May '04 Forex

[Redben]

I'm probably asking a really stupid question, but could anyone tell me how to bring up the Fib numbers on the dailyfx charts (i.e. the ones FC uses!) - can't work it for the life of me. I'm sure it's simple, but so am I...

Many thanks in advance,

Ben

 

[ChowClown]

Hi Red, you should be able to find them in the Lines menu.....you then need to click from a swing high to the previous swing low, in the case of a Fib retracement for example.

 

[Welshmal]

'moring folks. On the 1-8 breakout we have a long position on the euro/dollar at 12007. However, IMHO the trend is down and feel it would be a dangerous move to go long at this stage. The chart makes difficult reading (ok my knowledge is very limited), so with an indicator saying long, a trend saying short I think I'll stay neutral.

 

[robber]

Mal, My chart shows the 1-8 high at 12036

 

[Welshmal]

Rob you are right..sorry folks! high 12036 not 007 (sun blinding my screen)

 

[SallyT]

Hi Mal & Robber,
I'm new around here, so bear with me.... as I understand it, today's high was at 1.00am, 12038 (closer to you Robber) therefore is the breakout immediately after that on a 1 min bar or do you have to wait another period (1 hour) to trade?

 

[Welshmal]

Hi Sally
The breakout is a figure higher (buy) or lower (sell) than the previous period. In this case itis the 1-8am period so anything after that would trigger a buy or sell action.

 

[ChowClown]

Mornin' chaps,

SallyT - on the 1am-8am EUR/USD my buy order is in at 1.2036 and the sell order at 1.1966 (60 pip stoploss on each). Some trading the system prefer to wait until the price has broken the range by a pip or two before entering.

Have a good day all.

 

[robber]

Sally, for more info on trading systems check out this part of the bb;

http://www.trade2win.co.uk/boards/forumdisplay.php?f=90

The breakout systems that currently get a lot of comment on here are variations on the Spot on system of JonnyTs but if you read back through this thread you will find many other approaches.

Neil

 

[rog1111]

Actual vs backtested results

Hi all

Perhaps any of you using one of the hourly breakout type system (preferably the 1-8 & 60 pip stop, but any will do) could post some actual trades and dates, assuming that you followed the system exactly, otherwise the exercise is meaningless.

I am keen to compare actual trades with theoetical backtesting as per my original Spot-On backtesting post. This is to try and get an idea of what sort of slippage etc should be applied to backtested results in order to get a fair idea of what the actal outcome actually would have been. I'll post the comparisons here.

TIA
rog1111

 

[ChowClown]

Hi Rog, my results so far (EUR/USD) on the 1am-8am with a 60 Stoploss (BO by 10am):

Date High Low Close Position SL Pips
26/04/04 1.1801 1.1758 1.1853 Long 1.1741 52
27/04/04 1.1898 1.1830 1.1911 Long 1.1838 13
28/04/04 1.1952 1.1874 No Trade 0
29/04/04 1.1839 1.1804 1.1927 Long 1.1779 88
30/04/04 1.1978 1.1938 No Trade 0
04/05/04 1.1968 1.1929 1.2074 Long 1.1902 106
05/05/04 1.2143 1.2103 1.2166 Long 1.2083 23
06/05/04 1.2171 1.2133 No Trade 0
07/05/04 1.2085 1.2028 No Trade 0
10/05/04 1.1875 1.1828 1.1844 Short 1.1888 -16
11/05/04 1.1885 1.1851 Long 1.1825 -60
12/05/04 1.1883 1.1832 1.1908 Long 1.1823 25
13/05/04 1.1928 1.1846 1.1815 Short 1.1906 31
14/05/04 1.1840 1.1779 No Trade
17/05/04 1.1978 1.1877 1.2026 Long 1.1917 48
18/05/04 1.2040 1.1966 No Trade 0

 

[Mr Chill]

Hi rog1111

I noticed from your back testing results the 1-8 breakout was not included on the worksheet, i would be interested to know was there any reason for this ,Thank you .

 

[rog1111]

Mr Chill

There were a couple of reasons for this. Firstly everyone seemed to be talking about the 7-10 or 7-8 breakout, I only recently noticed that the 1-8 b/out had some people trading it. Secondly, I didn't want to proclaim the 1-8 period as anything magical. I still have a strong hunch that the whole overnight period might produce better results. This requires a mod to the backtester, which I am in the process of doing. In the meantime, here is a link to the same results with the 1-8 period included, also some other gaps filled in. The new data is in blue.

RESULTS

rog1111

Hi rog1111

I noticed from your back testing results the 1-8 breakout was not included on the worksheet, i would be interested to know was there any reason for this ,Thank you .

 

[ChowClown]

Thanks for taking time out to do this rog1111 - much appreciated.

 

[Goober]

Likewise, Roger. Thanks for your efforts.

Chow

Well done on your trades.

Thanks for taking time out to do this rog1111 - much appreciated.

 

[ChowClown]

...you in on EUR today Goobs?....I'm not that confident on the long triggered (1am-8am), seems to be making hard work of it.

I have 5min chart Fibs (from yesterday's 7:30pm low to today's 8:15am high) of:

1.1998 - 38.2%
1.1984 - 50%
1.1971 - 61.8%

 

[Goober]

No m8. I'm taking a few days off.

...you in on EUR today Goobs?....I'm not that confident on the long triggered (1am-8am), seems to be making hard work of it.

I have 5min chart Fibs (from yesterday's 7:30pm low to today's 8:15am high) of:

1.1998 - 38.2%
1.1984 - 50%
1.1971 - 61.8%

 

[FetteredChinos]

evening all, just back for a quickie.

moved into my new gaff after a few trials and tribulations, including losing my wallet in a skip (long story)

am watching the markets today, may dip in on small stakes in a bit.

 

[Goober]

Can't keep a good man down ........ :cheesy:

evening all, just back for a quickie.

moved into my new gaff after a few trials and tribulations, including losing my wallet in a skip (long story)

am watching the markets today, may dip in on small stakes in a bit.

 

[Mr Chill]

rog1111

Thanks for the update rog1111 ,much appreciated .