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Biting the Big Apple - XAUUSD M1 trading London close / NY open

  • #21
  • Dec 4, 2023 7:53am Dec 4, 2023 7:53am
Great thread, all loaded and using successfully, thanks
Just trying to put a kiss on the cheek of success
  • #22
  • Edited 7:11pm Dec 4, 2023 7:53am | Edited 7:11pm
Quoting oomidian
"I personally risk 1% of my available equity per trade, and as we are trading XAUUSD and the decimal point is different to standard currency pairs, I use a 100 pip SL, (which is equivalent to a '10' pip SL for most 'normal' pairs). Depending on how fast the market is moving I might increase the SL. I have an EA which manages my risk and automatically places my SL as I enter a trade. If I enter '250' pips as my SL this Trade Management EA automatically adjusts the lot size to keep the risk at 1%. I use another EA on another chart window and this...
Hi oomidian, thanks for being here.

I use the latest version of the Forex Trade Manager MT4 (v3.37) which is a paid EA available from the Market, link is below. It costs USD$99.00 to buy or you can rent it by the month.

There might be free experts out there that do similar things, but I love this EA and I am happy I bought it, it takes much of the emotion out of trading for me. Simply enter your stop loss value and your % risk and it does all the heavy lifting with calculating lot size, but it has many more features than just this alone.

https://www.mql5.com/en/market/product/37228
Trade to Live - Don't Live to Trade
  • #23
  • Dec 4, 2023 7:54am Dec 4, 2023 7:54am
Quoting pet3250
Great thread, all loaded and using successfully, thanks
That's awesome pet3250, thanks for your feedback.

Feel free to post some screenshots of any results you are getting and sharing your experience with all of us in here.
Trade to Live - Don't Live to Trade
  • #24
  • Dec 4, 2023 7:57am Dec 4, 2023 7:57am
Quoting pet3250
Great thread, all loaded and using successfully, thanks

at what times did you make the trades?
  • #25
  • Dec 4, 2023 8:12am Dec 4, 2023 8:12am
First result

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDM1.png Size: 21 KB
  • #26
  • Dec 4, 2023 8:15am Dec 4, 2023 8:15am
This trade just closed out, the accuracy of the arrows is very good.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 73 KB
Just trying to put a kiss on the cheek of success
  • #27
  • Dec 4, 2023 8:16am Dec 4, 2023 8:16am
Quoting CurryChicken
I loaded up everything but don't seem to have any arrow indication. Any advise? thank you so much. {image}
Hi CurryChicken, sorry for missing your post earlier, I skipped right past it!

To be honest I am unsure what might be causing this, but in the interim you might want to the try the version I just posted which has the Currency Strength code removed? You will find it in Post 20 above (or in the attachments area). It is called Biting the Big Apple ALL PAIRS.ex4.

Hope that helps for now...I hope to eventually find the time to amend the XAUUSD portion of the code and revert it back to the standard Currency Strength code which would be better for everyone.
Trade to Live - Don't Live to Trade
  • #28
  • Dec 4, 2023 8:18am Dec 4, 2023 8:18am
Quoting Go5
First result {image}
Amazing first result, Go5! Welcome to the thread and thanks for sharing.
Trade to Live - Don't Live to Trade
  • #29
  • Dec 4, 2023 8:20am Dec 4, 2023 8:20am
Quoting pet3250
This trade just closed out, the accuracy of the arrows is very good. {image}
Great work, pet3250! Thanks for sharing your trade result and screenshot with us all. So glad it is working for you.

You gotta love the NY trading session, hey!? When it moves, it really moves.
Trade to Live - Don't Live to Trade
  • #30
  • Dec 4, 2023 8:25am Dec 4, 2023 8:25am
Quoting Go5
First result {image}
Why didn't you sell at the first black arrow right away?
What made you wait?
  • #31
  • Dec 4, 2023 8:35am Dec 4, 2023 8:35am
would it be possible to get the currency strength lines indicator unlocked to use other pairs?
Just trying to put a kiss on the cheek of success
  • #32
  • Dec 4, 2023 8:45am Dec 4, 2023 8:45am
Quoting pet3250
would it be possible to get the currency strength lines indicator unlocked to use other pairs?
pet3250 try using the indi I posted a short time ago for now, it has the XAUUSD portion of the code removed and does work on any pair. It will give signals slightly earlier in some instances though, and these might be false, so just be aware of that.

As I find some more time I will code up a version that incorporates the original Currency Strength indi code for use on all 28 normal pairs (but that one won't work on Gold).
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  • #33
  • Dec 4, 2023 8:57am Dec 4, 2023 8:57am
OK I have made my 2.2% and as I live in Australia and it is almost 2am here I am heading back to bed.

Thanks everyone for contributing, it's great to have you all here.
Trade to Live - Don't Live to Trade
  • #34
  • Dec 4, 2023 8:58am Dec 4, 2023 8:58am
Quoting flavio1900
{quote} Why didn't you sell at the first black arrow right away? What made you wait?
I came to the chart at 15:20 (broker time) and saw nearby support, so waited for clearing...
  • #35
  • Dec 4, 2023 9:04am Dec 4, 2023 9:04am
Kindly, whats the logic of the entry arrows? Asking because I use TradingView as my platform
  • #36
  • Dec 4, 2023 10:27am Dec 4, 2023 10:27am
Great work Kirkleaforex and congratulations on creating a strategy that works for prop trading and sharing with everyone here so respect to that! I see on the screenshots provided they are all on the m1 timeframe; is this the predominate timeframe that you use as in its the most effective or is it just for illustrative purposes? I like to trade gold on the 15m and can see that it looks very profitable based on today's movements on the 15m so just wanted to get your take on trading timeframes if you actually have one?
  • #37
  • Dec 4, 2023 2:18pm Dec 4, 2023 2:18pm
Quoting MachineLearn
Kindly, whats the logic of the entry arrows? Asking because I use TradingView as my platform
MachineLearning, this is covered in Post 1, in basic terms at least.

For me it was about trying to combine several indicators that i like using into one in a way that limited false entries and mainly shows strong entries.

if you place all 5 indicators on your chart and watch on the M1 you will see the logic at work in real time. From there hopefully you can code something similar in Pinescript.
Trade to Live - Don't Live to Trade
  • #38
  • Dec 4, 2023 2:49pm Dec 4, 2023 2:49pm
Quoting kirkleaforex
{quote} MachineLearning, this is covered in Post 1, in basic terms at least. For me it was about trying to combine several indicators that i like using into one in a way that limited false entries and mainly shows strong entries. if you place all 5 indicators on your chart and watch on the M1 you will see the logic at work in real time. From there hopefully you can code something similar in Pinescript.
ty
  • #39
  • Dec 4, 2023 3:00pm Dec 4, 2023 3:00pm
Quoting Mojmus
Great work Kirkleaforex and congratulations on creating a strategy that works for prop trading and sharing with everyone here so respect to that! I see on the screenshots provided they are all on the m1 timeframe; is this the predominate timeframe that you use as in its the most effective or is it just for illustrative purposes? I like to trade gold on the 15m and can see that it looks very profitable based on today's movements on the 15m so just wanted to get your take on trading timeframes if you actually have one?
Hi Mojmus, thanks for your comments and welcome to the thread.

I have always tended to gravitate to the M1 TF as I am a scalper at heart, always have been my whole trading life. For me this works best when traded on the M1 as that suits my style, and I can get in and out relatively quickly without having to stare at my screens.

I have never tested this on higher TF's though, so anybody using this on a higher TF will need to test it for themselves as I have no data to support it working as well as I see it working on the M1. But by all means if you are seeing it has potential on higher TF's then that's awesome. SL will obviously need to be placed further away but the potential pip reward is far greater for those willing to try it out.
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  • #40
  • Dec 4, 2023 3:10pm Dec 4, 2023 3:10pm
This will be my last post for today until the NY trading session later, I have a full day ahead.

For those interested in Prop Trading, starting next week I will be opening a new DEMO on FTMO (demo only as I want to encourage newcomers to this strategy to test on demo only along with me) and I will post screenshots of results.

FTMO demo challenge account will be a 200K USD. All trade settings will be as per my strategy: risk per trade 1%, SL placed at 100 pips (or possibly further away depending on the current ATR and how fast the market is moving) with TP at 1%. No news trading. I will cease trading when account hits 2% profit in a session OR if it hits 2% loss in a session. Ultimate goal is to PASS the demo challenge within the week.

Hopefully next week people following along in here will see how straightforward and potentially lucrative this strategy can be and they can begin to understand how they can incorporate these signals into their own setup. It is not difficult to pass a challenge, I have done it enough times to know this, so let's get this thread going next week and join with me in a weekly challenge to pass a prop firm demo challenge together.
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