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Daily Break Strategy

  • #241
  • Jun 29, 2012 10:57am Jun 29, 2012 10:57am
Quoting deathbait
I'm confused basber. I thought u said to remove all pending orders once tp2 is hit. Or I'd that just for that particular set of orders?
Not all, just reverse order for second entry. For example, if the high of the last day break, buy order will execute. Then assume TP2 hit, then you should ONLY remove the sell for second entry.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #242
  • Jun 29, 2012 11:35am Jun 29, 2012 11:35am
Quoting bedayan
Hi All,

I have one more question related to this strategy.I was just doing back testing on this strategy.I found following one scenario.Can you please let me know what you will do in this scenario.

Sometime I see entry 1(break of daily bar high or low).I have entered and with that as per the rule I also place a pending order type 2 entry.Now type I stop loss got hit and type 2 run into profit.After that on same daily candle again type I entry occured.Should you guys take again second time type I entry(break of high or low) entry on same daily...
Quoting Phiksalamuk
All pending order are valid til end of the day. So yes, you would take the opposite trade.
As Phik said, you should take the opposite trade, but I think you mean entering again the same order. for example if the buy for Type I (Better than first and 2nd entry that I named it) , there will be no other Type I's buy. It means if the SL for Type II entry hit, you should'nt re-enter the first trade, which hit SL previously.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #243
  • Jun 29, 2012 11:36am Jun 29, 2012 11:36am
Quoting Phiksalamuk
Yes. That is my understanding. Pending orders are valid till end of the day, but once one is triggered, you will only remove the opposite pending order iff and only if TP2 is reached. If TP1 is reached or SL is hit, the opposite pending order is still valid.

Hope Basber can clarify that.
Trading methods are designed to put the odds in our favor, not predicting.
  • #244
  • Jun 29, 2012 11:44am Jun 29, 2012 11:44am
Quoting deathbait
I'm confused basber. I thought u said to remove all pending orders once tp2 is hit. Or I'd that just for that particular set of orders?
Check the pic DB ..

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: ea12.jpg Size: 154 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #245
  • Jun 29, 2012 11:47am Jun 29, 2012 11:47am
Quoting deathbait
Could you confirm that this is correct basber
I just did. I hope I'll do it quite clear .. Don't hesitate to ask if there's still unclear things about it.

Regards,
BAsber
Trading methods are designed to put the odds in our favor, not predicting.
  • #246
  • Jun 29, 2012 11:51am Jun 29, 2012 11:51am
Unfortunately I'm a little bit out of time lately, so I'll appreciate if other traders which like to participate in this thread, try to test DB's EA to debug errors. I'll look through it ASAP, but your participation make it much more easier for us to reach a final version soon, because then I could concentrate on errors that you might not observe rather than concentrating on minor errors.

Again, great thanks to DB, and anyone who help him (him ? I believe I'm right ).

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #247
  • Jun 29, 2012 11:55am Jun 29, 2012 11:55am
Quoting deathbait
You need to leave your PC running with mt4 also running.

The Ea places pending orders. If its not doing so, u need to check if u have enabled the Ea, and allowed it to take trades without confirmation via options
Is it possible that it take the trade directly. I mean is it possible that EA don't set orders and take the trade at entrance levels ? I like it more to be a BlackBox, not a GreyBox. Honestly, I don't like my broker understand what's happening ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #248
  • Jun 29, 2012 12:28pm Jun 29, 2012 12:28pm
Quoting Basber
Last week's trades and comments :

Results :
TP1 : 2
Both TPs : 1
SL : 0

Regards,
Basber

Hello,

can you share your fibonacci tools which you use on screen.
  • #249
  • Jun 29, 2012 12:34pm Jun 29, 2012 12:34pm
Quoting bobbypab
Hello,

can you share your fibonacci tools which you use on screen.
You can find it in any MetaTrader toolbox. Just adjust properties.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #250
  • Jun 29, 2012 1:28pm Jun 29, 2012 1:28pm
Quoting deathbait
Hi if you are using default settings, your broker time needs to be GMT +2. The box is redrawn only at at 2am broker time at that setting. Can you check if you need to change that variable?

Also do note that the Ea will not work for that day if it is not on by GMT 0000

Thanks Deathbait. I did have it set to GMT + 2 on the latest version 18. But I attached it an hour after the start of the new day. So that may have been the problem. I will try it again Monday. If that indeed was the problem, is there any way of having an option that allows it to update the fib box to the immediately preceding day and to place pending orders assuming entry points have not yet been reached even if it is attached after the start of the new day?
  • #251
  • Jun 29, 2012 2:58pm Jun 29, 2012 2:58pm
Quoting Basber
As Phik said, you should take the opposite trade, but I think you mean entering again the same order. for example if the buy for Type I (Better than first and 2nd entry that I named it) , there will be no other Type I's buy. It means if the SL for Type II entry hit, you should'nt re-enter the first trade, which hit SL previously.

Regards,
Basber
Thanks you understood me correct.Thanks for your answer.
  • #252
  • Jun 30, 2012 2:35pm Jun 30, 2012 2:35pm
Quoting deathbait
My apologies Minos. I just realised my Ea may not work properly on 4 digit brokers at all. I'll try to fix it by monday
I agree with Basbers post about the pending orders.

I got a bit confused about the orders, here are the rules the way I understood them.

At the beggining my understanding was:

1 we are placing two orders at day break levels (+-some pips)

2 once one of the two orders is executed the other end order is cancelled

3 when one order is executed (and the other cancelled) we are placing a secondary order where the stop loss is

4 When TP1 is riched we go to break even and when TP2 is riched we cancel all other orders.


Now my understanding is:

1 we are placing two orders at day break levels (+-some pips)

2 when one order is executed a secondary order is placed (the order at the other end stays)

3 When TP1 is riched we go to break even and when TP2 is riched we cancel the secondary order.

4 If the market takes the opposite direction and hits the order at the other end, No 2 and No 3 will follow.


I hope this helps.

If i got it wrong again it is because I burned a couple of thousands brain cells by looking the bars on my computer screen the last two years and please block me from posting in this thread.
  • #253
  • Jun 30, 2012 4:47pm Jun 30, 2012 4:47pm
Quoting K_Minos
I agree with Basbers post about the pending orders.

I got a bit confused about the orders, here are the rules the way I understood them.

At the beggining my understanding was:

1 we are placing two orders at day break levels (+-some pips)

2 once one of the two orders is executed the other end order is cancelled

3 when one order is executed (and the other cancelled) we are placing a secondary order where the stop loss is

4 When TP1 is riched we go to break even and when TP2 is riched we cancel all other orders.


Now my understanding...
Trading methods are designed to put the odds in our favor, not predicting.
  • #254
  • Jul 1, 2012 11:37am Jul 1, 2012 11:37am
I'm attempting to gain a clarification on the entries. Let's say, for example, that a Buy trade is hit. We immediately place a 2nd level Sell order at the Buy trade SL (but maintain the original Sell order at the bottom of the candle). At this point we have 1 Buy trade and 2 pending Sell orders? Price does not hit BE (TP1) on the Buy. Instead, price moves downward and hits the Buy SL. Simultaneously the 2nd level Sell is hit. If price continues down to eventually hit the Sell TP2, we would have 1 Buy trade loss, and 2 Sell trade wins?

I hope this correct...

If not...
  • #255
  • Jul 1, 2012 12:32pm Jul 1, 2012 12:32pm
I read a few pages of the system. In my opinion its a great system, but you need to keep it simple. It started simple and as more and more members joined this discussion, it got more and more complicated because everyone is adding in their own ideas,

Should be as simple as below:
After mignight that is 00:00 place buy and sell pending orders, also place your stop loss and take profit and forget about the whole thing.
Once a profit has been taken, cancel the other pending order.
If got stopped out then let the other pending order fill in and exit either on TP or SL. As simple as that. No need for 2 orders in the same direction and taking both buy and sell trades on the same day.

It has been proved that the winning systems are the ones that are SIMPLE!
So Keep It Simple Please....

One question I want to ask is where to place our Fibonacci on Sunday night for Mondays trades??
Do we use Friday's High and Low or Friday + Sunday's High and Low?

John
Winning is a Great Feeling!
  • #256
  • Jul 1, 2012 2:32pm Jul 1, 2012 2:32pm
Quoting johnblake
I read a few pages of the system. In my opinion its a great system, but you need to keep it simple. It started simple and as more and more members joined this discussion, it got more and more complicated because everyone is adding in their own ideas,

Should be as simple as below:
After mignight that is 00:00 place buy and sell pending orders, also place your stop loss and take profit and forget about the whole thing.
Once a profit has been taken, cancel the other pending order.
If got stopped out then let the other pending order fill in and exit...


John,


Respectfully, if your remarks were intended for me, I was simply attempting to obtain clarification on the entries...but NOT changing the method in any fashion.

However, your "simplification" does alter the OP original strategy, plus you are also asking for clarification. If your simplification is more profitable than the original, please post your trade results. Thank you.

BTW, where is the evidence that the winning systems are simple? Please show us some simple systems that are consistent winners.

Good trading.
  • #257
  • Jul 1, 2012 2:43pm Jul 1, 2012 2:43pm
Quoting Bobcat2
I'm attempting to gain a clarification on the entries. Let's say, for example, that a Buy trade is hit. We immediately place a 2nd level Sell order at the Buy trade SL (but maintain the original Sell order at the bottom of the candle). At this point we have 1 Buy trade and 2 pending Sell orders? Price does not hit BE (TP1) on the Buy. Instead, price moves downward and hits the Buy SL. Simultaneously the 2nd level Sell is hit. If price continues down to eventually hit the Sell TP2, we would have 1 Buy trade loss, and 2 Sell trade wins?

I hope this...
We would have a loss from our primary trade and a TP2 trade from the secondary trade. The primary sell stop trade will remain open until the end of the day when it will be cancelled.
  • #258
  • Jul 1, 2012 3:29pm Jul 1, 2012 3:29pm
Quoting K_Minos
We would have a loss from our primary trade and a TP2 trade from the secondary trade. The primary sell stop trade will remain open until the end of the day when it will be cancelled.

  • #259
  • Jul 1, 2012 5:26pm Jul 1, 2012 5:26pm
Quoting Bobcat2
John,


Respectfully, if your remarks were intended for me, I was simply attempting to obtain clarification on the entries...but NOT changing the method in any fashion.

However, your "simplification" does alter the OP original strategy, plus you are also asking for clarification. If your simplification is more profitable than the original, please post your trade results. Thank you.

BTW, where is the evidence that the winning systems are simple? Please show us some simple systems that are consistent winners.

Good trading.
Hi Bob,

Sorry, you misunderstood me. My remarks were General not pointing out to any particular person.
You are much senior than me and I have great respects for you.
Please do not take it personally.

The simplest System is to Buy at the Support and Sell at the Resistance using Stochastics. If you wish I can start a thread and show you the daily performance.

John
Winning is a Great Feeling!
  • #260
  • Jul 1, 2012 11:21pm Jul 1, 2012 11:21pm
Quoting johnblake
Hi Bob,

Sorry, you misunderstood me. My remarks were General not pointing out to any particular person.
You are much senior than me and I have great respects for you.
Please do not take it personally.

The simplest System is to Buy at the Support and Sell at the Resistance using Stochastics. If you wish I can start a thread and show you the daily performance.

John
Hi John,

No problem...no offense taken.

I would encourage you to start a thread and show the daily performance. I'm am certain there are many who would agree.

Good Trading!
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