Simple Intraday System. Trade once per hour. I need an EA to back test.

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Thanks for the system...could this concept be used to trade London market also?

Has it been tested using other bars?(30 min, 15 min, etc.)

 
 
 

My excellent example actually demonstrates 2 trade losses. That's real life for ya'!

1.3026 Open

1.3056 Hour1 Price above Open

1.3047 Hour2 Price above Open but below previous bar =No Trade

1.3061 Hour3 Price above Open and above previous bar =Open Long Position

1.3063 Hour4 Price above Open and above previous bar =Open Long Position

1.3043 Hour5 Price above Open but below previous bar =No Trade

1.3016 Close All Trades

Trade 1: Loss of 45 pips

Trade 2: Loss of 47 pips

_________________________________________________

GBP/USD 2 trades +36 pips

USD/CHF 2 trades +32 pips

USD/JPY 1 trade -13 pips

All in all, not a good day.

_________________________________________________

 

Statement 02-10-2009

Attached are the results of my actual live trading today.

The creator of this method never mentions whether or not to close the open positions if the price crosses the opposite side of the opening price. Nevertheless, I closed EUR/USD after it crossed. It was a wise decision.

Art Collins' quote, once more: “…be long if you’re above the daily opening, short if below.”

From now on, if the price crosses the daily open, I am closing all positions against the momentum before the Close All Trades time of 19:20 UTC. If I applied this rule yesterday, the EUR/USD losses could have been cut from 45pips and 47pips, to 35pips and 37pips, respectively.

I also attached screenshots.

Green = Open

Red = Close

Thick Line = Opening Price

Except the Swiss Frank. Notice how the market Ranges right after 19:20 UTC (14:20 EST)

Files:
statement_02-10-2009.pdf  32 kb
02-10-2009.zip  99 kb
 

This looks interesting, but have to admit I'm having a little trouble following the rules. An indi would be nice to identify setups, then an EA could be constructed.

 

I get messed up trying to explain them.

What's most confusing to me are the times. Chicago opens its floor at 20 minutes after the hour. So, if you were to trade the New York trading session, it would be fairly simple since the open is at the top of the hour. So you would simply use H1 charts.

At the NY open (8:00 EST), draw a horizontal line at the open price.

Once 2 bars in a row close above the open price AND each one is higher than the last, that's your signal.

Check every hour. Open if the next bar's close is higher than the last. If not, there's no trade.

Close your trades at the end of the trading session or when the price crosses your daily opening line into negative momentum territory.

 

ok, I'm on New York time too. I was trying to figure Chicago time, with a UTC offset -- convering all that to EST.

So I don't have to use the Chicago time -- just go with the NY open? And close all trades at what time EST then?

 
efimortgage:
I get messed up trying to explain them.

What's most confusing to me are the times. Chicago opens its floor at 20 minutes after the hour. So, if you were to trade the New York trading session, it would be fairly simple since the open is at the top of the hour. So you would simply use H1 charts.

At the NY open (8:00 EST), draw a horizontal line at the open price.

Once 2 bars in a row close above the open price AND each one is higher than the last, that's your signal.

Check every hour. Open if the next bar's close is higher than the last. If not, there's no trade.

Close your trades at the end of the trading session or when the price crosses your daily opening line into negative momentum territory.

When does the trading session end with this system, 2pm EST or 4pm EST?

 

For the New York open(for a long position)...the first 60 min bar(13:00GMT) close has to above open, the 14:00 GMT bar has to close above the open and the close of the 13:00GMT bar...if conditions are met enter at open of 15:00 GMT bar.....Am I correct?

I think a filter(non indicator) could be used in certain situations...suppose the above conditions are met for a long but the 14:00 GMT bar is a pin bar(or any other bearish bar or formation) occurring at solid resistance, maybe pass on that trade.

I do like the simplicity of this method...if we improve upon it we should still try to keep it simple as possible.

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