- Jan 12, 2008
Still holding the oil short with a wide stop, prone to spikes. A strong close around the $64.00 region is my line in the sand. Waiting to see if this little ledge/consolidation breaks down further.
I've just breezed through this thread again looking for any record of my old currency strength indicator (as I lost it in the C: crash). Unfortunately I didn't record the indicator name. Looking through the MT4 indicator lists I notice that they've been reformatted to facilitate monetisation. I haven't found it yet.
Oil rolling over again, disappointed with my second entry here. Didn't wait to enter once a pivot high with a series of weak closes took shape. All stops now at $64.30. Positive swap with this pair too, so easier to hold short for longer.
Entry 1: $63.29
Entry 2: $61.29
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I've made a 12 mth commitment to develop automated trading systems.
There's going to be a lot to learn, a lot to define, a lot of development, a lot of testing and a lot of perseverance.
I'm going to start by trying to automate the methodology outlined in this thread for the 4hr charts. System 4B looks for certain bar patterns and System 4T defines the trend and I look for low sized risk setups to get into the trend. Both systems won't be easily defined and collated into single automated systems (or EAs). It will require a number of systems (or a portfolio of systems) to replace my discretionary style.
Converting my discretionary trading ideas into objective rules based systems is going to be my biggest challenge.
An EA that worked well in one year lost in another year. Almost all EAs experienced too many losers during times when the market conditions were unfavourable. I created EAs for trending markets, mean reversion strategies, normal break-outs, range break-outs and some price action EAs (pinbars, outside reversal bars etc).