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Nomoretoxic's breakout

  • #861
  • Oct 23, 2008 8:59pm Oct 23, 2008 8:59pm
love your system. love yout thread. many thanks for sharing.
  • #862
  • Oct 24, 2008 2:17am Oct 24, 2008 2:17am
Here are my trades from today:
eurusd sell @ 1.2621 (+18 pips)
sl: 1.2672
tp: 1.2571
ts: 20 pips

audusd sell @ 0.6328 (+25pips)
sl: 0.6397
tp: 0.6258
ts: 20 pips

gbpjpy sell @ 146.11 (+116 pips)
sl: 146.91
tp:144.11
ts: 35 pips

What did Nomoreetoxic say? Trailing stop for what, you are right.

That's all for this week, here's my weekly performance:
eurusd: 92 pips
gbpusd: -5 pips
gbpjpy: 210 pips
usdcad: 181 pips (this pair, I trade only during ny-session)
audusd: 34 pips
  • #863
  • Oct 24, 2008 4:41am Oct 24, 2008 4:41am
Quoting cheelu
Hi All,

Im planning to come up with an automatic trading EA , since I already have most of it in my breakout alert EA. Anyone has any pointers about different exit strategies?
Cheerlu

My suggestion would be to keep the EA very simple. This is a very simple, straight-forward system. The only choices (other than those in the indicator) I can think of would be:

1. Size of the stop-loss if not letting your indicator set it.

2. Size of order. (Let the user determine the amount of risk)

3. Take profit amount, in number of pips.

4. Whether to take a 2nd entry or not in the same direction. (I really am not sure about this one.)

If you would like to add any other features, I would wait until the first effort had been beta and live tested by several different people on several different broker's platforms.

I would be more than happy to test the EA once you feel it is ready. Again, I think you would be saving yourself many hours of frustration by keeping this EA just a simple as possible.


T...
  • #864
  • Oct 24, 2008 4:48am Oct 24, 2008 4:48am
Here is a revised version of my generic breakout EA. I've run this for a few days and it works well.

If anyone has a problem with it, don't simply say it's wrong. Tell me what is wrong, is it the range-finding? Is it the entry price? Show me if you can, the comments in the upper left corner tell you everything the EA is thinking.
Attached File(s)
File Type: mq4 Generic Breakout Version 4.mq4   14 KB | 717 downloads
  • #865
  • Oct 24, 2008 6:33am Oct 24, 2008 6:33am
Guys

Some people have asked me about my money management rules. I've been giving bits here and there about how I do. I am going to lay down a nice document including all my rules and how to apply them, during this weekend. I will open up a new thread maybe in the rookie's section.

Stay Tuned.
  • #866
  • Oct 24, 2008 6:58am Oct 24, 2008 6:58am
Quoting evasz
HI jnatty can you pls post your chart I like to see how did you get that result on my chart the last candle in the box closed @ 12885 then the first candle outside of the box brake out and closed 12872 hmmm..... I don't understand
I'm using PFG chart.

Thanks.

E

I'll try to get that chart up for you, but it won't be until later this evening.........Whenever I get back home. I'm currently at work.

Just some notes real quick though.......I use FXCM, my box time is from 17:25 - 19:30 Eastern U.S. time. My guess is that the start and end time of my box is the main difference here.
  • #867
  • Oct 24, 2008 7:15am Oct 24, 2008 7:15am
Hi Jnatty you are correct that is the reason the time frame for the box I use from 18pm to 20pm EST.

Thank you

E
Blessed are they who maintain justice, who constantly do what is right.
  • #868
  • Oct 24, 2008 8:38am Oct 24, 2008 8:38am
Hi Nomoretoxic,

First let me thank you for your strategy and your wisdom.

I've been studying breakouts for a while now, even as to test different theories for the past year with different TP and SL. Success ratio varies from 50% to 75% but spreads usually kill the deal and the losses are too close to the wins for it to be a successful long term strategy. (Trading bare NY box breakouts) Were the spreads to get tighter it would make those strats viable.

I'm very interested in hearing more about your money management and the % of average growth and success rate you get per month using this strategy.

The # of pips that people are saying they're making doesn't mean anything because we don't know the % of risk involved.
  • #869
  • Oct 24, 2008 9:39am Oct 24, 2008 9:39am
Quoting PipRev
Hi Nomoretoxic,

First let me thank you for your strategy and your wisdom.

I've been studying breakouts for a while now, even as to test different theories for the past year with different TP and SL. Success ratio varies from 50% to 75% but spreads usually kill the deal and the losses are too close to the wins for it to be a successful long term strategy. (Trading bare NY box breakouts) Were the spreads to get tighter it would make those strats viable.

I'm very interested in hearing more about your money management and the % of average growth and success rate you get per month using this strategy.

The # of pips that people are saying they're making doesn't mean anything because we don't know the % of risk involved.
You welcome!!!

I understand completely.

As I said, I will prepare something on money management with all bells n' whistles. .. I'll be in another thread.

stick around.

Thanks
  • #870
  • Oct 24, 2008 10:09am Oct 24, 2008 10:09am
Do you mean the % risk or the lot size?

Size of the order would be determined automatically based on the stop loss , AccountBalance and % risk

Thats what Nomo means when he says adjust the load accordingly.

Quoting tsquad
Cheerlu

2. Size of order. (Let the user determine the amount of risk)
  • #871
  • Oct 24, 2008 10:57am Oct 24, 2008 10:57am
Quoting cheelu
Do you mean the % risk or the lot size?

Size of the order would be determined automatically based on the stop loss , AccountBalance and % risk

Thats what Nomo means when he says adjust the load accordingly.

Sorry - I really was not very clear...

I favor making the user specify the lot size. This may be a slight variation from the 'adjust the load' method - however it will save countless questions about how the lot size was figured.

making the change from using lot size to using risk % can always be added later. I just think the simpler you make the initial EA, the better.

As always - thank you Cheerlu - and everyone else who takes the time to post - for your time and efforts...

T...
  • #872
  • Oct 24, 2008 1:10pm Oct 24, 2008 1:10pm
came across this today
http://www.forexfactory.com/showthre...62#post2303362

Are you worried if the same could happen to your system Nomo?

Should we 'protect' EAs somehow?
  • #873
  • Oct 24, 2008 1:26pm Oct 24, 2008 1:26pm
Quoting cheelu
came across this today
http://www.forexfactory.com/showthre...62#post2303362

Are you worried if the same could happen to your system Nomo?

Should we 'protect' EAs somehow?
The best way to protect free EAs from being stolen is to really distribute them everywhere. If you see a commercial version of a free EA, put the free EA next to it. There's really not much else you can do.
  • #874
  • Oct 25, 2008 5:59am Oct 25, 2008 5:59am
Quoting Ronald Raygun
The best way to protect free EAs from being stolen is to really distribute them everywhere. If you see a commercial version of a free EA, put the free EA next to it. There's really not much else you can do.
I have to agree with Ronald.

Just go ahead and give it away for free. 95% (hahaha) of the people that lose a couple of times using this system will move to the next combination of oscillators and moving averages.....Mark my words.


We're the other 5%.
  • #875
  • Oct 26, 2008 1:43pm Oct 26, 2008 1:43pm
Ok my first yr trading and am a bit confused... I live in UK, just switched back to GMT.. will box time still be between:

5am-7am GMT for London Session?
11am-1pm GMT for New York Session?


Thanks in advance.
  • #876
  • Oct 26, 2008 3:32pm Oct 26, 2008 3:32pm
Quoting TradeSense
Ok my first yr trading and am a bit confused... I live in UK, just switched back to GMT.. will box time still be between:

5am-7am GMT for London Session?
11am-1pm GMT for New York Session?


Thanks in advance.
For the London session, I believe that NOMO created the box to capture 6am to 8am (London Daylight Savings Time). Since we are going back to Standard time... it seems logical to make the London box 6am to 8am GMT. (GMT and London time are now the same).

For the New York session, we Americans are still on DST....so, keep the box as you mentioned above until we also go back to standard time.

Hope I am correct and hope this helps.
  • #877
  • Oct 26, 2008 4:42pm Oct 26, 2008 4:42pm
I was trying to post the chart that "evasz" requested from Thursday's Asian session, but I obviously don't know how.

If anyone is familiar with how to accomplish this using FXCM, I would appreciate the help.
  • #878
  • Oct 26, 2008 4:46pm Oct 26, 2008 4:46pm
Quoting Skygod
For the London session, I believe that NOMO created the box to capture 6am to 8am (London Daylight Savings Time). Since we are going back to Standard time... it seems logical to make the London box 6am to 8am GMT. (GMT and London time are now the same).

For the New York session, we Americans are still on DST....so, keep the box as you mentioned above until we also go back to standard time.

Hope I am correct and hope this helps.

Wouldn't it be easier if we just stated when the box starts? By this I mean, if it starts an hour before the open of the London session or starts at the open of the London session.........

I just think that by using this approach the time zone confusion will be eliminated. I know it screw's me all up trying to figure out EST & GMT and whether or not its DST.
  • #879
  • Oct 26, 2008 5:00pm Oct 26, 2008 5:00pm
Hi Jnatty thank you for your concern but at this point it is all right if you can't do it, on the weekend I had a chance to looked at my chart and compare with your numbers with the time difference and its all make sense now.

Thanks anyway.

E
Blessed are they who maintain justice, who constantly do what is right.
  • #880
  • Oct 26, 2008 5:15pm Oct 26, 2008 5:15pm
Good deal, sitting here just watching this Sunday session......even though I'm on a demo account......Not sure I'd be interested in trading live on Sunday's.

The of the pairs I'm watching have broken out, and all have now retraced. Though the G/U & E/U have broken out by 50+ pips, so I'd be iffy if I was trading these. A/U looks alright, except now it's in a steep retrace.....so the S/L would likely be set a heft distance away.

Yeah, Sunday look like a little TOO much excitement for me.
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