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Quicker and Dirtier EOD

  • #61
  • Jul 6, 2012 11:17pm Jul 6, 2012 11:17pm
Quoting FerruFx
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.
I use the manual strategy tester for this type of testing so you get the daily candle move tick by tick.
  • #62
  • Jul 6, 2012 11:23pm Jul 6, 2012 11:23pm
Quoting Hugh Briss
I use the manual strategy tester for this type of testing so you get the daily candle move tick by tick.
Yes of course in visual mode, the daily is just fine.

I was refering to check the daily chart back in history.

BTW, how many setups (38.2% hit) did you found on EU since 01/01 this year ?
MT4/MT5 EAs/Indicators/Alerts coder
  • #63
  • Jul 7, 2012 3:57am Jul 7, 2012 3:57am
Quoting FerruFx
Yes of course in visual mode, the daily is just fine.

I was refering to check the daily chart back in history.

BTW, how many setups (38.2% hit) did you found on EU since 01/01 this year ?
I'd have to test it again as I have tested a lot of other pairs since then. I think it averages 2 or 3 trades a month but can be more.
  • #64
  • Jul 7, 2012 4:09am Jul 7, 2012 4:09am
Quoting Hugh Briss
I'd have to test it again as I have tested a lot of other pairs since then. I think it averages 2 or 3 trades a month but can be more.
Personnally on EU GMT daily candles, I found since january 37 valid setups, 7 have been entered, 5 hit TP and 2 hit SL
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  • #65
  • Jul 7, 2012 4:37am Jul 7, 2012 4:37am
However, I didn't took in consideration the Monday setup (based on the Friday candle).
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  • #66
  • Jul 7, 2012 5:23am Jul 7, 2012 5:23am
Quoting FerruFx
Personnally on EU GMT daily candles, I found since january 37 valid setups, 7 have been entered, 5 hit TP and 2 hit SL
That fits in roughly with my back testing although I think I tested data a bit further back than that.

Not sure about the Friday/Monday/Sunday candle, another aspect that needs testing.

I think the more profitable way to go might be entering a pending order at the 38.2% retrace and targetting the 38.2% extension with a stop loss at the 75% retrace. This works out at 2:1 and although it will have more losers it should make more money over the long term. I should get a chance to do some more testing this weekend.
  • #67
  • Jul 7, 2012 10:50am Jul 7, 2012 10:50am
Hugh,

Have you applied this strategy on a 4 hour time frame? if so, how were the results?
  • #68
  • Jul 7, 2012 11:13am Jul 7, 2012 11:13am
Here's a tool I've created to handle this strategy. It's a dashboard which check all pairs and display on a single chart (D1) their retracement evolution.

Here's the different "status":

1/ Wait for retracement ... (when the ATR rule is valid)

2/ Retraced --> pending price level + TP/SL prices levels to be opened

3/ Canceled (if price retraced on the cancel level)

4/ TP hit (if price extented on the TP level)

5/ SL hit (if price retraced on the SL level)

The tool can be used on the backtester visual mode (1 pair at a time of course).

When attached on chart, the first daily candle is avoided as it is already in progress. The tool will start to check at the beginning of the next candle.

You can watch a small video to see how it looks when in progress : video here

Hope that will help.
Attached File(s)
File Type: ex4 Quicker&Dirtier_EOD_dashboard.ex4   24 KB | 534 downloads
MT4/MT5 EAs/Indicators/Alerts coder
  • #69
  • Jul 7, 2012 11:34am Jul 7, 2012 11:34am
Quoting Madness
Hugh,

Have you applied this strategy on a 4 hour time frame? if so, how were the results?
Not yet, I'll let you know.
  • #70
  • Jul 7, 2012 11:35am Jul 7, 2012 11:35am
Quoting FerruFx
Here's a tool I've created to handle this strategy. It's a dashboard which check all pairs and display on a single chart (D1) their retracement evolution.

Here's the different "status":

1/ Wait for retracement ... (when the ATR rule is valid)

2/ Retraced --> pending price level + TP/SL prices levels to be opened

3/ Canceled (if price retraced on the cancel level)

4/ TP hit (if price extented on the TP level)

5/ SL hit (if price retraced on the SL level)

The tool can be used on the backtester visual mode (1 pair at a time of course)....
Excellent, thank you very much!
  • #71
  • Jul 7, 2012 2:02pm Jul 7, 2012 2:02pm
Quoting FerruFx
Here's a tool I've created to handle this strategy. It's a dashboard which check all pairs and display on a single chart (D1) their retracement evolution.

Here's the different "status":

1/ Wait for retracement ... (when the ATR rule is valid)

2/ Retraced --> pending price level + TP/SL prices levels to be opened

3/ Canceled (if price retraced on the cancel level)

4/ TP hit (if price extented on the TP level)

5/ SL hit (if price retraced on the SL level)

The tool can be used on the backtester visual mode (1 pair at a time of course)....
I've had a go with it and it works fine. I wonder if it would be possible for it to actually place the pending orders as well to speed up the backtesting process? Also this would be useful to leave open overnight so I don't have to be there for 1am in the morning when my brokers candle closes (British Summertime is GMT+1). Thanks.
  • #72
  • Edited 3:42pm Jul 7, 2012 3:24pm | Edited 3:42pm
Quoting Hugh Briss
You know I get system ideas all the time and you know I like to share them. Well here's another end of day system.

Step 1 - Daily charts only - no indicators.

Step 2 - The body of the previous candle must have been at least 75% of the ATR(20). ATR indie attached.

Step 3 - Put a fib study on the candle from the high to low of the body of the candle with the 38.2 level and the 38.2 extension so that the extension extends below the low of a down candle or above the high of a high candle (screens to follow).

Step 4 - If the price retraces...
Your idea Hugh is interesting and I would like to give a try... but I need a little help at the beginning...

re: "Step 3 - Put a fib study on the candle from the high to low of the body of the candle with the 38.2 level and the 38.2 extension...."

Could you tell me where I can get FIB tool like you use? and how to add it to MT4
Default MT4 fib tool is with no extension levels :/
  • #73
  • Jul 7, 2012 7:16pm Jul 7, 2012 7:16pm
Quoting Hugh Briss
I've had a go with it and it works fine. I wonder if it would be possible for it to actually place the pending orders as well to speed up the backtesting process? Also this would be useful to leave open overnight so I don't have to be there for 1am in the morning when my brokers candle closes (British Summertime is GMT+1). Thanks.
Hugh,

It can't place a trade. This isn't an EA.

I don't understand your other question.
MT4/MT5 EAs/Indicators/Alerts coder
  • #74
  • Jul 8, 2012 1:44am Jul 8, 2012 1:44am
Quoting FerruFx
Hugh,

It can't place a trade. This isn't an EA.

I don't understand your other question.
Sorry, forgot it was an indicator. Could it be made into an ea that would place the orders?

The last bit was more of a comment that it would be good to be able to leave the computer on overnight and have the orders placed while I was asleep if they triggered overnight.
  • #75
  • Jul 8, 2012 1:49am Jul 8, 2012 1:49am
Quoting pyzak
Your idea Hugh is interesting and I would like to give a try... but I need a little help at the beginning...

re: "Step 3 - Put a fib study on the candle from the high to low of the body of the candle with the 38.2 level and the 38.2 extension...."

Could you tell me where I can get FIB tool like you use? and how to add it to MT4
Default MT4 fib tool is with no extension levels :/
I just realised because I've rolled my laptop back from Vista to Xp I no longer have snipping tool to take a shot of the properties box.

If you draw a fib on the screen it comes up with the property box. Under fibo levels you can change the levels to whatever you need. Get rid of all the ones you don't need and add -0.382 and 0.75. In the box after it that puts the description on the side add %$ after and it will display the price value as well as the fib level value.
Attached Image (click to enlarge)
Click to Enlarge Name: fib example.gif Size: 16 KB
  • #76
  • Jul 8, 2012 5:11am Jul 8, 2012 5:11am
Quoting Hugh Briss
Sorry, forgot it was an indicator. Could it be made into an ea that would place the orders?
Hmmmm ... please give me some time as I am really busy
MT4/MT5 EAs/Indicators/Alerts coder
  • #77
  • Jul 8, 2012 6:01am Jul 8, 2012 6:01am
Quoting FerruFx
Hmmmm ... please give me some time as I am really busy
I know . Thank you for your help, you know we always appreciate it.
  • #78
  • Jul 9, 2012 12:49am Jul 9, 2012 12:49am
I have a Sunday bar which complicates things. Maybe best just to leave Mondays?
  • #79
  • Jul 9, 2012 12:55am Jul 9, 2012 12:55am
Quoting Hugh Briss
I have a Sunday bar which complicates things. Maybe best just to leave Mondays?
Don't leave the Mondays trade. In this case, take the Friday Open/Close as your reference.
MT4/MT5 EAs/Indicators/Alerts coder
  • #80
  • Jul 9, 2012 1:09am Jul 9, 2012 1:09am
Quoting FerruFx
Don't leave the Mondays trade. In this case, take the Friday Open/Close as your reference.
Ok.
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