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NipThePips' Boomerang

  • #101
  • Jul 4, 2007 2:48am Jul 4, 2007 2:48am
Can someone suggest a good broker to use with this strategy? somewhere to get the pound for under 3 pips and also have a close and reverse option?

also.. i was reading the join date.. thanks for correcting me on the date
  • #102
  • Jul 4, 2007 3:33am Jul 4, 2007 3:33am
Quoting gio9
Can someone suggest a good broker to use with this strategy? somewhere to get the pound for under 3 pips and also have a close and reverse option?

also.. i was reading the join date.. thanks for correcting me on the date
I'm also just starting out and I've been demoing a bunch of brokers and reading hundreds of reviews. I've pretty much decided on an MB Trading and SmartQuant combo.
  • #103
  • Jul 4, 2007 3:39am Jul 4, 2007 3:39am
Hi Djmetric,

The whole idea of the Martingale system is to get your profit back after a series of losses; assuming you have the funds to keep playing (trading) until a profit is made.

Now Nip's system after ten rounds will get you $55 for a loss of $45. That is the required $10 profit.

What you suggest gives you a profit of $23 or $25, with a loss of $80! So where is the advantage? We're looking for profit albeit in small doses.

herty
  • #104
  • Edited 4:12am Jul 4, 2007 3:51am | Edited 4:12am
Quoting herty
Hi Djmetric,

The whole idea of the Martingale system is to get your profit back after a series of losses; assuming you have the funds to keep playing (trading) until a profit is made.

Now Nip's system after ten rounds will get you $55 for a loss of $45. That is the required $10 profit.

What you suggest gives you a profit of $23 or $25, with a loss of $80! So where is the advantage? We're looking for profit albeit in small doses.

herty
Herty, it gives a profit of $10 not $23 or $25.
Notice that the position has increased to 4 on the tenth trade.... so it's $90 profit with an $80 loss.
  • #105
  • Jul 4, 2007 3:59am Jul 4, 2007 3:59am
hello 007 ts,

I have to attend to some business, but on a first glance it seems that the spread is not constant in the TP but increases with every bounce. Check it out please. I may be wrong.

herty
  • #106
  • Jul 4, 2007 9:30am Jul 4, 2007 9:30am
Quoting herty
hello 007 ts,

I have to attend to some business, but on a first glance it seems that the spread is not constant in the TP but increases with every bounce. Check it out please. I may be wrong.

herty
Unless there is something that I'm missing the spreadsheet works correctly the way it is. Assume you have had 4 SL’s hit with a spread of 2 pips, this would be a total loss of 28 pips(7 pips per bounce [5 SL + 2 Spread] X 4), to recoup that and make 10 pips profit your TP on the next trade has to be 38 pips. This is exactly what the spreadsheet does.

I have run it through 9 bounces and it still gave the right signals to give 10 pips Profit on trade # 10.

Thanks.

oo7_ts
  • #107
  • Jul 4, 2007 11:49am Jul 4, 2007 11:49am
007 ts

It seems today is not my day. Yes 007-ts it looks to me you're correct, we collect the spread profit only at the end; not consecutively.
thanks
herty
  • #108
  • Jul 4, 2007 1:56pm Jul 4, 2007 1:56pm
I curious to see if going for a 3 sl and 6 tp would be more profitable longrun since it is easier to capture. I'll start a trade log next week and i'll post it here.

i'm using oanda.. usually 3 pip gbp.. and placing a limit order on my stops to reverse if I get stopped out.. I'm also using the martingale money management. We will see....
  • #109
  • Edited 6:23pm Jul 4, 2007 6:10pm | Edited 6:23pm
I have not really tested this idea, but it is a real pain on MT4, so I wrote a script.

It was a fun project to improve and refresh My programming skills.

Long1 = true means buy on the first trade.
Long1 = false means short on the first trade.

There are 10 trades listed. to place any trade in the sequence and have the correct SL and TP based on NIp's criteria, just select the one you want as true. It will automatically adjust for youe spread size, on any pair.

You can also adjust your lot size.

This obviously goes in the Script folder and works like any other script.

Have fun,
Attached File(s)
File Type: mq4 Boomerang Script v2.mq4   8 KB | 480 downloads
  • #110
  • Edited 7:04pm Jul 4, 2007 6:15pm | Edited 7:04pm
Quoting smjones
I have not really tested this idea, but it is a real pain on MT4, so I wrote a script.

Long1 = true means buy on the first trade.
Long1 = false means short on the first trade.

There are 10 trades listed. to place any trade in the sequence and have the correct SL and TP based on NIp's criteria, just select the one you want as true. It will automatically adjust for youe spread size, on any pair.

You can also adjust your lot size.

This obviously goes in the Script folder and works like any other script.

Have fun,
Here is an EA for this.

I have run it on a 4 hour chart. The inputs are self explantitory.

Have fun test and what not..

Here is the source code, feel free to play with it...
Attached File(s)
File Type: mq4 Boomerang by NipThePips EA v2a.mq4   13 KB | 612 downloads
  • #111
  • Jul 4, 2007 6:47pm Jul 4, 2007 6:47pm
And here is an updated version of the spread sheet with it all working correctly
Attached File(s)
File Type: zip Boomerang with Point and spread v2.zip   6 KB | 614 downloads
  • #112
  • Jul 4, 2007 6:48pm Jul 4, 2007 6:48pm
Quoting gio9
I curious to see if going for a 3 sl and 6 tp would be more profitable longrun since it is easier to capture. I'll start a trade log next week and i'll post it here.

i'm using oanda.. usually 3 pip gbp.. and placing a limit order on my stops to reverse if I get stopped out.. I'm also using the martingale money management. We will see....

I have tested it with 5tp and 3sl...your theory is basically correct...

I dont know about using martingale money management though
Nothing is hard, some things just take more time and discipline.
  • #113
  • Jul 4, 2007 11:45pm Jul 4, 2007 11:45pm
Quoting smjones
Here is an EA for this.

I have run it on a 4 hour chart. The inputs are self explantitory.

Have fun test and what not..

Here is the source code, feel free to play with it...

It seems that it only places 10 trades and then stops....also some trades last over days, and they really shouldnt...at least the appear to still be active.

But thnx for the hard work!
Nothing is hard, some things just take more time and discipline.
  • #114
  • Jul 5, 2007 1:11am Jul 5, 2007 1:11am
Quoting smjones
Here is an EA for this.

I have run it on a 4 hour chart. The inputs are self explantitory.

Have fun test and what not..

Here is the source code, feel free to play with it...
Thanks very much Scott. That's incredibly generous of you.
  • #115
  • Jul 5, 2007 1:16am Jul 5, 2007 1:16am
Quoting NipthePips
It seems that it only places 10 trades and then stops....also some trades last over days, and they really shouldnt...at least the appear to still be active.

But thnx for the hard work!
It's not surprising that the trade can last days, it's because the T/P is getting pushed so far out... especially once you factor in the spread.

On the other hand If you implement a martingale type strategy after say the 4th bounce you can keep the T/P relatively low. (see post 96)
  • #116
  • Jul 5, 2007 6:14am Jul 5, 2007 6:14am
Quoting NipthePips
It seems that it only places 10 trades and then stops....also some trades last over days, and they really shouldnt...at least the appear to still be active.

But thnx for the hard work!
Thanks for the info. perhaps you could list the new criteria you now have such as a time limit on a trade and how many trades to go in the sequence.

As I look at your doc, it does not mention a time limit. Also, My testing shows the EA starts over after the 10th trade is lost. I did this, because that is how you have your Excel sheet laid out...

If you can list the different criteria, I can adapt the program. thanks much,
  • #117
  • Jul 5, 2007 7:08am Jul 5, 2007 7:08am
This strategy looks like, and is simple too. Should be possible to make a few pips here and there with it.

I'll try it out on a demo account for a day or two and see what happens.
Any idiot can take profit, real traders know how to take losses!
  • #118
  • Jul 5, 2007 7:20am Jul 5, 2007 7:20am
Quoting gio9
I curious to see if going for a 3 sl and 6 tp would be more profitable longrun since it is easier to capture. I'll start a trade log next week and i'll post it here.

management. We will see....
I was trading through a spread betting company in London but recently downloaded MT4 from North Finance. On demo they're not allowing me to set TP or S/L of less than 10pips. Anyone else with this problem? I assume I'll have to move again if this proves a winner.
  • #119
  • Jul 5, 2007 1:50pm Jul 5, 2007 1:50pm
Hi Nipthepips, Is there a trick in downloading this strategy. Iam not able to click on anything to start the download.

Please assist

Thanks

Nicvos
  • #120
  • Jul 5, 2007 4:14pm Jul 5, 2007 4:14pm
Quoting nicvos
Hi Nipthepips, Is there a trick in downloading this strategy. Iam not able to click on anything to start the download.

Please assist

Thanks

Nicvos
read post number 5. You will like it!

Uli
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