did it again
 

swissforex

Member
50 19
SF,
Here is something that you should look at. In the Moving Average section, I like the 21 and 34 EMA averages to determine trend. And the best of all, this handbook was a free download at the publisher's website.
Regards,
Kent
thank you mate-I'm gonna read that book now and study your chart
What else could I do?
I :love: Forex
 

forexkunta

Established member
818 24
Learn every thing you can about Elliott Wave analysis. Takes a little time to learn, but is the leading indicator of the financial markets. No black magic, just good analysis. Offers probabilities, and is very accurate. Sign up for all of the free stuff at the website you can. They even have a course that goes deeper into the Forex market, and in my opinion, is the best $79 I have ever spent in the forex world. Everyone is looking for that holy grail and has the attitude that if you don't pay for a system then you don't have anything. After 1 year of trading forex, I have found that the absolute best stuff is more or less free. I bought the Sniper Forex system after being in the forex world for a couple of months, and realized that it is a very good system and goes hand in hand with EW analysis. I still use it, and will continue to use it. I keep a 15M, 1H, 4H and Daily chart up on the pair that I trade at all times with the 2ema's mentioned above, and look at each before I take any trade. In any given week, you really only have about 4 decent trades per pair, sometimes less. Also took me a long time to realize that, and quit over-trading. I always thought that if you didn't have an open trade, then you couldn't make money. That attitude is the quickest way to the poor house.
Good luck with your quest, and I hope I have helped.
Kent

thank you mate-I'm gonna read that book now and study your chart
What else could I do?
I :love: Forex
 

fayalac

Established member
560 14
Some weeks ago someone asked me the same and i said just follow the trend, he said "as it were that easy...", it kept me thinking, yesterday i read some guys taugths were he said "simplier things are sometimes more profitable" and you know?, he is rigth, just follow the market with simple methods, work at 15 min to 1 hr timeframes so you will just have to put your eye once in a while at the chart, it works, just dont guess, dont try to be smart, understand these is not a race and that technical analysis is a tool not a whole truth, markets behave at a random and irrational way.
Good luck
 

NVP

Legendary member
36,880 1,900
Some weeks ago someone asked me the same and i said just follow the trend, he said "as it were that easy...", it kept me thinking, yesterday i read some guys taugths were he said "simplier things are sometimes more profitable" and you know?, he is rigth, just follow the market with simple methods, work at 15 min to 1 hr timeframes so you will just have to put your eye once in a while at the chart, it works, just dont guess, dont try to be smart, understand these is not a race and that technical analysis is a tool not a whole truth, markets behave at a random and irrational way.
Good luck
interesting comment here (y)

its not actually the systems in trading that defeat people (ie follow the trend) its their unrealistc expectations fed by marketeesr and a get rich quick mentalty

its like a townie driving up to a freshlly ploughed field and telling the farmer to have 2 foot corn there by close of business......it will happen ....but in its own time :p

i'm not a big fan of EA's .......and if not EAs ?.....well everyone kinda knows what works in trading (quite a lot of things actually).....its just applying your edge/idea with discipline and focus and patience blady blah

dynamic resistance levels (MA's) are as good as anything in the cosmos....just dont overcomplicate things with 9 other crieria elements !



N
 

forexkunta

Established member
818 24
If markets behaved in a random and irrational way, then no one would be able to profit from it. I don't think that there is one legendary member of this form that thinks that. Financial markets are all patterned and predictable. Otherwise, there would be no such thing as a trend to follow.
 

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