Breakout + Spread!! Sure!!! | Page 9 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Should Trade with Broker offering low spread or wide spread? 12 replies

Variable spread vs FIXED spread & broker comment/feedback 6 replies

ECN, fixed spread or variable spread account? why? 1 reply

Oanda spread versus MB Trading spread 27 replies

1pips spread is showing as 18 spread, anyway to overcome? 1 reply

Attachments: Breakout + Spread!! Sure!!!
Exit Attachments

Breakout + Spread!! Sure!!!

  • #161
  • Jul 18, 2007 5:42pm Jul 18, 2007 5:42pm
Mt4 brokers do not report uniform pricing. He could have easily had a larger range than your or my chart had ... We are only talking about a couple of pips... It happens all the time...
  • #162
  • Jul 18, 2007 5:44pm Jul 18, 2007 5:44pm
Quoting smjones
Mt4 brokers do not report uniform pricing. He could have easily had a larger range than your or my chart had ... We are only talking about a couple of pips... It happens all the time...
Not that much. With my spread I could only have made 6 pips if I had traded at that time.

I checked two different platforms- IBFX and FXDD.
  • #163
  • Jul 18, 2007 5:46pm Jul 18, 2007 5:46pm
Quoting eurovestor
Exactly

So candle one starts at 4GMT candle two at 5GMT candle tree at 6GMT and candle four starts at 7GMT (8am GMT+1 London market open) and closes one hour after the market open.
Yes, but he only measures three candles. The box encloses four candles. The first candle to the left is not measured.
  • #164
  • Jul 18, 2007 5:51pm Jul 18, 2007 5:51pm
Quoting billbss
Yes, but he only measures three candles. The box encloses four candles. The first candle to the left is not measured.
Thank you. I was not aware of that.
  • #165
  • Jul 18, 2007 5:54pm Jul 18, 2007 5:54pm
Quoting eagle
Eagle-

You show a 12 pip range from the bottom of the box to the low of the next candle.

I show 10.

That's understandable, but to have exited at that next candle low you had to sacrifice the spread.

Mine is 5 pips on that pair. Yours must be close to that.

I only see about 6 or 7 pips profit. Actually I see a stop out. Your profit target could not have been hit if it was 10 pips + spread.
  • #166
  • Jul 18, 2007 5:57pm Jul 18, 2007 5:57pm
Quoting Skygod
Sorry to keep bringing up this subject, but I have read several versions of times to use with the indicator. The original plan posted by Eagle was 5 to 8 GMT, then it was changed to 6 to 9 GMT, and finally I saw that 4 to 7 GMT.

I did a comparison of the three and it is my opinion that 04:00 to 07:00 GMT gave good results (with least amount of false signals). It seems logical being that it reflects activity immediately before the start of the London session.

May I ask for your comments? If we all use the same inputs and verify the results then we can say if this really is a winning system or if the past few months have been "luck".

Thanks
Yes the way I see it you use the 3 hours before the market you are trading open with the last candle one hour before open. So for London open you use 4am to 7am while the market open at 8am.

I think a simmilar argument will apply for other markets, adjust you time according to the open of the market you trade.

Regards
  • #167
  • Jul 18, 2007 5:57pm Jul 18, 2007 5:57pm
Quoting billbss
Eagle-
You show a 12 pip range from the bottom of the box to the low of the next candle. I show 10.
He entered 2 pips before the bottom of the box

Quoting billbss
Mine is 5 pips on that pair.
Mine is 3 pips on that pair and on several others
  • #168
  • Jul 18, 2007 6:03pm Jul 18, 2007 6:03pm
Quoting eurovestor
He entered 2 pips before the bottom of the box



Mine is 3 pips on that pair and on several others
Yeah, I noticed that he did. I didn't mention that.
  • #169
  • Jul 18, 2007 6:06pm Jul 18, 2007 6:06pm
Quoting Silver
Yes the way I see it you use the 3 hours before the market you are trading open with the last candle one hour before open. So for London open you use 4am to 7am while the market open at 8am.

I think a simmilar argument will apply for other markets, adjust you time according to the open of the market you trade.

Regards
That's what I understood that Eagle was doing, but that's not what he's doing.

He stops his Hi/Lo measurement one hour after the London open.
  • #170
  • Jul 18, 2007 6:09pm Jul 18, 2007 6:09pm
:surprised
Attached Image
  • #171
  • Jul 18, 2007 6:18pm Jul 18, 2007 6:18pm
Quoting smjones
I wrote a EA for a system that was similar to this one a year ago.

I can modify it and post here if anyone wants it, so it will run under these rules... The thing is, I do not want to maintain it, nor do I want to answer a bunch of questions about how do I load and use an EA.

I would be happy to upload the source code and anyone is welcome to modify it or change it as they see fit.

If I were you I would still use the indicator by eagle for the graphics, because this Ea does not have graphics it just places the trades at the correct time.

Does anyone want me to post it?

Yes would you please post it? Thanks.

Richard
  • #172
  • Jul 18, 2007 6:28pm Jul 18, 2007 6:28pm
Attached Image
  • #173
  • Edited 8:20pm Jul 18, 2007 6:38pm | Edited 8:20pm
Ok, I will upload it.

You guys can do with it what ever you want..


If AutoMoney Management is true, It will determine the lot size for you based on the Percent To Risk. Formula is
Account Balance * Percent to risk / Stop loss/ 10

If it is false, the Lots determines the lot size. default is .10 lots

the Cancel Hour is the time you want all trades to cancel.

The EndHour is the hour that you want to stop measuring.

LookBack is how many bars to lookback default is three.

That pretty much is it. The source code is well documented so as to see what is going on and where...

Have fun.

Oh yeah, I forgot, Disclaimer... Trade at your own risk. I make no warranties as to fitness for any purpose.

The close all trades portion I got from a script that is circulating and I liked the code, but wanted to state I did not originate that part. Nice coding wish I had LOL
Attached File(s)
File Type: mq4 Breakout eagle Ea v1.mq4   7 KB | 2,236 downloads
  • #174
  • Jul 18, 2007 6:42pm Jul 18, 2007 6:42pm
Quoting eagle
I won't belabor it anymore. but that still wouldn't have hit your profit target.

You showed a 12 pip range from the bottom of the box (actually above the bottom).

If you sold at 1 pip below the box that gave you an 11 pip movement to the low that followed.

Your system states to use a profit target of 10 pips + spread.

That would have been a PT of 12 pips.

To reach that, price had to fall 14 pips, including the difference between the bid and ask prices.
  • #175
  • Jul 18, 2007 6:46pm Jul 18, 2007 6:46pm
Quoting Silver
Yes the way I see it you use the 3 hours before the market you are trading open with the last candle one hour before open. So for London open you use 4am to 7am while the market open at 8am.
The system DOES look to be a little more profitable with the last candle measured being the one BEFORE the London open.... Interesting...
Maybe I'll do some backtesting tonite to see if this is true...
  • #176
  • Jul 18, 2007 8:20pm Jul 18, 2007 8:20pm
Quoting audionut
The system DOES look to be a little more profitable with the last candle measured being the one BEFORE the London open.... Interesting...
Maybe I'll do some backtesting tonite to see if this is true...
I agree with the statement that 04:00 to 07:00 GMT seems like the better play. I also agree that you should use the same process to trade other sessions.

Thanks for all the input. This is really a very simple plan and I can not believe that it could work...but it seems to do the trick. I guess that sometimes simple is better. Now, if the time issue were not so confusing .

I will test several pairs during the next London session using the 4 to 7 GMT inputs and report back when the session is over.
  • #177
  • Jul 18, 2007 9:40pm Jul 18, 2007 9:40pm
hello ppl, whats the setting for GMT +8 , singapore/malaysia
  • #178
  • Edited 10:16pm Jul 18, 2007 9:53pm | Edited 10:16pm
Here's a link that lets you convert your TZ into GMT
http://wwp.greenwichmeantime.com/tim.../pacific-time/

Sorry about all the extra junk on the page.......

OK here is a better one I think..... http://www.worldtimezones.com/
Same Whore .... Different Dress
  • #179
  • Jul 18, 2007 10:16pm Jul 18, 2007 10:16pm
Kind of surprised... my backtest for June (not exact; eyeballed a lot and "guessed" what I might of done) shows that your better off with the system as Eagle originally posted it (measuring thru the 1st hour of London open) vs going to 11pm to 2am EDT (stopping the measuring box AT the London open instead of 1 hour AFTER the open)...

Using GBP/USD, had about 220 pips for the month and 1 losing trade using the original system (5-8 GMT) vs 151 pips and 5 losers using 4-7 GMT)...

Let me know if someone finds a dramatically different result...
:surprised
  • #180
  • Jul 18, 2007 11:51pm Jul 18, 2007 11:51pm
Should the BoxEnd value be equal to PeriodEnd value?

Thanks
4 traders viewing now