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Bread and Butter Trades

  • #261
  • Aug 11, 2011 3:20pm Aug 11, 2011 3:20pm
It's the one from this post:

http://www.forexfactory.com/showthre...95#post4844195

The other ones are sending the same trade multiple times. However steve changed something that stopped the bot from working, so i modded it a bit (see attached). That should work. I use tp = 30 btw.

Note: just caught a couple of bad trades whiping almost all todays profit. It's no holy grail, it's just good
Attached File(s)
File Type: mq4 iBuk Bread n Butter.mq4   44 KB | 873 downloads
  • #262
  • Aug 11, 2011 3:22pm Aug 11, 2011 3:22pm
Quoting esquire
It's the one from this post:

http://www.forexfactory.com/showthre...95#post4844195

The other ones are sending the same trade multiple times. However steve changed something that stopped the bot from working, so i modded it a bit (see attached). That should work. I use tp = 30 btw.

Note: just caught a couple of bad trades whiping almost all todays profit. It's no holy grail, it's just good
I want no holy grail, I just want a good bot T_T

Thanks a lot for your reply.

Do you have your test on myfxbook?
  • #263
  • Aug 11, 2011 3:27pm Aug 11, 2011 3:27pm
Quoting acostafulano
I want no holy grail, I just want a good bot T_T

Thanks a lot for your reply.

Do you have your test on myfxbook?
Nope. Have to tell you that i didn't tested it fully for the last weeks, but a couple of times a run of several days, all in profit at the end. I think Sgt.forex' myfxbook tells the story however...
  • #264
  • Aug 11, 2011 3:30pm Aug 11, 2011 3:30pm
Quoting esquire
Nope. Have to tell you that i didn't tested it fully for the last weeks, but a couple of times a run of several days, all in profit at the end. I think Sgt.forex' myfxbook tells the story however...
It seems so, I'll set up a demo and share the link with you guys.

@Sgt.Forex: I have a question tho... how come you got some trades that closed @ 22, +50, +70 pips if your TP was 20?

could that be slippage in your favor?
  • #265
  • Aug 11, 2011 6:05pm Aug 11, 2011 6:05pm
putting multi pairs functionality with multi time frame one in one code seems like a masterpiece to me.
  • #266
  • Aug 12, 2011 11:03am Aug 12, 2011 11:03am
Hello traders,

Hope u all had a great week.

I have been looking at the idea suggested by The7 and I must admit that it is a brilliant idea.

The idea is to use the hrly ATR as sl and then project using the fib tool to get the TP.

Here is a trade I took just a few minutes ago.

The ATR was 30 pips, I projected for TP1 as 150% from entry, TP2 as as 200% from entry etc...with reference to the ATR.

The picture explain it better.

I believe this can really help determine your risk before taking the trade and can be an alternative to my time based SL.

I will try and explain this to Steve and see if we can incorporate it as an option in the EA.

If squalou is around, is it possible to incorporate this into the dashboard? If yes, it will be an excellent tool. Many thanks.

Thanks The7...great job. Keep it coming.

Happy trading and have a lovely weekened.

Ibuks
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-08-12_1654.png Size: 32 KB
  • #267
  • Aug 12, 2011 11:37am Aug 12, 2011 11:37am
Quoting esquire
The other ones are sending the same trade multiple times. However steve changed something that stopped the bot from working, so i modded it a bit (see attached).
Hi Esquire,

Thanks for the mod, will give it a try.

I had nothing significant to report this week as the new robot did not trade as much for me. Did you get any trade multiple times after your mod?

Nice trading The7!

Have a great weekend all!
  • #268
  • Aug 12, 2011 12:34pm Aug 12, 2011 12:34pm
Guys, and IBUK in particluar-

I wanted to thank you - this system truly rocks. I have been trading it manually of the past few days and I can say its ONE of the ways forward. I've sat here with an erection for most of the day.

I was trading pippo before this and I uploaded the MM indictor which I left on there by accident, before adding the EMA line. Between these two indicators, I now have something which tells me when to enter the market (EMA line) and the probability of a bounce (depending upon where the market is in relation to the lines on the mm indicator - i know its not meant for that but I use it for that along with determining the size of my trades). The only improvement needed to the multi trading EA is a problem I am having with limit orders being constantly modified.

The only thing we need now is something to help us eliminate the 'change in trend' issue. Also, i think the fibo/ATR suggestion given before will also add to the completion of this wonderful system.

Well done guys.
  • #269
  • Aug 12, 2011 1:21pm Aug 12, 2011 1:21pm
Quoting Viv108
Guys, and IBUK in particluar-

I wanted to thank you - this system truly rocks. I have been trading it manually of the past few days and I can say its ONE of the ways forward. I've sat here with an erection for most of the day.

I was trading pippo before this and I uploaded the MM indictor which I left on there by accident, before adding the EMA line. Between these two indicators, I now have something which tells me when to enter the market (EMA line) and the probability of a bounce (depending upon where the market is in relation to the lines...
The "Change in Trend" issue, is actually not an issue. It is a fact that will be always present in the trading world. We don't know and never will know what will happen next. But if price moves in one direction and we have a retrace to the Ema, what is more likely to happen next you think? Obviously price will continue in the direction where it came from. We bet for probabilities. We don't predict. Surely price can continue towards the retrace and have a direction change. But this is less likely.

Any type of filter, indicator will not change this fact. Losses will be always there. If we can't give to the market, we should not expect to have something back. If you insist on a confirmation once price hits the 24 ema on the 1 hour, go down to the 15 min. chart and watch the price. But again if you wait for a smaller timeframe confirmation, you might lose pips.

TP and SL is arbitrary. Use your own style. I like to use 1 Atr for now but nothing is written in stone. More importantly for me is when I enter a trade, to BE first and worry about profits later.
  • #270
  • Aug 12, 2011 1:39pm Aug 12, 2011 1:39pm
Quoting The7
The "Change in Trend" issue, is actually not an issue. It is a fact that will be always present in the trading world. We don't know and never will know what will happen next. But if price moves in one direction and we have a retrace to the Ema, what is more likely to happen next you think? Obviously price will continue in the direction where it came from. We bet for probabilities. We don't predict. Surely price can continue towards the retrace and have a direction change. But this is less likely.

Any type of filter, indicator will not change...
I hear you buddy and I agree. Although there are indicators which tell us when a trend is about to run out of steam, this simple system is enough to generate a reasonable number of profitable pips.

Thanks for taking the time out and replying anyway.
  • #271
  • Aug 12, 2011 1:40pm Aug 12, 2011 1:40pm
I like to summarize some strength points about this system. Which I personally believe gives us high probability trades.

1-We do not try to catch a trend from the start. Most systems fail because their idea is to jump into the trade from the beginning. Price unfortunately is more ranging then it is trending. This is why we get lots of losses. With this system, we wait for the trend to form and enter only on a retrace which is the best entry for whatever system you use.

2-We follow the trend and not trade against it. Most retrace systems are counter-trend systems and are too risky.

3-It can be used in any market. Might it be commodity, stocks etc.

4-It can be used in any timeframe. The longer the better surely. I like the 1 hour. Managing SL's on daily's do not fit my style.

5- You can trade this system from any computer without the need of having a platform like the Mt4. From your office, gym etc.

6- No lagging indicators.

Please feel free to add your own input.

Cheers,
  • #272
  • Aug 12, 2011 2:10pm Aug 12, 2011 2:10pm
I do not know if this may interest you ..
these are my yesterday and today trades, I'm trading with Ibuks rules in first page, looking when the price is 20 pips above or under the EMA and taking 10 pips in bounce..
Of 15 trades.. 13 positive!

Since I look many cross.. I use the EA to help me to follow all..

I use the EA only to help me to find the set up.. when it warns of a possible set-up I control that the prices respect the ema, I control that 24Ema and 50Ema are parallels and if the bounce will go long or short, beacuse the EA often puts them in the opposite side.

everything is equal and the same of rules described by Ibuks
I just added the EA to help me keep everything under control

If you are interested I keep you updated on next week
Attached Image (click to enlarge)
Click to Enlarge Name: Schermata 2011-08-12 a 20.52.14.png Size: 42 KB
  • #273
  • Aug 12, 2011 4:03pm Aug 12, 2011 4:03pm
Quoting Danyjoe
I do not know if this may interest you ..
these are my yesterday and today trades, I'm trading with Ibuks rules in first page, looking when the price is 20 pips above or under the EMA and taking 10 pips in bounce..
Of 15 trades.. 13 positive!

Since I look many cross.. I use the EA to help me to follow all..

I use the EA only to help me to find the set up.. when it warns of a possible set-up I control that the prices respect the ema, I control that 24Ema and 50Ema are parallels and if the bounce will go long or short, beacuse the EA often...
Great results Danny. Just make sure to watch your EA once in a while. Have a good weekend.
  • #274
  • Edited 9:48pm Aug 13, 2011 9:30pm | Edited 9:48pm
Ibuks mentioned he had traded this strategy successfully for three years.
And the tp in the original strategy is 10+ pips, not fixed 10 pips.
So if you backtest it using fixed 10 pips, the system may not work. and it's also hard to write a EA because the tp rules are not clear.
The tp' rule is not clear, everyone can get different result in the same trade.

About The7's system, sl=1*ATR, tp=1*ATR and 2*ATR. It's clear. have anybody backtested this? what's the results.
  • #275
  • Aug 14, 2011 4:11am Aug 14, 2011 4:11am
I have back tested trading this strategy with 10 pips profit and stop as per instructions on first page and it just ends up break even. As soon as you think you are making a profit a large stop comes and wipes it all out. That is the results for this SIMPLE system. If you are making a profit my guess it you are not following instructions on the main page but have complictaed the system which goes against the instructions. My opinion is that this system as stated on the front page will not result in profit.
  • #276
  • Aug 14, 2011 4:55am Aug 14, 2011 4:55am
Ibuks has asked me to add ATR stop loss and take profit, so here it is.

It is impossible to give users a lot of inputs flexibility in a multi-pair, multi-tf robot. You have a sl multiplier and a tp multiplier, and can specify the Atr period and shift.

Also, I have not been able to check the code as multi-pair ea's cannot be tested in strategy tester. Sing out if bugs surface tomorrow.

Attached File(s)
File Type: mq4 Ibuks Bread'nButter multi-pair auto-trader by SteveHopwood.mq4   46 KB | 576 downloads
  • #277
  • Edited 4:18pm Aug 14, 2011 8:17am | Edited 4:18pm
Thanks Steve and welcome back. Will put it on the first page once I get home.

To answer to some of the reservations expressed by some traders on the 10+ pips issue and the sl, pls read below carefully.


When I said 10+ pips, I meant 10 pips or more. I hope that is clarified now?

On the sl, this is a time based exit strategy which some traders are not disciplined enough to follow or even understand.

The bread and butter like I said in my first post is not for everyone. If u are not ready to own it, practice and bring out how u trade it to suit ur own personality, u will only be wasting ur time.

If u will spend time to trade and watch this simple strategy, u will notice that it sometimes catches the beginning of a trend/ reversals. 2 Fridays ago, I showed an example of how I used a 16 pip sl to catch almost 150 pips reward.

The idea brought up by The7 is an option and I believe it came out of The7 taking ownership of the system to map out what is brilliant for him and also great for sharing it. That is why I requested for it to be incorporated into the ea. We can only know the effect after testing it.

Finally, I trade the strategy personally with multiple lots and I believe our risks differs. When I initially asked Steve to help out with an ea, I told him exactly how I was trading it but the issues of taking multiple lot sizes on mt4 made us settled for a single trade. I understand however that the same thing can be achieved using mtpm from Steve. Don't ask me how...pls as I don't know myself. I still trade manually and the ea is really helping me to start looking at trading more pairs with the strategy.

Sup/res also play a major role in all these. Combine sup/res to this simple strategy and u will not be far from a successful trading strategy.

I hope this answer the concerns.



Happy trading




Quoting SteveHopwood
Ibuks has asked me to add ATR stop loss and take profit, so here it is.

It is impossible to give users a lot of inputs flexibility in a multi-pair, multi-tf robot. You have a sl multiplier and a tp multiplier, and can specify the Atr period and shift.

Also, I have not been able to check the code as multi-pair ea's cannot be tested in strategy tester. Sing out if bugs surface tomorrow.

  • #278
  • Aug 14, 2011 4:51pm Aug 14, 2011 4:51pm
Never had the intention to take ownership of this thread. Sorry if I made it look this way. Ibuks showed us how to make money with pointing out a very easy S/R line. How we manage this money is up to the individual. Use what best suits you and manage your TP and SL's accordingly. Nothing is written in stone.
  • #279
  • Edited 5:21pm Aug 14, 2011 5:02pm | Edited 5:21pm
Quoting The7
Never had the intention to take ownership of this thread. Sorry if I made it look this way.
This is not what Ibuks meant - the opposite in fact.

What he was describing was how you have 'taken ownership' of his system for yourself - you have adapted it to your own personal trading style. He is congratulating you for having done so.

It is the failure of individuals to take ownership of the umpteen systems offered here at FF that means most traders are unsuccessful in following them.

As a general thingy guys, always read the thread starter's posts with care. Skimming them generally leads to mis-understanding.

Guess how I know?

  • #280
  • Aug 14, 2011 5:35pm Aug 14, 2011 5:35pm
Hi The7,

You are doing very well and taking ownership of the system is what i meant not taking over the thread. To be candid, I don't even mind at all if u take ownership of the thread.

The whole idea here is to be able to share and contribute to the community. By sharing, u get better insight and contributions from others and the system can even get better.

The7...I congratulate u in the way u have adapted the system to suit ur personality and I encourage u to pls go ahead and don't let anything stop u.

Ride on mate.



Quoting The7
Never had the intention to take ownership of this thread. Sorry if I made it look this way. Ibuks showed us how to make money with pointing out a very easy S/R line. How we manage this money is up to the individual. Use what best suits you and manage your TP and SL's accordingly. Nothing is written in stone.
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