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Daily Break Strategy

  • #101
  • May 18, 2012 12:12pm May 18, 2012 12:12pm
Quoting Omidak
This is great thank you mahanxiong...

I just got my first Pips with this strategy -)

Basber,
I live in switzerland now.
  • #102
  • May 18, 2012 12:34pm May 18, 2012 12:34pm
Quoting Basber
But as I said you can raise your income by increasing the risk for every trade. Risks higher that 2% is not recommended.

Regards,
Basber
Basber thx for the strategy ....

since you have everything programmed into excel can you tell us the average gain p.m and the max dd for the last year at 2% risk per trade and 5% risk per trade
  • #103
  • May 18, 2012 1:01pm May 18, 2012 1:01pm
Hi,
I just ran the backtest since 1/1/12. It was in the Red, but I hope the second TP will get it out of the Red.
Ron
  • #104
  • May 18, 2012 1:54pm May 18, 2012 1:54pm
I should say the 'second trade'.
Ron
  • #105
  • May 18, 2012 3:15pm May 18, 2012 3:15pm
Quoting packgreen49
I should say the 'second trade'.
Ron
It will, usually they cover each other, but it shouldn't be red. Did you do all managements due to main strategy ? for example bringing SL @ BE, or avoiding gaps, letting trades run into tommarow and etc ? I'll test the EA tommarow.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #106
  • May 18, 2012 3:17pm May 18, 2012 3:17pm
Quoting fugly
Basber thx for the strategy ....

since you have everything programmed into excel can you tell us the average gain p.m and the max dd for the last year at 2% risk per trade and 5% risk per trade
I said it in the first post. Average 3 to 4 percent per 1% risk. multiply by 2 for 2% and 5 for 5% risk per trade. Risk over 2% is not recommended.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #107
  • May 18, 2012 4:00pm May 18, 2012 4:00pm
Quoting packgreen49
Hi,
I just ran the backtest since 1/1/12. It was in the Red, but I hope the second TP will get it out of the Red.
Ron
I checked it, not throughly, but I found some things that needs to change. Check the trades manually till the EA is Completely out of bugs.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #108
  • May 18, 2012 4:16pm May 18, 2012 4:16pm
Quoting mahanxiong
Anyhow i changed a little and now it works better.
The 2nd trade is still not able to open.may be something about the "lose" in the code is wrong.Could anyone help to change it?
Sorry for the time problem again.
BTW,the ea only open one gruop of trades,say it open long as 1st trade then TP,it will not trade this day anymore.
thanks
mahanxiong
Few things that I came to till now :

-- The maximum valid range is 170, not 120. Change the default to 170.

-- Another thing is there are many days that it didn't take the trade (First pic), although the range is valid. It happens alot.

-- Sometimes it did not change the SL to BE (Second picture)

-- Important : Trading volume should not be solid. The EA must have the risk and account balance as income, and it should calculate the volume itself. It have a very significant influence on the results.

-- It takes only one trade (first entries) in every day. If it's possible please put a deadline for orders to be executed, I may change some details, and it's needed to be there. For example it may be better not to enter the trade if it's after US session.

-- The spread should be in "inputs"

-- It occured that EA just placed sell orders. Dunno why ! (Third picture)

-- Price opened in the range of previous day after gap, but orders didn't placed. (4th Pic)


After all, you did a real good job. Thanks alot Keep up the good work

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #109
  • May 18, 2012 4:51pm May 18, 2012 4:51pm
Last week's trades and comments ..

Results :

TP1 : 4
Both TPs : 2
SL : 2

Broker : IBFX

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #110
  • May 18, 2012 5:18pm May 18, 2012 5:18pm
Quoting mahanxiong
sorry for my poor english......
我爱汉语.....
Honestly, how do you yourselves learn your language ?!?!! It's too hard ... I can't even look at it, leave alone the understand part !!!! I was always curious to know how to read chinese. Really hard man, really hard .. ! It's like the combination of all the signs you never use on the calculator !!

You english is fine by the way

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #111
  • May 18, 2012 6:27pm May 18, 2012 6:27pm
Quoting Basber
...The Idea behind it :

As you may know, Daily High and Low plays an important role on technical analysis for short-term and medium-term traders. So break of this levels may reach targets. But if the price didn't reach final TP (TP2), then we can consider a false break and reverse our position even if price reaches BE point after breaking the previous day's high or low. But if price reaches TP2, then we will consider it a true break, that's why I told you to remove your "Second Entry" order when...
Great way to orient your trades to the market, Basber. I think this could be a very helpful approach for anyone who is struggling to find success as a trader. It epitomizes the "Keep It Simple" rule.

I'll be following along ... I wish you the best with your thread.

God Bless, my friend,

-DD
  • #112
  • May 19, 2012 9:13am May 19, 2012 9:13am
Quoting ddaytrader
Great way to orient your trades to the market, Basber. I think this could be a very helpful approach for anyone who is struggling to find success as a trader. It epitomizes the "Keep It Simple" rule.

I'll be following along ... I wish you the best with your thread.

God Bless, my friend,

-DD

It was very nice to see you here old friend. Thanks for stoping by

Best Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #113
  • May 19, 2012 1:45pm May 19, 2012 1:45pm
Hi Basber when SL hit what is the next step do u put again a new order ?
  • #114
  • May 19, 2012 1:49pm May 19, 2012 1:49pm
Quoting Lebaneese
Hi Basber when SL hit what is the next step do u put again a new order ?
I'll answer you and Baser should correct me if wrong.

If you SL is hit then you reverse your order and make your TP1 is the first Fibo line in your way, where you should close half of your position, and make TP2 the second line.
  • #115
  • May 20, 2012 9:35am May 20, 2012 9:35am
Ok, did you bactest this strategy?

You said yes.

Is it possible to see balance sheet in demo?
  • #116
  • May 20, 2012 9:45am May 20, 2012 9:45am
Quoting Lebaneese
Hi Basber when SL hit what is the next step do u put again a new order ?
Quoting Walad100100
I'll answer you and Baser should correct me if wrong.

If you SL is hit then you reverse your order and make your TP1 is the first Fibo line in your way, where you should close half of your position, and make TP2 the second line.

Yes, you place the orders right when you enter the first trade. For example when the low of the previous day broke, your first sell will be executed. Orders for buy for "Second Entry" should be placed right away, after the execution of sell order, in this example. When SL hit, you should be in second order, too late to place the orders. In other words, you must reverse your position (your sell hit SL, then you'll buy right away).

But after the SL hit for sell order, you shouldn't place the sell for first entry again. Every order must execute once. After execution, it will not be placed again.

Hope it was clear. Review the examples. Ask if there is still problem.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #117
  • May 20, 2012 1:02pm May 20, 2012 1:02pm
thanks Basber for your answer. i think there is also a weak point in the system. the system is based on previous day range and as we know after a small day range we will have a good run that we could miss it as the target will be small.
  • #118
  • May 20, 2012 11:37pm May 20, 2012 11:37pm
Quoting Lebaneese
thanks Basber for your answer. i think there is also a weak point in the system. the system is based on previous day range and as we know after a small day range we will have a good run that we could miss it as the target will be small.
As I mentioned before, the best part to parsonalize is working on TPs, specially TP2. I prefer trailing. But Profit management is a very hard concept to grasp. So I provided the basic version to be as simple as possible. I agree, it's a weak part, but traders must optimize this part themselves, because it depends how you feel about your trade management.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #119
  • May 20, 2012 11:51pm May 20, 2012 11:51pm
Second TP for the buy from last week also hit TP2. Another bought opened at the break of the high of the last friday. So in result, we have on TP2 for today and one open position. Orders for sell in "Second Entry" must've been placed till now.

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #120
  • May 21, 2012 9:47am May 21, 2012 9:47am
Hi Basber

Thanks for sharing all your hard work, this strategy looks solid.

I am in the process of back testing it myself and during the period I am looking at the days after inside days seem to have a very high win rate.

So I was wondering if you already looked at IB days, NR4/7 etc. concept within this strategy while you were designing it?

I think it might produce somewhat lower average months but maybe smooth out the equity curve.

Anyone else have any thoughts?
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