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  • #5,141
  • Jan 13, 2011 10:54am Jan 13, 2011 10:54am
Ok so far it looks great, I loaded up the CBBP EA to see how it does.
And it takes out a trade and goes to 140 pips last night.
I guess I'll have to see what the losses look like before I cheer too loudly.
Also I'm hoping I have the setting right.
  • #5,142
  • Jan 13, 2011 11:21am Jan 13, 2011 11:21am
Quoting Zen_Leow
Hi all,

I've considered Toothman's request and it makes sense. Most importantly, it doesn't distort the strategy. so here it is.

This new version should allow those affected by commission brokers to raise the BE level accordingly. I also did a little clean up to make the BE movement codes a little more logical (easier for me to read in future).

Inputs added

CommissionPips (default: 1)

CommissionPips is how much additional move you want the stop loss to go in order to reach your "True Break Even Point". The stop loss level will still...
Thank you Zen. I appreciate it!
  • #5,143
  • Jan 13, 2011 11:27am Jan 13, 2011 11:27am
Quoting PipsRus
Ok so far it looks great, I loaded up the CBBP EA to see how it does.
And it takes out a trade and goes to 140 pips last night.
I guess I'll have to see what the losses look like before I cheer too loudly.
Also I'm hoping I have the setting right.
PipsRus,
You lucky bum. What SL are you using? Pip distance? Both my London and New York trades were stopped out at 2 pips. I'm using 2 pips for pip distance as per Tony.
  • #5,144
  • Jan 13, 2011 11:41am Jan 13, 2011 11:41am
Quoting melvin87
Hey Tony and all,

If we were to follow the strategy in a mechanical manner and trade in the direction which price initially moves towards, I find that this is less reliable compared to setting a limit order (or you can manually use a market order too) in the direction of the trend. What has repeated happened through my observation is that price, for some reason, always goes against the general trend before turning around and moving in the direction of the general trend. You would have been stopped out many times if you follow the system very mechanically....
Was wondering what TF you are using to decide the general trend? I've looked at breakouts on a 5M chart around the London and NY opens but haven't seen a better win rate if you stay with the 2 pip SL.
  • #5,145
  • Jan 13, 2011 12:19pm Jan 13, 2011 12:19pm
Quoting Pinhead
Session1 = "London Session"
SessionOpenHour1 = 8
Session2 = "New York Session"
SessionOpenHour2 = 13


These are the session timings in accordance to GMT 0. check with your broker what is your GMT offset and make the changes accordingly.
According to this chart here, the London session begins at 7:00 GMT and New York session begins at 12:00 GMT. Of course if it were Daylight Savings Time (currently it's Standard Time?), then your numbers would be correct.

Or, am I missing something here? I was trying to program these numbers into an EA the other day and maybe I'm mistaken?


http://cdn.forexfactory.com/attachme...6&d=1272869208
  • #5,146
  • Jan 13, 2011 5:13pm Jan 13, 2011 5:13pm
Quoting Toothman
Was wondering what TF you are using to decide the general trend? I've looked at breakouts on a 5M chart around the London and NY opens but haven't seen a better win rate if you stay with the 2 pip SL.


I will definitely agree with this
Invest in alarm clocks
  • #5,147
  • Jan 13, 2011 8:45pm Jan 13, 2011 8:45pm
Quoting Tony112
I will definitely agree with this


I did not get the settings on the top left hand of the screen with this version, anyone else has this problem?
Don't stop believing
  • #5,148
  • Jan 13, 2011 9:15pm Jan 13, 2011 9:15pm
Quoting Toothman
Was wondering what TF you are using to decide the general trend? I've looked at breakouts on a 5M chart around the London and NY opens but haven't seen a better win rate if you stay with the 2 pip SL.
Hey Toothman and Tony,

Sorry didn't quite get what you mean by 'I've looked at breakouts on a 5M chart around the London and NY opens but haven't seen a better win rate if you stay with the 2 pip SL'. Do you mean that you look for breakouts on the 5M chart and use a 2 pip SL in the direction of the breakout?

I generally look at different tfs (usually from daily to the H1) to decide on trend direction for that day. For example, at the last NY session, to me it was very clear that the trend was up. This was also supported by fundamental news releases about the eurozone. So my thinking here is that if we were to trade with the trend, there is a much higher probability that we get a big winner as compared to trading against it where prices usually run for 20pips or so before turning around to stop us at BE.

Any of you guys use more discretion to help you decide which direction to trade instead of following the system mechanically (not insulting your system here Tony, just trying to see how it can be improved)? Please feel free to share!
  • #5,149
  • Jan 13, 2011 9:16pm Jan 13, 2011 9:16pm
Quoting makemillions
I did not get the settings on the top left hand of the screen with this version, anyone else has this problem?
I have them on my chart. Make sure you have "show comments" set to true.
  • #5,150
  • Jan 13, 2011 9:23pm Jan 13, 2011 9:23pm
Quoting melvin87
Hey Toothman and Tony,

Sorry didn't quite get what you mean by 'I've looked at breakouts on a 5M chart around the London and NY opens but haven't seen a better win rate if you stay with the 2 pip SL'. Do you mean that you look for breakouts on the 5M chart and use a 2 pip SL in the direction of the breakout?

I generally look at different tfs (usually from daily to the H1) to decide on trend direction for that day. For example, at the last NY session, to me it was very clear that the trend was up. This was also supported by fundamental news releases...
I was saying I thought a 5M breakout after market open might possibly give better odds at a bigger move but after looking back at the charts I don't really think the odds are any better than Tony's 2 pip move at the London and NY. open.
  • #5,151
  • Jan 13, 2011 9:42pm Jan 13, 2011 9:42pm
Quoting Toothman
I have them on my chart. Make sure you have "show comments" set to true.

I restarted and got them now thanks toothman, anyone knows how to change the timing from hourly to cater for 30 mins?
Don't stop believing
  • #5,152
  • Jan 13, 2011 11:25pm Jan 13, 2011 11:25pm
Quoting Toothman
PipsRus,
You lucky bum. What SL are you using? Pip distance? Both my London and New York trades were stopped out at 2 pips. I'm using 2 pips for pip distance as per Tony.
I was using the default settings. I may have had the start time set wrong.
I need to give it more thought.
  • #5,153
  • Jan 14, 2011 1:06am Jan 14, 2011 1:06am
Quoting PipsRus
I was using the default settings. I may have had the start time set wrong.
I need to give it more thought.

I think it is because the default settings sets SL to 5 pips so that may be why.
Don't stop believing
  • #5,154
  • Jan 14, 2011 10:14am Jan 14, 2011 10:14am
Probably good news for traders of this method,- Oanda will be avialable on MT4 at some point this year. Easier to trade with the ea.
  • #5,155
  • Jan 15, 2011 3:21am Jan 15, 2011 3:21am
Quoting Pinhead
Hi all,


As a certain renko system turned down my help recently, I have time to hunt for new systems to help code EAs for and this one caught my eye due to its simplicity and the positive dynamics of it's participants.


Anyway, I made an EA for this method just now but since trading is now closed, I've not had a chance to fully test it. I thought more can help out with the testing process so I'm sharing it here since there seems to be interests....
========================
Hy Pinhead,
If your description is anything to go by, I would love to see the actual product performing. And if this is only but a "pinhead" can you imagine the full brunt of your expertise?
Any reason for not posting the EA?
Best wishes.
Hercs
  • #5,156
  • Jan 15, 2011 4:23am Jan 15, 2011 4:23am
Quoting Hercs
========================
Hy Pinhead,
If your description is anything to go by, I would love to see the actual product performing. And if this is only but a "pinhead" can you imagine the full brunt of your expertise?
Any reason for not posting the EA?
Best wishes.

EA was posted by Zen and not pinhead if you read carefully. Click on attachments and you can find it.
Don't stop believing
  • #5,157
  • Jan 18, 2011 1:59am Jan 18, 2011 1:59am
Quoting Tony112
Very professional answer I really appreciate it. Thank you for taking the time to write this... the main concept is to try to get ours stops to...
sorry if I am jumping the gun before I find out who you might switch to. Their are many pages to go thru for all the information. I see that you are using Oanda for your 5 sec charting to find the momentum on the open. Have you used oanda since you started this or another broker? Have you switched since this post? If so, how is the new broker working out? If you need to private message me with this info please do so. Thanks for your system/method and all of your help.

Jim
  • #5,158
  • Jan 18, 2011 11:50am Jan 18, 2011 11:50am
Tony,

How close are we to "pip restore"?

BC2
  • #5,159
  • Jan 18, 2011 8:14pm Jan 18, 2011 8:14pm
got a 15 pips profit closed yesterday based on NY Forex Open, Zen can you make the open such that we can input minutes into the open time please as I do not think that will contradict any of Tony's strategies.
Don't stop believing
  • #5,160
  • Jan 18, 2011 10:14pm Jan 18, 2011 10:14pm
Quoting Saintsurfer
Probably good news for traders of this method,- Oanda will be avialable on MT4 at some point this year. Easier to trade with the ea.
Well that is good news for those who have wanted the MT4 there. I know they have been talking about it for a while now.
May the pips be with you!
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