Other fx systems

[surferking]

Re: FTSE System

I have been paper trading my own FTSE system for a while with decent results, however really need a MT4 broker who show FTSE100 data 24 hours and also accept spot trades before LONDON OPEN

I have been using IG but unfortunately no MT4

I have been doing a lot of research bt so far unfruitful if any one knows of a broker who would meet this criteria please shout, happy to share details with anyone who can point me in right direction.

Regards

Pete

The difficulty you will find is that most MT4 demo accounts normally have a limited range of the main instruments to trade, the more niche ones will usually only be available on the live MT4 accounts. So the only real way to find out is from those with live MT4 accounts with various brokers.

Is the strategy anything like this? http://www.learnmoney.co.uk/spread-betting/q-20.html

Finspreads looks like a possibility: http://www.finspreads.com/PDF/FIN-MIS-v1.5.pdf

Looks like they might also be a possibility for Sunday Gap trading.

Same for their new owner City Index: http://www.cityindex.co.uk/sb_livePricing.pdf

Also might be worth a look for 6am opening on FTSE: http://www.prospreads.com/products.php

 

[footballexpert]

Re: FTSE System

The difficulty you will find is that most MT4 demo accounts normally have a limited range of the main instruments to trade, the more niche ones will usually only be available on the live MT4 accounts. So the only real way to find out is from those with live MT4 accounts with various brokers.

Is the strategy anything like this? http://www.learnmoney.co.uk/spread-betting/q-20.html

Finspreads looks like a possibility: http://www.finspreads.com/PDF/FIN-MIS-v1.5.pdf

Looks like they might also be a possibility for Sunday Gap trading.

Same for their new owner City Index: http://www.cityindex.co.uk/sb_livePricing.pdf

Also might be worth a look for 6am opening on FTSE: http://www.prospreads.com/products.php

Surf

Thanks for this, I have spken to thses guys, they either do not have FTSE 24 hours, do not take spot trades out of London trading hours or are not MT4 compatible, but thanks anyway and if you can think of any others then please post

Thanks and best regards

Pete

 

[wyichc]

Hi Team,

Just had a system called Secret Flag Trader by Guy Cohen sent to me with my weekly Moneyweek magazine. Looks to be another system backed by Agora lifestyles and the slick marketing looks to be selling a early flag system for shares.

Quite expensive at £495 + vat and £95 + vat monthly fee. Has anyone any experience on the system or the the author himself?

Thanks in advance,

Ian

 

[goldfinger777]

Hi Team,

Just had a system called Secret Flag Trader by Guy Cohen sent to me with my weekly Moneyweek magazine. Looks to be another system backed by Agora lifestyles and the slick marketing looks to be selling a early flag system for shares.

Quite expensive at £495 + vat and £95 + vat monthly fee. Has anyone any experience on the system or the the author himself?

Thanks in advance,

Ian

I'm not familiar with the Secret Flag Trader system specifically but I've got another of Cohen's systems - Trade The Banks.

Some of TTB is based on flags, which are chart patterns for trading stocks. Very effective most of the time.

Cohen is very passionate about what he does and is genuinely helpful. The only thing I would say is that unlike forex you need a fairly large trading bank to trade shares, especially as most of the best opportunities are found in the larger volume stocks such as Google, Microsoft, Apple etc. Even if you're using leverage, e.g. spreadbetting.

If you've got a fairly large trading bank and you can commit the time to learning how to identify flag patterns in charts then it could well be a very profitable system. But if you've only got a small bank and very little time to commit to trading the system then that monthly fee could end up eating away at your profits, IMHO.

 

[phil8]

Hi Team,

Just had a system called Secret Flag Trader by Guy Cohen sent to me with my weekly Moneyweek magazine. Looks to be another system backed by Agora lifestyles and the slick marketing looks to be selling a early flag system for shares.

Quite expensive at £495 + vat and £95 + vat monthly fee. Has anyone any experience on the system or the the author himself?

Thanks in advance,

Ian

Hi Ian

I bought into Secret Flag Trader around a year or so ago. The system itself seems sound but i never ended up placing a single trade on the basis of the indicators. I also think that the literature selling the system on the basis of a 'secret flag' was somewhat misleading. I would say that you need to be in a position to be able to spend a lot of time both understanding the system and then monitoring charts.

You will spend a lot of time looking at signals that 'may' become valid trades. I don't want to slate it as unprofitable but it certainly would need a lot of time and commitment to make a success of it ... IMHO.

Hope that helps.

Phil

 

[wyichc]

Hi Ian

I bought into Secret Flag Trader around a year or so ago. The system itself seems sound but i never ended up placing a single trade on the basis of the indicators. I also think that the literature selling the system on the basis of a 'secret flag' was somewhat misleading. I would say that you need to be in a position to be able to spend a lot of time both understanding the system and then monitoring charts.

You will spend a lot of time looking at signals that 'may' become valid trades. I don't want to slate it as unprofitable but it certainly would need a lot of time and commitment to make a success of it ... IMHO.

Hope that helps.

Phil

Hi Phil and Goldfinger,

Thanks for the feedback, on that basis I think I will place it into the recycle bin.

Cheers,

Ian

 

[Rugby Trader]

Hello Rugby Trader,

I haven't seen anything else from you on the "other fx systems" thread, so forgive me if I have missed any updates on your progress with 'G-code ISD à la RT'.

I decided to look more closely at what you are doing, and realise that I don't understand the detail. So, I have a number of questions, if you will be kind enough to endulge me.

Qu.1 What is "expectancy", please?

Qu.2 How do you calculate an RRR of 1.08% for target 1?
(If your SL is at 23.6%, and target 1 is at 38.2%, that makes the RRR 382/236= 1.619, doesn't it? And if your SL represented a risk of 2% of Bank, your reward for hitting TP1 would be 2x1.619=3.24%.)

Qu.3 How did you arrive at 1.88% for target 2?
(SL at 23.6%, TP2 at 61.8% gives RRR=2.619, or 5.24% gain for 2% initial risk.)

Qu.4 Can you explain what you mean by "Don't enter a double trade on a trend"?
(I checked my notes: Copan's method looks at just one bar before the 'triangle plus ISD bar' to detect the mini trend. If the price went down into the triangle, you'd place 2 Sells and I Buy.)

Qu.4 Why do you place 2 Buys and 2 Sells?
(See above comment, below Qu.3, about the original ISD method.)

OK, dasssittt.

Cheers,

Ken.

Question 1. Expectancy is how much of a return for each pound that you put in over the long term.
See this link for more info, http://www.investopedia.com/articles/forex/11/why-you-need-a-forex-trading-journal.asp#axzz1RVMXMBQ1

Your system must have a positive expectancy or you will lose money over the long term

Question 2.
It’s not as simple as that, each stop and target is different according to the length of the outside bar, the length of the inside bar and where that inside bar has travelled within the outside one.

Questions 3.
See above

Questions 4. You answered it yourself there

Questions 5. I used the wrong terminology. I enter 1 buy trade and 1 sell trade.
But for the buy trade I enter 2 orders, one which has a stop loss and target 1 and the other has a stop loss and target 2 (which I then move to entry + 1) when the other order has hit target 1 and closed.
Vice versa for a sell trade.

PM me with your email address and I’ll send you my spreadsheet.

Update
This week hasn’t been the best week.
5 trades triggered this week of which 3 lost, 1 trade E/CHF pending
Of the two that did win, the targets were quite small due to the way my formulas work.

In total since I went live
Trades: 19
Wins: 12
Loss: 7

Win ratio: 0.63

Average win: £76.97
Average loss: £99.33

Expectancy 0.12

Not brilliant at the moment but looking back over my papertrading, this should improve.

What does look better though is if you only set one order for Target 1 and ignored Target 2 altogether


Trades: 19
Wins: 12
Loss: 7

Win ratio: 0.63

Average win: £50.99
Average loss: £49.67

Expectancy: 0.28


Some of you may be asking why bother with target 2 at all.
Well my paper-trading from before showed that going for target 2 contributes an extra 5%.

 

[surferking]

Agora seem to be offering "Snapback FX" for £47. Anyone bought into this?

From the marketing blurb it looks like something to do with pinbar and twin-bar reversals with R:R 1:1 on EUR:USD.

I'm currently working on EAs to improve my trading consistency with Price Action at confluence.

Anyone think it's worth programming into an EA and back-testing it? If so contact me and I'll add it to the to-do list.

 

[mark120169]

Agora seem to be offering "Snapback FX" for £47. Anyone bought into this?

From the marketing blurb it looks like something to do with pinbar and twin-bar reversals with R:R 1:1 on EUR:USD.

I'm currently working on EAs to improve my trading consistency with Price Action at confluence.

Anyone think it's worth programming into an EA and back-testing it? If so contact me and I'll add it to the to-do list.

On a seperate note nice to see dawn patrol back at no 1 on your fxbook, and nightsurf still holding up, however kangeroo EA seems to still be struggling? another loss in July or just not booking many juicy winners?

M

 

[surferking]

On a seperate note nice to see dawn patrol back at no 1 on your fxbook, and nightsurf still holding up, however kangeroo EA seems to still be struggling? another loss in July or just not booking many juicy winners?

M

My signature strips are just a reflection of what I've traded but that includes some missed trades where I've not had the EAs running for one reason and another mainly due to the memory limits of having so many copies of MT4 running.

Kangaroo results are better than my sig link on their official posting: http://www.myfxbook.com/members/TulipFX/kangarooea-cfx/56195

I'm still trading it live and on demo after pausing for a few weeks but with lower risk setting so it doesn't chew up all my available margin when I want to make other trades.

Newsnight I missed the last 420 pip win as I pulled it at BE on a big pin-bar so not totally to the rules.

I've never stopped trading Net Trap or any other back-tested strategy live through any drawdown so live account is still reasonably healthy despite some drawdowns from over-trading and revenge trading a few times when I got stopped out by a couple of pips and then compounded losses trying to get back in.

I keep the sig-links going regardless of the results to help keep some discipline but still need to work on that so I've been getting my head around coding EAs and am now working on putting all strategies into EAs for back-testing, optimisation and and better trade discipline.

For me the strategy with the lowest drawdown will always be the number 1 but yes, very happy to see Net Trap running within it's long-term averages from all the hard work everyone's put into it.

I'm a bit quieter on forum posting but still very much active trading daily and working on EAs and some new strategies I want to test and will share if I can prove them to be worth further work by others on here.

I'd also like to get Greg's EA modified for back-testing the overnight strategies discussed here if anyone can detail that strategy exactly for him for a future release.

 

[surferking]

PS, looks like it will be a valid Newsnight Trade tonight for anyone on that. For anyone not - why not!?!!?

 

[fwloop]

Agora seem to be offering "Snapback FX" for £47. Anyone bought into this?

From the marketing blurb it looks like something to do with pinbar and twin-bar reversals with R:R 1:1 on EUR:USD.

I'm currently working on EAs to improve my trading consistency with Price Action at confluence.

Anyone think it's worth programming into an EA and back-testing it? If so contact me and I'll add it to the to-do list.

I saw it wondered what it is about, haven't parted with any cash yet, did a few searches and couldn't find anything... Anyone else seen anything??

 

[tom42]

I saw it wondered what it is about, haven't parted with any cash yet, did a few searches and couldn't find anything... Anyone else seen anything??

****snapback-fx-review****

 

[Rugby Trader]

Update
Ok, it’s been a little while since I updated, this is where I am

In total since I went live

Trades: 32
Wins: 18
Loss: 14

Win ratio: 0.56

Average win: £95.13
Average loss: £98.06

Expectancy: 0.11

Profitability on a £5000 bank, £100 staked per trade (£50 on target 1 and £50 on target 2) = +£448.27

Still not brilliant, it’s being dragged down still by target 2, but I do think target 2 will improve over time, or at least that’s what my previous paper testing shows.
But it’s still a 9% profit since 17th June about 6 weeks

Now let’s break it down into target 1 and target 2

Target 1
Trades: 32
Wins: 19
Loss: 13

Win ratio: 0.59

Average win: £52.10
Average loss: £49.87

Expectancy: 0.21

Profitability on a £5000 bank, £50 per trade = +£341.48
That’s nearly 7% in 6 weeks with reduced risk, if you staked 2% at a time on target 1 we would be looking at about a 13.5% return


Target 2
Trades: 32
Wins: 18
Loss: 14

Win ratio: 0.56

Average win: £52.10
Average loss: £49.87

Expectancy: 0.21

Profitability on a £5000 bank, £50 per trade = +£106.8
That’s over 2% in 6 weeks with reduced risk of 1%, not great but certainly better than the banks.

Also you may notice that there is one more win on target 1 than on target 2, this was caused by the massive gap on EUR/CHF 2 weeks ago.

So, it’s going quite well so far, target 2 is dragging things down but I think this will improve over time.
I’m going to up my stakes on target 1 from 10p testing to 20p testing.

This is with an aim of getting to 1% staking per target 1 by the time I’ve completed 100 trades and assuming it is still profitable.
I don’t want to leap in at full bank as you can get clusters of losers with this method.

Fingers crossed though that it carries on going ok!

 

[beaumont]

Update
Ok, it’s been a little while since I updated, this is where I am

In total since I went live

Trades: 32
Wins: 18
Loss: 14

Win ratio: 0.56

Average win: £95.13
Average loss: £98.06

Expectancy: 0.11

Profitability on a £5000 bank, £100 staked per trade (£50 on target 1 and £50 on target 2) = +£448.27

Still not brilliant, it’s being dragged down still by target 2, but I do think target 2 will improve over time, or at least that’s what my previous paper testing shows.
But it’s still a 9% profit since 17th June about 6 weeks

Now let’s break it down into target 1 and target 2

Target 1
Trades: 32
Wins: 19
Loss: 13

Win ratio: 0.59

Average win: £52.10
Average loss: £49.87

Expectancy: 0.21

Profitability on a £5000 bank, £50 per trade = +£341.48
That’s nearly 7% in 6 weeks with reduced risk, if you staked 2% at a time on target 1 we would be looking at about a 13.5% return


Target 2
Trades: 32
Wins: 18
Loss: 14

Win ratio: 0.56

Average win: £52.10
Average loss: £49.87

Expectancy: 0.21

Profitability on a £5000 bank, £50 per trade = +£106.8
That’s over 2% in 6 weeks with reduced risk of 1%, not great but certainly better than the banks.

Also you may notice that there is one more win on target 1 than on target 2, this was caused by the massive gap on EUR/CHF 2 weeks ago.

So, it’s going quite well so far, target 2 is dragging things down but I think this will improve over time.
I’m going to up my stakes on target 1 from 10p testing to 20p testing.

This is with an aim of getting to 1% staking per target 1 by the time I’ve completed 100 trades and assuming it is still profitable.
I don’t want to leap in at full bank as you can get clusters of losers with this method.

Fingers crossed though that it carries on going ok!

Thankyou for the update, but what system is it an update of?

 

[Rugby Trader]

my own version of G-code/Nexus.
details are earlier in the thread

 

[beaumont]

my own version of G-code/Nexus.
details are earlier in the thread

Ok, thanks for that

 

[jbu001]

Purchased Snapback FX in late July (£47.00), it is a simple price action system without the use of any indicators. Trading with min.stakes at the moment and it seems to work. The weekly webinar by Alex would seem to be worth the system price. Will post updates if anyone is interested.
John

 

[BarneyBus]

Purchased Snapback FX in late July (£47.00), it is a simple price action system without the use of any indicators. Trading with min.stakes at the moment and it seems to work. The weekly webinar by Alex would seem to be worth the system price. Will post updates if anyone is interested.
John

Hi John,
I presume like any other PA type trading you have to be around watching the charts to get in on the trade? What time frame does it use?

Rob

 

[jbu001]

Hi John,
I presume like any other PA type trading you have to be around watching the charts to get in on the trade? What time frame does it use?

Rob

The system recommends 4hour charts, but it is supposed to work on lower time frames. I have only used the 4 hour TF to date.
John