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A Simple London Breakout

  • #141
  • Apr 15, 2010 7:50pm Apr 15, 2010 7:50pm
Steve,
All values show 0. Am I missing the indi?

Vinesh
  • #142
  • Apr 15, 2010 7:57pm Apr 15, 2010 7:57pm
Quoting vinesh
Steve,
All values show 0. Am I missing the indi?

Vinesh
The robot does not need the indi. The values will read zero until your platform receives a tick. It has probably done so before I can post this reply.

Mind, you should have the indi as well. It is fantastic.

  • #143
  • Apr 15, 2010 8:02pm Apr 15, 2010 8:02pm
Quoting SteveHopwood
The robot does not need the indi. The values will read zero until your platform receives a tick. It has probably done so before I can post this reply.

Mind, you should have the indi as well. It is fantastic.

Nope it didn't.
  • #144
  • Apr 15, 2010 8:07pm Apr 15, 2010 8:07pm
Attached. I have both indis in my folder.
Attached Image (click to enlarge)
Click to Enlarge Name: london bo.gif Size: 35 KB
  • #145
  • Apr 15, 2010 8:14pm Apr 15, 2010 8:14pm
Quoting SteveHopwood
This ea will automatically enter pending trades whenever the price is within the box. There is no limit on the number of re-entries. Would you like one?

What makes more sense to me is something that Boris Schlossberg says, I think in regard to his 10 a day system. I cannot remember exactly what, but he says along the lines that: "when 3 trades have all lost then there must be something going on in the markets that I do not know about, so I step away until for a few hours."

So, maybe a maximum number of losers per session instead? With a...
Looks good to me now.

Thanks very much, Steve.
福 子 Victor V
  • #146
  • Apr 15, 2010 8:20pm Apr 15, 2010 8:20pm
Quoting vinesh
Attached. I have both indis in my folder.
Sorry Vinesh. I simply have no idea why your robot is refusing to cooperate.

Try shutting everything down and starting again. More than that, I am at a loss to suggest.

I hope you get this sorted out.

  • #147
  • Apr 15, 2010 8:31pm Apr 15, 2010 8:31pm
Tried everything. No can do. Thanks anyway.
  • #148
  • Apr 15, 2010 8:51pm Apr 15, 2010 8:51pm
Quoting mer071898
Great results, but if you can do me a favor and please post result in the Trading Journals section. Since you are using the other indicator and different timeframe, I don't want everyone else to get confused, thanks.
[color=Blue]
The only difference between the two is the entry point on London Breakout 1 is just past the 27 fib extension @30. On London Breakout 2, the entry point is just beyond the 38.2 fib extension @42. Keep in mind kijkij is also using it on a 1 hour timeframe which...

No, "mer071898", I am not using any other indicator and any TF except 15Min as you instructed. I am using your indicator with 15TF. the purpose to show the progress is just that your strategy can be profitable if we do good risk management. Sorry if you mind it.
  • #149
  • Edited 10:10pm Apr 15, 2010 9:29pm | Edited 10:10pm
Quote
Firstly, my regards and thanks to Mer for the system.

I put in my 1 cent here....
The whole concept of the martingale is to recoup your losses and provide you a winning end result. I'm going to respond to this visually. I will take, from post #81, the TP of +34 pips and the SL of -45 pips an compare your 1-1-2 to my 1-2-5.

Your Suggested Martingale

-45
-45 (-45 x 1)
+68 (+34 x 2) =
-22 pips

My Suggested Martingale

-45
-90 (-45 x 2)
+170 (+34 x 5) =
+35 pips

As you can see my martingale recoups all my losses plus a little profit in my pocket, yours does not. Even if you went to 2.5 as you mentioned you'd still end up with -5 pips. I've learned this way of doing martingale trading since I developed my PowerSM EA and have been using martingale strategies for 5-6 years now (without blowing an account and going in to bankruptcy). I'm even working with another trader in developing an Semi-Martingale based EA for Institutional traders which can safely double your money in a year with a properly funded account (If anyone wants to see the backtests I will be more than happy to show them to you).

Now, please don't construe this as I'm saying your wrong or I'm just picking on you, because that's not it. All I'm saying is it's a matter of opinion and my opinion is if your going to martingale your trades you should be profitable overall on the winner when it hits.
  • #150
  • Apr 15, 2010 9:48pm Apr 15, 2010 9:48pm
Quote
For those of you interested purely in manually trading this system, I attach a script that will send the trades for you.
Thanks for the script Steve, the more tools the better.

Quote
This ea will automatically enter pending trades whenever the price is within the box.
The problem I see here Steve is when a Profit Target is hit and we look for additional trades, sometimes price will only retrace back to the entry point and not reach the box. This would still qualify as a re-entry trade (see pic). When we're below the box, the EA should only initiate short trades once price touches our entry point and when above we're above the box, the EA should only initiate long trades once price touches our entry point.
Attached Image (click to enlarge)
Click to Enlarge Name: pic1.jpg Size: 114 KB
  • #151
  • Apr 15, 2010 9:48pm Apr 15, 2010 9:48pm
Thanks for you strategy. Works good.

Yesterday 7 trades(1 Long and 6 short) made me +218 pips. But here is a question that what if we go only oneway! I mean if after the box popup and we place two trades(Long Stop, Short Stop) and one of them hit so should we close the other pending order) In this way will it be still profitable from your experience?
  • #152
  • Edited 10:15pm Apr 15, 2010 9:59pm | Edited 10:15pm
Quote
So, maybe a maximum number of losers per session instead? With a bit of thought, I can code both a max trades per session and a max losers per session. What do you guys think?
Steve, I think it would definitely ease the minds of those traders who want the option of limiting their exposure. I would love to see a true/false option to allow you to martingale your lots as well, but I'm just wishful thinking. If you need more info on the times and trade specifics Steve, just e-mail me and I can go into more detail without cluttering up the thread.

Quote
Attached. I have both indis in my folder.
One problem I see vinesh is your trying to run this on a 1 hour chart in which the strategy is not designed for. It is meant to be on a 15 minute timeframe.

Quote
No, "mer071898", I am not using any other indicator and any TF except 15Min as you instructed. I am using your indicator with 15TF. the purpose to show the progress is just that your strategy can be profitable if we do good risk management. Sorry if you mind it.
Sorry when you ask in post# 96,

"Is it possible to fix the Fibo line lengths so that it should remain in the period separator area? For larger TF they are mixing with each other!"

You implied in your statement that you were using it on higher timeframes, my apologies.

Quote
Thanks for you strategy. Works good.

Yesterday 7 trades(1 Long and 6 short) made me +218 pips. But here is a question that what if we go only oneway! I mean if after the box popup and we place two trades(Long Stop, Short Stop) and one of them hit so should we close the other pending order) In this way will it be still profitable from your experience?
First off I don't use pending orders in my manual trading, but that's just me. The reason why, and especially in this strategy, is that you can have 2-4 short trades in a row like we had on the Eur/Usd. Unless your sitting there at your computer, you can't automatically place another pending order once it's triggered to take advantage of other trade in that direction. Hopefully the EA Steve is working on will take care of that for us.

If you have a long and short pending order you should keep both active as we all know price can reverse on you and shoot straight to your other Profit Target without warning like in the pic I attached.
Attached Image (click to enlarge)
Click to Enlarge Name: pic2.jpg Size: 85 KB
  • #153
  • Apr 15, 2010 10:09pm Apr 15, 2010 10:09pm
Quoting mer071898
Sorry when you ask in post# 96,

"Is it possible to fix the Fibo line lengths so that it should remain in the period separator area? For larger TF they are mixing with each other!"

You implied in your statement that you were using it on higher timeframes, my apologies.
The reason for that question was when I switched to higher TF with your indi, the fibo lines were mixing with each other and I wanted a clean chart with out removing your indicator.
  • #154
  • Apr 15, 2010 10:17pm Apr 15, 2010 10:17pm
Quote
The reason for that question was when I switched to higher TF with your indi, the fibo lines were mixing with each other and I wanted a clean chart with out removing your indicator.

No harm, no foul. Just remember, the lines are based on the number of bars and not the size of the chart. As you go higher or lower in the timeframe you'll always have to adjust the length of the lines.
  • #155
  • Apr 15, 2010 10:36pm Apr 15, 2010 10:36pm
I tried 15 minute chart too.
  • #156
  • Apr 15, 2010 10:39pm Apr 15, 2010 10:39pm
Chart attached.
Attached Image (click to enlarge)
Click to Enlarge Name: london bo.gif Size: 28 KB
  • #157
  • Edited 11:03pm Apr 15, 2010 10:46pm | Edited 11:03pm
Quote
Chart attached.
I can't explain what the problem would be vinesh, you'll have to be patient and see what Steve comes up with, sorry.


Alright, here we go for Thursday's trades. A great night as every pair was a winner with no losing trades. The will be no need to show the martingale multiplier since there was no losing trades. Since we did have some multipliers carried over, let's see how they unfolded.

Eur/Usd had one winning trade for +24 pips. As we finished off last night's trading with two losses, we have a multiplier of 5 added to the equation which gives us a grand total of +120 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.jpg Size: 96 KB
  • #158
  • Edited 11:02pm Apr 15, 2010 10:52pm | Edited 11:02pm
Gbp/Usd had 3 winning trades for +26 pips each.This was the only pair not to end with a losing trade last night so all we end up with is +78 pips since we don't need the multiplier. Tough to stomach, I know.


Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 98 KB
  • #159
  • Apr 15, 2010 10:54pm Apr 15, 2010 10:54pm
Usd/Jpy had one winning trade last night for +26 pips and it took all day to get there. As we finished off last night's trading with 1 loss, we have a multiplier of 2 added to the equation which gives us a grand total of +52 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 91 KB
  • #160
  • Apr 15, 2010 10:58pm Apr 15, 2010 10:58pm
Eur/Jpy was the big winner of the night, but not because of the pip total of +48 pips, but the multiplier of 34 we get to use after the dismal performance of 4 losses last night. This gives us a whopping total of +1632 pips!!!
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 89 KB
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