maybe use daily candle?
- #5,028
- Jul 4, 2010 3:34pm Jul 4, 2010 3:34pm
- Joined Jul 2007 | Status: 33 y/o Investor/Trader/Programmer | 5,016 Posts
- #5,029
- Jul 4, 2010 3:45pm Jul 4, 2010 3:45pm
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
Did you read the thread?
Greetings from Guanajuato, Mexico
- #5,030
- Edited 12:12pm Jul 18, 2010 12:02pm | Edited 12:12pm
Hi there
First, I want to thank ACE for offering such a simple and straight trading method, and the people that joined the thread with good tips.
I'm new to Forex (since Sep2009). This is the first trading method that I want to follow because I believe in it and it fits my personality and trading time (I'm at work during EU market). I'm not an experienced coder at all, and just started coding in mql4.
I decided to create this EA because I cannot monitor my MT4 all day waiting to place the orders when the price falls within the H4Box (Exclusion Zone). After achieving this primary aim, I decided to go a bit further adding more functions to the EA. Actually, this EA should be able to trade several times every day if the entry conditions fulfil. Also, the idea behind this EA is to trade several symbols to increase profits.
This EA is intended for full or semi automated mode so that beginner and experienced traders can use.
I wanted to follow the original ACE's method but adding an entry confirmation by using the DSS Bressert to decrease the number of (false) entries, hopping that the EA will only trade when the price heading away from the H4box (good entries). This way I expect fewer trades to hit the initial SL. Then the next aim is to move the SL to break even as soos as possible, and then let the profit run.
I'd like to request the help from the community where I learnt the idea. This EA is yet in beta stage so it needs some more coding work and testing. I have to admit my coding and testing limitations, this is why I seek help from experienced coders and testers. Also I can think of the following features that could improve the EA:
First, I want to thank ACE for offering such a simple and straight trading method, and the people that joined the thread with good tips.
I'm new to Forex (since Sep2009). This is the first trading method that I want to follow because I believe in it and it fits my personality and trading time (I'm at work during EU market). I'm not an experienced coder at all, and just started coding in mql4.
I decided to create this EA because I cannot monitor my MT4 all day waiting to place the orders when the price falls within the H4Box (Exclusion Zone). After achieving this primary aim, I decided to go a bit further adding more functions to the EA. Actually, this EA should be able to trade several times every day if the entry conditions fulfil. Also, the idea behind this EA is to trade several symbols to increase profits.
This EA is intended for full or semi automated mode so that beginner and experienced traders can use.
I wanted to follow the original ACE's method but adding an entry confirmation by using the DSS Bressert to decrease the number of (false) entries, hopping that the EA will only trade when the price heading away from the H4box (good entries). This way I expect fewer trades to hit the initial SL. Then the next aim is to move the SL to break even as soos as possible, and then let the profit run.
I'd like to request the help from the community where I learnt the idea. This EA is yet in beta stage so it needs some more coding work and testing. I have to admit my coding and testing limitations, this is why I seek help from experienced coders and testers. Also I can think of the following features that could improve the EA:
- [ToDo] Add price digits correction
- [ToDo] Add break even option
- [ToDo] Add (auto?) GMT correction
- [ToDo] Add MM
- [ToDo] Improve trade management. 1 active trade per symbol limited by the locked equity
- [?] Improve code quality to increase performance
- [?] For full automated mode replace trailing stop with jump SL taking into account pivot points, S/R, etc
- [?] Need for a second entry confirmation method like a 2nd indicator, disabling trading during news.
Hope you like this system and want to help developing this EA.
PS. to the coders. Sorry for the Spanish words 
- #5,031
- Jul 20, 2010 12:36pm Jul 20, 2010 12:36pm
Its been a while...months...
Hope all you guys are doing well; Yen, shiko, Ron, Pharoah, Droland, Bobcat, lolpie, andy, wrenski...just to name a few.
Its unfortunate that this thread fell apart. I remember back when I was trading this system during late 2008 and early 2009, it was extremely profitable. After sharing the system here on FF, the profits started to slow down until it just stopped producing. That's not to say that it was forexfactory's fault, or that posting my system made it fail. Or did it.... But to be honest, this system is arbitrary, I originally set the rules through optimization and as the market changed I did not change the rules, which was a fail on my part. It was also the patience factor...
If anyone remembers, way back I developed an improvement to this method which again, was arbitrary. I did not share this improvement with you guys because I wanted to see if it would have any affect on its performance. Was I paranoid? Yes. I started using it and made quite a bit. The idea behind this improvement was to absolutely maximize the reward while minimizing the risk. Every week I had a Risk:Reward ratio of 1:12 at least. I risked 2% the first trade and made 25% return on my account. The next week I decided to protect my capital even more just to be safe, so I risked a little bit over 1% of my account. Made 13%. Basically, after that point I was on cloud 9 so even the idea of losing that edge made me paranoid.
But like I said, the improvement was also optimized. Don't get me wrong, the reasons for it make sense but the new strategy decreased the win rate by quite a bit in order to account for the high reward.
Anyway, after making 38% in two weeks I started to lose. First week: -2%, then -1%, then -3%, then -2%. Basically, after three months of that and losing 30% I was back at around only a 5% gain. Still better than what banks offer but I wasn't satisfied and was worried that the strategy would just fail. I lost patience...2 months and no profits.
So at the end of the day, my 4H Box Breakout trading lasted a year and returned a little under 10%, about 5% from the new strategy and 4.5% from the old one. I still made money but it wasn't at all worth all the time put into it. Too much opportunity cost.
I stopped trading for a while and spent time on other projects. I'm willing to give trading another go now. Would like to hear from some of you guys, if you're still around. Is anyone using a variation of this system successfully?
I trade using Trend lines, S/R now. Chart Below
Hope all you guys are doing well; Yen, shiko, Ron, Pharoah, Droland, Bobcat, lolpie, andy, wrenski...just to name a few.
Its unfortunate that this thread fell apart. I remember back when I was trading this system during late 2008 and early 2009, it was extremely profitable. After sharing the system here on FF, the profits started to slow down until it just stopped producing. That's not to say that it was forexfactory's fault, or that posting my system made it fail. Or did it....
But to be honest, this system is arbitrary, I originally set the rules through optimization and as the market changed I did not change the rules, which was a fail on my part. It was also the patience factor...If anyone remembers, way back I developed an improvement to this method which again, was arbitrary. I did not share this improvement with you guys because I wanted to see if it would have any affect on its performance. Was I paranoid? Yes. I started using it and made quite a bit. The idea behind this improvement was to absolutely maximize the reward while minimizing the risk. Every week I had a Risk:Reward ratio of 1:12 at least. I risked 2% the first trade and made 25% return on my account. The next week I decided to protect my capital even more just to be safe, so I risked a little bit over 1% of my account. Made 13%. Basically, after that point I was on cloud 9 so even the idea of losing that edge made me paranoid.
But like I said, the improvement was also optimized. Don't get me wrong, the reasons for it make sense but the new strategy decreased the win rate by quite a bit in order to account for the high reward.
Anyway, after making 38% in two weeks I started to lose. First week: -2%, then -1%, then -3%, then -2%. Basically, after three months of that and losing 30% I was back at around only a 5% gain. Still better than what banks offer but I wasn't satisfied and was worried that the strategy would just fail. I lost patience...2 months and no profits.
So at the end of the day, my 4H Box Breakout trading lasted a year and returned a little under 10%, about 5% from the new strategy and 4.5% from the old one. I still made money but it wasn't at all worth all the time put into it. Too much opportunity cost.
I stopped trading for a while and spent time on other projects. I'm willing to give trading another go now. Would like to hear from some of you guys, if you're still around. Is anyone using a variation of this system successfully?
I trade using Trend lines, S/R now. Chart Below
- #5,032
- Jul 20, 2010 12:55pm Jul 20, 2010 12:55pm
- Joined Dec 2006 | Status: Backtest is meaningless (to me) | 2,176 Posts
- #5,034
- Jul 21, 2010 12:12am Jul 21, 2010 12:12am
- | Joined Aug 2006 | Status: Trader | 1,024 Posts
Hi Ace,
It's really great to hear from you, again!
Actually I have been trading many, many different breakout systems over the past 5 years. Guess what? I am almost exactly break-even for all my efforts. I suppose with the extremely high forex failure rate, breaking even is at least a moral victory.
Unfortunately, every breakout system I have tried has resulted in a very small modicum of success. I discovered that market conditions change so rapidly in the mostly random forex market that you simply can't adjust quickly enough to changing parameters in order to be effective. Just as soon as you finaly get a handle on it, things change again, and success evaporates. Consequently all of my breakout systems have enjoyed only meager shelf lives. Building a successful breakout system has been a dicey affair,and has failed for me in making consistent profits.
I am now trading price action with Peaks and Valleys that can be straddled like a breakout method, but enjoys the propensity to be more timely and dynamic than a traditional fixed system.
Best regards,
BC
It's really great to hear from you, again!
Actually I have been trading many, many different breakout systems over the past 5 years. Guess what? I am almost exactly break-even for all my efforts. I suppose with the extremely high forex failure rate, breaking even is at least a moral victory.
Unfortunately, every breakout system I have tried has resulted in a very small modicum of success. I discovered that market conditions change so rapidly in the mostly random forex market that you simply can't adjust quickly enough to changing parameters in order to be effective. Just as soon as you finaly get a handle on it, things change again, and success evaporates. Consequently all of my breakout systems have enjoyed only meager shelf lives. Building a successful breakout system has been a dicey affair,and has failed for me in making consistent profits.
I am now trading price action with Peaks and Valleys that can be straddled like a breakout method, but enjoys the propensity to be more timely and dynamic than a traditional fixed system.
Best regards,
BC
- #5,035
- Jul 21, 2010 12:25am Jul 21, 2010 12:25am
Hi Ace,
It's really great to hear from you, again!
Actually I have been trading many, many different breakout systems over the past 5 years. Guess what? I am almost exactly break-even for all my efforts. I suppose with the extremely high forex failure rate, breaking even is at least a moral victory.
Unfortunately, every breakout system I have tried has resulted in a very small modicum of success. I discovered that market conditions change so rapidly in the mostly random forex market that you simply can't adjust quickly enough to...
- #5,036
- Jul 21, 2010 12:37am Jul 21, 2010 12:37am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
Hi Ace284,
I think I know what you mean. No, this system is not an "arbitrary" method (although the optimalization itself maybe a kind of curve-fitting). It is a kind of trend following system. Like S/R, trend following is also has a long history as old as trading itself, and like S/R, it works better sometimes and worse sometimes.
cheers,
kk
I think I know what you mean. No, this system is not an "arbitrary" method (although the optimalization itself maybe a kind of curve-fitting). It is a kind of trend following system. Like S/R, trend following is also has a long history as old as trading itself, and like S/R, it works better sometimes and worse sometimes.
cheers,
kk
Its been a while...months...
Hope all you guys are doing well; Yen, shiko, Ron, Pharoah, Droland, Bobcat, lolpie, andy, wrenski...just to name a few.
Its unfortunate that this thread fell apart. I remember back when I was trading this system during late 2008 and early 2009, it was extremely profitable. After sharing the system here on FF, the profits started to slow down until it just stopped producing. That's not to say that it was forexfactory's fault, or that posting my system made it fail. Or did it....