SIMPLE EFFECTIVE DAILY SYSTEM by kraven

[kraven]

Hello all, seen a few requests for Daily trading systems so i thought i'd share mine......this is ideal for someone who works fulltime and wants a piece of the action.

 

The system is extremely simple....we enter market with the Daily trend, after pullbacks we place a pending order at bottom or top of pullback candle....if next day continues to pullback we move it to the B/T of that candle and so on.....it's a simple 'early' 1-2-3 pattern ('early' as often were in before the '3' - breakout of the very low)

 

For SL i like to place it to the nearest candle open, close, high, low as opposed to just the size of the candle. goes with my K.R.A.P.P. system. here for details: http://indo-investasi.com/showthread.php/10028-K.-R.-A.-P.-P?p=115378#post115378.

 

Remember to give a few pips on entry and below SL...say 5pips

 

TP is up to you....you can let it run (if you do this just keep moving SL to BE or lock in profits)...just close after next day....choose a tp of 100pips etc...In the pics i'ved done a R:R of 1:1

 

The trend is determined by the trend indicator, simple colour change MA..blue up..red down.as indo is useless for attaching i've put it here: hxxp://www.forexfactory.com/showpost.php?p=4202854&postcount=183

 

ALL these pics are up to date...today.in pic RED is TP, GREEN is ENTRY and BLUE is my SL RED TICK is TP HIT, RED CROSS is SL HIT

 

This is GU Daily....we had 4 entries all worked..roughly +120, +80, +55, +125 = 380pips

 

http://i988.photobucket.com/albums/af5/kraven69/daily1.gif

 

This is EU daily....7 wins 1 loss for a total of approx +580pipa

 

http://i988.photobucket.com/albums/af5/kraven69/daily3.gif

 

 

http://i988.photobucket.com/albums/af5/kraven69/daily2.gif

 

You can do this one yourself....i bet your +pips though

 

This should work on any pairs..if the market is flat...Indi is flat..then stay out or just TP 40pips..remember there's loads of pairs out there and you don't have to enter...monitor them and enter the ones which have been trending....good luck ;)

Edited November 27, 2010 by kraven

[kraven]

Since the 1st of October this system has roughly yielded:

 

U/C 4wins 3 losses = +55,

E/G 5w 1l = +250,

A/U 5w 2l = +300,

E/J 4w 4l = +20,

A/J 4w 5l = -90,

G/J 5w 2l = +240

[Diesel 10]

Hello all, seen a few requests for Daily trading systems so i thought i'd share mine......this is ideal for someone who works fulltime and wants a piece of the action.

 

The system is extremely simple....we enter market with the Daily trend, after pullbacks we place a pending order at bottom or top of pullback candle....if next day continues to pullback we move it to the B/T of that candle and so on.....it's a simple 'early' 1-2-3 pattern ('early' as often were in before the '3' - breakout of the very low)

 

For SL i like to place it to the nearest candle open, close, high, low as opposed to just the size of the candle. goes with my K.R.A.P.P. system. here for details: http://indo-investasi.com/showthread.php/10028-K.-R.-A.-P.-P?p=115378#post115378.

 

Remember to give a few pips on entry and below SL...say 5pips

 

TP is up to you....you can let it run (if you do this just keep moving SL to BE or lock in profits)...just close after next day....choose a tp of 100pips etc...In the pics i'ved done a R:R of 1:1

 

The trend is determined by the trend indicator, simple colour change MA..blue up..red down.as indo is useless for attaching i've put it here: hxxp://www.forexfactory.com/showpost.php?p=4202854&postcount=183

 

ALL these pics are up to date...today.in pic RED is TP, GREEN is ENTRY and BLUE is my SL RED TICK is TP HIT, RED CROSS is SL HIT

 

This is GU Daily....we had 4 entries all worked..roughly +120, +80, +55, +125 = 380pips

 

http://i988.photobucket.com/albums/af5/kraven69/daily1.gif

 

This is EU daily....7 wins 1 loss for a total of approx +580pipa

 

http://i988.photobucket.com/albums/af5/kraven69/daily3.gif

 

 

http://i988.photobucket.com/albums/af5/kraven69/daily2.gif

 

You can do this one yourself....i bet your +pips though

 

This should work on any pairs..if the market is flat...Indi is flat..then stay out or just TP 40pips..remember there's loads of pairs out there and you don't have to enter...monitor them and enter the ones which have been trending....good luck ;)

 

Please clarify: It appears that if your order not filled above yesterday's high then we put a new order 5 pips above today's high for a long EXCEPT if today is an inside day? For inside days, the trigger stop remains the same (ie 5 pips above yesterday's high)? Is this correct? It appears that way on your sample chart...

Edited November 29, 2010 by Diesel 10

[kraven]

We move the Entry on every pullback candle until broken.......if you look at first pic of GU, 5th candle on chart (red high candle) as trend up we would put our entry above this candle when closed, the next candle did not breakout and is also a pullback (red)candle - so at close we move our entry above it, next candle the same - red pullback (as trend still up) so we move our order above this when it closes. the next candle is green and with trend, it doesn't breakout (we leave entry were it is). The next candle (9th) is a red pullback so when it closes we move entry above this. the next candle still doesn't breakout and is another pullback red candle so we move our entry above this one....final the next candle breaks above the last red pullback one and our entry is triggered.........to keep things simple what i haven't shown here is how i sometimes move my SL...e.g. on the same chart,same entry (second entry) i will often move my SL up with price to either under the bottom of last candle or open of the last candle..

[paracool]

@kraven: Thank you for such a interesting system! Are you trading it yourself?

I see some reversal and these should trigger your SL?!? See attached!

 

hxxp://www.4shared.com/photo/f3NdhfEl/daily3.html

 

:-/

[kraven]

@kraven: Thank you for such a interesting system! Are you trading it yourself?

I see some reversal and these should trigger your SL?!? See attached!

 

hxxp://www.4shared.com/photo/f3NdhfEl/daily3.html

 

:-/

 

on the first one circled it didn't reverse to SL......remember these are pending orders......it was triggered next day and actual closed at entry point (ala KRAPP).next candle pulled back slightly then went up to TP.

 

the second one we were in a transition from up trend to down (see trend colour)..it wasn't until the close of the next candle (red) that the trend change was confirmed....as this candle had closed pretty much near an entry I just entered manualy...............

 

REMEMBER all the others are pending-set and forget- orders, and will not be triggered until price breaks a few pips above the PB candle.

 

As for trading this I originaly paper traded it with good results........now am demo-ing it.....with the idea of doing it for real next year

 

the last few trades with 1 lot have been.... $3,095, -279, 400, 22, 1144, 432, -795 (some of these have been left to run, some closed half.....some i just forgot to check and didn't put TP in....dohh)....current 2 trades running UJ +308 and EG +341 (and moving)......GJ, CJ and AJ pending.

Edited November 29, 2010 by kraven

[kraven]

paracol thanks for PM........for some reason keeps crashing when i reply......

[paracool]

Try to download it from the original site. The guy is a great russian programer:

 

hxxp://codebase.mql4.com/6982

 

or

 

hxxp://mt-coder.110mb.com/download_stop_hunter.html

 

Try from there! On my MT4 it works!

[kraven]

"current 2 trades running UJ +$308 and EG +341 (and moving)......GJ, CJ and AJ pending."

 

both trades hit targets of +39 and +40.........instead of closing outright, closed half and moved TP to +5 on both

[paracool]

Are you using other pairs than these?

 

EURUSD

GBPUSD

EURJPY

USDJPY

EURGBP

GBPJYP

CHFJYP

AUDJYP

[kraven]

Are you using other pairs than these?

 

EURUSD

GBPUSD

EURJPY

USDJPY

EURGBP

GBPJYP

CHFJYP

AUDJYP

 

yes any pair with lowest spreads (upto 6)

[kraven]

"current 2 trades running UJ +$308 and EG +341 (and moving)......GJ, CJ and AJ pending."

 

both trades hit targets of +39 and +40.........instead of closing outright, closed half and moved TP to +5 on both

 

EG has hit full TP, UJ hit SL (just above BE so still a few extra +pips), AJ changed trend so I changed entry which triggered and hit TP at +63 (damn quick), CJ has just triggered and is +9 up at the moment : )

[conglo]

For someone just starting to demo this system, where would you recommend the initial stoploss?

[kraven]

each pairs different due to daily av. moves......what I like to do is have a look at previous days open,close, high, low and round numbers (000)..if theres an area nearby that has a few together then behind that.

[madhan1992]

Hello Kraven,

 

So you are looking for creating an indcator based on that? Someone make it :)

[madhan1992]

Kraven....I understood the strategy.

 

It will be nice if you spend 5 minutes to create , BUY and SELL points.

 

Like

 

1.

2.

3.

 

It will be easy...Just an opinion. :)

[conglo]

OK, thanks.

 

each pairs different due to daily av. moves......what I like to do is have a look at previous days open,close, high, low and round numbers (000)..if theres

an area nearby that has a few together then behind that.

[Freddie]

Kraven....I understood the strategy. It will be nice if you spend 5 minutes to create , BUY and SELL points. Like 1.2.3. It will be easy...Just an opinion. :)

 

K.I.S.S you mean? Kraven's Indepth Signal Service?

 

That would certainly save us the arduous business of drawing those lines.

[kraven]

K.I.S.S you mean? Kraven's Indepth Signal Service?

 

That would certainly save us the arduous business of drawing those lines.

 

No probs..........lets say £1000 a month for the service:D

 

here's some pics and further explanations (few spelling mistakes in pics...OCHL is open, close, high, low of daily candles)

 

http://i988.photobucket.com/albums/af5/kraven69/xxx1.gif

 

http://i988.photobucket.com/albums/af5/kraven69/xxx-6.gif

 

http://i988.photobucket.com/albums/af5/kraven69/xxx2.gif

 

Madhan my 1.2.3. points

 

1. although this is a daily set-up don't get complacent, manage it when you can, close part of trade in profit when you feel its right and move SL to BE (an EA would be great for this).....also close MOST of trade at TP and leave a bit to run as you may be in a big trend.

 

2. don't forget to see if you need to change entry order after the close of each day.

 

3. when setting SL if entry candle is a small size then just use top and bottom for SL....if not look for areas that look hard to break (KRAPP lines and round numbers)

 

4. MOST IMPORTANT don't bet what you can't afford to loose........remember a SL on EG may be only 30pips but on GJ it may be 130pips...so put lot sizes accordingly

 

if an EA could be created to be able to close so much at a certain price and move entry to BE....then close so much again at TP.......then possibley a trailing SL for the rest then that would be a great help.

Edited December 4, 2010 by kraven

[Elma]

Wow! Kraven you are my master!!!

 

This system very suitable for those trade forex as part time like me...

We just need to set it once a day...no need monitor it for whole days...

 

One simple question....the pending order must place right after closing candle of previous day?

or we can take our time to place it anytime as long as it still not break the entry?

[kraven]

Elma i think you answered your own question........if price has not broken out the entry still stands, so you could put it on - until it's broken out...........it only changes if next day pulls back further

 

As i said before this is a daily system but for best results you should still manage it

[kraven]

problem posting so this was a repeat of previous post

[conglo]

Since we know trends don't last forever, do you stop taking trades when it looks like a trend is pooping out, and if so, what do you look for?

Or do you just follow the indicators?

 

Thanks.

 

No probs..........lets say £1000 a month for the service:D

 

here's some pics and further explanations (few spelling mistakes in pics...OCHL is open, close, high, low of daily candles)

 

http://i988.photobucket.com/albums/af5/kraven69/xxx1.gif

 

http://i988.photobucket.com/albums/af5/kraven69/xxx-6.gif

 

http://i988.photobucket.com/albums/af5/kraven69/xxx2.gif

 

Madhan my 1.2.3. points

 

1. although this is a daily set-up don't get complacent, manage it when you can, close part of trade in profit when you feel its right and move SL to BE (an EA would be great for this).....also close MOST of trade at TP and leave a bit to run as you may be in a big trend.

 

2. don't forget to see if you need to change entry order after the close of each day.

 

3. when setting SL if entry candle is a small size then just use top and bottom for SL....if not look for areas that look hard to break (KRAPP lines and round numbers)

 

4. MOST IMPORTANT don't bet what you can't afford to loose........remember a SL on EG may be only 30pips but on GJ it may be 130pips...so put lot sizes accordingly

 

if an EA could be created to be able to close so much at a certain price and move entry to BE....then close so much again at TP.......then possibley a trailing SL for the rest then that would be a great help.

[Elma]

Kraven,

 

Thanks for the reply...

 

I've tried to set up pending order on 3 currency pairs..

 

Yellow line for entry

Red line for SL

Blue line for TP

 

EURUSD: to sell, SL is based on previous bar high..seem quite tight only 64pips

http://i828.photobucket.com/albums/zz204/lionmi/EURUSD.jpg

 

GBPUSD: to sell, same as EURUSD, SL based on previous bar high

http://i828.photobucket.com/albums/zz204/lionmi/GUPUSD.jpg

 

USDJPY: to buy, the closing bar quite long. Do we need to stop and look for next bar?

http://i828.photobucket.com/albums/zz204/lionmi/USDJPY.jpg

[john225]

Kraven,

 

Thanks for the reply...

 

I've tried to set up pending order on 3 currency pairs..

 

Yellow line for entry

Red line for SL

Blue line for TP

 

EURUSD: to sell, SL is based on previous bar high..seem quite tight only 64pips

http://i828.photobucket.com/albums/zz204/lionmi/EURUSD.jpg

 

GBPUSD: to sell, same as EURUSD, SL based on previous bar high

http://i828.photobucket.com/albums/zz204/lionmi/GUPUSD.jpg

 

USDJPY: to buy, the closing bar quite long. Do we need to stop and look for next bar?

http://i828.photobucket.com/albums/zz204/lionmi/USDJPY.jpg

 

Hope you got it right because that is the same thought process that i have too ;-)