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London close trading system for currencies

  • #361
  • Jul 17, 2016 12:08pm Jul 17, 2016 12:08pm
Can someone explain me whats the Time Zone Indicator is for ? from post 2
and should I input my time zone, or my broker's time zone, or leave it as is?
Thanks
  • #362
  • Edited 9:00pm Jul 17, 2016 12:18pm | Edited 9:00pm
A few comments:

We have an opportunity to work as a team.

There are approximately 15 Forex Pairs that have been pre-approved by GB. There are also various commodities, and perhaps indices, that some here trade. Might I suggest that you choose just One of these and;
Put up a 1 hour chart. 1 hour because you can load more history (easily) than with M15.
Draw daily hi/low fibs, and check the results for a period of time, say at least 6 months.
The most important thing to watch here, is maximum drawdown. Keep whatever other stats you deem important.

Then, PLEASE, post your results here. That will save ALL of us a lot time!

By seeing how often price goes beyond a certain point, [maybe more than 150% or -50%] you can decide how much risk you feel comfortable taking.
Also, you will see about time limits. If price continues to be negative for X number of hours, or bars, when should you close the trade?

I just tested CadJpy for 3 months. January through March of this year. During this time only 2 days had entries that went beyond 138%, or -38%. Two other days, price meandered in the negative for 14 hours, or longer. Most problem days occur on Fridays, so get so good that you have no need to trade Fridays.

It might also be a good idea to watch for 1800 Wednesday, usually once per month, for FOMC news releases.

EOM, End of Month days can be crazy too.
  • #363
  • Jul 17, 2016 12:21pm Jul 17, 2016 12:21pm
Quoting savanhws
Can someone explain me whats the Time Zone Indicator is for ? from post 2 and should I input my time zone, or my broker's time zone, or leave it as is? Thanks
++++++++++++++++++++++++++++++++

Think about it! We are using GMT. Your time zone is of no consequence. You need to know your brokers time, and then apply GMT points on his chart.
  • #364
  • Jul 17, 2016 12:35pm Jul 17, 2016 12:35pm
diamonddbw: out of balance my account with 12 + 60 Pips = 72 Pips
  • #365
  • Jul 17, 2016 12:46pm Jul 17, 2016 12:46pm
Quoting ghostbiker
diamonddbw: out of balance my account with 12 + 60 Pips = 72 Pips
++++++++++++++++++++++++++++++++

I have no idea what this means.
  • #366
  • Jul 17, 2016 12:46pm Jul 17, 2016 12:46pm
I see that there's a lot of confusion about the (GMT) time.
Some get it and some don't which is understandable.
I know it can be confusing so here some explanations and tips.

You only have to worry about the actual London close time which is at 16:00 from end of March to end of October, else it is 17:00.
So it does not matter where you live.
In the code of the EA I use TimeGMT() function which looks at your pc clock and automatically calculates the right time. So again, no worries.

For testing in the Strategy Tester it is a different story because the tester doesn't know Time GMT and uses server time (broker time) , hence the GMT offset setting (last setting "Broker GMT Offset" in the list).
Depending on your broker, this time has an offset from GMT (and even your local time).

Put an extra clock in the clocks on your pc and set it to GMT.
Now all you have to do is watch this clock to say 16:00 and at that moment you should have a new candle in your chart.
Now hit Ctrl + D to open the data window and move your mouse pointer over the last candle of the chart and now you can read the time of that candle in the data window.
As an example: when I do this at 16:00 GMT, the time of the last candle in my chart is 19:00.
So my GMT offset is (+)3 and I put this in the settings when I test in the strategy tester. If it were 14:00 then I would put -2 in the settings (Broker GMT Offset).
If your broker switches from summer time to winter time at the same moment as London then you don't have to worry about this setting (for Strategy Tester only) either.
I hope that this clears things up a little
Also see this post: http://www.forexfactory.com/showthre...11#post9031311
  • #367
  • Jul 17, 2016 12:54pm Jul 17, 2016 12:54pm
Quoting diamonddbw
....And, VERY IMPORTANT, if using EA, Change your settings to Percent, instead of a fixed lot size. If you are targeting 12 pips on one pair, and 60 on another, you are totally out of balance in your account.
Percent is percent of free margin to calculate the lot size.
So you will still be out of balance.
Although the lot size will decrease as more positions are open because your free margin will drop.
Oh and if the calculated lot size is less than the minimum lot size allowed, it will use the minimum lot size.
  • #368
  • Jul 17, 2016 1:07pm Jul 17, 2016 1:07pm
@Retlaw: GMT time is OK

It is total easy to control: watch exactly on 16:00 GMT on your chart for the time of the M15 old / new candle
this is the time you must trade "London close 23.6" (in Central Europa Berlin Wien Paris 18:00)
  • #369
  • Jul 17, 2016 1:24pm Jul 17, 2016 1:24pm
Quoting ghostbiker
@Retlaw: GMT time is OK It is total easy to control: watch exactly on 16:00 GMT on your chart for the time of the M15 old / new candle this is the time you must trade "London close 23.6" (in Central Europa Berlin Wien Paris 18:00)
Yes, you understand what I said
  • #370
  • Jul 17, 2016 1:36pm Jul 17, 2016 1:36pm
Quoting ghostbiker
for all 25 subscribers of the webinar: London Close 23.6 - I will sent out the log in dates on the tuesday 19th with PM - date of the webinar 07.20.2016 - login from 15:30 GMT - 17:30 GMT (end of the webinar) start active trading 16:00 GMT - manually trading this system - please prepare the following 15 Charts with ONLY currency pairs for trading London close 23.6 AUDJPY - AUDUSD - CHFJPY - EURAUD - EURCHF - EURGBP - EURJPY - EURUSD - GBPAUD - GBPCHF - GBPJPY - GBPUSD - NZDUSD - USDCHF - USDJPY - NO XAU and NO OIL and no others - Indicator von SwingMan...
Ghostbiker would you mind to post a recording of the webinar for all of us to listen? Thanks!
  • #371
  • Jul 17, 2016 2:12pm Jul 17, 2016 2:12pm
Quoting Retlaw
{quote} Percent is percent of free margin to calculate the lot size. So you will still be out of balance. Although the lot size will decrease as more positions are open because your free margin will drop. Oh and if the calculated lot size is less than the minimum lot size allowed, it will use the minimum lot size.
++++++++++++++++++++++++++++++++

I stand corrected. Thank You!

I use the EA on a demo account. Then, as trades open up in demo, I go to live to Initiate.

Before this, I am adjusting position size, based on approximate Size of Stop Loss, I need to use. And, time permitting, I may adjust lot size based on approximate distance from entry to target. So no matter how you trade this, human involvement (at this point) is mandatory.
  • #372
  • Jul 17, 2016 2:21pm Jul 17, 2016 2:21pm
Retlaw, can EA be set to begin on time other than xx:00?
  • #373
  • Jul 17, 2016 2:39pm Jul 17, 2016 2:39pm
Quoting Retlaw
I see that there's a lot of confusion about the (GMT) time. Some get it and some don't which is understandable. I know it can be confusing so here some explanations and tips. You only have to worry about the actual London close time which is at 16:00 from end of March to end of October, else it is 17:00. So it does not matter where you live. In the code of the EA I use TimeGMT() function which looks at your pc clock and automatically calculates the right time. So again, no worries. For testing in the Strategy Tester it is a different story because...
Understood, thank you.
  • #374
  • Jul 17, 2016 3:59pm Jul 17, 2016 3:59pm
Quoting diamonddbw
Retlaw, can EA be set to begin on time other than xx:00?
No, but will make it more flexible in next version
  • #375
  • Jul 17, 2016 4:28pm Jul 17, 2016 4:28pm
Quoting Retlaw
{quote} No, but will make it more flexible in next version
++++++++++++++++++++++++++++++++

Not necessary. That was just a question that occurred to me. What you have built, to this point, is already an award winner.
  • #376
  • Jul 17, 2016 4:56pm Jul 17, 2016 4:56pm
Suggestion, Why not putting a demo monitoring account on this tread? So everyone can be monitored the test progressed of the project
  • #377
  • Jul 17, 2016 5:12pm Jul 17, 2016 5:12pm
Question Retlaw.

Was just test v3 EA on demo chart. I had changed time to reflect new hour beginning at 2200 GMT (TEST ONLY!) Two Buy trades should have triggered, unless you figure in the spread. Does your EA account for Spread?
  • #378
  • Jul 17, 2016 5:14pm Jul 17, 2016 5:14pm
Quoting Raza
Hello, Here is a very stupid question. I know how to install Custom indicator in new build Mt4. For some reason I cannot get this indicator to show on chart? I have tried everything. ( 2 different brokers ) It shows in the Custom indicator folder but nothing happens to 15 min Chart when I press it. Only thing I have not done is re-install MT4. Any advise please? Thanks

I can fix it if I see the problem. Check that if it an mql file it has been compiled and if so did you place it in the indicators folder. If so then check its output from the data window.
If all this fails send me a message and I shall help you.
  • #379
  • Jul 17, 2016 6:12pm Jul 17, 2016 6:12pm
@diamonddbw: is a little grazy to test a EA sunday 22:00 the spread on this time is very high up to 30 or 40 Pips and more !!
  • #380
  • Jul 17, 2016 6:25pm Jul 17, 2016 6:25pm
Here is the update from the Fibo Zones indicator "smLondonCloseFiboZones_v3" to better visualise the trading rules.

I have corrected a few wrong functionalities, hopefully everything is now ok.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 37 KB
Attached File(s)
File Type: mq4 smLondonCloseFiboZones_v3.mq4   14 KB | 761 downloads
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