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London close trading system for currencies

  • #1,401
  • Aug 21, 2016 6:56am Aug 21, 2016 6:56am
Thank you very much Ghostbiker for strategy and Retlaws for EA.

Please allow me to express some thoughts about this strategy:
Unfortunatelly, my trading skill are not sufficient to trade this strategy.
I am happy, that everybody is keen of fact, what is difference between GMT, Local time and Broker time... ;-)
Regarding strategy, my problems are RRR - if you do not open close to 0/100, RRR is far away to 1:1.
Idea, that at 16:00 GMT opening reverse trade against daily trend is brilliant, but IMHO if the trend is strong,
we will get more loses...
Main problem for me, is not in openning trade (thanks Retlaws EA, this is already solved),
but in closing trade. Unfortunatelly, I cant be evere evening at computer to monitor trade all trades,
and closing rules are for me too vague (definitely my lack of skills).
My results for 4 weeks of trading at 3 different brokers...
Name of pair/Profit at €/Number of trades/profit per trade.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 47 KB



I have to do some backtesting to find the optimal time to close the trades (to find MAE and MFE), because now I am just loosing.
Anyway, it was pleasure to be here and I wish all only positive pips.
Have a nice trading.
  • #1,402
  • Aug 22, 2016 12:08pm Aug 22, 2016 12:08pm
3 x MarketOrders today with Retlw's EA 1.8

- GF sell UJ buy GU sell
  • #1,403
  • Aug 22, 2016 2:40pm Aug 22, 2016 2:40pm
Dear GhostBiker,

Can you copy and paste the .set for the EA for all pairs please so we can trade copy more easily?

Thanks in advance,

Sam
PhD with a specialty in economics & finance.
  • #1,404
  • Edited 12:21pm Aug 23, 2016 11:16am | Edited 12:21pm
- Orders today:

- GBPAUD sell MarketOrder

- EURUSD buy Marketorder closed

- GBPAUD sell Limitorder 1

- EURUSD buy LimitOrder 1 closed

- AUDUSD buy LimitOrder 1 closed

- AUDJPY buy Limitorder 1
  • #1,405
  • Aug 23, 2016 11:24am Aug 23, 2016 11:24am
Today's Trades (using EA Walt_LCTS_v1.8):

2 BUY EURUSD Trades (Market and Filled Pending orders)
2 SELL GBPAUD Trades (Market and Filled Pending orders)
1 BUY EURGBP Trade (Market Order)
1 SELL GBPCHF Trade (Market Order)
Our AWESOME IMAGINATION is the true holy grail!
  • #1,406
  • Aug 24, 2016 10:57am Aug 24, 2016 10:57am
- I trade again after first September the London close 23.6
  • #1,407
  • Aug 24, 2016 11:17am Aug 24, 2016 11:17am
Quoting ghostbiker
- I trade again after first September the London close 23.6
What pair you trade now?
  • #1,408
  • Aug 24, 2016 11:22am Aug 24, 2016 11:22am
gbpaud and gbpjpy live
  • #1,409
  • Aug 24, 2016 11:42am Aug 24, 2016 11:42am
Quoting Xbeast
gbpaud and gbpjpy live
Gbp/Jpy ? Do you use EA 1.8? My EA don't trade this pair
  • #1,410
  • Aug 24, 2016 12:22pm Aug 24, 2016 12:22pm
I trade the next 7 days only Renko boxes and with differenly EA's
  • #1,411
  • Aug 25, 2016 9:08am Aug 25, 2016 9:08am
Quoting yesmanppa
{quote} Gbp/Jpy ? Do you use EA 1.8? My EA don't trade this pair
yes yesmanppa,
both trades ends profitable
i use the same retlaw EA
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  • #1,412
  • Edited Jun 25, 2018 6:05am Aug 29, 2016 12:43pm | Edited Jun 25, 2018 6:05am
On request of some people I have added the possibility to close the whole basket when the account has a certain percent in profit or in loss.
For that I added 2 inputs:
CloseBasketOnProfitPercent and CloseBasketOnLossPercent, both set at 100%. (so it will have no effect by default)

Oh, and there was also a serious bug:
If the trade window was set big and a position was closed before the end of the window then it would open other trades which it is not supposed to do.
I discovered this when testing the new close basket feature.

So here is Walt_LCTS_v1.9
You should update!
Use on live account on own risk!

{ copyrighted attachment deleted by staff }
  • #1,413
  • Aug 29, 2016 1:01pm Aug 29, 2016 1:01pm
Thanks Walt.This will spare us the overhead to have a basket trade manager. Easier for sure!
It would be fantastic to have a function to take in account the number of open trades to dynamically set the basket take profit % with that number of trades.

I remarked that 0,10 % by trade is not bad. But this could be an input insettings.

One suggestion after having be smashed for FOMC and last friday ( badly!) with Yellen:

- integrate a News filter ( it think that a lot of devlopers already did that with FFCAL) and this to permit to avoid trading when having US red news before and after a certain amount of hours.

It is so easy to be caught like I was !


Ounce again, I want to thank you for the excellent work you performed for us on this strategy!
  • #1,414
  • Edited Jun 25, 2018 6:05am Aug 29, 2016 2:08pm | Edited Jun 25, 2018 6:05am
Quoting brusch
Thanks Walt.This will spare us the overhead to have a basket trade manager. Easier for sure! It would be fantastic to have a function to take in account the number of open trades to dynamically set the basket take profit % with that number of trades. I remarked that 0,10 % by trade is not bad. But this could be an input insettings. One suggestion after having be smashed for FOMC and last friday ( badly!) with Yellen: - integrate a News filter ( it think that a lot of devlopers already did that with FFCAL) and this to permit to avoid trading when...
You're welcome.
I will think it through, your first suggestion.
About a news filter, I wrote one some time ago.
It can disable/enable AutoTrading, send alerts on screen, with email and notification.
Here it is.
Unzip and put the ex4 in your MQL4/Indicators folder and the dll in your MQL4/Libraries folder.
Flip it on a M1 chart and set it as you whish.
I think that the settings explain themselves.

The news file (csv) is automatically downloaded from http://www.dailyfx.com/calendar
It is a coincidence but this week the news file is corrupt, it has only one entry, so not much to display.
This happens sometimes.
The file is saved to MQL4/Files.
You can unload the indi from your chart and then delete the csv file there.
When you load the indi again it will download again.

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  • #1,415
  • Aug 29, 2016 2:19pm Aug 29, 2016 2:19pm
Quoting Retlaw
On request of some people I have added the possibility to close the whole basket when the account has a certain percent in profit or in loss. For that I added 2 inputs: CloseBasketOnProfitPercent and CloseBasketOnLossPercent, both set at 100%. (so it will have no effect by default) Oh, and there was also a serious bug: If the trade window was set big and a position was closed before the end of the window then it would open other trades which it is not supposed to do. I discovered this when testing the new close basket feature. So here is Walt_LCTS_v1.9...

Thanks Walt...wonderful..now we can make some money lol
  • #1,416
  • Aug 29, 2016 4:07pm Aug 29, 2016 4:07pm
Quoting Retlaw
{quote} You're welcome. I will think it through, your first suggestion. About a news filter, I wrote one some time ago. It can disable/enable AutoTrading, send alerts on screen, with email and notification. Here it is. Unzip and put the ex4 in your MQL4/Indicators folder and the dll in your MQL4/Libraries folder. Flip it on a M1 chart and set it as you whish. I think that the settings explain themselves. The news file (csv) is automatically downloaded from http://www.dailyfx.com/calendar It is a coincidence but this week the news file...
Great, thanks for the news solution it seems to be functionaly equivalent.

About the dynamic sizing of basket tp, when I say dynamically, it is because it is ever changing with the pendings coming to execution and the SL and TP that close some trades.
So it should be evaluated continuously imo.


I did it manually untill now but I can't stay in front of the pc for hours to manage that.
Often trades need to develop until the day after.
I dont think I would continue without these 2 features.

But with it, I think I might be profitable with London Close automated.

Cheers.
  • #1,417
  • Aug 30, 2016 7:49am Aug 30, 2016 7:49am
@Retlaw: not to much into the EA

- if any want don't trade by news, can delete the automatic with one click for this day (many users want to have 30 Indis in)
  • #1,418
  • Aug 30, 2016 8:12am Aug 30, 2016 8:12am
@ghostbiker

The problems come when you forget to check the news.
But what Walt propose as a solution is not just one other indi for signaling in my view.

It is just a little security feature for the distract person that is available on the trading platform an not in the ea.

The other thing I was talking about dimensioning the tp basket profit in function of the number of running trades would be everything except 'too much into the EA' imo. It is essential to control the basket tp efficiently.

I wouldn't ask for nothing else to complete the ea as a real 'set and forget' solution.

Cheers
  • #1,419
  • Aug 30, 2016 9:01am Aug 30, 2016 9:01am
@ghostbiker
OK, I won't

@brusch
About your request, look at it this way: if a lot of trades get triggered then the close basket function will kick in and if only a few trades then let the TP & SL do their work.
Lets say that you absolutely don't want a loss of more than 3% on your account then set CloseBasketOnLossPercent to 3
and if you are pleased with 5% profit then set CloseBasketOnProfitPercent to 5.
See it as a safety net.
If we would do it your way then the TP & SL are of no use IMHO.

Just my opinion.
Give it a thought.
  • #1,420
  • Aug 30, 2016 9:34am Aug 30, 2016 9:34am
I prefer to take smaller profits and not to risk big SL with the R:R of this strategy.

So I experimented with a relatively small TP like 0.30 % for a 4 pairs basket.

If you have that everyday it is around 6% / month and that is not bad in my experience.
You may add something like 0,5 to 0,10 % for each pair.

To be complete, what I tried is to let one mt4 instance work like that with a basket trade manager ( can handle successive tp with the L orders after a basket close for M orders) and a second mt4 instance let the ea deal with fibos tp and sl without a trade manager.

It gave good results avoiding GJ and GA but I got killed friday by Ellen speech.

The gais with the basket could alleviate losses with the SL.
But perhaps this is too complicated ?
Happy to share my experiments anyway!

PS:
By the way, I'm curious, does anyone has a nice myfxbook to show with the bot results ? For one month ?
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