System with much potential.
I did not look inside the code but this Today Trend indicator is similar with ^Pivot_ResSup indicator which i am using for Braintrading on M30 timeframe (see the image with these two indicators all together).
And arrows look like Maksigen trading system.
But this Russian Maksigen trading system is difficult for backtesting. And your system can be backtested with no problem.
Just for clarification:
OCO order (One Cancels Other).
Say opening price is 1.7500 and arrow is long.
Buy at 1.7533 with stop of 60 pips.
Sell at 1.7420 with stop of 60 pips.
Mike.
Hi guys.
Is anybody testing this system or creating an expert?
Since the post it has generated the following pips:
+71, no trade, no trade, +32, +99, +100, +38 (after which price reversed), +103 today.
We just need an EA that lets us auto trade and change parameters like TS, TP etc.
Thanks, Mike.
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First of all, this is not my indicator - it is from another board but I have spent literally hours and days carefully backtesting by hand on a TF15.
You may have seen the thread "Today Trend". Basically the indicator looks back at the previous day's highs, lows etc much like a pivot and then uses a little extra formula to tell you the direction of the next day's trend.
At 12.00 am (GMT +1) the indicator produces either a blue up arrow on the bar or a red down arrow for the upcoming day's trade direction. You will also see a 30 pip TP line (in the right direction) and a red line in the wrong direction which is a suggeted stop level for the day (although I ignore that).
A quick look back over the chart when you have loaded the indicators will show you the potential.
The last couple of weeks have been bad but check out February and January to get your mouth watering :-)
The months before that were fair. The last bumper period was July/August last year.
The triggerlinealert indicator produces some great results when the two colours agree with the projected arrow at 12.00 am.
The Zig-Zag is just to help you spot the highs and lows.
So here is my strategy - don't simply enter the trade in the direction of the arrow. Set up an OCO order. First order in the direction of the arrow at opening price +33 pips with a stop of 60 pips.
Second order the other way at opening +80 pips again with a 60 pip stop. Remember, One Cancels Other.
A safer setting in the arrow direction is opening +40 pips but you get less trades.
Take profit level? None, believe me I tried everything from 10 pips to 50 in 5 pip increments and they all generate less than leaving the trade open. It is painful to watch a closed trade go on to over 100 pips. But for your info the best TP is 42 pips.
The average number of pips generated per trade is 18 which you may not wet yourself over, but that is leaving the trade open without a Trailing Stop - and I have seen plenty of +150 trades turn into -60.
So guys can you help to work out a good TS? With that I am sure we can end up with a great system.
Mike.