Daily95pips

Quoting mikelath

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Hi all.

Just a quick note on the Expert Advisor...

I'm continuing to test the EA created by pr1mer, and so far it seems to be working well. For Monday's trades, the orders were automatically calculated and placed, the stops were automatically adjusted to BE after the 1st PT was reached, thus locking in profits when price retraced, and of course, all 3 profit target were taken when reached.
I'm just not sure if it is consistently calculating new orders for all the pairs I have it attached to...everyday. Time will tell if more tweaking is required.

For those who need help with adding the EA to an MT4 trading platform please click on the following link:

http://www.halcyonfx.com/howtoinstall.htm

rgs
mike

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Quoting Eureka

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Hi Mike,

I attached the EA to 3 currencies. E/J, U/J and E/U. It worked fine on the U/J and E/U, and profitted 15 pips each. But it never placed the orders on E/J. I am using the latest EA that pr1mer posted, on post #584. I'm using Interbank charts.

Carol

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Quoting mikelath

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Hi Carol. I'm glad you've shared your encounter because I was wondering if I was the only one having the same experience....:surprised

I think/hope that pr1mer is continuing to test the EA and eradicate any remaining bugs. In the meantime, I guess we just need to a be a little more patient.

The positive side is that we are now getting a glimpse of the full potential of this strategy once the EA is fully functional. It will indeed turn out to be a set and forget system as I'd hoped.

rgs
mike

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Quoting FedePresident

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Hi mikelath and Pr1mer,

I'm testing the Ea and I've the same problem of Carol.
I've tried to change the daily start hour to 2 for eurjpy and today it has worked fine. Maybe it's only a dailystart hour trouble?

thank you for your efforts!

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Quoting FedePresident

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Hi mikelath and Pr1mer,

I'm testing the Ea and I've the same problem of Carol.
I've tried to change the daily start hour to 2 for eurjpy and today it has worked fine. Maybe it's only a dailystart hour trouble?

thank you for your efforts!

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Quoting Pr1mer

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I'll take a look at this problem.
I'm almost sure that it's not the day-start-hour problem, but still interference between EAs running on a couple of pairs simultanously.

Pr1mer

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Quoting mikelath

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Hi all and welcome to the DAILY95PIPS strategy.

Before we start I urge you to paper trade any new strategy including this one before committing any of your own funds.

Also bear in mind that this system is by no means new and may look familiar to some of you. I am simply passing it on from my predecessors/mentors in the hope that it adds to your existing trading arsenal and increases your trading results.

The basis of this system is VERY simple and has proven to be profitable, though I am adjusting the money management/profit targets. So results for this revised version will be realised on this thread. I must also emphasise the well known phrase that "past performance is no guarantee of future returns".

I will add the daily trading results to this thread as we go along. See post#598 for updated results for the current week. Weekly and individual pairs results are at post #591. (Please disregard the next post #2 as I am unable to add to it.)

That being said, let us proceed with the strategy.

OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday. The option is also there for those inclined to monitor their positions to adjust stop levels as profit targets are reached.
By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.

EXECUTION:

1.) At 5pm EST open the 1hr chart (2hrs b4 start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD. You're welcome to add to the list.)
For those whose brokers spreads are still wide at 5pm EST on Sunday (which is 7am my time on a Monday here in Brisbane), in order to avoid the wide spreads you may need to wait until they reduce to normal before placing the orders for the day. I typically have to wait until around 8pm EST.

2.) Use the high and low of the previous 17hrs. For Mondays orders go back as far as 00:00 EST on Friday for high and low.

3.) Open a total of 6 PENDING orders (for each pair) including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

That's it.

Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades. Though, as already mentioned, to maximise results you may choose to adjust stop levels when profit targets are reached.

There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
Additional to this is the variable outcomes of when both the long and short trades are triggered.
Also note that for those so inclined to monitor the trades, stop levels may be adjusted on remaining lot/s to protect already achieved profits. Trailing stops may also be used at your discretion.

Please note that as a general rule of thumb you should not risk any more than 3% of your trading account on any one trade.
Therefore, with the DAILY95PIPS strategy the order size will need to be divided between the long and short orders. The total potential loss on the long orders (90pips) will therefore add up to 3% of your trading account.
Alternatively, you could risk 3% of your trading capital on EACH order, totalling 9% of your trading capital being risked for the long trades. The same applies to the short orders.

Happy trading everyone !

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Quoting prennie0

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5 pairs i see here so the rule is to make a pending order for usdjpy long and short 5 pips below the low and 5 pips above the high and eurojpy long and short 5 pips below the low and 5 pips above the high and the same for the rest of the pairs right go long and short on 5 pairs is that correct so i should have 5 buys and 5 sells is that correct

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Quoting MPP

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i believe it's more like
5 Pairs each pair has 3 long and 3 short

so a total of 30 pending orders. not completly sure as only just added this thread to my watch list.

from what i gather you should be placeing orders at this time of day too.

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Quoting prennie0

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are there member that currently trading this strategy live

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Quoting sslack88

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This is my first time using EA with MT4. I have a couple of questions:

#1
As soon as I attached the EA to the chart should I see the order lines placed on the chart? Buy Stop, Sell Stop, and the TP levels?

I have attached the EA and I have the smiley face, but orders are not being placed for any of the pairs. (FYI, I have live trading enabled).

#2
DayStartHour Input.
Is this the time shown in MT4? For example, I have a demo account with Interbank FX and 00:00 in their platform corresponds to 8:00pm EST for me. Also, are times entered in 24-hour format. For example, 1500, or do I need to enter 15:00 with the colon?

If I can figure out how to get the EA to work correctly I can help test/debug the system. (I have programming experience with other packages).

Thanks,
Steve

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