Newbie looking for a little help

[bunnyslayer]

Hello every one! I'm a newbie to t2w and trading as well. Right now I'm working on a strategy for trading gold 100 oz using tick data that seems to be working for me from my back testing. But I'm having a hard time picking point of entry. My rule is to enter at the close of the bar but I find it really hard to do this because the bar most all ways is moving so fast at the close that it just can't be pegged. What I have been trying is to have the high and low of the bar highlighted on the side of the chart and place an order at these points depending on if I want to go short or long once the count down on the bar is around 15% . But even with this I'm missing my mark a lot of the time. Any ideas would be greatly appreciated, I know I could all was just go with a market order at the close but I don't want to if there is a better way

 

[Adamus]

What platform are you using? Any decent platform should allow you to code your entry rules and then it should execute them for you. Alternatively you should use a better interface like a ladder or a chart to enter manually with just one click.

 

[bunnyslayer]

Thanks for the replay Adamus, I'm using Traded Navigator as my platform. They do have an auto system that comes with their high end version but I don't have it . I was using a ladder to enter manually but I use a 150 tick chart and price moves so fast at the close in this setting you're lucky if you can pag it This morning I set an audio alert at 10% of the bar remaining and just hit market once it was triggered It seemed to get me in with in a tick or two if not dead on at the close. It seems to work the best out of every thing I've tryed so it might just be the key. I ended up with 49 ticks after fees at the end of my morning that was in sim mode mind you

 

[Adamus]

Hmm yes sorry but I don't know that one.

You must be getting a lot of ticks per second. On retail platforms like the one I use the feed is normally compressed so you only get 4 or 5 at most per second.

 

[forker]

Why are you constricting your entries to be based on bar close?

If you opened several platforms you will see price bars close differently. In other words a "setup" exhibited on one platform doesn't necessarily translate to a setup on another. Herein lies the problem with bar based setups. Do you really think Market movers base their setups off price bars? They have no relevance to price movement. In fact you could say that bar closes, whether they are based on price,range,or volume; are the biggest con that consumes traders the world over

 

[bunnyslayer]

I see your point Forker and thanks for your input, I guess what your saying is dose it really matter if I hit the close dead on, What matters more is that I'm in when I should be.. I'm using the close as a rule to keep a flow to my system. With out getting to deep in to what I'm doing I have hatched together a system that works off 4 things. I look for volume, monentun, market direction and the 4th is more less a pattern using 3 moving avg and the price bars them selfs. once all 4 have been meet I then look to get in at the close of what ever bar this happens on. That way every thing has a step be step flow to it. It's just that every thing happens so fast, most of the time I'm in and out in a few min's. I like this style of trading because I don't stress when things don't go my way I was wrong, so what, start looking for the next set up. I've tried swing trading in the past and it stresses the hell out of me. I think I'm going to keep trying my idea using market orders in sim mode and see how it works out...

 

[Christiaan]

you might be intrested in buying a good mecanical system...not that i'm doubting your abilties but with a good mecanical system you can simplify your trading a great deal.Have you already fund your account...otherwise you might want to have a look at meta trader.

I'd say have a look at fx stealth it cost a pretty penny but is a very good system.A little cheaper is forex vertigo.Now i know that it looks dodgy i mean what can a 23 year old kid really know about forex...but his system does work.I have a screen shot inclosed.if you are intrested there are a few screen shots on the webite just google forex vertigo.