DislikedGreat now that we can decide whether to delete the opposite order or not there are other things that should be concidered and I think are possible to make this work better.
Again I have traded these markets for the past tow years and have made consistent profits using the following system that should be easy to incorporoate in this EA. Keep in mind that some Majot traders use this system as well. I cannot speak to who they are but they are Major traders.
The rules they put down are quite simple Trades are made between Midnight EST and 3: am EST playing against the volatitity of the market at that time. Keep in mind also that since no news reports are released at these times the pips spread remains fairly stable. Trades ar eonly placed f the consolidation high to low is less than 80 pips apart. If so then the straddle is placed 20 pips above and below with a stoploss of 40 pips and a limit order of 40 pips. They trade the GBP/USD and the EUR/JPY.
The current EA placed three trades and will work fine but if it could read back and see if the consolidation is within the 80 pips and then placed the trades and if not within the 80 pips then place no trades this would eliminate some bad trades as we now see them.
I am sure that the EA could be adjusted to do this as it now looks back 17 or 24 hours then places the trades then it should be able to do the same , see if we are within the 80 pis and then make a decision to trade or not.
THere is another profitable system to this as well bu lets see if we can attack this problem first.
Also I have seen throughout his forum that we are trading the near NY open when the better time is the European open between Midnight EST and 3: am EST
Bernard
Those that say it can not be done should not interfere with those that are doing it.
www.fxreports.netIgnored
- #1,642
- Feb 6, 2008 10:12am Feb 6, 2008 10:12am
It's just differences between brokers. A good amount of the time they were slightly off from one another. That changes the setting of the orders. Spreads have differed between the two brokers. NF seemed to lag more but also seemed more reliable somehow. Were IBFX may have bounced and knocked out trades the NF would be slower and not catch certain moves that IBFX supposedly did. This seemed to keep NF in the game more often than not. I am interested in trying IKON Royal? Some people have stated they're happy with them but who knows for sure.
My testing as of late has been on hold due to past computer issues but I'm anxious to get back into the game.
Thanks for the response.
I think the differences can only a few pips and i consider to adapt the d95p settings
to make it more stable with different brokers.
I still do not know whether it works.
Naranjoe
- #1,649
- Edited Feb 8, 2008 1:42am Feb 7, 2008 1:12pm | Edited Feb 8, 2008 1:42am
Hi Mike,
Try this idea for your Daily 95. Make your 15pip profit trade with 3x lots, the 30 trade with 2x lots, and the 50 trade with 1x lot.
For example,
Make first trade at Buy with a take profit of +15 --- lot size = .03 (or 3)
Make first trade at Buy with a take profit of +30 --- lot size = .02 (or 2)
Make first trade at Buy with a take profit of +50 --- lot size = .01 (or 1)
The idea here is that hitting the nearby targets is more likely than hitting the far targets therefore bet heavier on the nearby target. AND if the first target is hit, but not targets 2 & 3 you will cover your losses better when stopped out.
Give it a try and let me know what you think.
Good trading on you,
Tom Trader
Wow, what kind of improvement!!!
First i thought like mtaboneweb and Middleastern that the losses are too high.
Then i have tested it myself with GBP/JPY and i am overwhelmed.
I test it with my results in recent weeks.
My performance in $ was doubled although the weeks were not very good.
Very very good, thanks for the idea.
Naranjoe
Hello TomTrader
Wow, what kind of improvement!!!
First i thought like mtaboneweb and Middleastern that the losses are too high.
Then i have tested it myself with GBP/JPY and i am overwhelmed.
I test it with my results in recent weeks.
My performance in $ was doubled although the weeks were not very good.
Very very good, thanks for the idea.
Naranjoe
Be careful on that one. Of course the result doubled. but this is because you obviousley used the double amount of lots i think. instead of 3 positions in one direction, you applied (according to tom) 3,2 and 1 (=6) positions in one direction. Just my thoughts on what may could have gone wrong.
According to Tom:
Same Basis: 3 Lots.
3/6= 0,5
3*0,5= 1,5 Lot on the 15P Target
2*0,5=1 Lot on the 30P Target
1*0,5= 0,5 Lots on the 50P Target.
You will see that the results will differ from yours.
take the calculation again by using the same amount of lots but split them up differently.
According to Tom:
Same Basis: 3 Lots.
3/6= 0,5
3*0,5= 1,5 Lot on the 15P Target
2*0,5=1 Lot on the 30P Target
1*0,5= 0,5 Lots on the 50P Target.
You will see that the results will differ from yours.
Naranjoe: If you have some free time, try to calculate your results in terms of dollars, not pips, because 1 pip with a 1.5 lot size (first TP target) is worth 3 times 1 pip with a 0.5 lot size (3rd TP target).
By the way, I think you misunderstood me. I do think that this strategy may have some advantages, putting more weight on the first TP order.
I am not having much free time these days, but as soon as I can I'll do some backtesting to compare results, both in terms of $$ and in terms of win:lose ratio.
By the way, the pip value in Alpari for GBP/JPY is $0.68. It seems that that's not the situation with other brokers.
Have fun...
Middleastern
bennyFX and Middleastern
you have misunderstood me.
I always calculate my results in dollars ($).
I dont't use 6 positions in one direction.
I use the original set with 3 positions.
I increase the lot amount as it has described by TomTrader.
Remember that i trade GBP/JPY with my setting 40-80-110 that explains my results.
The amount of pips remains the same.
This only increase the amount of $$$.
Naranjoe
you have misunderstood me.
I always calculate my results in dollars ($).
I dont't use 6 positions in one direction.
I use the original set with 3 positions.
I increase the lot amount as it has described by TomTrader.
Remember that i trade GBP/JPY with my setting 40-80-110 that explains my results.
The amount of pips remains the same.
This only increase the amount of $$$.
Naranjoe
bennyFX and Middleastern
you have misunderstood me.
I always calculate my results in dollars ($).
I dont't use 6 positions in one direction.
I use the original set with 3 positions.
I increase the lot amount as it has described by TomTrader.
Remember that i trade GBP/JPY with my setting 40-80-110 that explains my results.
The amount of pips remains the same.
This only increase the amount of $$$.
Naranjoe
1.5 lots at 40 pips TP = $60 (assuming 1 pip = $1)
1.0 lot at 80 pips TP = $80
0.5 lot at 110 pips TP = $55
Total $195
The same applies to those days when the trades are triggered but all three trades are stopped out. Your maximum loss should be -180 (same risk involved), but you have days with -360 (somehow indicating that you may have doubled the lot size, or maybe the trades in both directions (longs & shorts) got triggered)
Tell me if I'm wrong here.
However, even if I'm right, I think the numbers will turn out showing more profit than with the 3 equal trades strategy.
Middleastern
bennyFX and Middleastern
you have misunderstood me.
I always calculate my results in dollars ($).
I dont't use 6 positions in one direction.
I use the original set with 3 positions.
I increase the lot amount as it has described by TomTrader.
Remember that i trade GBP/JPY with my setting 40-80-110 that explains my results.
The amount of pips remains the same.
This only increase the amount of $$$.
Naranjoe
But the answer is given by yourself: "I increase the lot amount as it has described by TomTrader."
So you doubled your input.
--> More input = More output
This is why every result is exactly twice as high in $$$.
But you need to claculate the $$$ output on the same $$$ Basis!!
Fix the amount of $-input so you can't buy more Lots than before.
This is elemenary maths.