Desperately seeking a good DAILY Trading System

Hi mates

I LOVE Forex,but my regular job doesn't allow me to stay glued to the Monitor 8hrs\day

I've been backtesting a lot of Trading systems and EAs

there's a lot of junk out there

I'm Desperately seeking a good DAILY Trading System,or any other system could be working placing order between 8 PM GMT and 1 AM GMT

If you find something really good,please share

Please help me

Well, try learning to draw trendlines on daily charts, then place orders at the lines. You'll have to use a fairly big stop (50-100 pips on major pairs) and have to experiment with exit areas.

You need to start relying on limit/stop orders.
If your free in the evening GMT then thats when the daily bar will print --As good a time as any.

SN has suggested a very simple method that would be profitable if applied sensibly.

basically you can try to profit from the next day(intra) or place orders in the manor described by SN to get into a longer term trade..

Other things(assume trending up)... look for Horizonal Sup and Res on 4HR or 1HR and place some limit orders incase it pulls back.. Place some STOP orders above the last swing high incase it runs off on one.
Maybe split your orders in two, same SL, one TP at the same distance as the SL, so you dont have to worry to much about being there to set things to Breakeven/update SLs etc.

Just try to keep it simple and try it.

SvenFoster said:

You need to start relying on limit/stop orders.
If your free in the evening GMT then thats when the daily bar will print --As good a time as any.

SN has suggested a very simple method that would be profitable if applied sensibly.

basically you can try to profit from the next day(intra) or place orders in the manor described by SN to get into a longer term trade..

Other things(assume trending up)... look for Horizonal Sup and Res on 4HR or 1HR and place some limit orders incase it pulls back.. Place some STOP orders above the last swing high incase it runs off on one.
Maybe split your orders in two, same SL, one TP at the same distance as the SL, so you dont have to worry to much about being there to set things to Breakeven/update SLs etc.

Just try to keep it simple and try it.

Click to expand...

thank you

but this is what I've been trying to do until now

maybe I'm not a good Trader ,but I'm simply searching for a good Trading System, more mechanical - less discretional

I suspect very few of them truly exist. They'll be profitable for a while then just fail for months or maybe years because something has changed in the market eg volatility, and if you were to buy a black box system then you won't know if it's just a drawdown or a complete failure of the system - I don't know if you can buy mechanical systems whereby you can see the code.

Some people say it's easy to find a system that will give you an edge. I haven't found it easy, not for something with the risk profile I'm searching for. There's no Holy Grail.

keep it simple

swissforex said:

....I'm Desperately seeking a good DAILY Trading System,or any other system could be working placing order between 8 PM GMT and 1 AM GMT.....

Click to expand...

Simple approach:

On a weekly chart:

a. Mark where there have been near-term obviouslarge imbalances of supply/demand (fractal swing highs) and demand over supply (fractal swing lows) [shown as the coloured zones on chart shown.]

b. Add fibs of the onvious swings. (fibs of the last 3 most obvious swing hi-lo's circled from the swing hi on the chart shown.)

c. Add any relevant trend lines.

Then,

e. When price enters any point of confluence of those 3 x potential support/resistance factors drop down to your daily t/f as your trigger and assess whether you see any good rejection/reversal candle/set-up forrms and trade accordingly with stop outside of the potentialo supp/res zone.

Remember confluence is king. (gbpusd weekly shown as an example....)

SF,
Here is something that you should look at. In the Moving Average section, I like the 21 and 34 EMA averages to determine trend. And the best of all, this handbook was a free download at the publisher's website.
Regards,
Kent

Here is an example of what it looks like on the screen.
Good luck in your trading.

Re: keep it simple

bbmac said:

Simple approach:

On a weekly chart:

a. Mark where there have been near-term obviouslarge imbalances of supply/demand (fractal swing highs) and demand over supply (fractal swing lows) [shown as the coloured zones on chart shown.]

b. Add fibs of the onvious swings. (fibs of the last 3 most obvious swing hi-lo's circled from the swing hi on the chart shown.)

c. Add any relevant trend lines.

Then,

e. When price enters any point of confluence of those 3 x potential support/resistance factors drop down to your daily t/f as your trigger and assess whether you see any good rejection/reversal candle/set-up forrms and trade accordingly with stop outside of the potentialo supp/res zone.

Remember confluence is king. (gbpusd weekly shown as an example....)

Click to expand...

first of all abig thanx to all the guys trying to help me

keep it simple ?
your hint is one of the most difficult-and technical-I've ever seen

I don't use fractals for my Market analysis so I'm really confused by your post

Couldn't you make it more easy to understand?

maybe it's just my fault

2 years of studying and never get enough

I'll do my best to improve myself

oops:whistling I did it again

forexkunta said:

SF,
Here is something that you should look at. In the Moving Average section, I like the 21 and 34 EMA averages to determine trend. And the best of all, this handbook was a free download at the publisher's website.
Regards,
Kent

Click to expand...

thank you mate-I'm gonna read that book now and study your chart
What else could I do?
I Forex

Learn every thing you can about Elliott Wave analysis. Takes a little time to learn, but is the leading indicator of the financial markets. No black magic, just good analysis. Offers probabilities, and is very accurate. Sign up for all of the free stuff at the website you can. They even have a course that goes deeper into the Forex market, and in my opinion, is the best $79 I have ever spent in the forex world. Everyone is looking for that holy grail and has the attitude that if you don't pay for a system then you don't have anything. After 1 year of trading forex, I have found that the absolute best stuff is more or less free. I bought the Sniper Forex system after being in the forex world for a couple of months, and realized that it is a very good system and goes hand in hand with EW analysis. I still use it, and will continue to use it. I keep a 15M, 1H, 4H and Daily chart up on the pair that I trade at all times with the 2ema's mentioned above, and look at each before I take any trade. In any given week, you really only have about 4 decent trades per pair, sometimes less. Also took me a long time to realize that, and quit over-trading. I always thought that if you didn't have an open trade, then you couldn't make money. That attitude is the quickest way to the poor house.
Good luck with your quest, and I hope I have helped.
Kent

swissforex said:

thank you mate-I'm gonna read that book now and study your chart
What else could I do?
I Forex

Click to expand...

Some weeks ago someone asked me the same and i said just follow the trend, he said "as it were that easy...", it kept me thinking, yesterday i read some guys taugths were he said "simplier things are sometimes more profitable" and you know?, he is rigth, just follow the market with simple methods, work at 15 min to 1 hr timeframes so you will just have to put your eye once in a while at the chart, it works, just dont guess, dont try to be smart, understand these is not a race and that technical analysis is a tool not a whole truth, markets behave at a random and irrational way.
Good luck

fayalac said:

Some weeks ago someone asked me the same and i said just follow the trend, he said "as it were that easy...", it kept me thinking, yesterday i read some guys taugths were he said "simplier things are sometimes more profitable" and you know?, he is rigth, just follow the market with simple methods, work at 15 min to 1 hr timeframes so you will just have to put your eye once in a while at the chart, it works, just dont guess, dont try to be smart, understand these is not a race and that technical analysis is a tool not a whole truth, markets behave at a random and irrational way.
Good luck

Click to expand...

interesting comment here

its not actually the systems in trading that defeat people (ie follow the trend) its their unrealistc expectations fed by marketeesr and a get rich quick mentalty

its like a townie driving up to a freshlly ploughed field and telling the farmer to have 2 foot corn there by close of business......it will happen ....but in its own time

i'm not a big fan of EA's .......and if not EAs ?.....well everyone kinda knows what works in trading (quite a lot of things actually).....its just applying your edge/idea with discipline and focus and patience blady blah

dynamic resistance levels (MA's) are as good as anything in the cosmos....just dont overcomplicate things with 9 other crieria elements !



N

If markets behaved in a random and irrational way, then no one would be able to profit from it. I don't think that there is one legendary member of this form that thinks that. Financial markets are all patterned and predictable. Otherwise, there would be no such thing as a trend to follow.

NVP said:

interesting comment here

its not actually the systems in trading that defeat people (ie follow the trend) its their unrealistc expectations fed by marketeesr and a get rich quick mentalty

its like a townie driving up to a freshlly ploughed field and telling the farmer to have 2 foot corn there by close of business......it will happen ....but in its own time

i'm not a big fan of EA's .......and if not EAs ?.....well everyone kinda knows what works in trading (quite a lot of things actually).....its just applying your edge/idea with discipline and focus and patience blady blah

dynamic resistance levels (MA's) are as good as anything in the cosmos....just dont overcomplicate things with 9 other crieria elements !



N

Click to expand...

^ Good advice ^

Go google Nial Fuller's price action articles. There is a lot of good info for how to trade dailys with few or no indicators. Free of course. From there, just vow to yourself that until you are ready, you'll won't try to trade reversals. Always look for stalls in the trend and trade pin bars or inside bars that indicate a continuation.

I would like to trade reversals but it just doesn't make sense with my skill level. It is a goal of mine to be able to do that eventually...but I won't have an account left if I try it now.

There's my 2 pips

1mindaily system by Tim Trush & Julie Larvin is the best daily system you will find. Its mechanical thakes about 4 mins to setup everyday, is not optimised and results right from inception which is jan 2008 are available for viewing. It had produced outstanding returns on the UJ. It is a commercial system

If you want a free system J16 pin bar system is great but it wont give you a trade everyday, if you take just the best setups which Jim advises you do, there would be about 2-3 setups a month. That would equate to about 6% a month which is still a great return.

What trust can you have in someone else's system? I wouldn't touch it with a barge pole. If it's not good enough for its creator to make more than he can sell it for, it's not good enough for me. But whatever, it's your own choice.

I've spent ages searching for a 'good' daily system. Haven't found one that I've got enough capital to trade. The drawdowns they have in backtesting would always wipe me out. It's called LTTF - long term trend following. Sometimes they lose money for over a year - that's what the turtles themselves say. If you have over a hundred grand capital, I'll give you a system to trade over 25 markets which would make you a zillionaire if you don't take any money out. But anything less than 100K, forgeddaboutit.

Simple moving average systems usually work well in FX .. there have been some very ride-able trends over the last few years. When I first started coding and backtesting, I bought lots of different trading books and tried all the strategies out. Never take anyone's word for what does or doesn't work ... code it up yourself and see what you think.

If you're looking for a mechanical system, you MUST discover and build it yourself. Why? Because if you use someone else's system (which might be a good one), you will have no confidence in it and when you enter a period of losing trades, you will second guess or abandon it.

There is no short cut here.. start off with simple MA systems, try breakout systems, use Bollinger Bands, etc. Only by building this from the beginning can you hope to have any confidence in what you're doing, which is essential to mechanical systems.

Adamus said:

What trust can you have in someone else's system? I wouldn't touch it with a barge pole. If it's not good enough for its creator to make more than he can sell it for, it's not good enough for me. But whatever, it's your own choice.

I've spent ages searching for a 'good' daily system. Haven't found one that I've got enough capital to trade. The drawdowns they have in backtesting would always wipe me out. It's called LTTF - long term trend following. Sometimes they lose money for over a year - that's what the turtles themselves say. If you have over a hundred grand capital, I'll give you a system to trade over 25 markets which would make you a zillionaire if you don't take any money out. But anything less than 100K, forgeddaboutit.

Click to expand...

I don't disagree that the Turtle method can produce some large drawdowns, but it's usually a drawdown from a higher point than where you started. What I've found by testing the Turtle rules is that you typically start off losing 10 pct straightaway, whilst fishing for a trend.. eventually you get one and start to make money. After several years of 20-30 pct compound growth, you're sitting on a nice profit and wham, that's when the big drawdown kicks in, but you're still nicely up from day 1. I've found it better to look at equity curve for backtest on a log scale on y-axis.. linear scale deceives the eye.