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OILFXPRO cable breakout system

  • #41
  • Feb 25, 2007 2:01pm Feb 25, 2007 2:01pm
Quoting mikhaildgreat
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
If there is a spike ,stop buys and stop sells will be hit .while moving averages are pointing opposite direction

Agreed

I am not confused .This is already accounted for (when stops are hit...see the losing trades on performance sheets) wether one can programme it or not does not matter

Oilfxpro
oilfxpro=dat
  • #42
  • Edited 8:00pm Feb 25, 2007 2:18pm | Edited 8:00pm
Quoting waaustin
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?Other than GBP/USD, are there any other volatile pairs that this method could be used with?
Waaustin
read this thread and do your homework and learn the system
{link removed}

no other pairs have enough volatility to trade this method

cg
Mikhail - should be an easy EA for you to programme?

Mikhail can not say the words..........it is not possiblle to programme this system

Atphonehome2So 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.

Ma exits work both both ways.......in the long run it evens out....and one closes at close of a bar......ma crosses advocate early specific exits.Try to
trade it for real .give or take a few pips(evens out over the longer term)

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

Jogge it is a free world and it is your choice and no objections from me

Regards
Oilfxpro
oilfxpro=dat
  • #43
  • Feb 25, 2007 2:30pm Feb 25, 2007 2:30pm
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
Can u not programme for ma exits to be executed above buy stop levels
or bellow stop levels.............only if the market is there above or below those OPENING levels

Regards

Oilfxpro
oilfxpro=dat
  • #44
  • Feb 25, 2007 2:33pm Feb 25, 2007 2:33pm
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 !!!

Your results should not be much different from my manual results........if they are ...there is something wrong

Please check them against my results posted ...then do a manual check

Regards

OILFXPRO
oilfxpro=dat
  • #45
  • Feb 25, 2007 2:36pm Feb 25, 2007 2:36pm
Quoting oilfxpro
If there is a spike ,stop buys and stop sells will be hit .while moving averages are pointing opposite direction

Agreed

I am not confused .This is already accounted for (when stops are hit...see the losing trades on performance sheets) wether one can programme it or not does not matter

Oilfxpro
you asked for comments right and I simply pointing out my observation. If you are going to fallow the MAs as exit, and we both agree that MAs may contradict your order, then why not simply put the pending order on the direction of the MAs?

Say MAs are pointing upwards then just open a BuyStop Order. and if MA is pointing downwards then only open a SellStop Order. Or if you really prefer straddling and MAs are not that important to you, you can simply add: if order is in profit and MA crosses in the opposite direction of the trade, then close the order. With that you would already have a logically sound method.

This is not a question whether it can be programmed or not because this can easily be programmed, Im simply pointing out there may be logical flaws in your method that needs rethinking...

Regards,
Mikhail
  • #46
  • Feb 25, 2007 2:44pm Feb 25, 2007 2:44pm
Quoting mikhaildgreat
you asked for comments right and I simply pointing out my observation. If you are going to fallow the MAs as exit, and we both agree that MAs may contradict your order, then why not simply put the pending order on the direction of the MAs?

Say MAs are pointing upwards then just open a BuyStop Order. and if MA is pointing downwards then only open a SellStop Order. Or if you really prefer straddling and MAs are not that important to you, you can simply add: if order is in profit and MA crosses in the opposite direction of the trade, then close the order. With that you would already have a logically sound method.

This is not a question whether it can be programmed or not because this can easily be programmed, Im simply pointing out there may be logical flaws in your method that needs rethinking...

Regards,
Mikhail
HOW ABOUT

if order is in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?

Oilfxpro
oilfxpro=dat
  • #47
  • Feb 25, 2007 2:52pm Feb 25, 2007 2:52pm
Quoting oilfxpro
HOW ABOUT

if order is in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?

Oilfxpro
there you go, now you have a logically sound method.
  • #48
  • Feb 25, 2007 5:09pm Feb 25, 2007 5:09pm
Quoting mikhaildgreat
there you go, now you have a logically sound method.
Mikhaildgreat


Could you also have the following variable on exits

If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?(this is a time exit if price does not move to close )

That makes it four variables on exits

1)close on bar if 70 pip target is achieved

2and3)close on bar after 2*30m bars.............after m a cross on profitable/unprofitable entry

4)if in profit but 70 pip target not achieved ,but first resistance or support target pivot achieved then close

Regards

Oilfxpro
oilfxpro=dat
  • #49
  • Feb 25, 2007 5:30pm Feb 25, 2007 5:30pm
My apologies guys

My exit instructions were not clearly written.They should be as follows

Exitsrofitable trades:If target price is met or earlier When 3 wma crosses 6 wma on 30 m chartsagainst the direction of the trade .Also exit at 1 st resistance /support on pivots.

Non profitable trades:If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED

Oilfxpro
oilfxpro=dat
  • #50
  • Feb 25, 2007 6:54pm Feb 25, 2007 6:54pm
Quoting oilfxpro
Mikhaildgreat


Could you also have the following variable on exits

If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?(this is a time exit if price does not move to close )

That makes it four variables on exits

1)close on bar if 70 pip target is achieved

2and3)close on bar after 2*30m bars.............after m a cross on profitable/unprofitable entry

4)if in profit but 70 pip target not achieved ,but first resistance or support target pivot achieved then close

Regards

Oilfxpro
I normally don't just make customized EAs for free but after reading the PDF file you posted a few pages earlier I now see the merits of your method... I will post the EA soon...

-Mikhail
  • #51
  • Feb 26, 2007 9:50am Feb 26, 2007 9:50am
Hi,

Be aware of confusion!!!

This EA is not the custom made one.

This comes from an author -BaasHarm and is made according to HANS 123. But it is easely reprogrammable to fit OILFXPRO rules. I have not done it yet, when I do I will post the settings and new code here.

Regards
Jogge
Attached File(s)
File Type: doc GaoXing Daily Breakout Description.doc   44 KB | 1,519 downloads
File Type: mq4 GaoXing Daily Breakout v1[1].3.1.mq4   25 KB | 539 downloads
  • #52
  • Feb 26, 2007 2:50pm Feb 26, 2007 2:50pm
Quoting EL CID
Hi guys

This cable breakout system looks very promising and your inputs will help.

The strategy was orignally posted with indicators templates at
{link removed}

This system was the inspiration of Hans and was created by oilfxpro based on the orignal Hans system

Determine the 09.00 CET – 10.00 CET High Low GBP/USD

Set BuyStop at High + 5 pips and SellStop at Low - 5 pips

Set Target Price at entry 70 pips for GBP/USD

Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.


At 18.00 CET all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.

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.

Download pivot indicator from
http://f0rex.free.fr/metatrader/mt4-indicators/


This link displays the time in every major city in the world: www.qlock.com.

Indicator below needs updating

Have good discussion and happy trading

El Cid

Hi el cid,

If the range is set on the 8.00/9.00 gmt london open ,what time can no new trades be added?

Cheers
  • #53
  • Feb 26, 2007 6:45pm Feb 26, 2007 6:45pm
This sounds great. Will have to wait for the EA though because I have to sleep sometime and 10 CET is 4 AM for me. Thanks for sharing. Isn't it funny how some small differences from Hans' system can make such a difference. Hope it tests well.
  • #54
  • Mar 17, 2007 11:20am Mar 17, 2007 11:20am
Charts 30 min charts , with 3 wma,6wma .Add pivot points indicator and moving average crosover signal indicator

Determine the 09.00 CET – 10.00 CET High Low GBP/USD

Set BuyStop at High + 5 pips and SellStop at Low - 5 pips

Set Target Price at entry 70 pips for GBP/USD

Set StopLoss at entry - 45 pips for GBP/USD. If the other side of the breakout is within 45 pips for GBP/USD then the StopLoss will be that level (Longtrade: SL = Low range - 5 pips = SellStop; Shorttrade: SL = High range + 5 pips = BuyStop)

Minimum channel and stop loss.: If the buy/sell entry zone line (which includes the 5 pips entry distance on both sides) is less than 35 pips, then both zones need to be offset to make this range a 35 pip range. .The stop loss on the minimum channel is 35 pips.

Move the SL to breakeven after a gain of 40 pips for GBP/USD

If a certain position is taken and price turns agains you and it breaks the other side of the breakout channel then turn. If the breakout channel is broader then the stoploss first the stoploss will be hit. If the breakout channel is narrower then the stoploss then hitting the other side means that you have to turn your position. No new trades can be added after 17.00 C E T.Use discretion and other t/a based exits.

If one exits a position then the next position has to be in the opposite direction...........there is no rentry allowed until after a position is taken in the opposite direction.



At close of 18:00 CET 1/2 hour candle all orders expiring and close all trades at market. On Friday we do the same at 18.00 CET.Always wait for the close of a bar to exit major moves and end of day exits.Effective close is 18.30


Exitsrofitable trades:If target price is met or earlier When 3 wma crosses 6 wma on 30 m charts against the direction of the trade..If order is in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED.Also discretionary exit at st resistance /support on pivots if price action warrants.


Once ma crosses ..........wait for two more bars to close and provided it remains closed for those two bars...........then exit

Non profitable trades:If order is NOT in profit and MA crosses in the opposite direction of the trade, then close the order..........................AFTER 2* 30 M BARS OF MA CROSS.............PROVIDED IT REMAINS CROSSED?

Morning range:If the channel range on the 9.00 to 10 am bar is greater than 50 (after adding 5 pips either side)
pips do not trade that day.



EMA cross:if the wma crossover happens outside a candle, take the next candle after the cross-over as the first reference candle.

Download pivot indicator from
http://f0rex.free.fr/metatrader/mt4-indicators/


This link displays the time in every major city in the world: www.qlock.com.
oilfxpro=dat
  • #55
  • Mar 17, 2007 11:32am Mar 17, 2007 11:32am
March 16 entry 1.9446 exit 1.9488 at pivot resistance
Attached Image
oilfxpro=dat
  • #56
  • Mar 19, 2007 3:39am Mar 19, 2007 3:39am
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 !!!
thanks for this indicator, being quite new to metatrader, does anybody know how to add an email/sms alert to this indicator?
thanks!
  • #57
  • Last Post: Jan 22, 2008 3:32pm Jan 22, 2008 3:32pm
Thanks for sharing. I am grateful.
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