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The London Progressive Strategy

  • #61
  • Jun 10, 2009 5:37pm Jun 10, 2009 5:37pm
And here were the possible trades on Gbp/Usd last night.
Attached Image (click to enlarge)
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  • #62
  • Jun 11, 2009 12:55am Jun 11, 2009 12:55am
FYI Mer, I don't know if you took that second G/U trade, but I'm pretty certain that trendmagic filtered it out at the time (while price was passing entry), and repainted after the fact. Even so, you're still in the money if you followed the rules!
  • #63
  • Jun 11, 2009 7:00am Jun 11, 2009 7:00am
I've been trading the london breakout for about a year and thought i'd check out your variation. i like it. I've been going over the maths of it and thought i'd share. correct me about anything please.

RR is roughly 0.78 (didn't use spread)

From the thread i understand that there are 5 possible outcomes to any trade. For arguments sake, lets say say we are risking 1%.

1. SL hit. = -1%

2. TP 1 hit then SL. = +0.03%

3. TP 2 hit then SL. = +0.46%

4. TP 3 hit then SL. = +0.64%

5. TP 4 hit = + 0.78%

These figures have made it easier to backtest for me. May has been been looking very good.

Questions i have. do you limit the number of trades in a day? what constitutes a new trade, just dipping back below the entry?

cheers
  • #64
  • Jun 11, 2009 1:20pm Jun 11, 2009 1:20pm
Hello! Nice
Strtegy.

Please kindly guide me on how to configure the progressive close system on my MT4.
At post#4, do you really mean to say the box edge is at overbought or oversold?

Thanks

Please follow the setting below for progressively closing out your positions and disregard post #4. With these settings, if we get to TP 1 we will not lose money on the trade!

TP 1- close 70% of the trade

TP 2- close 10% of the trade

TP 3- close 10% of the trade

TP 4- close 10% of the trade

***Updated 6/9/2009***
  • #65
  • Jun 12, 2009 8:43am Jun 12, 2009 8:43am
Well, a very conservative 'back of an envelope' forward test of this week, if you had followed ALL the entries resulted in around +191 on the pips on the E/U weighted by the progressive TP points (The actual pip count is much higher). So with a standard lot size that's £/$1910! If TP4 was hit I only calculated 0.7 of the pips due to possible slippage/requotes (in a perfect world it would be 0.78), so it is truly a conservative estimate. It's also worth stressing that many of the TP4 breakouts didn't occur until the afternoon.

There were only two losses, not consecutive, the biggest one was -39 pips.

TP4 has already been hit for the day in a very smooth bear run but I slept though it
  • #66
  • Edited 6:19pm Jun 12, 2009 6:03pm | Edited 6:19pm
Please disregard the figures I posted in my last post, I misinterpreted lukep's post. I did a proper count this week and I got +101.7 weighted pips on euro. Again there were two losses as outlined in the last post. GBP/USD looks better, although I haven't done a count. TP4 was hit each day with only one loss on Thursday.

Are you sure, lotabulstool? Could you post a chart?

Here's what i'm looking at. The trade went into minus land like you say but didnt appear to take out any stops. According to the rules, when TP1 is hit, the stop remains at the initial stop halfway through the box until TP2 is hit.
Attached Image (click to enlarge)
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  • #67
  • Jun 15, 2009 1:40am Jun 15, 2009 1:40am
Strong start for the USD, netted 46 pips on Euro and 27 on G/U. All stops and TP's hit for these two pairs. May get a second run at it.
  • #68
  • Edited 3:34am Jun 16, 2009 2:33am | Edited 3:34am
I took all of my profits at TP2 for G/U because it's looking a little overextended at current levels and I don't want to be around for the CPI. Don't like the look of those wicks. Could well be wrong.

Pips locked in for e/u with TP3 hit. Will apply a trailing stop if TP4 is hit.

EDIT: Well, there you go. CPI news sent G/U straight through TP4. EU missed TP4 by a whisker, and then dipped back down to take out the TP3 stop loss. Still a decent haul for the day.
Attached Image(s) (click to enlarge)
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  • #69
  • Jun 16, 2009 7:46pm Jun 16, 2009 7:46pm
Quoting mer071898
And here were the possible trades on Gbp/Usd last night.
Hello mer!

Please kindly offer me this assistance. I want to know how to code the setting for progressive closing according to rule - pls ref. ur update June 02 (TP1 - 70%; TP2 - 10%; Tp3 - 10%; Tp4 - 10%)
Or do u use a sort of EA to achive the rationing/progression; can u post the EA.

Cheers 4 ur sharing - love d Law of Karma - help newbies
  • #70
  • Jun 16, 2009 10:32pm Jun 16, 2009 10:32pm
Quote
Hello mer!

Please kindly offer me this assistance. I want to know how to code the setting for progressive closing according to rule - pls ref. ur update June 02 (TP1 - 70%; TP2 - 10%; Tp3 - 10%; Tp4 - 10%)
Or do u use a sort of EA to achive the rationing/progression; can u post the EA.

Cheers 4 ur sharing - love d Law of Karma - help newbies
I don't use an EA, I just close the trades manually. All your doing is closing the initial entry by the % designated for each TP. Now this is not the % of what is remaining, but the % of the original entry size is.

For example, let's say our initial entry was using 10 lots. When TP 1 is hit we close 70% or 7 lots and keep our initial stop the same. When TP 2 is hit we close another 10% or 1 lot and move our stop to "TP 2 Stop'. When TP 3 is hit we close another 10% or 1 lot and move the stop to "TP 1 and TP 3 Stop". When TP 4 is hit we close out the last 10% or 1 lot and either you wait for another setup or your done.

I would love to have an EA to place orders, take profit, and move stops, but no one has stepped up to the plate yet.
  • #71
  • Jun 17, 2009 2:00pm Jun 17, 2009 2:00pm
G/U hit TP4 early afternoon no problem, some drawdown on E/U today sadly, there were three consecutive losses, I stopped taking trades after two of them. It did eventually hit TP4 but I had stopped trading the pair by this time.
  • #72
  • Jun 17, 2009 3:44pm Jun 17, 2009 3:44pm
Quote
G/U hit TP4 early afternoon no problem, some drawdown on E/U today sadly, there were three consecutive losses, I stopped taking trades after two of them. It did eventually hit TP4 but I had stopped trading the pair by this time.
What does your chart look like GeoffT, I only show one loss on the E/U today. Maybe I have the box settings off a touch.
Attached Image (click to enlarge)
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  • #73
  • Jun 17, 2009 5:39pm Jun 17, 2009 5:39pm
Quoting mer071898
What does your chart look like GeoffT, I only show one loss on the E/U today. Maybe I have the box settings off a touch.
Wouldnt short trade be triggered too?
Yea it's Life//
  • #74
  • Jun 17, 2009 7:22pm Jun 17, 2009 7:22pm
Quote
Wouldn't short trade be triggered too?

Yes serj1, your right, but I still only see 2 losses, not 3.
  • #75
  • Jun 18, 2009 12:29am Jun 18, 2009 12:29am
You're right mer, only 2 losses. I'm talking nonsense
  • #76
  • Jun 18, 2009 4:20am Jun 18, 2009 4:20am
Well, it looks like the Gbp/Usd is looking to be the more profitable of the two. With one loss on the E/U already, the G/U has a TP 1 and TP 4 hit already!
Attached Image(s) (click to enlarge)
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  • #77
  • Jun 18, 2009 4:25am Jun 18, 2009 4:25am
Hi mer
What's your ratio W/L so far with EU ?
Thx
  • #78
  • Jun 18, 2009 4:35am Jun 18, 2009 4:35am
Yes, burned twice today already on E/U. Made part of it back on G/U. I may focus exclusively on G/U from now on.
  • #79
  • Jun 18, 2009 10:15am Jun 18, 2009 10:15am
Same here, decided to trade it live this time after paper trading it a few days. This tiem it did not work as well.
Guess I also need to focus on the GU instead of the EU.

Oh well, more trades around the corner.

By the way, the box was wider then 50 pips, maybe it is more important then I thought it would be.
  • #80
  • Jun 18, 2009 4:22pm Jun 18, 2009 4:22pm
Quote
Hi mer
What's your ratio W/L so far with EU ?
Thx

I haven't been really tracking W/L as I'm still tweaking and looking for possible options for better trend indicators. Once I'm comfortable with the setup, then I will focus more on tracking stats.
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