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Quicker and Dirtier EOD

  • #41
  • Jul 5, 2012 12:28am Jul 5, 2012 12:28am
Quoting FerruFx
Here is attached a tool to help to handle the strategy.

I've developped it for another Hugh's thread but it should work just fine here.

1/ Set and apply the EA on the chart you want to trade

2/ Apply the Fibo where you want it to be managed

3/ When the fibo is at the right place, then and only then, name it BUY (for a Long setup) or SELL (for a short setup)

The EA new default settings should follow the strategy.

More details for the settings start here with the very 1st version : http://www.forexfactory.com/showthre...84#post5498784...
Thanks very much, that will help a lot
  • #42
  • Jul 5, 2012 12:30am Jul 5, 2012 12:30am
Quoting Ainks
Another system from Mr. HB

I've take a look daily EU chart for the last 6 months and 1 thing I want to ask..
I think (sorry i'm just a newbie in forex) we can watch the price action around fib level 38,2 (i use M15 for this) and if we sure the trend is continuous.. (bounce at 38,2 level) we can safely buy/sell and place SL 20-50 pips above 38,2 level.. Maybe this will be considered as aggressive trade entry

Anyway.. I enjoy all your systems share.. thank you for share them with us.. I can say you are not Mr Bollinger fans
Yes, sounds aggressive to me! I'm still considering the possibility of entering at the 38.2% retracement rather than the 0 level and going for 2 to 1 r/r.

The only Bollinger I like comes in a bottle!
  • #43
  • Jul 5, 2012 12:32am Jul 5, 2012 12:32am
Don't forget this still needs a lot of testing. I have done a random sample manual backtest on a few pairs and a few different market conditions and it seems fairly robust but I would like to get an ea coded to fully test the different entry levels over extended periods of time. Also this would allow testing on lower timeframes than daily. Hourly may work just as well?
  • #44
  • Jul 5, 2012 1:18am Jul 5, 2012 1:18am
Quoting Hugh Briss
Don't forget this still needs a lot of testing. I have done a random sample manual backtest on a few pairs and a few different market conditions and it seems fairly robust but I would like to get an ea coded to fully test the different entry levels over extended periods of time. Also this would allow testing on lower timeframes than daily. Hourly may work just as well?
Hello Hugh,

Thanks for sharing. While simple the method seems sound to me. It feels like daytrading the daily timeframe. Kinda "stress free". I think the trick lies in picking which day to use as a setup day. The base ATR filter is quite good but the larger market context needs to be considered too - SR zones or anything that price might bump into.

All in all the method can be put to automated test quite simply although I won't put too much relevance on the automated results since the EA will miss the larger market context.

P.S. It sounds a bit like the method of Trader-X for stocks, if you're familiar with the blog.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #45
  • Jul 5, 2012 3:08am Jul 5, 2012 3:08am
Quoting soso
Hello Hugh,

Thanks for sharing. While simple the method seems sound to me. It feels like daytrading the daily timeframe. Kinda "stress free". I think the trick lies in picking which day to use as a setup day. The base ATR filter is quite good but the larger market context needs to be considered too - SR zones or anything that price might bump into.

All in all the method can be put to automated test quite simply although I won't put too much relevance on the automated results since the EA will miss the larger market context.

P.S. It sounds...
Hello, no, not heard of Trader-X. You are right about the need for identifying s/r but I'm yet to come up with a good way to do that. Once I get the ea coded and get the system tested I will have an idea of how profitable it would be as is and then I can start to adjust the parameters and see how it improves the return.
  • #46
  • Jul 5, 2012 3:09am Jul 5, 2012 3:09am
I've been busy today and not looked through for any set ups, sorry for that, I don't know if anyone else has looked?
  • #47
  • Jul 5, 2012 3:17am Jul 5, 2012 3:17am
Today not triggered yet... eurusd, eurcad, euraud, gbpusd. Gbpcad already triggered, have to watch.
  • #48
  • Jul 5, 2012 4:41am Jul 5, 2012 4:41am
Here's an indicator that I put together to show the range of the previous days body. In time I should be able to improve it to just state at the top of the screen whether the pair is valid or not that day or even just have a dashboard that tells you what pairs are valid. My coding skills are very basic at the moment. If the pair was an up day the previous day it displays this a a negative figure because of the way it does the calculation. If anyone can tell me how to get it to just display a positive figure I would be grateful. Anyway, this helps for now. If the body range yesterday was higher than the 75% atr then it is easy to spot which make life easier.
Attached File(s)
File Type: mq4 Yesterdaysbodyrange.mq4   2 KB | 331 downloads
  • #49
  • Jul 5, 2012 5:15am Jul 5, 2012 5:15am
Quoting Hugh Briss
Here's an indicator that I put together to show the range of the previous days body. In time I should be able to improve it to just state at the top of the screen whether the pair is valid or not that day or even just have a dashboard that tells you what pairs are valid. My coding skills are very basic at the moment. If the pair was an up day the previous day it displays this a a negative figure because of the way it does the calculation. If anyone can tell me how to get it to just display a positive figure I would be grateful. Anyway, this helps...
Hugh, Yesterdaysbodyrange indicator does appear in the MT4 data window, but there is no data in the box. I'm not sure why...

Any ideas?
  • #50
  • Jul 5, 2012 5:28am Jul 5, 2012 5:28am
Quoting Bobcat2
Hugh, Yesterdaysbodyrange indicator does appear in the MT4 data window, but there is no data in the box. I'm not sure why...

Any ideas?
No, sorry, it should work fine. What do you mean by "no data in the box"?

What broker do you use? Could be to do with that?

Check your screen resolution, you may need to adjust the x and y values to get it to show in the visible screen.
  • #51
  • Jul 5, 2012 5:30am Jul 5, 2012 5:30am
Euraud closed out for +23.8 pips. Gbpusd running at +7.9 at the moment.
  • #52
  • Jul 5, 2012 8:46am Jul 5, 2012 8:46am
Gbpusd out for +40.5 pips.

Since yesterday then 2/3 +44 pips.

Will definitely look into the trading at the 38.2 retrace and going for 2:1 with the stop at 75. Both of these would have been good winners today and there were a few pairs that set up that I missed because I traded late. Got to get that ea coded.
  • #53
  • Jul 5, 2012 10:17pm Jul 5, 2012 10:17pm
Lots of big moves yesterday but going to leave it as NFP day. I'll post some trades on Monday.
  • #54
  • Jul 6, 2012 6:34am Jul 6, 2012 6:34am
Hello Hugh
And thank you for those charts.

It's working great until now.
  • #55
  • Jul 6, 2012 10:00am Jul 6, 2012 10:00am
Quoting Hugh Briss
Lots of big moves yesterday but going to leave it as NFP day. I'll post some trades on Monday.

Hugh
Have you ever considered a 25% pullback from the open to qualify the candle rather than 38.2%. Eyeballing many charts it seems there are many more qualifying opportunities .Also if one uses 25% as the qualifier you can use 25% as the protective stop while retaining a 38.2% target or possibly even a 50% target raising the reward to risk ratio to 1 1/2 or 2 to 1.
  • #56
  • Jul 6, 2012 10:14am Jul 6, 2012 10:14am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
To all who are backtesting this great strategy, remember that results can be compared only when done on brokers with the same server time. As we are looking on Daily candles, a broker at GMT and a broker at GMT+2 might have far different results because Daily (and even H4) candles are not the same.
MT4/MT5 EAs/Indicators/Alerts coder
  • #57
  • Jul 6, 2012 11:18am Jul 6, 2012 11:18am
Quoting chuckeepw
Hugh
Have you ever considered a 25% pullback from the open to qualify the candle rather than 38.2%. Eyeballing many charts it seems there are many more qualifying opportunities .Also if one uses 25% as the qualifier you can use 25% as the protective stop while retaining a 38.2% target or possibly even a 50% target raising the reward to risk ratio to 1 1/2 or 2 to 1.
I'm looking into all sorts of combinations of parameters. The basic idea seems fairly sound so it's just a case of testing, tweaking and testing until the most robust parameters can be found. I'm not necessarily interested in more trades rather than better quality, or higher probability/risk to reward trades.

For me, and this is something that someone was asking about the other day, the 75% ATR real body filter tells me that there is a lot of movement in the pair and it also gives us a probable direction for the day we are trading. Put the two together and we have a certain probability of capturing some pips. What we need to do is try different approaches, backtest fully and find out that probability so we can adjust position sizes correctly. Also if it works on daily will it work on hourly? Lots to find out. Going to try and get an EA coded ASAP.
  • #58
  • Jul 6, 2012 11:19am Jul 6, 2012 11:19am
Quoting FerruFx
To all who are backtesting this great strategy, remember that results can be compared only when done on brokers with the same server time. As we are looking on Daily candles, a broker at GMT and a broker at GMT+2 might have far different results because Daily (and even H4) candles are not the same.
A very good point, always nice to see you on the threads
  • #59
  • Jul 6, 2012 6:38pm Jul 6, 2012 6:38pm
Quoting Hugh Briss
I'm looking into all sorts of combinations of parameters. The basic idea seems fairly sound so it's just a case of testing, tweaking and testing until the most robust parameters can be found. I'm not necessarily interested in more trades rather than better quality, or higher probability/risk to reward trades.

For me, and this is something that someone was asking about the other day, the 75% ATR real body filter tells me that there is a lot of movement in the pair and it also gives us a probable direction for the day we are trading. Put the two...
Funny you should mention hourly. There is a commercial strategy that concentrates on the first three hours of the London and US sessions in this fashion. Its pretty successful.
  • #60
  • Jul 6, 2012 11:12pm Jul 6, 2012 11:12pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Another point to be taken in consideration for testers : you can't backtest the system on daily.

The daily chart is only to check the ATR and place the fibo. Then you have to move on a lower timeframe to see which of the TP and SL has reach first.

A daily candle will just show you that both TP and SL were hit ... but not which one first.
MT4/MT5 EAs/Indicators/Alerts coder
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