Well, it would seem my original system is better if I can watch the market during the day and I don't have that option now.
I looked around for brokers that offered web based trading as that has a better chance of getting through my employer's firewall. I found a bunch of complaints that web based tools were error prone. So, I don't think I'm going to go that route.
That puts me back where I started. Where I'm watching the day charts so that the intraday stuff doesn't pull me off track.
Question is what will give good signals on the day charts?
I'm testing something right now along the lines of keeping things simple. I'm using two Linear Regression Indicators (LRI). One as a signal line (5 days by close) and the other as the primary (25 days by close). I've tried using the lines by close and by median and I can't decide which is better.
Anyways, as I'm testing things, a buy signal is thrown when my "signal" line crosses my primary from below and a short is thrown when it crosses from above. This is modified a bit by the primary LRI as I've set it up to show different colors when it is trending up or down. So, if a short signal is thrown but the primary LRI indicates that the price is still going up, don't enter a short.
I've noticed that positions should be entered soon after a signal because the price move may be over after a few bars.
I'm also playing with my trailing stops. Presently set to a 2 ATR lookback, 2.25 ATR multiplier, and a 7 period lookback. I'm aiming for something that gives good profit on stop out (as I've yet to figure out what prices I should set limits for) and also acts as a bit of an indicator (as it tends to arch away from the price at entry points).
As I'm using the day charts, it takes a while to test out systems. Still trying to see if this one works.
Interesting side note: when I was looking for info on web based trading I found a few Swiss forex brokers. Seems there is no cap gains tax when you trade with them. Think I'll keep that in mind when I build a workable system.
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