by User » Tue Jul 07, 2009 9:30 pm
Forum transfer: Submitted by MattW on May 20, 2009 - 00:17.
Alex,
Thank you for your response.
I was hoping some people would chip in with which systems they use but maybe I am the only one trying to fit FX around a 9-5.
From a personal point of view for anyone reading, Advanced 3 has strong potential following manual back-testing although you sometimes have to wait awhile for an entry and as yet I've not had one to prove the theory with real money.
For those who like to be in the market everyday, like myself, I'm working on making Advanced 1 more reliable and throwing in a trailing stop.
The general problem, as you noted, with trading daily charts only is that most systems require quite large stops - for instance just the previous day's low could be 100 points away, and the last swing low may be over 400 points.
An interesting aside, using Simple 9 with 60MA to filter direction can give profitable scalping trades from 6pm to 9pm GMT. It'll only give you 15 points and you may only get 1 or 2 trades a week but with a couple of currencies you could get close to an average of 10 pips a day.
Matt