OILFXPRO cable breakout system | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another simple breakout system 32 replies

Another great Breakout GBP/JPY System (Dachel's Simple system) 62 replies

Cable Hypercross System Development 8 replies

Laposta System made for Cable (GBP/USD) 20 replies

OILFXPRO Euro/usd breakouts 3000 pips p a 5 replies

Attachments: OILFXPRO cable breakout system
Exit Attachments

OILFXPRO cable breakout system

  • #21
  • Feb 24, 2007 1:24pm Feb 24, 2007 1:24pm
Quoting audionut
. (London opens at 3am EST).. is this the right timeframe i.e, 2am to 3 am EST? I tried editing your indicator to +7 (FXDD time frame is GMT +7) but the indicator STILL starts at 2:00AM EST..
I was understanding that the 3am to 4am EST was the correct hour?
9 to 10 CET is equivalent to 8 to 9 GMT (London time) and 3 to 4am EST, so you are correct.
  • #22
  • Feb 24, 2007 1:54pm Feb 24, 2007 1:54pm
Quoting audionut
Appreciate your posting this POWERFUL system, El Cid... backtesting for Feb has shown me over 500 pips to date!!...
Your template/indicator starts at 2am EST... (London opens at 3am EST).. is this the right timeframe i.e, 2am to 3 am EST? I tried editing your indicator to +7 (FXDD time frame is GMT +7) but the indicator STILL starts at 2:00AM EST..
I was understanding that the 3am to 4am EST was the correct hour?
use alpari russian demo.
http://www.alpari-idc.ru/en/

They use C E T

eL Cid
  • #23
  • Feb 24, 2007 3:56pm Feb 24, 2007 3:56pm
Here are the results for January 2007

As per rules and slight discretion 283 pips , 13.47 pips per day
Attached Image
oilfxpro=dat
  • #24
  • Feb 24, 2007 4:20pm Feb 24, 2007 4:20pm
Quoting EL CID
These People Are Crazy About Us Posting Links
I've read thru the chapter one excerpt you provided. In reading thru it, I 'm a bit confused as to what/where the "A up/down" and "C up/down" values are?

I think I would understand it just fine if the excerpt had the chart examples included. Do you possibly have a copy of the excerpt that includes the chart examples?
  • #25
  • Feb 24, 2007 6:24pm Feb 24, 2007 6:24pm
403 pips profit in February 2007.
Attached Image
oilfxpro=dat
  • #26
  • Feb 25, 2007 1:39am Feb 25, 2007 1:39am
who is going to test this system for 6 months?or to test this system manually for last 5 years or tweleve months?

The system produced 18 pips a day for this year from January 1.

Trading $10 per pip would make $180 per day OR $45,000 per year ,provided the system keeps performing.

Drawdown expected 500 pips ($5,000 ) unexpected drawdown 1,000 pips ($10,000).Unexpected drawdown is in event of unexpected catastrophe.
Most likely drawdown is 200 pips ($2,000)

Advantages of backtesting is to familiarize with the system and gain confidence in the system.

Reward of the effort is a free system and no signal scammers to feed.NOTHING TO PAY FOR LIFE

This is the best effort aby newbie or experienced trader will make

Regards
oilfxpro
oilfxpro=dat
  • #27
  • Feb 25, 2007 2:03am Feb 25, 2007 2:03am
Mikhail - should be an easy EA for you to programme?
TRADE FOR SWAP
  • #28
  • Feb 25, 2007 5:06am Feb 25, 2007 5:06am
Quoting cgldsmth
Mikhail - should be an easy EA for you to programme?
I might already have an EA for this strategy... I will look for it and post it when I find it.

-Mikhail
  • #29
  • Feb 25, 2007 9:34am Feb 25, 2007 9:34am
Quoting oilfxpro
who is going to test this system for 6 months?or to test this system manually for last 5 years or tweleve months?

The system produced 18 pips a day for this year from January 1.

Trading $10 per pip would make $180 per day OR $45,000 per year ,provided the system keeps performing.

Drawdown expected 500 pips ($5,000 ) unexpected drawdown 1,000 pips ($10,000).Unexpected drawdown is in event of unexpected catastrophe.
Most likely drawdown is 200 pips ($2,000)

Advantages of backtesting is to familiarize with the system and gain confidence in the system.

Reward of the effort is a free system and no signal scammers to feed.NOTHING TO PAY FOR LIFE

This is the best effort aby newbie or experienced trader will make

Regards
oilfxpro
I must agree with you, I do not believe you would find too many people willing to test a system for even six months. If one have an existing system which helps them trade, one will stick to it especially if profitable no matter how small the PIPs are. We are all here to maybe find a system that is easier to use using the KISS method, and give us more PIPs.

There is one thing I must tell everyone, do not start trading live with a system that you just read whether it be this system or any other system. Everything looks easy and profitable when explained in a thread, the point is: whatever works for one person may not work for the other person. One must get used to the system else will be doomed for disaster.....

Oilfxpro, keep up the good work.....
  • #30
  • Feb 25, 2007 9:40am Feb 25, 2007 9:40am
OK.. I think I fixed it; this should start at the correct time (3am EST)...

My backtesting for Feb came out even better using the correct starting time!!!!

Thanks again, El Cid !!!
Attached File(s)
File Type: mq4 oilfxpro gbp breakout corrected.mq4   8 KB | 621 downloads
  • #31
  • Feb 25, 2007 9:40am Feb 25, 2007 9:40am
Quoting et_phonehome_2
I must agree with you, I do not believe you would find too many people willing to test a system for even six months. If one have an existing system which helps them trade, one will stick to it especially if profitable no matter how small the PIPs are. We are all here to maybe find a system that is easier to use using the KISS method, and give us more PIPs.

There is one thing I must tell everyone, do not start trading live with a system that you just read whether it be this system or any other system. Everything looks easy and profitable when explained in a thread, the point is: whatever works for one person may not work for the other person. One must get used to the system else will be doomed for disaster.....

Oilfxpro, keep up the good work.....
I believe the reason why this method hasn't found much attention because people in the forum love to great big promises in these methods. try renaming this thread "98% win rate 2000 pips a month!" then see how fast this thread will grow


-Mikhail
  • #32
  • Feb 25, 2007 9:51am Feb 25, 2007 9:51am
Quoting audionut
OK.. I think I fixed it; this should start at the correct time (3am EST)...

My backtesting for Feb came out even better using the correct starting time!!!!

Thanks again, El Cid !!!
The reason this has not attracted much attention is that the templates and indicators were not attached so that one can see it on a chart. Since we have one now, I am sure people will start to look at it.
Highway.
  • #33
  • Feb 25, 2007 9:56am Feb 25, 2007 9:56am
Quoting EL CID
Exits:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts.Also exit at 1 st resistance /support on pivots.

El Cid
There is a fundamental problem with this method specifically because of the mentioned Exit on MA cross. We all know that MAs are a lagging indicator right, so when we straddle and one order is executed the MAs could already be in disagreement with are opened order thus requiring us to close the order right after it is executed.

Please correct me if my logic is incorrect...

-Mikhail
  • #34
  • Feb 25, 2007 10:24am Feb 25, 2007 10:24am
Quoting mikhaildgreat
There is a fundamental problem with this method specifically because of the mentioned Exit on MA cross. We all know that MAs are a lagging indicator right, so when we straddle and one order is executed the MAs could already be in disagreement with are opened order thus requiring us to close the order right after it is executed.

Please correct me if my logic is incorrect...

-Mikhail
So true. If one exits on any type of MA cross, there will be many PIPs loss potentially. I used to trade off of the MA, will be exiting like crazy if it bounces back and forth especially when the market is not trending well. Its why MAs were never the profitable way to trade because in the long run, its a loser not unless one has a big fat account.

Thanks for pointing that out to everyone.....
  • #35
  • Feb 25, 2007 10:25am Feb 25, 2007 10:25am
Hi,

I have an EA that could easily be modified to work accordingly to OILFXPRO rules. No modification in code nescesary, just settings.

Will check if I can post it here, want confirmation from author first.

Regards
Jogge
  • #36
  • Edited 11:26am Feb 25, 2007 10:55am | Edited 11:26am
Something that is currently under forward testing at this factory thread might be of use as a visual indicator (thanks Glenn and Hapalkos!!) of the breakout levels and trade "window". I've posted a screen shot of the indicator available for download. You will get many good ideas at the thread mentioned to adjust the indicator's look and feel to your liking. I have things set to show hollow rectangles, but it can also be set to show shadded boxes:

http://www.accrete.com/fx-gbp/LondonBOexample.gif

POST SCRIPT EDIT : Please note that my times in the above are on a GMT+2 feed, so you may have to adjust the times of the box for your server time.

Maybe this will help out?
Cheers,
Thom
  • #37
  • Feb 25, 2007 1:14pm Feb 25, 2007 1:14pm
Quoting et_phonehome_2
So true. If one exits on any type of MA cross, there will be many PIPs loss potentially. I used to trade off of the MA, will be exiting like crazy if it bounces back and forth especially when the market is not trending well. Its why MAs were never the profitable way to trade because in the long run, its a loser not unless one has a big fat account.

Thanks for pointing that out to everyone.....
Hmm... Im not sure if thats what im trying to say... Im not saying saying that systems based on MA cross are all unprofitable... The truth is I like MA crosses. Maybe I was unclear in my previous post...

THis is what I was trying to say... We put a buy stop and a sell stop order correct... now say the MAs in the 30M are pointing downwards, Now say the price went up and hit our buystop order. so now we have an open buy position right, but since MA is a lagging indicator, MAs can still be pointing downwards even after our buy stop order has been filled. So fallowing the rules we must close this order that has just be filled...

So there is a logical error in the method that could sometimes occur.

(LOL I hope that explanation wasn't wore confusing)


-Mikhail

PS. Im pointing this out not to bust your balls or anything but because Im a programmer and these things have to be taken into consideration when coding an EA...
  • #38
  • Feb 25, 2007 1:43pm Feb 25, 2007 1:43pm
Quoting mikhaildgreat
Hmm... Im not sure if thats what im trying to say... Im not saying saying that systems based on MA cross are all unprofitable... The truth is I like MA crosses. Maybe I was unclear in my previous post...

THis is what I was trying to say... We put a buy stop and a sell stop order correct... now say the MAs in the 30M are pointing downwards, Now say the price went up and hit our buystop order. so now we have an open buy position right, but since MA is a lagging indicator, MAs can still be pointing downwards even after our buy stop order has been filled. So fallowing the rules we must close this order that has just be filled...

So there is a logical error in the method that could sometimes occur.

(LOL I hope that explanation wasn't wore confusing)


-Mikhail

PS. Im pointing this out not to bust your balls or anything but because Im a programmer and these things have to be taken into consideration when coding an EA...

I trade this system manually and it is profitable.I am a trader.

You are a programmer and u are good at programming but being a programmer does not make u a good trader......it only makes u a good programmer

Trading is not programming and programming is not trading

A programmer may not have the neccesary skills to fleece the 95% only a casino owner in Vegas himself can do that

I showed you two months trading profitability of how a real trader would
trade.............not how a programmer would trade or how a programme should trade.

The fact a programmer knows nuthing about trading does not make the trader wrong.

In trading losses are inevitable.STOP.Trading is about making more than what you lose

In trading mas can be pointing opposite direction to the order filled,as long as trader is profitable it does not matter

The job of the programmer is to find the solution .........or say I can not programme it.......not to throw smoke screens

In the end this method makes money

Oilfxpro
oilfxpro=dat
  • #39
  • Feb 25, 2007 1:51pm Feb 25, 2007 1:51pm
Other than GBP/USD, are there any other volatile pairs that this method could be used with?
  • #40
  • Feb 25, 2007 1:54pm Feb 25, 2007 1:54pm
Quoting oilfxpro
I trade this system manually and it is profitable.I am a trader.

You are a programmer and u are good at programming but being a programmer does not make u a good trader......it only makes u a good programmer

Trading is not programming and programming is not trading

A programmer may not have the neccesary skills to fleece the 95% only a casino owner in Vegas himself can do that

I showed you two months trading profitability of how a real trader would
trade.............not how a programmer would trade or how a programme should trade.

The fact a programmer knows nuthing about trading does not make the trader wrong.

In trading losses are inevitable.STOP.Trading is about making more than what you lose

In trading mas can be pointing opposite direction to the order filled,as long as trader is profitable it does not matter


In the end this method makes money

Oilfxpro
LOL! No need to get all worked up, I'm not questioning your ability to trade I'm just pointing out a logical error in your rules in trading. If the rules you set out contradict each other than how could you possibly fallow your rules. One signal telling to enter and the other signal telling you to exit.

IF you make money confusing yourself then by all means do it. LOL!

-Mikhail
0 traders viewing now