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Ogeima, can you please explain, I am confused a bit, Low of the day is the previouse day low or it is High and Low of the day we trade... the same with high of the day. I set buy and sell by iGor's instruction on the first page (as I understood it), I take a day opening price and add or substuct the half of the Average day range. Thank you in advance.
Cheiser,
Lets assume that euro's average daily range is 100 pips. It opens at 1.2500. So you would have two options, to go short @ 1.2450 or to go long @ 1.2550. So now the day begins, euro races upto 1.2540 and then reverses down (your long entry was not triggered). So now 1.2540 is your day's high. So your short entry will be modified to 1.2490 (1.2540 - 50). In any case your trailling stop will be 50 pips.
Hope this clears your doubts.
Regards,
Kevin
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One precision, to avoid a common mistake for those new to backtesting:for the entry of the first trade, don't look at the High/Low of the day between 0000 and 2359. This would be looking into the future. In real life, when trading the DBO, the High/Low of the day is of course the High/Low of the day between 0000 and the current bar. Because when we enter the first trade, we don't know yet if the day will make a higher high/lower low.
Quote:
Originally Posted by kevmcfoster
Cheiser,
Lets assume that euro's average daily range is 100 pips. It opens at 1.2500. So you would have two options, to go short @ 1.2450 or to go long @ 1.2550. So now the day begins, euro races upto 1.2540 and then reverses down (your long entry was not triggered). So now 1.2540 is your day's high. So your short entry will be modified to 1.2490 (1.2540 - 50). In any case your trailling stop will be 50 pips.
One precision, to avoid a common mistake for those new to backtesting:for the entry of the first trade, don't look at the High/Low of the day between 0000 and 2359. This would be looking into the future. In real life, when trading the DBO, the High/Low of the day is of course the High/Low of the day between 0000 and the current bar. Because when we enter the first trade, we don't know yet if the day will make a higher high/lower low.
Thank you everybody, it looks like I am getting it right, piece by piece. I like this system and appreciate the help of more experienced traders. Wish everybody lots of pips.
I have looked over the forum and have found two ways to look at the daily range.
1) (daily high – daily low)= range (posted by iGoR) pg.1
range/2=x
x + opening= long
x - opening= short
2) (daily high – daily low)= range (posted by Ogeima)pg.9
range/2=x
dailylow + x= short
dailyhigh -x= long
note for this example when you do calculations for short or long you get the same number.
the second one is the correct formula. Remember, the dailylow and dailyhigh is today's low and high values that are established once the difference between them becomes equal to half the daily range.
Here is a version of your system for test.My friend to make this system no necessary to use your indicator..... At backtesting this ea not work fine.Please look the statement and test this ea and say me if is work equal your rules of trade.
Linear Mode
