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Breakout + Spread!! Sure!!!

  • #941
  • Apr 29, 2008 6:35am Apr 29, 2008 6:35am
I have two little accounts to test the trading strategies live after demo. These account are opened on Alpari (UK)... and currently testing four systems... OzFx, Eagle BO, TSR Igor, and Fozzy...


I prefer to use Jacko´s approach in my main account (fibo retracements mixed with a fundamental strategy)...

Well yesterday was a bad day to start live testing this system

Here are the results... (live account)

28-04-08
EURUSD: -50 (L), -50 (S) (SL was the range of the square... I sorry)
EURCHF: -35 (L), -35 (S)
Total pips = -170

29-04-08 (TP 2*ATR, SL 1*ATR)
Closed orders: Opened orders:
EURUSD: 50 (S) None
EURCHF: 30 (S)
EURJPY: 50 (S)
EURCAD: 60 (S)
Total pips = + 190

I have excluded EURAUD and EURNZD because these pairs have too many spikes... and high spread... better with larger timeframes...
... All good things come to those who wait...
  • #942
  • Apr 29, 2008 6:37am Apr 29, 2008 6:37am
Quoting nomoretoxic
Zeropip

Have you considered periods of drawdowns with this sytem??

I like your ATR apporach by the way
That´s why I´m testing live.... demo is not accurate with the drawdown results...

If you wanna trade Money management is IMPORTANT...
... All good things come to those who wait...
  • #943
  • Apr 30, 2008 12:40am Apr 30, 2008 12:40am
EURUSD
BuyStop at 1.5593 SL 25 TP 40
SellStop at 1.5553 SL 25 TP 40

EURGBP
BuyStop at 0.7928 SL 15 TP 25
SellStop at 0.7904 SL 15 TP 25

EURCHF
BuyStop at 1.6167 SL 20 TP 35
SellStop at 1.6136 SL 20 TP 35

GBPUSD
BuyStop at 1.9693 SL 35 TP 60
SellStop at 1.9654 SL 35 TP 60
... All good things come to those who wait...
  • #944
  • Apr 30, 2008 6:16am Apr 30, 2008 6:16am
13:OO LONDON HOUR...

Closed orders:
EURUSD: -25(L)
EURGBP: -15(L)
EURCHF: -
GBPUSD: -35(S), -35(L)

Opened orders:
EURUSD: 5(S)
EURGBP: -4(S)
EURCHF: -18(S)
... All good things come to those who wait...
  • #945
  • Apr 30, 2008 7:50am Apr 30, 2008 7:50am
Quoting ZeroPip
13:OO LONDON HOUR...
Closed orders:
EURUSD: -25(L)
EURGBP: -15(L)
EURCHF: -
GBPUSD: -35(S), -35(L)
Opened orders:
EURUSD: 5(S)
EURGBP: -4(S)
EURCHF: -18(S)
Hi ZeroPip,
I think that your results could be better if yoy set TS (trailing stops) to your trades.
Your targets are very chalenging, and if you reach them, you will have a lot of pips. but, in many cases, the pending order triggers, the graph start moving in your target direction, and turns around. Dont you deserve getting something from such a trade ? Using TS's may give give you some green pips that are better then the results you currently have.
Another option can be changing you RR ration to 1:1, TP 1 ATR, SL 1 ATR.
Just my 2 cents,
BR
Dani M
  • #946
  • Edited 12:12pm Apr 30, 2008 11:48am | Edited 12:12pm
Zeropips...
Im sorry you had a bad experience with your trades today. Maybe if you have time you might look at a slightly different approach that Ive had some success with recently.
Use the breakout-eagle_indicator-with_autospread indy but set to 04:00-08:00 GMT..(that would be 5-9 London summertime - 6-10 CET etc) Use an xPMA indy set at 10-5-0-0.8... 60m chart.

version A - Trading only in the direction in which the xPMA enters the 4-8 box and cancelling orders at anytime during the day, if xPMA changes colour (red>green or vica versa---yellow and yellow back to original colour is ok)
place buy/sell orders with maybe 2/3 pips room.
You can trade all majors and most crosses. Ive lookd at 20+
For TPs and SLs a sensible range/ATR approach is best.
and use all usual TA, S&R, Day, week and month H/Ls , Fibos etc
for in Trade management

Heres the score from today for the 20+ pairs I´ve been looking at...

11 signals..9 worth 50+ pips & 3, more than 20 pips.
Triggered signals..

Majors...
EURUSD - 50+
USDJPY - 80+
AUDUSD - 60+
USDCHF - No Signal
GBPUSD - No Signal
NZDUSD - 30+

Crosses...
EURAUD 100+
GBPCAD 50+
AUDJPY 100+
etc.. check em out your self..

Like most breakout approachs its not great when markets get in gittery tight ranges... before a major announcement or during consolidation days..
Try checking it back visually. in last three weeks, worst day - last Monday-- best previous Monday. Some days xPMA filter rules out some great moves. So I´m working on a "sub-rule" to allow bypass in certain conditions.
Finally.. as I´m sure you know...indy "Signals" CAN differ depending on broker feed. I use an ODL demo. which is GMT based.
  • #947
  • May 1, 2008 11:18pm May 1, 2008 11:18pm
I don't know if anyone still reading this thread can help, but is it possible to change the original indicator so that it displays the high and low above and below the box. It would just make everything a little easier and quicker.

Much appreciated

Max
Gravity goes both ways in forex...
  • #948
  • May 6, 2008 9:28am May 6, 2008 9:28am
If we carry out basket trading using eagles break-out system, the profit will be much. We can hav say a 14 Currency pairs and trade the breakout of 14 of them. One advantage of trading currency in a basket is that the profitable currency pairs will cover for the losing ones. We can set a collective stop loss and collective take profit level. When any of these is attained, we close the trade. Attached is a screen shot of a demo I experimented on this.

I used EA for this.
Attached Image (click to enlarge)
Click to Enlarge Name: tim-2008-may-6-002.jpg Size: 571 KB
  • #949
  • May 6, 2008 1:55pm May 6, 2008 1:55pm
What's that 2 colored indicator you have on your screen Timex83? Some kind of MA?
  • #950
  • May 7, 2008 1:35am May 7, 2008 1:35am
Quoting nadar
What's that 2 colored indicator you have on your screen Timex83? Some kind of MA?
Slope direction line
  • #951
  • May 7, 2008 3:23am May 7, 2008 3:23am
Dear Timex83,

Are you currently trading that basket of 14 currencies?


Lenoxer
  • #952
  • May 7, 2008 11:32am May 7, 2008 11:32am
Timex hi..

Ive been developing a similar approach...I was interested that you use the SDL indicator. I use xPMA 10/5/0.8 trading only in direction of trend.
Tested basket of 22 for 4 weeks.. with specific high probabiity pairs AUDUSD, Cable, EURJPY, EURAUD, GBPCAD, GBPJPY ,AUDCHF & NZDCHF. SL 50/65 with 3 TPs using a trade management EA. Spacing set each day based on individual volitility trending/ranging/consolidating and recent ranges.
I notice your screenshot shows 100 pip sl/tp what kind of results have you had with this or are there just virtual stops with real ones hidden?

C
  • #953
  • May 7, 2008 1:57pm May 7, 2008 1:57pm
Quoting cliffedwards
Timex hi..

Ive been developing a similar approach...I was interested that you use the SDL indicator. I use xPMA 10/5/0.8 trading only in direction of trend.
Tested basket of 22 for 4 weeks.. with specific high probabiity pairs AUDUSD, Cable, EURJPY, EURAUD, GBPCAD, GBPJPY ,AUDCHF & NZDCHF. SL 50/65 with 3 TPs using a trade management EA. Spacing set each day based on individual volitility trending/ranging/consolidating and recent ranges.
I notice your screenshot shows 100 pip sl/tp what kind of results have you had with this or are there just virtual stops with real ones hidden?

C
I got an expert advisor from one of the forums that hav similar Breakout strategy. The setback is that d expert advisor doesn't take the existing trend into cognizance. After the end of 8, it places pending orders at both end of the box. Whichever is triggered first is taken and the other pending order is cancelled after some time.

The EA has the basic principle as Eagle's on page 1 of this thread.
It'll b better if some1 can produce an EA that takes Slope direction line into cognizance and will only enter trades in the direction of the slope. The EA shld also consider news events.

If I had asked the EA 2 take 10 pip profit from the currency in d basket, I'm sure it will b a winner as some of d currency went 20 pips, some 30 pip before changing course.

My settings yesterday was TP = 100 and SL = 100. I closed d trades when total profit was 220 pips. 2day, my settings are TP = 60, SL = 100. Not nice, though d EA has banked 290.86 pips and stop loss hit on eurjpy. The other trades are running at losses.

Cliffward, I'm sure if an EA is well developed that has no SL or TP for each Cpair but a collective SL and TP, we hav something nice. I say collective SL and TP becasue some of the trades closed for 60 pips profit are still profitting. They could hedge d losing ones.

Cliff, your thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: bio.gif Size: 63 KB
Attached File(s)
File Type: ex4 NicoTinaBreakOut_V2.ex4   29 KB | 1,451 downloads
  • #954
  • May 8, 2008 2:29am May 8, 2008 2:29am
Attached is a manual for d EA. Any1 good in programming can hav a feel of d program by looking at d manual. U would hav discovered that the EA programmer made his, use-only, so its difficult for me to make modification if I can.
Attached File(s)
File Type: doc NICOTINA%20EXPERT%20ADVISOR%20V2.doc   154 KB | 1,730 downloads
  • #955
  • May 8, 2008 1:45pm May 8, 2008 1:45pm
Quoting timex83
Slope direction line
Can you post this indicator? thx
  • #956
  • May 8, 2008 3:09pm May 8, 2008 3:09pm
Quoting nadar
Can you post this indicator? thx
This slope direction line has settings of 40,3,0 and it also has an alert for color change.
Attached File(s)
File Type: mq4 Slope_Direction_Line_Alert.mq4   6 KB | 1,242 downloads
  • #957
  • May 9, 2008 1:11pm May 9, 2008 1:11pm
Quoting cliffedwards
Zeropips...
Im sorry you had a bad experience with your trades today. Maybe if you have time you might look at a slightly different approach that Ive had some success with recently.
Use the breakout-eagle_indicator-with_autospread indy but set to 04:00-08:00 GMT..(that would be 5-9 London summertime - 6-10 CET etc) Use an xPMA indy set at 10-5-0-0.8... 60m chart.

version A - Trading only in the direction in which the xPMA enters the 4-8 box and cancelling orders at anytime during the day, if xPMA changes colour (red>green or vica versa---yellow and yellow back to original colour is ok)
place buy/sell orders with maybe 2/3 pips room.
You can trade all majors and most crosses. Ive lookd at 20+
For TPs and SLs a sensible range/ATR approach is best.
and use all usual TA, S&R, Day, week and month H/Ls , Fibos etc
for in Trade management

Heres the score from today for the 20+ pairs I´ve been looking at...

11 signals..9 worth 50+ pips & 3, more than 20 pips.
Triggered signals..

Majors...
EURUSD - 50+
USDJPY - 80+
AUDUSD - 60+
USDCHF - No Signal
GBPUSD - No Signal
NZDUSD - 30+

Crosses...
EURAUD 100+
GBPCAD 50+
AUDJPY 100+
etc.. check em out your self..

Like most breakout approachs its not great when markets get in gittery tight ranges... before a major announcement or during consolidation days..
Try checking it back visually. in last three weeks, worst day - last Monday-- best previous Monday. Some days xPMA filter rules out some great moves. So I´m working on a "sub-rule" to allow bypass in certain conditions.
Finally.. as I´m sure you know...indy "Signals" CAN differ depending on broker feed. I use an ODL demo. which is GMT based.

Thanks for the advise...
I´m sorry for not update the results... they were very bad... you know it can happens... my goal was to test it on real and it need to be reexaminated... I was not trading this week because i wen´t to a rural town here in Peru... to make health service to its people... I will review your advise... Thanks so much again...
... All good things come to those who wait...
  • #958
  • May 9, 2008 1:17pm May 9, 2008 1:17pm
Quoting timex83
I got an expert advisor from one of the forums that hav similar Breakout strategy. The setback is that d expert advisor doesn't take the existing trend into cognizance. After the end of 8, it places pending orders at both end of the box. Whichever is triggered first is taken and the other pending order is cancelled after some time.

The EA has the basic principle as Eagle's on page 1 of this thread.
It'll b better if some1 can produce an EA that takes Slope direction line into cognizance and will only enter trades in the direction of the slope. The EA shld also consider news events.

If I had asked the EA 2 take 10 pip profit from the currency in d basket, I'm sure it will b a winner as some of d currency went 20 pips, some 30 pip before changing course.

My settings yesterday was TP = 100 and SL = 100. I closed d trades when total profit was 220 pips. 2day, my settings are TP = 60, SL = 100. Not nice, though d EA has banked 290.86 pips and stop loss hit on eurjpy. The other trades are running at losses.

Cliffward, I'm sure if an EA is well developed that has no SL or TP for each Cpair but a collective SL and TP, we hav something nice. I say collective SL and TP becasue some of the trades closed for 60 pips profit are still profitting. They could hedge d losing ones.

Cliff, your thoughts
Like the thinking.. There is an element of hedge but be careful of (1)different value pips /ie lot sizing...(2) check what the REAL hedge potential is.. say your short GBP and 5 GBP crosses.. cause the pound is gone weak overnight then it suddenly whips an hour after your trades are triggered...-news or some other event risk- a resistance reversal level..whatever...WooooH... if the other majors are quiet...suddenly you are in deep DoDa on six trades .
..
You thought you were hedged but you were actually very exposed to GBP reversal..

Now Im NOT being negative.. just that we would need a balancing calculation to ensure we dont get too exposed to any specific major ... (does that make sense?)

I'm working on another persoective...
How to sort out the highest probability trades from the slope/xPMA filter on eagle. I've done visual back through April, and IDd 7 pairs that have proved most consistent for my version of system. I've also begun to do analysis each morning on relative strength majors..
Today for example the system showed CHF and yen bullish.. and GBP NZD & AUD unanimously bearish. Majors and all crosses..
This suggested that relative strength winners , assuming trend continuation.. and trigger..would be Short AUDJPY AUDCHF NZDJPY NZDCHF GBPJPY & GBPCHF. and USDCHF...
This basket had over 600pips potential win today on just 7 trades!!!!!!!..
Of course if it had reversed....LoL
  • #959
  • May 12, 2008 11:37am May 12, 2008 11:37am
Hi,

I am a newbie in forex trading as well a new member in this forurm here.I live in LA(PST).

I'am changing the times to periodBegin 01:00,periodEnd 04:00 and Boxed 23:00. Can I make this? I use Meta Trader-North Finance.
  • #960
  • May 18, 2008 7:26pm May 18, 2008 7:26pm
Hi I am from Sweden what time shall i use for the Eagle indicator ?

also there seeems to be some wipsaws it goes out of the box but not enought to reach the target then it goes inside again is there something to do to prevent me from taking this false signals ?

best regards
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