Daily95pips

I'm using Daily95pips FXDD Fall Version
EURUSD and EURUSD according to the rules on post1.
GBPJPY according to naranjoe setting (post #1456)

Date Monday 4 August 2008

EURJPY +15
EURUSD -90
GBPJPY 0 (didn't trigger)

Total: -75 pips

I'm using Daily95pips FXDD Fall Version
EURUSD and EURUSD according to the rules on post1.
GBPJPY according to naranjoe setting (post #1456)

Date Monday 4 August 2008

EURJPY +15
EURUSD -90
GBPJPY 0 (didn't trigger)

Total: -75 pips



Date Tuesday 5 August 2008

EURJPY +95
EURUSD +15
GBPJPY +230

Total: +340 pips

http://www.forexfactory.com/images/misc/progress.gif

Hi tomomi72003, I had been recommended a larger SL for this method by a very good trader many weeks ago. However, I failed to listen,"and did it my way." It looks now to me that a SL of 45-60 pips on Eur/Usd may produce better results. Testing with IBFX strategy tester from 3/09/08 to 8/08/08 produced good results in my opinion. My settings were : Margin...6. SL...45. Break even...20. TP 1...20. TP 2...30. TP 3...55. Day/Start/Hour...1 hour before London open. After time change in London, this is 06:00 GMT, then reverts to 07:00 when time is changed back. Look Back Hours...24. Order Expiration Hours...9. I have orders expiring one hour before London close. Of course this is not trading advice. It is just how I have tested the method. Of course it must be remembered that MT4 strategy testers have been called second rate, and also that one should not place a great deal of faith in their output, because they are not tick by tick data. I am not too sure about this. Anyway, good luck in your trading.

Hi, I'm reading all this thread and I'm working to produce an EA that works on daily bars, instead of 1H time frame.
In this way I can avoid to think about what is the better open hour.
Daily candles are the same all over the world, isn't it?
In my opinion, working on daily candles take the work easier.

Another point: I'm trying to define take profit levels in this way.

Take profit 1: High[1] + 15% previous day ATR(4)
Take profit 2: High[1] + 30% previous day ATR(4)
Take profit 3: High[1] + 45% previous day ATR(4)

In recent months I read some breakout systems studies and I saw that the ATR(4) instead of ATR(14) or ATR(21) works very well on a small time horizon.

I will post here if I obtain interesting results.

The more i read this thread the more i get confused about the time. So 5pm est is 4 pm ctd. That's 21.00 GMT on IBFX right? If yes thats not 2 hours before the ASsian market opens...What am i missinG?

where is mikelath ?

Hi

I am just wondering which is the latest EA for this strategy? Not sure I have the latest one. I am using it as the basis for an EA version of the New York Box breakout strategy.

ALso, OCO has been mentioned in relation to this strategy. I cannot find this in the EA. Is it present, or does it still need adding?

Many thanks

David

I've read through the entire thread. There was so much hard work put in here. I was so excited, but things seem to have quieted down. Has anyone gone on to make consitent profits with a live account? Thank you, Alexandra

I wonder if Mike and others are still forwardtesting EA...

Have read almost all posts, but, maybe overread something in second half.

Did you guys lost interest in this thing or it didn't make profit ?

Hello pipping,

I prefer used simple trading system, I used moving average

BTW, be careful as latest version (and all other before) i have found here has a bug, one part of program code is badly written and it opens all orders normal but x 3 (same order three times) on the begining of week.

Anyone noticed this ?


(will soon post EA as it should be)

i've tasted this system many times, its always make you lose pips what means money,

there is an idea cames to my head that night when i was thinking of this system, its a gamblers way of getting rich, and i think you can apply it here and profit too..

use a little % of your whole capetal, just like %1, and X2 it when you lose.

Exampel-

in $10,000 account..

first day you lost 100 pips what means $100 thats %1 of your account.

2nd day you enter with $200 what means %2 of ur account, if you win 100 pips then you have made %1 profit in 2 days, if you lost the %2 again in the 2nd day.

then the 3rd day come, you enter with %4 of your account, if you win 100 pips then you have made %1 profit in 3 days, if you lost the %4 then enter with %8 in the 4th day

its kinda easy money management strategy, and it can low the risk..

there is another thing important, that your first entary is what you will get after the end of the lossing wave, exampel, when u first enter with $1000, and got 10 losses in row in 10 days, and won in the 11 day, that means you have made $1000 in 11 days, if you entered with $10, and again got into 10 lossing trades in row, and won in the 11 day that means you have made just $10 in 11 days. so its matter how much money you have in ur account since you just ganna use %1 or %2 of ur whole capetal.

another thing, you need to TP the same amount of pips if u wanna use this money management strategy.

thanks for reading, for more information feel free to PM me


Faris.

The system you are referring to is called Martingale system and it's nothing new.

You forgot to mention one tiny rhing, but it's a huge thing.

If you had 10000$, and first day you started with 10% (100$), let's look what would happen if you would double every day (if we have a loosing streak)

1 day - 100$ (100$ total invested)
2 day - 200$ (300$ total)
3 day - 400$ (700$)
4 day - 800$ (1500$)
5 day - 1600$ (3100$)
6 day - 3200$ (6300$)
7 day - 6400$ (12700$)

So, as you see, you would not last for more than 6 days with this system.

8 day - 12800$ (25500$)
9 day - 25600$ (51100$)
10 day - 51200$ (102300$)

As you also see, for 10 days you wouldn't survive even if you started with 1% (10$) !

anyone still trading this?

Yes I'm still trading this or a slight variation. I'm just using a single order on GBP/JPY.
Start time 7am BST
Lookback 24hrs
Target 110
Stop 60

I've backtested it over 5 years on tradestation using 5 minute data and it will make about 40 pips per week.

Its fairly robust for this pair as other parameters work well. Other pairs are also profitable but to a lesser extent.

If you can handle the drawdowns higher profit targets are more profitable, but I'm happy with a conservative setting for now.

There are loads of breakout varations on the forum some better than others. Most of them will probably be profitable I guess.

Cheers
Pipnick

wow thats awesome pipnick ! if possible could you publish the results of your backtest for or if you prefer not to could you at least tell us :-

how much was lost in the worst month?
how many months were losing months over the 5 year test period?
what was the max number of losers you had in a row?

thanks

Here you go fugly, the attached spreadsheet should answer your questions.
Cheers
Nick

just wondering what brokers you guys are using to trade thio method now that the NFA regulation is in effect? I'm with IBFX and I can't place opposing pending orders and am therefore hunting around for another MT4 broker allowing hedging and which offers mini accounts

Hi Trumpcard,

I have a question. I heard about the new hedging regulations but I thought it just applied to having two open trades (a short and long) on the same pair in the same account? Does it also deal with pending trades that are not even open yet? Like if I have a short trade open and my pending long will not open until the short closes. Is this not allowed by brokers now? Thanks for your response.

I wanted to add that the broker I use (Forex.com) will be allowing hedging at their UK division. You might want to check with them. I have been very happy with them so far and they offer mini and micro accounts. And also MT4.

thank you very much Nick ! much obliged ....... the results appear to be quite encouraging especially since its over a 5 year period.

I was just wanting to ask you whether you were able to consider the spread in the back test, especially in the case of gj as its normally quite large.

thanks again