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A Simple London Breakout

  • #421
  • Apr 27, 2010 10:09am Apr 27, 2010 10:09am
Quoting squalou
Howard,

- the "MaxBoxSizeInPips" input is already in pips, whatever 4 or 5 digits broker you are using. 50 means 50 pips.

- check your inputs: is "BoxColorNOK" color Red ?

- check the actual box size on your chart: activate the "crosshair" mouse mode (press the mouse wheel), then hold-left-click on bottom of the box, and drag the mouse (keep left-click pushed) to the top of the box: next to the crosshair cursor you should see the "bar/POINTS/price" values: the "POINTS" is the number of "points" between start and stop of the mouse...
Thanks a lot.

The problem was that I had set max size to 500(5 digit), changed it to 50 and red is showing now
Regards
  • #422
  • Apr 27, 2010 11:30am Apr 27, 2010 11:30am
last 3 days have been extremely profitable for me. thanks mer and others. right now i am trading 7 pairs manually. placing orders for 7 pairs is time consuming. i downloaded the EA v5 and started using it in my demo account. i am facing some issues. its not closing the pending orders before next day box is started. also i want to take multiple trades on same pair in both direction. i dont want the price to go into the box agin before crossing our entry price. whats the setting for this ? i am also confused on AM, PM trading hours 0-12, 12-24. what happens if i close my computer after the box is formed ? when i restart MT4 , does it agin place orders ? whats friday trading true/false ? can someone document these settings so that its helpful for others ?
  • #423
  • Apr 27, 2010 12:57pm Apr 27, 2010 12:57pm
Quote
Mer
From my testing it seems EJ and GU have done the best and UC the worst

What is your experience?
Gbp/Usd is always going to be successful as this pair generally has the most volume in the London session. I feel pairs that have lower spreads but higher overall daily ranges fit the bill for this strategy, that's why Gbp/Usd and Eur/Jpy work so well. But you also have to have a little diversity as well utilizing several pairs to help with the drawdown. You may be trading only a couple of pairs and experience losses on both, which can hurt. But if your watching 5-7 pairs, the winners can help lessen the sting of the few losses you may have.

Quote
Mer: the indicator box actually INCLUDES an extra bar: it includes the...
My thinking is this, the strategy requires the high and the low from 04-07:00, correct? So, if you need the high or low from the 04:00 candle, you're including the whole candle from 04:00 to 04:15, right? So, in order to get the high or low of the 07:00 candle, you must include the whole candle as well. Yes, you will have an extra bar because the price information is technically outside the box, but the box still drawn off that particular candle. Again, this is why we have adjustable inputs on the indicator, if you feel that it is more profitable to go from 04-6:45, be my guest. For my examples, I will be using the 04:00-07:00 setting.

Quote
last 3 days have been extremely...
I'm glad it's working out for you. I haven't been using Steve's EA so hopefully he may chime in or you can send him a pm with your question.
  • #424
  • Apr 27, 2010 7:48pm Apr 27, 2010 7:48pm
yesterday +26 pips

http://i285.photobucket.com/albums/l...donbreak27.jpg
  • #425
  • Apr 27, 2010 8:48pm Apr 27, 2010 8:48pm
Quoting banana9009
yesterday +26 pips

http://i285.photobucket.com/albums/l...donbreak27.jpg
i think you got everything wrong. pl check your box times properly. i had 8 trades and ALL of them hit targets !!! in fact they have gone way beyond the target.
  • #426
  • Apr 28, 2010 1:19am Apr 28, 2010 1:19am
Here are Tuesday's results:

Eur/Usd

04:00 to 07:00

No Martingale

+22 =
+22 pips

With Martingale Multiplier

+44 (+22 x 2)
+44 pips

We'll start out fresh tonight with no multipliers on this set.

03:00 to 06:00

No Martingale

+22 =
+22 pips

With Martingale Multiplier

+44 (+22 x 2) =
+44 pips

We'll start out fresh tonight with no multipliers on this set.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd 4-7.jpg Size: 86 KB
Click to Enlarge Name: eurusd 3-6.jpg Size: 90 KB
  • #427
  • Apr 28, 2010 1:24am Apr 28, 2010 1:24am
Gbp/Usd

04:00 to 07:00

No Martingale

+26 =
+26

With Martingale Multiplier

N/A

We'll start out fresh tonight with no multipliers on this set.

03:00 to 06:00

No Martingale

+34 =
+34 pips

With Martingale Multiplier

N/A

We'll start out fresh tonight with no multipliers on this set.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd 4-7.jpg Size: 88 KB
Click to Enlarge Name: gbpusd 3-6.jpg Size: 87 KB
  • #428
  • Apr 28, 2010 1:26am Apr 28, 2010 1:26am
Usd/Jpy

04:00 to 07:00

No Martingale

+24
+24 =
+48 pips

With Martingale Multiplier

N/A

We'll start out fresh tonight with no multipliers on this set.

03:00 to 06:00

No Martingale

-23
+18 =
-5 pips

With Martingale Multiplier

-23+36 (+18 x 2) =
+13

We'll start out fresh tonight with no multipliers on this set.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdjpy 4-7.jpg Size: 85 KB
Click to Enlarge Name: usdjpy 3-6.jpg Size: 89 KB
  • #429
  • Apr 28, 2010 1:28am Apr 28, 2010 1:28am
Eur/Jpy

04:00 to 07:00

No Martingale

+45 =
+45 pips

With Martingale Multiplier

N/A

We'll start out fresh tonight with no multipliers on this set.

03:00 to 06:00

No Martingale

+39 =
+39
With Martingale Multiplier

N/A

We'll start out fresh tonight with no multipliers on this set.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy 4-7.jpg Size: 83 KB
Click to Enlarge Name: eurjpy 3-6.jpg Size: 84 KB
  • #430
  • Apr 28, 2010 1:34am Apr 28, 2010 1:34am
Usd/Chf

04:00 to 07:00

No Martingale

+20 =
+20 pips

With Martingale Multiplier

+100 (+20 x 5) =
+100 pips

We'll start out fresh tonight with no multipliers on this set.

03:00 to 06:00

No Martingale

+19=
+19 pips

With Martingale Multiplier

+95 (+19 x 5) =
+95

We'll start out fresh tonight with no multipliers on this set.
  • #431
  • Apr 28, 2010 2:09am Apr 28, 2010 2:09am
I also wanted to let everyone know that I have had a very informative chat with a fellow trader from another forum who is really into Fibonacci trading. He really loves the concept of the indicator and gave me some settings using a new entry point and Profit Target to try out. I'll give you a little teaser, Eur/Usd would have made +183 pips on Thursday and Friday alone last week (with no multipliers!).

The Profit Target compared to the stoploss now provides a more appealing 1:1 RR and reduces the amount of whiplash compared with the tighter entries we're using now. Don't get me wrong, you'll still have some instances where we get our reversals off an entry point, but I am certain the returns should improve. I hope these changes will work out for the better, so let's keep our fingers crossed for now. More updates will come toward the end of the week.
  • #432
  • Apr 28, 2010 3:09am Apr 28, 2010 3:09am
Quoting mer071898
[b]I also wanted to let everyone know that I have had a very informative chat with a fellow trader from another forum who is really into Fibonacci trading. He really loves the concept of the indicator and gave me some settings using a new entry point and Profit Target [color=Blue] to try out. I'll give you a little teaser, Eur/Usd would have made +183 pips on Thursday and Friday alone last week (with no multipliers!).

The Profit Target compared to the stoploss now provides a more appealing 1:1 RR and reduces...
and the new settings are.....
:drumroll:
  • #433
  • Apr 28, 2010 3:39am Apr 28, 2010 3:39am
For those who manually trade this startegy, I'm pretty sure you will love this pair...

V7 of the Indicator has the following improvements:

- shows "Profit Zones" in green (can be disabled by input)
- displays the box size in pips below the box, and a "NO TRADE" sign for red boxes;
- puts a chart-Comment on top left corner with the main settings so you instantly know what they are for that chart;
- sets system-wide GlobalVariables for use with the treat below...



Now, the treat:

I have modified Steve Hopwoods's "London Breakout script" presented on post #138 -- go read it to get the script basic usage.

This new script will take advantage of the improvements added in V7 indicator, so that you do not need to manually enter entry/TP/SL values anymore!!!

Here is how to use it:

-1- load the "London BreakoutV7.mq4" indicator (or higher version) on the chart;

-2- drag the script to the chart, and just click OK, that's it !!!

The script will automatically replace input values left to 0 with the corresponding entry/TP/SL levels for the BuyStop and SellStop orders that the Indicator has computed using your Indys inputs, so you don't need to manually input them.

You can use the script on charts open with different pairs each.
Use "F3" key to show the created GlobalVariables.
You can change their values directly there, these will be the ones taken by the script.

They will be updated automatically when a new box is formed the next day.


Isn't that nice, guys ?

Sq.
Attached File(s)
File Type: mq4 London BreakoutV7.mq4   15 KB | 656 downloads
File Type: mq4 London Breakout scriptV2.mq4   5 KB | 528 downloads
  • #434
  • Apr 28, 2010 3:53am Apr 28, 2010 3:53am
Quoting mer071898
[b]I also wanted to let everyone know that I have had a very informative chat with a fellow trader from another forum who is really into Fibonacci trading. He really loves the concept of the indicator and gave me some settings using a new entry point and Profit Target [color=Blue] to try out. I'll give you a little teaser, Eur/Usd would have made +183 pips on Thursday and Friday alone last week (with no multipliers!).

The Profit Target compared to the stoploss now provides a more appealing 1:1 RR and reduces...

you talked too much or not enough...
now we're all eager to see the teaser...
!!!
  • #435
  • Edited 5:41am Apr 28, 2010 5:21am | Edited 5:41am
Quoting squalou

Here is how to use it:

-1- load the "London BreakoutV7.mq4" indicator (or higher version) on the chart;

-2- drag the script to the chart, and just click OK, that's it !!!


Isn't that nice, guys ?

Sq.
Squalou...as usual ....YOU ARE THE MAN!

Have already four hits with todays breakout, Squalou give a new "more fun" playground and he even give me the robot to putting out my traps....

I really feel like want to dance now......

Thanks Guys....... A BIG ONE to you Squalou......
  • #436
  • Apr 28, 2010 5:26am Apr 28, 2010 5:26am
Quoting squalou

Here is how to use it:

-1- load the "London BreakoutV7.mq4" indicator (or higher version) on the chart;

-2- drag the script to the chart, and just click OK, that's it !!!


Isn't that nice, guys ?

Sq.
Squalou...YOU ARE THE MAN!

Have already four hits with todays breakout, Squalou is giving me a new "more fun" playground and ....it's not enough...he even give me the robot to putting out my traps....

I really feel like want to dance now......

Thanks Guys... and a BIG ONE to you Squalou.......
  • #437
  • Apr 28, 2010 5:36am Apr 28, 2010 5:36am
Quoting NiceGuy
Squalou...YOU ARE THE MAN!

Have already four hits with todays breakout, Squalou is giving me a new "more fun" playground and ....it's not enough...he even give me the robot to putting out my traps....

I really feel like want to dance now......

Thanks Guys... and a BIG ONE to you Squalou.......

yep, i'm happy to be helpful here, that enlights my day!



And yes, i'm now also trading this in a blink of an eye...
just drop-and-click-OK,
no more manual settings hassles,
move to next chart and repeat, and you're done for the day!

Well, you still need to keep an eye sometimes, just to re-drop-and-re-click once a trade has hit TP (or SL...) and return to your hobby.
Only an EA bot could beat that.

No time wasting, pure cream-trading!



Sq.
  • #438
  • Apr 28, 2010 5:56am Apr 28, 2010 5:56am
Huge lost this month with this system. Bad Luck or what?
{Promotion Removed}
  • #439
  • Apr 28, 2010 6:02am Apr 28, 2010 6:02am
Quoting squalou
For those who manually trade this startegy, I'm pretty sure you will love this pair...

V7 of the Indicator has the following improvements:

- shows "Profit Zones" in green (can be disabled by input)
- displays the box size in pips below the box, and a "NO TRADE" sign for red boxes;
- puts a chart-Comment on top left corner with the main settings so you instantly know what they are for that chart;
- sets system-wide GlobalVariables for use with the treat below...



Now, the treat:

I have modified Steve...
I put V7 into custom indicator folder.
I put script into expert/script folder.

When i compile i got this:
Function "drawFixedLbl" is not referenced and will be removed from exp-file

Normal?
福 子 Victor V
  • #440
  • Apr 28, 2010 6:08am Apr 28, 2010 6:08am
Quoting squalou
For those who manually trade this startegy, I'm pretty sure you will love this pair...

V7 of the Indicator has the following improvements:

- shows "Profit Zones" in green (can be disabled by input)
- displays the box size in pips below the box, and a "NO TRADE" sign for red boxes;
- puts a chart-Comment on top left corner with the main settings so you instantly know what they are for that chart;
- sets system-wide GlobalVariables for use with the treat below...



Now, the treat:

I have modified Steve Hopwoods's...
Thanks for this, really nice programming.

Does the script still execute if the box created is red?
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