suggestions for simple daily TF system

basitt76 · #1 (**permalink**) 07-02-2009, 11:03 AM

Hi, I have learned and got lot of help from this forum, but this is my first post. I am in search for a simple daily manual trading system. I cannot sit and watch screen whole day due to other commitments. I can check my charts once or twice a day. Also I am not intending to become millionaire either, but like the excitement and fun of trading.
Any body who have successfully trading the daily charts, please share your system and or indicator. thank you and appreciate it

ServerUang · #2 (**permalink**) 07-02-2009, 03:14 PM

IF you want to entry daily chart, you can do it from H1 chart

basitt76 · #3 (**permalink**) 07-02-2009, 08:14 PM

you are right, but dont you think that I have to wait and check every hour for the signal to come. any other suggestions for the system in which i only have to check the charts once or twice a day. I am california and all action happens at 2:00 AM and it is not easy to make right decisions that late. Pair of my choice is G/U
Thank you for your suggestions and reply

ServerUang · #4 (**permalink**) 07-03-2009, 02:26 AM

On daily shart, maybe you can put 2 ma for signal buy sell.
SMA 4 open and SMA 12 open.
or
SMA 4 open and SMA 24 open.

Ms_Mel · #5 (**permalink**) 07-03-2009, 11:01 PM

Hi,

Last year, I traded the dailies for quite a while, and all I was using was the Center of Gravity indicator on multiple pairs. Great results and just 1 check per day. I remember EURCHF was my champion at some point. Here is a pic of what my set-up looked like (I baptised it Serenity because it was so calm looking):

geoffb62 · #6 (**permalink**) 07-05-2009, 02:06 PM

I use the attached price action indicator on Daily GBPUSD chart.

When the blue line crosses the red line up - buy, down - sell.
As long as the red line is above 50 the trend is up when under 50 the trend is down.

If the levels don't appear straight away go into Levels and add 20, 50 or 80, the rest will then appear.

Hope this helps to give an early warning of a trade opportunity.

Geoff

geoffb62 · #7 (**permalink**) 07-05-2009, 03:52 PM

I have developed an EA using the PAX2 indicator.

Back-test results on Daily GBPUSD for the past 12 months show 8000 pips profit and a drawdown of only 6%, total winning trades 19, losers 5.

I have just put this EA on a VPS so I can forward test it.

chamane · #8 (**permalink**) 07-16-2009, 03:28 AM

Hi,

I wasn't sure if I should post this one because it's still a work in progress for me. But it looks promising and I thought maybe I will get some advices for it. The system is derived from FX Prime created by Canadian Dude.

I first started to play with the 5closed/8open EMA crossover and then realized that doubling its value (10close/16open ema) produced less whipsaws and gave still good response to price. I used also 50close/80open to simulate the original crossover on a higher timeframe (10 times higher). The 2 crossovers looked good to me.

At the same time, I was looking for other systems and realized that the two crossovers were giving signals very close to the CCI combo (34/170) used in FX Prime. So I took the other indies of the system to help me filter out bad signals for my crossover combo. So here it is:

Indicators:
- MACD_colormodified5CX80 (10, 16, 0)
- MACD_colormodified5CX80 (50, 80, 0)
- RSI (8)
- Heiken Ashi smoothed (2, 30, 3, 2)
- 2MA Crossoverwithprice (to give arrow signals of crossovers)

Enter long:
- Wait for a 10/16 yellow arrow crossover signal.
- first histogram blue bar
- second histogram lime bar
- RSI must be over 55
- Heikin Ashi lime bar

Enter short:
- Wait for a 10/16 black arrow crossover signal.
- first histogram red bar
- second histogram red bar
- RSI must be below 45 (see lime circle where it doesn't occur so no signal)
- Heikin Ashi black bar

I am backtesting that setup right now on many timeframes and it seems to be working well on all of them. I think AUDUSD, EURJPY, EURUSD, NZDUSD and USDJPY are namely responding well on the daily timeframe. The difference would be money management IMO. One of FX Prime's original exit (1 min scalping) is when Heiken Ashi changes colour. Last swing high/low for stops looks good on daily with closing part of the trade when reaching 50% or 60% of risk level and letting run the other part. That's what I am working on right now. Suggestions here are welcome, but I think the setup gives pretty good entries that keep up with the momentum.

I think it is a good approach based on a simple EMA crossovers with addups to filter out bad signals. Hope it is helpful for all. Indies and template enclosed.

Regards.
Chamane