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GbpUsd 5 min breakout

  • #261
  • Dec 22, 2009 3:17am Dec 22, 2009 3:17am
ftw = for the win
Never whishing, always trading.
  • #262
  • Dec 22, 2009 4:52am Dec 22, 2009 4:52am
Quoting max pips
Are you trading on a live account? How much are you actually trading? For stop hunting to exist with a proper broker they have to be looking at your particular account and using your stop loss and take profit to control everyone elses. If this is the case I would suggest you change broker!

max
Yes. I am trading on live accounts. I have accounts with several brokers. Basically hunting stops, slippages, requotes etc... are "bread & butter" for them. Can't avoid totally...

Anyway this thread is about the GbpUsd 5 min breakout. Will be glad to discuss Brokers in the other threads..
  • #263
  • Dec 22, 2009 5:30am Dec 22, 2009 5:30am
Quoting Cashcalf
Yes. I am trading on live accounts. I have accounts with several brokers. Basically hunting stops, slippages, requotes etc... are "bread & butter" for them. Can't avoid totally...

Anyway this thread is about the GbpUsd 5 min breakout. Will be glad to discuss Brokers in the other threads..
yeah your right !

So today the first Long @ 1.6086 was a loss but the Short @ 1.6039 is 22 pips in profit right now, hope it will go down
Never whishing, always trading.
  • #264
  • Dec 22, 2009 6:32am Dec 22, 2009 6:32am
Quoting Hova
your dealin with fxopen ? i do and they are GMT+2 too, so 9.00 to 9:15 is right.
because Cain is using 7:00 to 7:15 GMT
thanks for confirmation . i am using FXDD.
  • #265
  • Dec 22, 2009 6:40am Dec 22, 2009 6:40am
Quoting Cashcalf
Hnosair, not to be mistaken. The SL and TP are hidden.. meaning they will be executed at Market. If possible, pending orders are also hidden.
i am a beginner trader/programmer. i hope i can program this. now, hidden pending order means the EA watches market and executes normal buy/sell order when pre-set levels are hit. so, it is not truly a pending order from the broker's point of view.

i agree with you. i prefer to hide everything from the broker. only danger is, if your station disconnects from broker's server for whatever reason, the order seen by the broker is just a buy/sell order with no sl/tp and will stay active until closed manually by you.
  • #266
  • Dec 22, 2009 7:06am Dec 22, 2009 7:06am
Quoting tbardolph
I'm a retired M.D. (not bragging because it is just a degree) and it confuses me, too ...
i have great respect for doctors
  • #267
  • Dec 22, 2009 8:26am Dec 22, 2009 8:26am
if this is a breakout strategy, shouldn't the pending orders have short expiration date?
  • #268
  • Dec 22, 2009 8:58am Dec 22, 2009 8:58am
Quoting hnosair
if this is a breakout strategy, shouldn't the pending orders have short expiration date?
i do it like Cain, 22:00 GMT the next day, but its up to you, do some visual backtesting and see if it works


edit : TP hit @ 1.5992 47pips x 2 = h00rey! nice day !
Never whishing, always trading.
  • #269
  • Dec 22, 2009 10:34am Dec 22, 2009 10:34am
Quoting Hova
i do it like Cain, 22:00 GMT the next day, but its up to you, do some visual backtesting and see if it works


edit : TP hit @ 1.5992 47pips x 2 = h00rey! nice day !
i am going to stick with the Cain System
  • #270
  • Dec 22, 2009 10:46am Dec 22, 2009 10:46am
Quoting hnosair
i am going to stick with the Cain System
Yea, I agree. If I could keep my fingers away from the dang mouse, I'd be up 300 pips since 12/09. I've gotta work on trading the plan...
  • #271
  • Dec 22, 2009 10:53am Dec 22, 2009 10:53am
Quoting slade1986
Yea, I agree. If I could keep my fingers away from the dang mouse, I'd be up 300 pips since 12/09. I've gotta work on trading the plan...
easy to do, just ask your girl/boy if she/he could 'distract' you after you placed the pending orders

it works 4 me
Never whishing, always trading.
  • #272
  • Dec 22, 2009 10:54am Dec 22, 2009 10:54am
Quoting hnosair
i am going to stick with the Cain System
Mate have you tested last years results...I agree with you guys that this is a great system but it has the potential to wipe out all our gains in a few bad days... We need to refine it a bit so it can be more consistent.. With the greatest of respect to the members of this thread we haven't really discussed if this would work in the long term.. Have a look at the results for May and June 08... Major losses there as far as I can see.. TBH I don't know how to run a back test but doing it manually the results for that period look dodgy. there are other months that only just manage to end with + pips.. I'm still trying to figure out some sort of filter to avoid those big losses but am not experienced enough to figure it out yet but am going to keep working on it..Nov and Dec have been great months for trading this way but as far as I could see 3 or four losses could wipe out all those gains so we should try to find a way to protect our profits now while we still have some... maybe some of the more experienced posters could share their thoughts??
  • #273
  • Dec 22, 2009 11:13am Dec 22, 2009 11:13am
Quoting fxblinkers
Mate have you tested last years results...I agree with you guys that this is a great system but it has the potential to wipe out all our gains in a few bad days... We need to refine it a bit so it can be more consistent.. With the greatest of respect to the members of this thread we haven't really discussed if this would work in the long term.. Have a look at the results for May and June 08... Major losses there as far as I can see.. TBH I don't know how to run a back test but doing it manually the results for that period look dodgy. there are other...
i agree with you. i am trying to build an EA from which, we can backtest and add filters to improve the strategy, if it needs any. however, i am a beginner programmer and it is taking me a little longer than i expected. problem is the mt4 language is not that good. i am slowly adjusting to the language's limits.
  • #274
  • Dec 22, 2009 11:35am Dec 22, 2009 11:35am
Quoting hnosair
i agree with you. i am trying to build an EA from which, we can backtest and add filters to improve the strategy, if it needs any. however, i am a beginner programmer and it is taking me a little longer than i expected. problem is the mt4 language is not that good. i am slowly adjusting to the language's limits.
Thats good to hear...I don't even know how to use an EA so you're along way ahead of me... Could I suggest that you look in to only opening the trade if the 5min candle closes above the breakout line as from my visual backtesting many false breakouts could be avoided...anyway just an idea....
  • #275
  • Dec 22, 2009 11:57am Dec 22, 2009 11:57am
Quoting Hova
easy to do, just ask your girl/boy if she/he could 'distract' you after you placed the pending orders

it works 4 me
My wife may be a little pissed if I wake her up at 3:00 am
  • #276
  • Dec 22, 2009 12:27pm Dec 22, 2009 12:27pm
Quoting slade1986
My wife may be a little pissed if I wake her up at 3:00 am
just tell her that she gets a nice gift if your makin good money, or just go back to sleep

thank god im living in GMT+1 zone



but seriously, we need an EA that doubles lot size if SL is hit, so you really can get away from screen.

hope some uber geek pimp coders can manage that, na, i know they can !
Never whishing, always trading.
  • #277
  • Dec 22, 2009 2:12pm Dec 22, 2009 2:12pm
Quoting fxblinkers
Thats good to hear...I don't even know how to use an EA so you're along way ahead of me... Could I suggest that you look in to only opening the trade if the 5min candle closes above the breakout line as from my visual backtesting many false breakouts could be avoided...anyway just an idea....
no problem. but first, lets get Cain's strategy working.

i have a question, can you manually modify the lots for an order? the modify function in the programming does not allow me to modify lots.

or do i just open a second position with same lot size?
  • #278
  • Dec 22, 2009 3:26pm Dec 22, 2009 3:26pm
Quoting hnosair
no problem. but first, lets get Cain's strategy working.

i have a question, can you manually modify the lots for an order? the modify function in the programming does not allow me to modify lots.

or do i just open a second position with same lot size?

you cant modify lots
try to check if the last order today was a loss and let the ea place a 2nd order
Never whishing, always trading.
  • #279
  • Dec 22, 2009 3:47pm Dec 22, 2009 3:47pm
Is there a working EA??
  • #280
  • Dec 22, 2009 3:50pm Dec 22, 2009 3:50pm
Hi Cain, I'm almost done with the EA so we can backtest...
I just wanted to add 2 parameters for min and max boxsize in order to place pending orders.

Can you please tell me what is the box size in pips that you consider to big or too small in order to trade?

I'll answer to those who requested hidden SL/TP... well that could be an option, but that would require the EA constantly monitoring the trades, with the prolem that sometimes you can't get out the market due to constant requotes, unless you use a big slippage...

I'll also add options for trailing stops, fixed SL, breakeven etc. (but disabled by default as we want the EA to work according to the original Cain system)

Talk soon, sorry but I'm very busy with my job lately.

P.S. I work in a software house as a programmer so any question about MT4 feel free to ask.
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