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Daily Break Strategy

  • #381
  • Jul 19, 2012 4:41am Jul 19, 2012 4:41am
Quoting Basber
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 ...
That would be fantastic and greatly appreciated.
  • #382
  • Jul 19, 2012 4:46am Jul 19, 2012 4:46am
Quoting iomdave
daystart set to: 3 to match Alpari and risk multiplier to: 5% (My choice). All other settings ootb. Trust that you find it of help
I know it's your choice, but 5% is very high. Do not exceed 2% risk per trade in any circumstances.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #383
  • Jul 19, 2012 4:49am Jul 19, 2012 4:49am
Quoting nando_rich
Good day for the system...

2 TP's hit.

Regards,
Nando.
Good to see you here nando

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #384
  • Jul 19, 2012 4:52am Jul 19, 2012 4:52am
Quoting iomdave
It is early days yet with this ea as to long term profitability and before I am prepared to go live. I am aware that the thread starter "Basber" (where have you gone?) has done a lot of research and analysis before he so kindly introduced this "Strategy". Sincerely, many thanks. Again, my sincere thanks also to "deathbait" for his work on the ea.
I usually been very busy lately .. I will check the thread now and then, but it's not very often. I asure you that I'll read every post and will answer the ones that remained without any answers.

I also like to introduce my other strategy than you can combine it with Daily Break Strategy, but that one is not as simple as this one, so supporting the thread needs more time. That's why I'm waiting for a right time to share, so I can support the traders which follow that thread.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #385
  • Jul 19, 2012 4:59am Jul 19, 2012 4:59am
Quoting Andrej7
Hello Traders !

My name is Andrej and I'm new to Forex Factory, although I've been trading Forex for about two years now. Honestly, I haven't encountered a system that would be so simple and effective at the same time as the this one yet. Really thank you Basper for posting it !

As I rely more on manual testing, I performed a backtest on EUR/USD from 1.1.2012 until now with the results attached in the excell. Although it's not perfect, I believe it should be at least 90% true. Parameters like innitial balance, spread and risk per trade are...
You're welcome Andrej. It will get better when I introduce the other strategy, but it will not be as simple as now. It's simple though, but it needs experience. It will nicely boost the results.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #386
  • Jul 19, 2012 5:02am Jul 19, 2012 5:02am
Quoting chuckeepw
Bashir

Is the following statement true? Does your system add the spread in addition to the 3 pip buffer in the case of buy entry and buy stop orders

"I believe the system assumes the spread is added to the buffer in the case of buy entry as well as the buy exit orders."
LOL ! I think by "Bashir", you meant me !!

Anyway, Spread should be added. I think DB made it right for EA. When placing orders manually, yes, you should add spread.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #387
  • Jul 19, 2012 5:04am Jul 19, 2012 5:04am
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
Thank you for your work and time DB ... Keep up the good job
Trading methods are designed to put the odds in our favor, not predicting.
  • #388
  • Jul 19, 2012 5:09am Jul 19, 2012 5:09am
Quoting sam69
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!
1) Nope, it's should be 1 pip beyond the line. Because I believe it should clear the level. It's not that important in this scale which we are trading.
2) Yes.
3) No, You should leave them with their TPs and SLs. Don't change anything, manage your trade according to basic rules and place the new day's orders too.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #389
  • Jul 19, 2012 5:53am Jul 19, 2012 5:53am
Quoting Basber
1) Nope, it's should be 1 pip beyond the line. Because I believe it should clear the level. It's not that important in this scale which we are trading.
2) Yes.
3) No, You should leave them with their TPs and SLs. Don't change anything, manage your trade according to basic rules and place the new day's orders too.

Regards,
Basber
thank you for the answer,im testing it on a demo acc. currently (yesterday 2 wins,today 2 loss so far ,thanks!
Money is made by sitting, not trading. Jesse L. Livermore
  • #390
  • Jul 19, 2012 6:18am Jul 19, 2012 6:18am
Quoting sam69
thank you for the answer,im testing it on a demo acc. currently (yesterday 2 wins,today 2 loss so far ,thanks!
Start the backtest too. It will give you confidence.

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #391
  • Jul 19, 2012 7:09am Jul 19, 2012 7:09am
DB, here are some errors. 4,5, 6 are important.

It improved alot by the way. Thanks alot.

Edit : 7th picture added.

Regards,
Basber
Attached Image(s) (click to enlarge)
Click to Enlarge Name: version 22 - 01.jpg Size: 129 KB
Click to Enlarge Name: version 22 - 02.jpg Size: 129 KB
Click to Enlarge Name: version 22 - 03.jpg Size: 151 KB
Click to Enlarge Name: version 22 - 04 imp.jpg Size: 142 KB
Click to Enlarge Name: version 22 - 05 imp.jpg Size: 136 KB
Click to Enlarge Name: version 22 - 06 imp.jpg Size: 143 KB
Click to Enlarge Name: version 22 - 07.jpg Size: 134 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #392
  • Jul 19, 2012 7:27am Jul 19, 2012 7:27am
Another one
Attached Image (click to enlarge)
Click to Enlarge Name: version 22 - 08.jpg Size: 121 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #393
  • Jul 19, 2012 7:33am Jul 19, 2012 7:33am
Results with EA, version 22 from 1 Feb 2011 till 30 may 2011. I'll wait for DB to correct the bugs, then test more ...

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: 1 feb to 2011 - 31 may 2011.jpg Size: 148 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #394
  • Jul 20, 2012 12:53am Jul 20, 2012 12:53am
A little history on the EA.

It was originally designed to only work on 1H charts. As an afterthought, I decided to complicate it by making it work on every timeframe. Amazingly, none of us caught this rather obvious bug but basber(example 5). This error happened because part of the code still assumed we were working with an H1 chart.

After I fixed that, most of the errors pointed out here became clear. Basber, please test this again, since I'm unable to test the dates you pointed out here in the office.

**requires clarification**
Basber, I've asked this before, but you apparently missed it. What happens if the low of the day was at GMT 2359, and the price moves past our target before we can place the trade at GMT 0000? Do we ignore that trade? Force a trade at a worse price? Or do we ignore all trades that day? What the EA does currently is to ignore that particular part of the trade and trade the other side as per normal.


Charts :

1) No sell order due to both the timeframe bug and the above price slip problem

2) Monday gapped below the low of friday. No trades taken according to rules. On this note, I want to confirm that monday trades are taken on monday GMT 0000(which is what's happening now), and not at broker sunday open.

3) EA will be too late to remove the order once it gaps. In any case, this looks like chart data error. Price doesn't usually gap like that on normal days.

4) Reviewing the code that manages orders that carry over. This will not be a quick fix.

5) same as (1)

6) Your assumption about my misinterpretation of your rules is spot on. Will be fixed in next patch.

7) same as (1)

TODO:

1) Timeframe bug(done)
2) TP2 order cancel logic rewrite
3) Order management for trades carried over 2nd day
  • #395
  • Jul 20, 2012 1:42am Jul 20, 2012 1:42am
v0.23 changelog
1) box drawing fix for timeframes other than H1
2) changed order cancel on TP2 logic as per basber's clarification


basber, I can't replicate your chart due to insufficient data, but testing gives me these charts, which show SL moved to BE when TP1 is hit on the following day.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: carryover1.jpg Size: 67 KB
Click to Enlarge Name: carryover2.jpg Size: 66 KB
Attached File(s)
File Type: mq4 daily breakout by basber v0.23.mq4   35 KB | 366 downloads
  • #396
  • Jul 20, 2012 12:59pm Jul 20, 2012 12:59pm
What is the best currency pair to use for this system?
  • #397
  • Jul 20, 2012 1:34pm Jul 20, 2012 1:34pm
Quoting jason2000
What is the best currency pair to use for this system?
Quoted from the first post :

Quoting Basber
.
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** I Only use this on EU, the most technical pair.

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Trading methods are designed to put the odds in our favor, not predicting.
  • #398
  • Jul 20, 2012 2:06pm Jul 20, 2012 2:06pm
So EUR/USD?
  • #399
  • Jul 20, 2012 3:44pm Jul 20, 2012 3:44pm
Hello DB,

today I tried to test the last version of EA (23) as to 19.00 of my broker time (GMT+3) so I set the daystart parameter to -5 as far as I understand it correctly. As at 19.00, however, the new box wasn't painted. The buy setups were inserted according to the old box (the period prior to the correct one). There were no sell setups inserted. Have you got any idea, why it didn't work out well ? Could it be because of the negative daystart parameter ?

I'm sorry for posting posts like that. I'd rather post that it works properly! But I really appreciate your effort, DB.

Have a nice weekend

Andrej
Attached Image (click to enlarge)
Click to Enlarge Name: DB1.jpg Size: 278 KB
  • #400
  • Jul 20, 2012 4:32pm Jul 20, 2012 4:32pm
Quoting jason2000
So EUR/USD?
Yes, EUR/USD and GBP/USD seem to be the best pairs for this system
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