End of Day Breakout Evolved - MT4/MT5 Resources
I've been a FF member for a while (about 3-5 years) but haven't been the most active in posting on the forum. During that time, I tried countless trading methods and learned a lot. Some of the methods I learned were very successful and others were not successful at all.
Some of the key clues I've learned in the past include James16 (price action), Bobokus (Fibonacci), various multi-time frame (MTF) clues, etc... I tend to use Fibonacci as a target and figure out where to place trades, and I like to use higher time frames to get the best possible long-term view. I also like to keep things as simple as possible.
One thing I've always wanted to do, and is the goal of this article, is create a fairly consistent end-of-day trading system. This will be a trade that can be traded (USD, EUR) when the Asian session opens the next day. My time zone is Eastern Time.
There are tons of "final" systems out there, but I wanted to create/use one that was more consistent than most. Most of the "end of day" systems I've used in the past or seen on forums are simple breakouts. For example, take the consolidation period before the opening of the Euro trading session and trade the breakout of the range. Many payment systems do this. This works during strong trends but disappears during volatile conditions. I still plan to use the breakout approach, but plan to filter my trades using higher time frame trends, major support/resistance lines, etc.
I fully intend to keep this system as simple as possible. Every indicator used (and there won't be many) will have a simple and clear explanation of its purpose. I hate charts littered with thousands of indicators, most of which just show the same thing that other indicators on the same chart already show.
Anyway, I'll come back to this topic later today to describe the rules of the system I'm going to start with. I'll continue to post stats and pending trade setups while I'm gone.
If this fails, so be it. I will be upfront and honest with my dealings on this thread. I'm going to use a demo account with about $500 to see where I can take it. I will focus on profit/loss percentage rather than pips. Personally, I don't care how many points I make, I only care about how much money I make or lose. I would also try using multiple currency pairs to see which ones respond better or worse to this method.
cheers,
mike
Some of the key clues I've learned in the past include James16 (price action), Bobokus (Fibonacci), various multi-time frame (MTF) clues, etc... I tend to use Fibonacci as a target and figure out where to place trades, and I like to use higher time frames to get the best possible long-term view. I also like to keep things as simple as possible.
One thing I've always wanted to do, and is the goal of this article, is create a fairly consistent end-of-day trading system. This will be a trade that can be traded (USD, EUR) when the Asian session opens the next day. My time zone is Eastern Time.
There are tons of "final" systems out there, but I wanted to create/use one that was more consistent than most. Most of the "end of day" systems I've used in the past or seen on forums are simple breakouts. For example, take the consolidation period before the opening of the Euro trading session and trade the breakout of the range. Many payment systems do this. This works during strong trends but disappears during volatile conditions. I still plan to use the breakout approach, but plan to filter my trades using higher time frame trends, major support/resistance lines, etc.
I fully intend to keep this system as simple as possible. Every indicator used (and there won't be many) will have a simple and clear explanation of its purpose. I hate charts littered with thousands of indicators, most of which just show the same thing that other indicators on the same chart already show.
Anyway, I'll come back to this topic later today to describe the rules of the system I'm going to start with. I'll continue to post stats and pending trade setups while I'm gone.
If this fails, so be it. I will be upfront and honest with my dealings on this thread. I'm going to use a demo account with about $500 to see where I can take it. I will focus on profit/loss percentage rather than pips. Personally, I don't care how many points I make, I only care about how much money I make or lose. I would also try using multiple currency pairs to see which ones respond better or worse to this method.
cheers,
mike
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