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  • #61
  • Jun 30, 2008 4:03am Jun 30, 2008 4:03am
another +50 points for 2day.... not bad...
  • #62
  • Jun 30, 2008 4:37am Jun 30, 2008 4:37am
Quoting thehenryfam
I am trying to wrap my brain around this whole time difference thing. I'm on EST using IBFX. I am GMT-4, and Mio is GMT+2, so a 6-hour difference. So how did you arrive at my needing to go back 2 hours and use 6 PM to 5:59 PM with IBFX? Sorry if I'm being dense here. Does his broker not use "pure GMT"?

Thanks,
Scott
Where any of us are located doesn't matter.

What matters is when our broker begins a new daily candle.

IBFX begins a new daily candle at 0000 GMT.
That equates to 8PM EST.

Most other brokers begin their daily candles at 2200 or 2100 GMT.
2200 equates to 6PM EST.

That is 2 hours earlier than IBFX.

Mio indicated his daily bar began a Midnight CET time (GMT+2) which is 2200 GMT.

If you are looking at an IBFX chart and a new daily bar begins, Mio's new daily bar is already 2 hours old.

If you are using IBFX and you want to cover the same time period Mio covers in his day, you cannot use the IBFX daily bar. Rather, you can look on an IBFX 1H chart for the H and L that occurred between 2200 and 21:59.

Does that make any more sense?
  • #63
  • Jun 30, 2008 7:25am Jun 30, 2008 7:25am
Yep, great start so far for this method! Always nice to come out of the gate on a new system with two straight wins. Mio says it's 80% when it triggers. So we'll see...

Cheers,
Scott

Quoting microsuck_36
another +50 points for 2day.... not bad...
Prices are never too high to begin buying or too low to begin selling.
  • #64
  • Jun 30, 2008 7:33am Jun 30, 2008 7:33am
Thanks, Bill. I understand everything except how you came to the conclusion that midnight CET time (GMT +2) equates to 2200 GMT.

Scott

Quoting billbss
Where any of us are located doesn't matter.

What matters is when our broker begins a new daily candle.

IBFX begins a new daily candle at 0000 GMT.
That equates to 8PM EST.

Most other brokers begin their daily candles at 2200 or 2100 GMT.
2200 equates to 6PM EST.

That is 2 hours earlier than IBFX.

Mio indicated his daily bar began a Midnight CET time (GMT+2) which is 2200 GMT.

If you are looking at an IBFX chart and a new daily bar begins, Mio's new daily bar is already 2 hours old.

If you are using IBFX and you want to cover the same time period Mio covers in his day, you cannot use the IBFX daily bar. Rather, you can look on an IBFX 1H chart for the H and L that occurred between 2200 and 21:59.

Does that make any more sense?
Prices are never too high to begin buying or too low to begin selling.
  • #65
  • Jun 30, 2008 8:09am Jun 30, 2008 8:09am
Quoting thehenryfam
Thanks, Bill. I understand everything except how you came to the conclusion that midnight CET time (GMT +2) equates to 2200 GMT.

Scott
I just know that it is.
GMT is the universal time. Greenwich Mean Time.
Greenwich is in England.
Central Europe is always 1 hour later than England. Just like New York is always one hour later than Chicago.

During the Winter, when it is 0000 GMT it is Midnight in England and 1AM in Central Europe.

Europe and England also have a Daylight Savings Time (they call it Summer time, I think). They move their time up 1 hour.

During the Summer, when it is 000GMT it is 1AM in England and 2AM in Europe. Make sense?

Now count backwards.

What was the GMT time when it was Midnight in Central Europe?

It was 2 hours earlier. It was 2200 GMT.
  • #66
  • Jun 30, 2008 8:21am Jun 30, 2008 8:21am
Makes perfect sense now. Thanks for taking the time to give such a thorough explanation.

Scott


Quoting billbss
I just know that it is.
GMT is the universal time. Greenwich Mean Time.
Greenwich is in England.
Central Europe is always 1 hour later than England. Just like New York is always one hour later than Chicago.

During the Winter, when it is 0000 GMT it is Midnight in England and 1AM in Central Europe.

Europe and England also have a Daylight Savings Time (they call it Summer time, I think). They move their time up 1 hour.

During the Summer, when it is 000GMT it is 1AM in England and 2AM in Europe. Make sense?

Now count backwards.

What was the GMT time when it was Midnight in Central Europe?

It was 2 hours earlier. It was 2200 GMT.
Prices are never too high to begin buying or too low to begin selling.
  • #67
  • Jun 30, 2008 8:36am Jun 30, 2008 8:36am
Quoting thehenryfam
Makes perfect sense now. Thanks for taking the time to give such a thorough explanation.

Scott
The easy way to do it is to download an Alpari MT4.
It changes days at 2200 GMT.
Take the numbers from there and trade your IBFX platform.

Mio uses FDDX. The last time I tried, FDDX wont give you a demo account on MT4. They have some other trading platform with a different time standard.
  • #68
  • Jun 30, 2008 8:44am Jun 30, 2008 8:44am
Here are a couple of links that may help you with the time thing....
Forex market hours
World clock
Same Whore .... Different Dress
  • #69
  • Jun 30, 2008 8:51am Jun 30, 2008 8:51am
Ok, will do. What about in the winter when Central Europe is 1 AM at 0000 GMT? Back to the drawing board at that point?

Scott

Quoting billbss
The easy way to do it is to download an Alpari MT4.
It changes days at 2200 GMT.
Take the numbers from there and trade your IBFX platform.

Mio uses FDDX. The last time I tried, FDDX wont give you a demo account on MT4. They have some other trading platform with a different time standard.
Prices are never too high to begin buying or too low to begin selling.
  • #70
  • Jun 30, 2008 8:56am Jun 30, 2008 8:56am
Quoting thehenryfam
Ok, will do. What about in the winter when Central Europe is 1 AM at 0000 GMT? Back to the drawing board at that point?

Scott
Alpari might change during the Winter with standard time.

Some of the brokers do.
  • #71
  • Jun 30, 2008 9:11am Jun 30, 2008 9:11am
Another great day here

The sell order touched +50 pips
  • #72
  • Jun 30, 2008 10:16am Jun 30, 2008 10:16am
Well, I downloaded Alpari and looked at the Friday/Sunday bar. The high was within 1 or 2 of what I came up with by taking the 22:00 to 21:59 hourly bars at IFBX, but the low was 12 pips off!

IBFX high: 212.96
Alpari high: 212.97

IBFX low: 210.45
Alpari low: 210.57

Early in the thread Mio told us what he got as high and low on June 4. Comparing that with Alpari:

FXDD high: 206.63
Alpari high: 206.62

FXDD low: 204.53
Alpari low: 204.50

Any idea why the discrepancy? Are all brokers different? Color me thoroughly confused.

Scott


Quoting billbss
The easy way to do it is to download an Alpari MT4.
It changes days at 2200 GMT.
Take the numbers from there and trade your IBFX platform.

Mio uses FDDX. The last time I tried, FDDX wont give you a demo account on MT4. They have some other trading platform with a different time standard.
Prices are never too high to begin buying or too low to begin selling.
  • #73
  • Jun 30, 2008 10:20am Jun 30, 2008 10:20am
Quoting billbss
Alpari might change during the Winter with standard time.

Some of the brokers do.
I have been trading using Alpari for about a year and a half and their broker time changes along with standard time so their shouldn't be a problem
  • #74
  • Jun 30, 2008 10:23am Jun 30, 2008 10:23am
Quoting thehenryfam
Well, I downloaded Alpari and looked at the Friday/Sunday bar. The high was within 1 or 2 of what I came up with by taking the 22:00 to 21:59 hourly bars at IFBX, but the low was 12 pips off!

IBFX high: 212.96
Alpari high: 212.97

IBFX low: 210.45
Alpari low: 210.57

Any idea why the discrepancy? Color me thoroughly confused.

Scott
On Friday, there is no 21:59 with IBFX.
It stops at 2100 GMT.
There was an hour's worth of market activity after IBFX closed.
  • #75
  • Jun 30, 2008 10:44am Jun 30, 2008 10:44am
Yeah, but the price was nowhere near the lows during that last hour, and I checked Alpari, and there didn't appear to be any spikes. Odd.

I was able to get an FXDD demo with MT4. Interestingly, even those numbers don't jive perfectly with the others. Let's look at June 4 since that is what Mio gave us as an example.

MIO high: 206.63
ALPARI high: 206.62
FXDD high: 206.60
IBFX high: 206.60

MIO low: 204.53
ALPARI low: 204.50
FXDD low: 204.49
IBFX low: 204.48

So there appears to be a discrepancy of 3-4 pips between the brokers.

Given that, I think you should trade off the same platform you get your signals from.

Scott

Quoting billbss
On Friday, there is no 21:59 with IBFX.
It stops at 2100 GMT.
There was an hour's worth of market activity after IBFX closed.
Prices are never too high to begin buying or too low to begin selling.
  • #76
  • Jun 30, 2008 10:51am Jun 30, 2008 10:51am
Quoting thehenryfam
Yeah, but the price was nowhere near the lows during that last hour, and I checked Alpari, and there didn't appear to be any spikes. Odd.

I was able to get an FXDD demo with MT4. Interestingly, even those numbers don't jive perfectly with the others. Let's look at June 4 since that is what Mio gave us as an example.

MIO high: 206.63
ALPARI high: 206.62
FXDD high: 206.60
IBFX high: 206.60

MIO low: 204.53
ALPARI low: 204.50
FXDD low: 204.49
IBFX low: 204.48

So there appears to be a discrepancy of 3-4 pips between the brokers.

Given that, I think you should trade off the same platform you get your signals from.

Scott
You can do that if you want to.

I won't do it on Sunday from the IBFX Friday candle. It's chopped off by an hour. Sometimes there are new Highs and Lows made that last hour, particularly if there is a big up move or down move in progress.

If I was going to get signals from IBFX, I would take its H and L from 2200 - 21:59, on regular week days, to match as closely as possible what Mio is doing.

He backtested with those times.
  • #77
  • Jun 30, 2008 11:35am Jun 30, 2008 11:35am
Hi, Stan. Mio is on vacation for the next three weeks, so we are on our own here.

As I understood him, if one of your pending orders gets triggered but then gets stopped out, you create an identical pending order to replace it. To answer your last question, I think you would remove the opposite pending order ONLY if you hit your Take Profit on your triggered order. Otherwise it would stay open in case price reversed dramatically, which would enable you to recoup some of your losses on the first trade.

Scott

Quoting stanchuks
Do you mean that when i am stopped in a particular trade, you dont allow the other pending trade which is on the opposite direction to trigger, you place a pending order in thesame direction you were stopped?

if this is what you mean could you please use numbers to give an example of how to place the second trade when stopped

and finally does this means that when one pending trade is triggered you remove the other pending order?
Prices are never too high to begin buying or too low to begin selling.
  • #78
  • Jun 30, 2008 11:39am Jun 30, 2008 11:39am
For study purposes:

Indicator:
Attached File(s)
File Type: ex4 mio GBPJPY Daily Pips.ex4   4 KB | 405 downloads


Indicator usage through iCustom:
Attached File(s)
File Type: mq4 mio_indicator_through_iCustom.mq4   < 1 KB | 375 downloads


Sample EA:
Attached File(s)
File Type: mq4 mio_indicator_as_EA.mq4   < 1 KB | 360 downloads
  • #79
  • Jun 30, 2008 11:39am Jun 30, 2008 11:39am
Hello all,

„average 81.3% winners“ sounds great

i made a quick manual backtest from Jan 2007 and stoppt at the end of June 2007 because after 95 trades and 52 winner = 54.7% winner
result was +102 pips minus commision, my spread is 4 pips.
if you have 8 pips spread the result would be worse.

Did any buddy else made a backtest??

----------------------------
Do not believe a thing
because it is said by an authority,
or because it is said to come from angels,
or from gods,
or from an inspired source.
Believe it only
if you have explored it
in your own heart
and mind
and body
and found it to be true.
Work out your own path
through this world with diligence
  • #80
  • Jun 30, 2008 11:46am Jun 30, 2008 11:46am
I will probably go ahead and just use FXDD daily bars for signals going forward (for convenience if nothing else). If this system turns out to be as good as Mio says, maybe I'll just open an account at FXDD.

Scott

Quoting billbss
You can do that if you want to.

I won't do it on Sunday from the IBFX Friday candle. It's chopped off by an hour. Sometimes there are new Highs and Lows made that last hour, particularly if there is a big up move or down move in progress.

If I was going to get signals from IBFX, I would take its H and L from 2200 - 21:59, on regular week days, to match as closely as possible what Mio is doing.

He backtested with those times.
Prices are never too high to begin buying or too low to begin selling.
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