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A Simple London Breakout V.2

  • #101
  • Edited 11:37am Aug 4, 2010 2:20am | Edited 11:37am
Still a positive day even with Usd/Cad in a ranging period for the day. Technically, we really have +328 pips as we have a T3 trade on the Eur/Jpy that already has +135 pips locked in (+27 x 5).

Eur/Usd- +198 pips
Gbp/Usd- +99 pips
Usd/cad- -288 pips (3 active trades open)
Eur/Jpy- +44 pips (+135 pips locked in on last T3 trade)
Gbp/Jpy- +36 pips

Grand total for Tuesday- +89 pips
  • #102
  • Aug 4, 2010 2:36am Aug 4, 2010 2:36am
Quoting mer071898
Still a positive day even with Usd/Cad in a ranging period for the day. Technically, we really have +328 pips as we have a T3 trade on the Eur/Jpy that already has +135 pips locked in (+27 x 5).

Eur/Usd- +198 pips
Gbp/Usd- +99 pips
Usd/cad- -288 pips (3 active trades open)
Eur/Jpy- +44 pips (+135 pips locked in on last T3 trade)
Gbp/Jpy- +140 pips

Grand total for Tuesday- +193 pips
...
Those are incredible results Mer. I have been following your previous systems as well, and this is a quantum leap forward. Thanks for you hard work.

CelticHeart-
The script is producing an error when I am attempting to place the orders:
"ERROR #4109: trade is not allowed in the expert properties"

Can you advise?

Thanks in advance.
  • #103
  • Aug 4, 2010 3:50am Aug 4, 2010 3:50am
Quoting mer071898
Gbp/Jpy (Max Box Size limited to 55 pips)

T1= +34
T2= +72
T3= +34

Final Total= +140 pips


Hi Mer,
thanks for sharing this trading system

Are you still moving SL to BEP+1 for T2 dan T3, once T1 hit TP?
If so, this trade will produce T1= +34, T2=+1, T3=+1, Total +36 pips instead of +140 in your calculation.
See my below illustration.
At point 1: T1 hit TP and then T2 & T3 move SL to BEP+1.
At point 2: Both T2 & T3 hit SL at BEP+1.

Do I understand correctly? Please CMIIW..

http://i34.tinypic.com/wo9s5.jpg
  • #104
  • Aug 4, 2010 4:43am Aug 4, 2010 4:43am
script.. invalid stops?
what is buy order type and stop order type?
  • #105
  • Aug 4, 2010 6:20am Aug 4, 2010 6:20am
CelticHeart-
The script is producing an error when I am attempting to place the orders:
"ERROR #4109: trade is not allowed in the expert properties"

Can you advise?

Thanks in advance.[/quote]

I think that error usually occurs when you don't have the box checked to allow live trading in your expert advisor settings. Go to Tools/Options/Expert advisors and check the following boxes (leave the others unchecked):

Enable Expert Advisors (except for Custom Indicators and Scripts)
Allow Live Trading
Allow DLL imports
Allow external experts imports

If that's not the problem, I will look into it more.
  • #106
  • Aug 4, 2010 6:22am Aug 4, 2010 6:22am
Quoting mistersimple
script.. invalid stops?
what is buy order type and stop order type?
I did not create the script, but I think the only order types it allows are buy stops and sell stops. I didn't change any of the settings for order type when I tried out the script. What is the order you're trying to place that gave you invalid stops?
  • #107
  • Aug 4, 2010 7:32am Aug 4, 2010 7:32am
well today looking a bit more like US breakout...
  • #108
  • Aug 4, 2010 11:07am Aug 4, 2010 11:07am
Hi,
I manually backesting April Month on EUR/USD
Starting from 0.01 lot
Account balance is 10 000 USD

The net profit is approx : 2500 pips (exclude spreads)

Max drawdown : 4%

I use only 1 double lot a day (ex: 0,01 loose => 0,02 loose => if same day 0,02 ...).
By using this settings is used a maximum of 0.32 lot.

Excuse my bad english.

For any question, you can post in the thread.
  • #109
  • Aug 4, 2010 11:40am Aug 4, 2010 11:40am
Quote
Are you still moving SL to BEP+1 for T2 dan T3, once T1 hit TP?
If so, this trade will produce T1= +34, T2=+1, T3=+1, Total +36 pips instead of +140 in your calculation.
See my below illustration.
fxnubi, good catch. I am going through these examples visually so I am due for a mistake here and there, thanks. I've updated the posts with the correction.
  • #110
  • Aug 4, 2010 12:08pm Aug 4, 2010 12:08pm
Hi Mer!

First, thank you this great strategy!

I have a little problem, please see the picture. Today, GBP/JPY, MaxBoxSizeInPips: 50, but the the box size on the chart is only 48p. I don't know why. Can you help me?

And the last question: Have you information when come the EA?

Thank you for your time!
(Sorry for my english.)
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_maxboxsize.jpg Size: 81 KB
  • #111
  • Aug 4, 2010 12:23pm Aug 4, 2010 12:23pm
Quoting mer071898
fxnubi, good catch. I am going through these examples visually so I am due for a mistake here and there, thanks. I've updated the posts with the correction.
It's ok Mer.
Thanks for confirming me
  • #112
  • Aug 4, 2010 12:42pm Aug 4, 2010 12:42pm
Is it possible to get the indicator to make the box between the two entry lines in a different color? - so it is easier to spot if one should be looking for a trade...
  • #113
  • Edited 2:13pm Aug 4, 2010 1:03pm | Edited 2:13pm
Dear all

Please see attached the breakout excel sheet I wanted for this great strategy and let me know how you think about this. Feel free to input your creative ideas and update/correct. I have only initiated and I know that our excellent forum members can modify it to very superior levels. I think the column with leverage needs some correction as it do not reflect the right amount but quite close to the used margin. I am not sure why this is. Dear tech members please please do give your valuable inputs.

Finally I have figured out the way to protect the formulas so you have to just enter your starting equity, your risk level, entry price, TP and SL price. I have used leverage of 1:100 in this sheet and the pairs that can be used have price format of X.XXXXX

Thanks and happy PIPIING
Jill
Attached File(s)
File Type: xls Breakoutsheet.xls   109 KB | 1,446 downloads
  • #114
  • Aug 4, 2010 3:15pm Aug 4, 2010 3:15pm
Quoting mer071898
[color=navy]We will not be do any more changes to the indicator, but to get your TP levels where you want, change the inputs of the "TP1Factor" and "TP3Factor" parameters to get your desired result. Understand though, a 10 pip TP1 is going to get eaten up pretty quick by the spreads and you're leaving a lot of pips on the table. The stoploss in totally up to the trader and with a 10 stop, you will get stopped out quite a bit and the multipliers will ramp up very quickly. There is no stoploss in the indicator, we just visually use the opposite...
Thanx for reply Mer,

I agree with you but my idea was to reduce TP levels to increase probability of hitting them. This is the main problem of this system - the higher TP are the lower is probability of hitting them. We have to find the balance. I have been thinking a lot but no result so far http://cdn.forexfactory.com/images/icons/icon7.gif how to determin if break out will be big and hit TP. Maybe any indicator may help. Any ideas guys?
Rgds,
Rlewan
  • #115
  • Aug 4, 2010 4:10pm Aug 4, 2010 4:10pm
Quote
Hi,
I manually backesting April Month on EUR/USD
Starting from 0.01 lot
Account balance is 10 000 USD

The net profit is approx : 2500 pips (exclude spreads)

Max drawdown : 4%

I use only 1 double lot a day (ex: 0,01 loose => 0,02 loose => if same day 0,02 ...).
By using this settings is used a maximum of 0.32 lot.

Excuse my bad english.

For any question, you can post in the thread.
Again, this is what I like to see, traders adjusting the strategy to fit their needs, well done.

Quote
Hi Mer!

First, thank you this great strategy!

I have a little problem, please see the picture. Today, GBP/JPY, MaxBoxSizeInPips: 50, but the the box size on the chart is only 48p. I don't know why. Can you help me?
To be honest, I don't know. If you look at my Gbp/Jpy in the pic below, everything is normal. Maybe try reloading the template on the pair to see if that fixes it. otherwise sqaulou may have to chime in on this one.

Quote
Is it possible to get the indicator to make the box between the two entry lines in a different color? - so it is easier to spot if one should be looking for a trade...
Again that is something we would have to ask sqaulou if it can be added.

Quote
Dear all

Please see attached the breakout excel sheet I wanted for this great strategy and let me know how you think about this
Thanks, jillsaab, I sure someone will put it to good use.

Quote
Thanx for reply Mer,

I agree with you but my idea was to reduce TP levels to increase probability of hitting them. This is the main problem of this system - the higher TP are the lower is probability of hitting them. We have to find the balance. I have been thinking a lot but no result so far http://cdn.forexfactory.com/images/icons/icon7.gif how to determin if break out will be big and hit TP. Maybe any indicator may help. Any ideas guys?
Rgds,
I was just throwing out my opinion, but you make a valid point. Unfortunately, there is obviously no way to determine how big of a move we can get on a day to day basis. All we can do is try and find the right balance between the minimum and maximum box sizes that won't compromise the profitability of the strategy, that is why we test, test ,test, and then test some more. I think having the box limiter definitely helps with keeping us out of those huge boxes we will occasionally see from time to time, especially on the Gbp/Jpy.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 115 KB
  • #116
  • Aug 4, 2010 4:42pm Aug 4, 2010 4:42pm
Quoting riker
Hi Mer!

First, thank you this great strategy!

I have a little problem, please see the picture. Today, GBP/JPY, MaxBoxSizeInPips: 50, but the the box size on the chart is only 48p. I don't know why. Can you help me?

And the last question: Have you information when come the EA?

Thank you for your time!
(Sorry for my english.)
hi,

I don't get this wrong behaviour on my GJ chart.

On your chart, the box is blue, not orange, meaning that it was seen smaller than 50pips.
It seems like the highest price in the box did not include the bar you have circled in red.. ?!?
(the next highest bar is at 136.36, which matches the EntryBuy price in your box)
This is strange indeed!

I can't see why the highest bar (with high=136.45) is not taken into account in the calculation.

Sometimes i get invalid fib lines (but not boxes) when i change time frames on the chart which already has the indicator loaded.
I have to "restart" the indicator to get it right (ctrl-I, "Edit" the indicator, then just confirm with "OK" without changing any settings, then "Close").

Try this to see if it works.

Sq
  • #117
  • Aug 4, 2010 6:04pm Aug 4, 2010 6:04pm
Quoting mer071898
...Unfortunately, there is obviously no way to determine how big of a move we can get on a day to day basis. All we can do is try and find the right balance between the minimum and maximum box sizes that won't compromise the profitability of the strategy, that is why we test, test ,test, and then test some more. I think having the box limiter definitely helps with keeping us out of those huge boxes we will occasionally see from time to time, especially on the Gbp/Jpy.
Hi Mer,

thanks for your nice System!
Only for test purposis I changed a little bit the "3 Tier" indicator, and calculate the max limit with ATR.
(ATR period=100, factor=4).
So is easier to see that every pair on every day can have different max box sizes related with the price volatility. Maybe help.
.
Attached Image (click to enlarge)
Click to Enlarge Name: london_breakout.gif Size: 25 KB
Attached File(s)
File Type: mq4 sm3TierLondonBreakout_v1.mq4   15 KB | 1,465 downloads
  • #118
  • Aug 4, 2010 7:13pm Aug 4, 2010 7:13pm
sqaulo also great work and many thanks from amsterdam to you
i am thinking of maken a programm off highliting you guys so you will be more famous lol because there are a lot of people they don,t no diddley and they don,t no forex so tell me if you guys merlin as well aren in ok

greetings and keep in touch with the dutch
  • #119
  • Aug 4, 2010 7:30pm Aug 4, 2010 7:30pm
I'm rather excited about this strategy, thanks for sharing it!
The only issue I have is the time.
I live in EST time zone (GMT -5) and there's no way I can be up for the london open...

My question is this, is it possible to adjust settings such that I can enter the NY open?

Or even better, I trade between 8:00pm EST to 10:00pm EST, or 1:00am GMT to 3:00am...

Any hints/ideas would be appreciated. Thanks!
Happy pipping!
  • #120
  • Aug 4, 2010 9:34pm Aug 4, 2010 9:34pm
I just wanted to pop in this thread and say a big thanks to mer071898 for providing this system to us all.

I opened a "Live" real money account with gft $5k on sunday. I'm already up $500 this week alone. Just trading Monday-Tuesday.

I will post more equity results as time goes along.
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