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Daily95pips

  • #561
  • Edited 8:26pm Oct 9, 2007 8:13pm | Edited 8:26pm
Quoting HidaBull
I have been through the entire thread few times but couldn't find the reason for choosing + 5 to the highest and - 5 to the lowest prices of previous day.

Any specific reasons?
Would I not get faster entry price if I was setting up same price as previous day?
Or is it specific for an up-trend chart?
Would a -5 high and +5 low apply for a down-trend ?

Hope this question make sense (anyway, it will help me somehow)
HidaBull,

This system is simply based on the probability of when price breaks above or below the previous days high or low and continues in the direction of that trend.
There has been discussion to the effect that the market tends to 'range' within the previous days high and low more than it 'trends' by 'breaking out'.

So regardless of the parameters, just bear in mind that this is just another 'system' to follow with discipline, and if the results are good then we're all happy.

mike
  • #562
  • Oct 9, 2007 8:23pm Oct 9, 2007 8:23pm
Quoting AfricanTrade
What is your overall win/loss ratio since testing these strategies ? I trade a similar strategy on the GBP/USD pair but have a 1.75 : 1 risk ratio to ensure I have more winning than losing months.
Hi AfricanTrade.

I'm not sure how to accurately calculate a win/loss ratio when there are multiple profit targets involved...?

Despite this, if you'd like to checkout the results so far go to post #499.

rgs
mike
  • #563
  • Oct 10, 2007 2:10pm Oct 10, 2007 2:10pm
hello mikelath,

nice simple system you have here. Well done.

I tried it for the first time today. Don't know if I did everything right, but I got 95 pips on EURUSD, 95 on EURJPY, and lost 90 on USDJPY, for a net gain of 100 pips in total - very nice indeed!

Well done again

VD
  • #564
  • Oct 10, 2007 2:38pm Oct 10, 2007 2:38pm
I've got absolutely the same results

Quoting vsektodobre
hello mikelath,

nice simple system you have here. Well done.

I tried it for the first time today. Don't know if I did everything right, but I got 95 pips on EURUSD, 95 on EURJPY, and lost 90 on USDJPY, for a net gain of 100 pips in total - very nice indeed!

Well done again

VD
  • #565
  • Oct 10, 2007 6:26pm Oct 10, 2007 6:26pm
Quoting BlindMist
I've got absolutely the same results
Me too.
  • #566
  • Oct 10, 2007 6:43pm Oct 10, 2007 6:43pm
Quoting Eureka
Are you trading this manually along with the EA? It will be interesting to see how the 2 compare.

This is a great thread. I have been following it for a long time.

You presented the system back in August. I was just wondering how long before then that its been successful.

Thanks again.

Carol
Hi Carol.

Yes, while the EA is being tested and tweaked I am continuing to paper trade this strategy. If both the 'manual' and EA trades are with the same broker the results should be identical.
I don't give a lot of credence to backtesting mainly because of the lack of facilities available to accurately do so.... so I couldn't advise you on historical results. I think Pr1mer is wanting to do some kind of historical testing using an excel spreadsheet....he's hoping for help from bullrock in this regard. His logic (which is very sound) is that various pairs will perform better than others over different timeframes and visa versa. Therefore testing over a short period may not necessarily give an accurate analysis of which pairs perform better than others with this strategy.
Despite this, I am still basing my evaluation of this strategy mostly on forward tested results until I'm convinced otherwise. Having said that, the use of the EA will make it easier to trade multiple pairs without the hassle of having to manually place so many orders, thus eliminating the need of a shortlist in the hope of selecting only the best performing pairs.

rgs
mike
  • #567
  • Edited Oct 11, 2007 6:32pm Oct 10, 2007 6:50pm | Edited Oct 11, 2007 6:32pm
Daily95pips:

Date: Monday 8 October 2007
EURJPY nt
USDJPY +15
EURUSD nt

Total: +15pips


Comment: A 'ranging' day, though any positive result is fine by me.

Date: Tuesday 9 October 2007
EURJPY +45
USDJPY -90
EURUSD +15

Total: -30pips

Comment: It feels like I'm restricting myself by 'stripping' back the pairs to only 3. However, the results from the past 6 weeks show otherwise. I shall persevere and expect continued profits from these 3 pairs.

Date: Wednesday 10 October 2007
EURJPY +95
USDJPY -90
EURUSD +95

Total: +100pips

Comment: Now that's more like. I've learnt from tkimble's threads that the beginning of the week is often sluggish and it can take until Tuesday night onwards before the weekly trend is established, thus the breakout from the previous days high or low. Looking forward to more good days ahead.

Date: Thursday 11 October 2007
EURJPY +15
USDJPY +15
EURUSD +15

Total: +45pips

Comment: All 3 pairs achieved the 1st profit target before price retraced to stopout at breakeven.
  • #568
  • Oct 10, 2007 7:04pm Oct 10, 2007 7:04pm
Thanks, Mike.

I have been using the EA and I'm not getting any orders placed on the E/J. I'm using Interbank for the broker. Anyone else having problems?

Carol

Quoting mikelath
Hi Carol.

Yes, while the EA is being tested and tweaked I am continuing to paper trade this strategy. If both the 'manual' and EA trades are with the same broker the results should be identical.
I don't give a lot of credence to backtesting mainly because of the lack of facilities available to accurately do so.... so I couldn't advise you on historical results. I think Pr1mer is wanting to do some kind of historical testing using an excel spreadsheet....he's hoping for help from bullrock in this regard. His logic (which is very sound) is that various pairs will perform better than others over different timeframes and visa versa. Therefore testing over a short period may not necessarily give an accurate analysis of which pairs perform better than others with this strategy.
Despite this, I am still basing my evaluation of this strategy mostly on forward tested results until I'm convinced otherwise. Having said that, the use of the EA will make it easier to trade multiple pairs without the hassle of having to manually place so many orders, thus eliminating the need of a shortlist in the hope of selecting only the best performing pairs.

rgs
mike
  • #569
  • Oct 10, 2007 11:54pm Oct 10, 2007 11:54pm
How nice if this EA thingy is available in Oanda.

However, if we do get this to work in Interbank. It seems like it is almost a set and can totally forget about trading it and just see your balance grow? am I right?

Is that too good to be true?

I am also paper trading this method, and hoping to get good results..
  • #570
  • Oct 11, 2007 1:51am Oct 11, 2007 1:51am
Hi Mike

I am a fairly new comer to trading and came across your stratergy for trading 95 pips per day and gave it a try but i have a few questions if you don't mind?

1) Where on the net can i find the highs and lows for the close of each day ie the american day as there close is 6 in the morning here (SA)? I have search everywhere on the net and cannot find them. My platform clears the highs and lows before i am able to see them in the morning and does not store them anywhere?
2) Surely the most you can loose in a day is 180 pips if all 6 trades are excuded and hit there SL?

Thanks for the great stratergy!
Ride The Big One!!!
  • #571
  • Oct 11, 2007 2:53am Oct 11, 2007 2:53am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Flipmode
Hi Mike

I am a fairly new comer to trading and came across your stratergy for trading 95 pips per day and gave it a try but i have a few questions if you don't mind?

1) Where on the net can i find the highs and lows for the close of each day ie the american day as there close is 6 in the morning here (SA)? I have search everywhere on the net and cannot find them. My platform clears the highs and lows before i am able to see them in the morning and does not store them anywhere?
2) Surely the most you can loose in a day is 180 pips if all 6 trades are excuded and hit there SL?

Thanks for the great stratergy!
which platform are you using?, most come with some kind of chart package and alot will run through MT4.

I would suggest you ask your provider, all you need then is to open a daily chart and you are sorted.
  • #572
  • Oct 11, 2007 10:15am Oct 11, 2007 10:15am
Great thansk i will contact them. I am using GCI platform, not the greatest though!!

Thanks
Ride The Big One!!!
  • #573
  • Oct 11, 2007 11:14am Oct 11, 2007 11:14am
I made this basic EA for this system, It performs well in last few months, but if you backtest it to last year datafeed, bad...
Attached File(s)
File Type: mq4 !Dan-EA V16.mq4   < 1 KB | 706 downloads
  • #574
  • Oct 11, 2007 7:56pm Oct 11, 2007 7:56pm
Quoting Eureka
Thanks, Mike.

I have been using the EA and I'm not getting any orders placed on the E/J. I'm using Interbank for the broker. Anyone else having problems?

Carol
Carol.

The brokers I'm using for testing the EA are ODL and North Finance.
I'm not sure about Interbank however I am also experiencing 'bugs' with the EA. It seems to work on some pairs and not others....I've also noticed that the stops are not being moved up to BE after the first profit target is reached... Pr1mer has stated that he will continue testing to smooth out any malfunction. I'm now waiting for an update.

mike
  • #575
  • Oct 11, 2007 8:00pm Oct 11, 2007 8:00pm
Quoting gyfu
How nice if this EA thingy is available in Oanda.

However, if we do get this to work in Interbank. It seems like it is almost a set and can totally forget about trading it and just see your balance grow? am I right?

Is that too good to be true?

I am also paper trading this method, and hoping to get good results..
Hi gyfu.

Yes, it would be nice if Oanda hosted EA's as I have a live account them.
I'm waiting for an update from Pr1mer as to the efficiency of the EA.
Once the EA is working properly this will indeed be a true set and forget system.

mike
  • #576
  • Oct 12, 2007 3:24am Oct 12, 2007 3:24am
Quoting Flipmode
Hi Mike

I am a fairly new comer to trading and came across your stratergy for trading 95 pips per day and gave it a try but i have a few questions if you don't mind?

1) Where on the net can i find the highs and lows for the close of each day ie the american day as there close is 6 in the morning here (SA)? I have search everywhere on the net and cannot find them. My platform clears the highs and lows before i am able to see them in the morning and does not store them anywhere?
2) Surely the most you can loose in a day is 180 pips if all 6 trades are excuded and hit there SL?

Thanks for the great stratergy!
Flipmode,

By SA i assume you mean South Africa. Try downloading a demo version of Metatrader 4 from Alpari or Interbankfx, both give you real time data as part of the demo. In this software if you use the 1D timeframe you should be getting the high and low for each day.

You can lose a maximum of 180 points per pair per day. I think Mikelath is trading 3 pairs so his max loss is 540 points.

I've seen Mikelath's testing results and they look impressive but I am concerned that the risk ratio is not high enough and over time when the cluster of losses come the strategy will struggle. BUT that is something that only backtesting and forward testing can prove.

Regards.
  • #577
  • Oct 12, 2007 3:27am Oct 12, 2007 3:27am
Nobody test yet the EA I made?
  • #578
  • Oct 12, 2007 3:30am Oct 12, 2007 3:30am
Quoting superbem
Nobody test yet the EA I made?
I'm new to this, what is an EA? By the discussions above it seems that it's a program to automatically enter in your orders, is that correct ?
  • #579
  • Oct 12, 2007 3:40am Oct 12, 2007 3:40am
The premier doesn't make sense in the backtest, do you people know how to backtest in mt4?
The EA I wrote is simple, and makes what is the system. The lots are 1 always. For testing is good.
  • #580
  • Oct 12, 2007 4:03am Oct 12, 2007 4:03am
Quoting AfricanTrade
I'm new to this, what is an EA? By the discussions above it seems that it's a program to automatically enter in your orders, is that correct ?
Yes, that's correct.
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