Jump to content

Daily Open Trading System


Recommended Posts

  • Replies 54
  • Created
  • Last Reply

Top Posters In This Topic

I'm always having difficulties with systems that are based on the daily candle and MT4

Depending what timesetting your broker is using there can be significant differences in the shape of the candle

If this system is profitable with a GMT+0 broker and also with a GMT+3 or whatever broker I'm coming to the conclusion that

a) the system is based on the last 24 hours that somewhere might be split into 2 days

b) there should be new levels each hour because each hour there is a beginning of a new day (if you take 24 broker each with a different setting)

 

Am I missing something?

Link to comment
Share on other sites

Using the results ( EURUSD August 2012), we can see that apart from one or two exceptions, Malone bases its calculations on the value of the range of the previous day.

If ATR < 100 it takes half the value and applies it to the range between the Buy and Sell stop stop.

If ATR > 100 it takes a quarter.

 

This is what he calls a dynamic calculation!

There may be some differences in terms of other elements (several days up or several days of declines, etc.) but most of the time, with this way of calculating, it falls on the same values.

 

The big secret is lifted. Enjoy

A great economy of $ 300

Link to comment
Share on other sites

Then stick to the same broker that you depend on for the signal. That way you get consistency in results. Don't think complicated, just the same rules on the same broker.

 

Probably I expressed myself a little bit poorly

What I wanted to say is that I suspect a system to work if it's not designed for a certain time when the daily rollover has to be set. Otherwise I could trade 24 levels/day and make 24 fold the profit compared with one broker alone

Link to comment
Share on other sites

Have a look at the system posted here http://www.forexstrategiesresources.com/pivot-forex-strategies/8-simple-sibuk/ load it on 15m tf and look at the buy, sell lvls also the signals generated by the arrows look pretty good.

 

That is just the Asian Session , London Breakout, Hank.

 

D.O.T.S seems to be based on the previous day's range. The levels are posted at the open of the day. Freddy's post is closer.

 

Actually the Simple-Sibuck is similar to KD's latest 50 pips Set & Forget

Link to comment
Share on other sites

Using the results ( EURUSD August 2012), we can see that apart from one or two exceptions, Malone bases its calculations on the value of the range of the previous day.

If ATR < 100 it takes half the value and applies it to the range between the Buy and Sell stop stop.

If ATR > 100 it takes a quarter.

 

This is what he calls a dynamic calculation!

There may be some differences in terms of other elements (several days up or several days of declines, etc.) but most of the time, with this way of calculating, it falls on the same values.

 

The big secret is lifted. Enjoy

A great economy of $ 300

 

And how does he pick the entry points?

Link to comment
Share on other sites

I don't understand what you are saying about 24 levels and 24 fold profit, but you are probably right in your assessment just that I don't understand what you meant. But still, I don't see any problem sticking to one broker only for the signals and candlestick open/close, keeping consistency with one broker's timesetting. After all we can test it out and see for ourselves. Over analyzing on paper just get stuck in the mud.

 

Let's assume your broker is GMT+0 and my broker is GMT+3

You are getting your levels and hopefully make some profits and I get my levels, that are different from yours, because my daily open is 3 hours earlier than yours. But hey, we are both making profits so why wouldn't you trade both times and probably make 2 fold profit. I for sure would trade your levels also. Now you can expand this over a 24h period and get 24 sets of levels and all should work.

And here's where the scratching starts...

Link to comment
Share on other sites

Hankt, I did not post anything about SL or TP, I was just trying to understand how he picks its entries.

I haven't taken in consideration spreads etc. but you can see on the pic i just posted that there is a big convergence between its entries and my way of calculating.

Anyway, it's not new, all these B/O systems are made on same ideas, a quiet range Asian session, London open strat, etc.., some people just put a price away from open (20, 30, 50 pips etc..)

 

All can work if you take the most important thing in consideration: Money Management.

 

But I must admit, that I am always amazed with these smart sellers who can sell every month the same old methods, it's called Marketing, and I sure would have loved to be able to sell a bottle of air!

Imagine! this guy is selling this for $300, if he only gets 1000 "pigeons", that's $300 000,00 in the pocket!

 

Well, it will never stop, and that's part of the game, and I laugh quite a bit, when I see all this circus.

Lets wait for the next biggest secret ever revealed....

Link to comment
Share on other sites

The system itself does seem to have potential. In fact some of our own II members seem to be having good results with this.

 

However, I cannot understand his results statement.

 

He seems to calculate his winning pips this way for the results statement in his video:

 

(a) if price reaches target 2, then count pips to target 2 as winning pips.

 

(b) if price reaches only target 1, then count pips to target 1 as winning pips, EVEN IF price eventually retraces back to stop loss. It is counted as a win.

 

But the problem is, in live trading, after price reaches target 1, you do not know if price will continue to target 2, or retrace back to stop loss.

 

In live trading, the only way to reach target 2 profit, is to leave your trade open after target 1. But if price retraces now to your stop loss, then in live trading you have either a loss (or breakeven assuming you move your SL to BE after price reaches target 1). But his statement would still show a win for target 1 in this case.

 

In this case, he would be counting winning pips when in live trading, you would have zero or a loss.

 

Alternatively, if you follow his video suggestion to split your trade into 2 lots, one for target profit 1, and the other for TP2. Then his results are still overstated, because when trades reach TP2, the trade would have 1/2 of trade removed already at TP1. And only the second half of trade ever reaches TP2.

 

Either way I can see it, his results are overstated.

 

Perhaps the system is profitable. But I do not expect to achieve his results in live trading.

Edited by dukeaugustus
Link to comment
Share on other sites

I watched hes webinar closely and you can see when he switches charts to GBP/USD the price trigger short entry than SL, than LE than SL than short again and SL, than long and TP, he quickly switches from that chart to another and he only says, ''oh and GU hit tp too'' so yea I call it BS, he was also called scammer on FF, aparently he teaches nothing in hes trading room ect, overall he has bad reputation and doesnt offer money back guarantee.
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




×
×
  • Create New...