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2 trades everyday entered at midnight GMT

  • #1
  • First Post: Dec 18, 2009 5:15pm Dec 18, 2009 5:15pm
Can a script be made like this:

Exactly at GMT Midnight, one long trade and one short trade are entered in eur/usd for specified units for take profit of 50 pips.

No stop loss to be entered as i will wait for a retracement/carry drawdown/manually decide in coming days in case if a certain position gets stuck.
  • #2
  • Dec 18, 2009 5:20pm Dec 18, 2009 5:20pm
So basically you are looking for a script to always have a losing day?


But, to answer your question yes that can be done with an EA.
  • #3
  • Dec 18, 2009 5:39pm Dec 18, 2009 5:39pm
Quote
So basically you are looking for a script to always have a losing day?


But, to answer your question yes that can be done with an EA.

Thanks for your opinion.
  • #4
  • Dec 18, 2009 5:40pm Dec 18, 2009 5:40pm
I have written two EAs very similar to what you describe and backtested them thoroughly. Works fine in trending markets and is a bust when markets goes sideways. I eventually was able to find a group of settings that produced a break even for one. Gave up on the other.

In the end, it was a waste of a lot of valuable time. Try trading it manually for a while before asking a programmer to spend time with this.
  • #5
  • Dec 18, 2009 5:48pm Dec 18, 2009 5:48pm
Quote
I have written two EAs very similar to what you describe and backtested them thoroughly. Works fine in trending markets and is a bust when markets goes sideways. I eventually was able to find a group of settings that produced a break even for one. Gave up on the other.

In the end, it was a waste of a lot of valuable time. Try trading it manually for a while before asking a programmer to spend time with this.

I have backtested it using last 3 years data on eur/usd only. It works quite well. 60-70% of time, your trade gets liquidated on that day for 50 pips profit.

The rest 30-40% of trades are in drawdown and out of them 90-95% gets closed in 50 pips profit within a day to 2 months.

Now here is a slight set back- There can be 1 or 2 trades which are stuck in drawdown. One needs to think for how much loss, one should exit that trade.

Today i again made 100 pips profit. I just entered 2 positions at GMT midnight on eur/usd- one long and one short and both made profit.

I have enough balance in my account to ride a drawdown and i take small positions.
  • #6
  • Dec 18, 2009 5:50pm Dec 18, 2009 5:50pm
Quote
So basically you are looking for a script to always have a losing day?

Always is not the right word..made 100 pips today. 90% success rate.

Making money out of market random and crazy up and down movement.

It is quite close to grid trading.
  • #7
  • Dec 18, 2009 6:56pm Dec 18, 2009 6:56pm
Quoting kingfisher
I have backtested it using last 3 years data on eur/usd only. It works quite well. 60-70% of time, your trade gets liquidated on that day for 50 pips profit.

The rest 30-40% of trades are in drawdown and out of them 90-95% gets closed in 50 pips profit within a day to 2 months.

Now here is a slight set back- There can be 1 or 2 trades which are stuck in drawdown. One needs to think for how much loss, one should exit that trade.

Today i again made 100 pips profit. I just entered 2 positions at GMT midnight on eur/usd- one long and one short...

I am not surprised you have done well lately. The EurUsd has been in a nice downtrend for the past 2 weeks. But I wonder what will happen in the next 2 when things quiet down?

I admire the fact that you have put some thought and effort into this, which is a change from some others. But you did 3 years of backtesting without a mechanical system? I suspect you did it manually. If you did, you are in for a shock when you backtest an EA properly or forward test in a real money account. I have been fooled several times like this.

If you can convince me that your system can maintain a breakeven or small profit during sideways markets, I will write an EA for you after the holidays.
  • #8
  • Dec 18, 2009 8:05pm Dec 18, 2009 8:05pm
Is your broker GMT or will the code need to compensate for brokers that are not GMT?
  • #9
  • Last Post: Dec 18, 2009 8:17pm Dec 18, 2009 8:17pm
Hi Kingfisher,

read this thread and all your questions will be answered.

http://www.strategybuilderfx.com/sho...light=hedgehog
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