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Daily Break Strategy

  • #361
  • Jul 17, 2012 8:17am Jul 17, 2012 8:17am
Quoting deathbait
I'm not really understanding you, but I think you want one of these 2 things, so pick the setting you prefer

1) if you're hoping to set orders at GMT 0000 as per this strategy's rules, set the variable daystart to 2

2) if you're hoping to set orders at 0000 your broker time(not the rules of this strategy), set daystart to 0
Hello DB, thank you for your respond. Please, could you confirm that I understand it well ?:

I use GMT+2 hrs broker and I want EA to draw the box at 00.00 (GMT+2hrs) taking into consideration last 24 hours. Do I set the daystart parameter to 0 and turn on the EA anytime before 00.00(GMT+2) and wait for the orders which will be placed by EA exactly at 00.00(GMT+2) ? Thank you, DB.

Andrej
  • #362
  • Jul 17, 2012 11:29am Jul 17, 2012 11:29am
Quoting Andrej7
Hello DB, thank you for your respond. Please, could you confirm that I understand it well ?:

I use GMT+2 hrs broker and I want EA to draw the box at 00.00 (GMT+2hrs) taking into consideration last 24 hours. Do I set the daystart parameter to 0 and turn on the EA anytime before 00.00(GMT+2) and wait for the orders which will be placed by EA exactly at 00.00(GMT+2) ? Thank you, DB.

Andrej
Yup
  • #363
  • Jul 17, 2012 5:22pm Jul 17, 2012 5:22pm
Hello DB, I just tried to run the EA the way you told me, however, when 00.00 (broker time) occured, nothing happened. Have you got any idea what could go wrong ? Daystart had been set to "0"I am attaching the pics. Thanks for your help.

Andrej.
Attached Image (click to enlarge)
Click to Enlarge Name: Daily break out.jpg Size: 230 KB
  • #364
  • Jul 17, 2012 6:15pm Jul 17, 2012 6:15pm
Quoting Andrej7
Hello DB, I just tried to run the EA the way you told me, however, when 00.00 (broker time) occured, nothing happened. Have you got any idea what could go wrong ? Daystart had been set to "0"I am attaching the pics. Thanks for your help.

Andrej.

I had the same issue. He doesn't seem to know why this happens. You may have to trade this one manually for now.
  • #365
  • Jul 17, 2012 7:33pm Jul 17, 2012 7:33pm
[quote=Basber;5667771]Hi dear traders,

First Entry : Buy 3 pips above the High of previous day (Entry on fibo lines), SL is 1 pip below "SL" line on you fibonacci tool. We have 2 TPs. One is when price reaches "BE" line above the high of the previous day (1.25 fibonacci or -0.25 fibo, depends how you draw the fibo.), then you should close half and put your SL at BE (Bring your SL on your entry point - No risk from here). You second TP is "TP2" line on your fibo tool. Vice versa for short entry.

Second Entry : When you enter long (After entry triggered), you should place a sell order right where your SL is. SL for your sell order is 1 pip above the previous day high and TP1 (and of course BE (Break Even) Point) is 0.5 on fibo which is shown is "BE" on you fibo between two "SL"s. TP2 is 1 pip above the "SL" for short entry. You must erase the order IF price reaches TP2. Vice versa for short entry.


** You must cancel all your orders when current day comes to an end and place new orders due to current day's high and low.

hi,i've got some questions about the orders
1. by first order the second tp is tp2 line on fibo,why is it 1 pip above/below the line "sl" by second order,is'nt it on the line exactly?
2. by a sell order (second order) the sl is 1 pip above previous day's high, that means 3 pips above include the spread of 2 pips?
3. when current day has ended we must cancel the orders,but what about the orders on previous day trigerred and didnt hit the sl or tp,i mean should we manualy stop them?
thank you!
Attached Image (click to enlarge)
Click to Enlarge Name: 12.07.png Size: 29 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #366
  • Jul 17, 2012 10:56pm Jul 17, 2012 10:56pm
Quoting prof8t
Thanks
pls i dont understand multiplier...can u explain ?
  • #367
  • Jul 17, 2012 11:08pm Jul 17, 2012 11:08pm
Quoting Andrej7
Hello DB, I just tried to run the EA the way you told me, however, when 00.00 (broker time) occured, nothing happened. Have you got any idea what could go wrong ? Daystart had been set to "0"I am attaching the pics. Thanks for your help.

Andrej.

thanks Andrej, I've uncovered an error for people with daystart 0 and below. Working on it now
  • #368
  • Jul 17, 2012 11:56pm Jul 17, 2012 11:56pm
v0.21 changelog
1) EA no longer deletes every object on the chart when removed
2) fixed a bug for daystart <1

!!This is a critical update for people who requires daystart to be 0 and below!!

If you have had a problem with the EA before, and your daystart is 0 or negative, please see if this fixes the problem.
Attached File(s)
File Type: mq4 daily breakout by basber v0.21.mq4   35 KB | 374 downloads
  • #369
  • Jul 18, 2012 4:10pm Jul 18, 2012 4:10pm
Quoting deathbait
v0.21 changelog
1) EA no longer deletes every object on the chart when removed
2) fixed a bug for daystart <1

!!This is a critical update for people who requires daystart to be 0 and below!!

If you have had a problem with the EA before, and your daystart is 0 or negative, please see if this fixes the problem.
Hello DB, thank you for your EA update. At the moment it paints the box correctly, however, it still doesn't do anything at the time it should. Please see the pic. Anyways, thank you for your effort to help ;-)
Andrej
Attached Image (click to enlarge)
Click to Enlarge Name: DB.png Size: 261 KB
  • #370
  • Jul 18, 2012 4:55pm Jul 18, 2012 4:55pm
That's odd. It didn't paint the box correctly either. How long has this Ea been on the chart
  • #371
  • Jul 18, 2012 6:05pm Jul 18, 2012 6:05pm
Quoting deathbait
That's odd. It didn't paint the box correctly either. How long has this Ea been on the chart
EA instead of an indicator? Are you allowing it to trade for you?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #372
  • Jul 18, 2012 11:05pm Jul 18, 2012 11:05pm
////////////////////////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////
v0.22 changelog
1) fixed a bug for daystart=0


Yup, I managed to miss changing a variable that I noted down was necessary to change. What a doofus.

v0.21 is defective and will not place orders for daystart <1.
please use v0.22
Attached File(s)
File Type: mq4 daily breakout by basber v0.22.mq4   35 KB | 362 downloads
  • #373
  • Jul 18, 2012 11:06pm Jul 18, 2012 11:06pm
Quoting TooSlow
EA instead of an indicator? Are you allowing it to trade for you?
I've never written an indicator for this strategy. Have you even read the thread?
  • #374
  • Jul 19, 2012 12:07am Jul 19, 2012 12:07am
Quoting deathbait
////////////////////////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////
v0.22 changelog
1) fixed a bug for daystart=0


Yup, I managed to miss changing a variable that I noted down was necessary to change. What a doofus.

v0.21 is defective and will not place orders for daystart <1.
please use v0.22

this EA set pending orders or instant orders(when price breaks H or L then set orders)? because i set it in my chart but no pending orders set.
  • #375
  • Jul 19, 2012 12:10am Jul 19, 2012 12:10am
EA sets pending orders at GMT0000 if you set the daystart variable properly. You need to have the EA on before that time, or wait till next day.

I think this will be the last time I respond to such repetitive questions
  • #376
  • Jul 19, 2012 1:48am Jul 19, 2012 1:48am
thanks
I test this EA in strategy tester from 01/01/2011 till 01/01/2012 but this EA only set first buystop in high of previous days and second entry for sell stop and this EA dont set first sell stop orders and second buystop orders plz test it
  • #377
  • Edited 2:07am Jul 19, 2012 1:57am | Edited 2:07am
this is result of test of this strategy from 01/01/2011 till 01/01/2012
EA only set first entry of buy stop orders and second of sell stop orders and dont set first entry of sell stop and second entry of buy stop
day range:170
monday trade: false
auto lot: true
day start: 2
buffer: 3
decimal: 4

results are below:
Attached File(s)
File Type: pdf Strategy Tester Report.pdf   1.7 MB | 657 downloads
  • #378
  • Jul 19, 2012 4:08am Jul 19, 2012 4:08am
I'll need the error log to come to any meaningful conclusion.
  • #379
  • Jul 19, 2012 4:33am Jul 19, 2012 4:33am
Quoting deathbait
here's an interesting optimisation chart.

what you think basber?

starts from daily max range 500->2000, 100 increments

it appears the sweet spot is around the 100pip area
Usually it works better when it's around ATR(14) - daily. nowdays it's around 100 ... I may share another strategy that I developed with the help from some ideas from different traders. When I share it, it will give you a tool to optimize this method. But it can not put in an EA. It uses bar analysis (James16 thread) and volume on M15. Takes your time, but will increase the profit ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #380
  • Jul 19, 2012 4:40am Jul 19, 2012 4:40am
Quoting ezcurrency
I did a statistical analysis in R on the daily range, and the % probability of hitting TP2. I think there is a better target to set for the take profit, rather than the 50% fib extension of previous day's range.

Looking at the past 3 years of data, the mean range was 159 pips.

Breaking the data into up days:

# up days statistics to test chance of hitting TP

# percent chance high above buy TP (50% daily fib extension)
0.4306306
# percent chance high above daily R2
0.3963964
# percent chance high above daily R1
0.781982
# percent chance high...
Usually I consider TP1 as a solid level for my trades management. I'll play with TP2 sometimes, usually trail it when I see the opportunity for the price to move in my favor. As I recommended before, don't change SL, Entry levels. It's better to keep the TP1 in place and set SL @ BE at that level. TP2 is optional. I'm sure there are better ways to take TP rather than the main concept. Feel free to try it and share so other's can have benefit from your research, if you like.

Optimizing a strategy need high experience in this business, so many can't do it. So I still recommend less experienced traders to stick to main levels, unless they've done a very comprehensive backtest.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
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