Desperately seeking a good DAILY Trading System

[swissforex]

thank u mates

as far as now I've got a lot of stuff to work on

 

[maq]

sub

 

[larrylaverne]

try heikin ashi instead of bars or candles and use with movavgtriagular on the close @6.0 period with woodies cci ....study how the bottom wicks dissapear on strong move up and the top wicks dissapear when stocks falling---- daily charts i use on etf's

 

[Hittfeld]

I've given this a bit of thought, and had a very very quick backtest using a similar system but using daily TF. Here's how it goes:

At the end of every daily candle work out the pivot point, if the new daily bar opens above the PP place a sell stop 5 pips below PP, if new daily bar opens below PP place buy stop 5 pips above PP.

This is a very quick strategy that I've not worked out any detail for nor have I backtested yet properly. Hence no T/P or S/L yet.

OK, here are some data for an almost smilar system I found on a german language board (candletalkDOTde):
A guy named XARON (active nowadays on FF and Oanda) posted in 2006 a backtest of such a pivot triggered system with amazing results, he then traded this successfully for a year documenting every day properly. After a year he stopped it. The real life data where IDENTICAL to the backtests.
In May 2009 he backtested again from Jan1st 2000 to may 2009 and again the results were almost identical. Here is his first (german) backtest xls:
http://www.leidel.net/dl/boerse/FTSE100-pivot-daily.xls
http://www.leidel.net/dl/boerse/S&P500-pivot-daily.xls
The rules:
dPivot = (dHigh + dLow + dClose) / 3
ltrigger=(2*dPivot)-dLowD
strigger=(2*dPivot)-dHighD

So, if price goes up after open above ltrigger, go long ....
Opposite trigger is Stoploss. If open is already above ltrigger - call it a day.
Close position by stoploss OR end of day. NO profit target!!

So without reinvesting the profits he got the following results:
Betting daily just 1 € per FTSE point he received almost 14000 € in less than 10 years!

Now translate yourself or use google:
Xaron`s original final report:

Gesamtergebnis: 14.773,07
Trades: 1.558
Positive Trades: 873
Negative Trades: 685
Trefferquote (%): 56,03
Größter Einzelgewinn: 379,97
Größter Einzelverlust: -278,63
Durchschn. Gewinn: 40,93
Durchschn. Verlust: -32,05
Max. Drawdown: -510,10
Profit-Faktor: 1,63

Regards

Hittfeld

 

[spy74]

try using a 30 min chart with daily, weekly & monthly floor trader pivots drawn on it. also use a daily chart (but leave the pivots off)....see if you can't build a decent strategy off that

 

[targus+]

Why not use an EA that triggers a trade immediately on the appearance of the daily BWilliams fractal/alligator method with a 25 pip sl.

 

[NVP]

Come on mate, if markets were as predictable as you say everyone in these forum would be millionare.I know how to predict patterns, as many of us do, i have studied a lot of technics, and most of the times it happen.
Lets say we find that determined market is oversold, its bear trend is losing momentum, and according to any indicator or oscillator it must go back, and voilá something important happens that makes that bearish trend to regain strength, and lets say you didnt realized, the markets goes back another 250 pips, what would you do?, would you stick to your conclussions?.
if you dont understand first that markets are random and that technical analysis is a complex and probabilistic tool then you are lost, anyway many times you dont have to make complex analysis to realize where the trend will go back and the supports or resistances when it does, but still being random, you may know it.
I dont know about legendary or veteran members but i know most of them think the same way.

markets are predictable........its the timing and
magnitude of news events (economic or otherwise) that are unpredictable

N

 

[targus+]

I agree with NVP. I also believe, like the weather, nothing is random here, if my experiences with harmonic patterns are anything to go by along with elliott wave, you can see where every time a pattern emerges a fractal will appear at given points on that pattern. I read Gann predates WW by 60 years, historically, with amazing accurarcy, the venus/uranus cycle has proven whenever Venus forms a 120 degree angle with uranus, the dow moves up for 2 wks then declines after the angle is exactly at top of channal. Cycles, waves within waves etc., are everywhere, from the planets to the rise and fall of tides, are these things random? The only time I have made good trades was using harmonic patterns, on the eur/usd right now we have had a bullish emerging pattern on the weekly timeframe for a little while now, on Friday we had bullish patterns on the 8hr, I went long and she took off.

But getting back to the question, I would go take a look at Merlins "amazing strategy" at FF which is apparently 99% accurate and if I wanted something auto then you may as well use this, I'm sure an ea was created.

 

[Rooster34]

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....)

This is exactly what I'm trying to do. Weekly supply and demand levels, confluence with trendlines, fibs, ect. Then scroll down to the look for a fade or a breakout.

 

[Hotch]

Buy the strongest pair of yesterday, hold for the day, if it's still the strongest pair, hold it, if not, close and buy the strongest pair. Repeat. Mildly profitable.

 

[targus+]

Well, I wish I knew, could do with one myself, Im still learning with gartley patterns. Many traders advocate using the daily timeframes, I can say though trading harmonic patterns, looking back when a gartley appears on the daily it seems to produce good results so far, www.geometricttrading.com appears to go off the daily patterns, he buys three lots at once then scales out, intital stop loss on entry is pretty big as you can imagine. For example on the daily gbp/usd a pattern emerged around 1 july, bullish, if one uses the geometrics s/l methods you would still be in that long trend holding many pips from 12 july after daily candle close at 1.5909. If you download hwfm this is interesting also.

 

[Hotch]

Well, I wish I knew, could do with one myself, Im still learning with gartley patterns. Many traders advocate using the daily timeframes, I can say though trading harmonic patterns, looking back when a gartley appears on the daily it seems to produce good results so far, www.geometricttrading.com appears to go off the daily patterns, he buys three lots at once then scales out, intital stop loss on entry is pretty big as you can imagine. For example on the daily gbp/usd a pattern emerged around 1 july, bullish, if one uses the geometrics s/l methods you would still be in that long trend holding many pips from 12 july after daily candle close at 1.5909. If you download hwfm this is interesting also.

http://www.harmonictrader.com

 

[targus+]

Hotch, many thanks, I have downloaded zup harmonic pattern that Nen created for free, so I have been playing around with it for sometime now, in fact it is the only time I have started to make headway, Kor4 is also excellent, more recently hwfm which is also pretty cool.

 

[targus+]

4got to attch.

 

[Kilmanjaro]

Hi fellow traders just wondering if anyone has heard of or used ESP1/ESP2 indicator.
Please post ,
Thanks
Kilmanjaro

 

[swissforex]

DIC 2012 update

I've found my way of trading,I'm currently using 2 Methods and I keep a trading diary on my Blog.
Thx everybody

 

[forexkunta]

Hi Henry,
I would be interested in checking out your blog. If you don't mind, post the url for it. Or if you like, just pm me.
FK

DIC 2012 update

I've found my way of trading,I'm currently using 2 Methods and I keep a trading diary on my Blog.
Thx everybody