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GBP/USD
Today 10/13/06
Average Day Range = 110
So there could be a move of 55+ or 55-
open price= 1.8575
I add 55+ to 1.8575 =1.8630 so I place a buy limit order at 1.8630
And 55- 1.8575 = 1.8520 and place a limit order at 1.8520
So which ever one is hit first I (for example up ; add room up 75 pips to it to take profits) 1.8630+75 =1.8705
You're getting this wrong. The entries to the first trade are: Low of the day + 55 for Long, High of the day - 55 for Short. Trailing stop of 55 pips. When the trailing stop is hit, reverse your position. Again, trailing stop of 55 pips for that 2nd trade.
If you have positions opened at 1800cet, close it.
Quote:
Originally Posted by PeaceLover
Guys please tell me if i am getting this right?
GBP/USD
Today 10/13/06
Average Day Range = 110
So there could be a move of 55+ or 55-
open price= 1.8575
I add 55+ to 1.8575 =1.8630 so I place a buy limit order at 1.8630
And 55- 1.8575 = 1.8520 and place a limit order at 1.8520
So which ever one is hit first I (for example up ; add room up 75 pips to it to take profits) 1.8630+75 =1.8705
You're getting this wrong. The entries to the first trade are: Low of the day + 55 for Long, High of the day - 55 for Short. Trailing stop of 55 pips. When the trailing stop is hit, reverse your position. Again, trailing stop of 55 pips for that 2nd trade.
If you have positions opened at 1800cet, close it.
I was refered to your thread by a buddy. I like your thinking and have noticed similar concepts on the daily highs/lows, but never put them to the test. I will work on putting your ideas to an EA in the next week. If you have any further info you'd like to see added, please suggest away.
For purpose of manual backtesting I have created Excel sheet with daily ranges of GBPUSD (2003.06-2006.10.13). The values of 5-day moving average of range are included as well (Sundays were omitted). Please note:
1. for every day value of MA was computed using 5 previous days, so actually it is displaced SMA 5x1. Sorry, I know that it is not exactly what Igor says, but I had had no time to implement full system. I encourage everybody to explore and improve this little tool.
2. daily open/close prices are GMT+2 (Central European Summer Time).
3. "go long" and "go short" prices are determined using current day OPEN price. I made this assumption to simplify digging through large set of data. Preliminary tests show that such an approach, although far from being optimal, could still be profitable.
You're getting this wrong. The entries to the first trade are: Low of the day + 55 for Long, High of the day - 55 for Short. Trailing stop of 55 pips. When the trailing stop is hit, reverse your position. Again, trailing stop of 55 pips for that 2nd trade.
If you have positions opened at 1800cet, close it.
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.
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.
it is High and Low of the current day not previous day
Linear Mode
