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Simplicity is the Ultimate Sophistication

  • #261
  • Mar 30, 2017 7:19am Mar 30, 2017 7:19am
There's an unwritten but a good phrase among gamblers.
"Don't chase your losses on the same day" .

I prefer " Don't chase your losses."

Give time to a strategy to prove itself.

Just run the ea in a demo account for 30-45 days, and look at the results.

Time will show everything.
  • #262
  • Mar 30, 2017 7:21am Mar 30, 2017 7:21am
I notice on this site quite a lot of members seem to be lost where they're supposed to mark their first candle. It would be a great idea if the senior members could put their charts on For all to have a look at. Also, if they could show that period separation lines or or the midnight line, whichever you want to call it,
Thank you
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  • #263
  • Edited 7:53am Mar 30, 2017 7:38am | Edited 7:53am
Quoting redfan
I notice on this site quite a lot of members seem to be lost where they're supposed to mark their first candle. It would be a great idea if the senior members could put their charts on For all to have a look at. Also, if they could show that period separation lines or or the midnight line, whichever you want to call it, Thank you{image}
I'm going to make some changes in the code. Instead of TradingStartTime, I'm deciding to use LondonSessionOpenTime.

It's right now 7.00 gmt+00.

Since all brokers don't use gmt+00, , you have to change it in accordance with your mt4 server time.
Speaking for icmarkets , it's 10:00 (gmt+3)

Ea will calculate the 1.xx000 points and place pendingorders at the right time for you.
  • #264
  • Mar 30, 2017 8:25am Mar 30, 2017 8:25am
Quoting redfan
I notice on this site quite a lot of members seem to be lost where they're supposed to mark their first candle. It would be a great idea if the senior members could put their charts on For all to have a look at. Also, if they could show that period separation lines or or the midnight line, whichever you want to call it, Thank you{image}
The crux of the strategy is about taking 10 pips from the market in the times of highest liquidity. Most UK based traders and brokers get to their desks circa 0530 and many that I have worked with/spoken to say that trading really starts en masse at around 0600 UK time. This strategy lets the stops/order get taken out from the day traders/early birds that morning and then trade with the money flows that day.

so, in short, look for the highest volume/liquidity session; trade before your local equity market opening time. The biggest Eur sessions are UK and US open. If you live in Aus/Asia then adapt this strategy to your market and the local pairs - say, audjpy or audnzd but also with the lowest bid/offer spread. Trade .00 levels at high/low of candle that closes 1hr before the cash equity market is open.

NB. Most of the daily FX volume takes place in the London session, with it being the main global financial centre (for now!)
Trade less and become more profitable!
  • #265
  • Mar 30, 2017 11:24am Mar 30, 2017 11:24am
Quoting donald99b
Hi Zentrader, thank you for sharing the Trading Idea. When you miss your 10 Pips in the first run, you trade the 2. for recovery with Tripple LotSize. I have 2 Suggestions: 1. Trade both Trade (second when possible) with same Size.... 2. When you hit the SL in the First Run, maybe in the second too, instead of Tribble the Lotsize, Tie the Losses to the next 5 Trades... What do you think about this ?. BR Donald
what do you mean by tie the losses to the next 5 trades?
could you explain more clearly?
  • #266
  • Mar 30, 2017 11:26am Mar 30, 2017 11:26am
Quoting grandaevus
There's an unwritten but a good phrase among gamblers. "Don't chase your losses on the same day" . I prefer " Don't chase your losses." Give time to a strategy to prove itself. Just run the ea in a demo account for 30-45 days, and look at the results. Time will show everything.
Nice then..
its a good phrase.
But for the first trade, every month will has different result as for last year some month many first trade suceed, others month many second trade.
so i think it would be nice if we can forward test maybe not only a month but in longer timeframe.
  • #267
  • Mar 30, 2017 11:28am Mar 30, 2017 11:28am
Quoting Grimweasel
{quote} The crux of the strategy is about taking 10 pips from the market in the times of highest liquidity. Most UK based traders and brokers get to their desks circa 0530 and many that I have worked with/spoken to say that trading really starts en masse at around 0600 UK time. This strategy lets the stops/order get taken out from the day traders/early birds that morning and then trade with the money flows that day. so, in short, look for the highest volume/liquidity session; trade before your local equity market opening time. The biggest Eur sessions...
nice explanation
  • #268
  • Edited Mar 31, 2017 5:31am Mar 30, 2017 12:14pm | Edited Mar 31, 2017 5:31am
###ZenTraderEAV03

When the last candle before London open starts, ea puts a BuyStop & SellStop order. When price hits one of these pending orders, ea immediately deletes the other pending order and sets a stop loss and take profit in accordance with actual order open price.
--------------------------------------------------------------------------------------------------------------------------------

What's new in this version?

TradingStartTime has been replaced by LondonSessionOpeningTime

Ea can now run on any pair
-----------------------------------------------------------------------------------------------------

LondonSessionOpeningTime = 10:00 for icmarkets mt4 server time (gmt+3)
Commission = 0.7 pips for icmarkets (for non commission based accounts, should be 0)
Leverage = 10 (for every 1,000$ account balance , ea opens 0.10 lot) (risk is only % 1.5 of of your account balance)
MaxSpread = 0.5 pips (change it if your spread is higher)

Use it only in 1H EURUSD Chart

EA opens just one trade per day. If stop loss hits and you want to recover your loss by a triple lot size, you have to trade manually.

LondonSessionOpeningTime should be set to London opening time . It's 7.00 gmt+00. Since all brokers don't use gmt+00, you have to change it in accordance with your mt4 server time. Speaking for icmarkets , it's 10:00 (gmt+3)

Please try this ea in demo account first.

How To Find The Right LondonSessionOpeningTime

@ forexfactory home page, click on time options
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Change TimeZone till it matches with your mt4 server time (DST OFF)
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Check time again. Be sure that it is synchronized with your mt4 server time
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Find the box that shows trading sessions at the bottom of the home page. Find the London Opening Time and enter the value in to LondonSessionOpeningTime parameter
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File Type: ex4 ###ZenTraderEAV03.ex4   12 KB | 232 downloads
  • #269
  • Mar 30, 2017 5:26pm Mar 30, 2017 5:26pm
Quoting zentrader8
{quote} what do you mean by tie the losses to the next 5 trades? could you explain more clearly?
when you Lose 1.7 LOT with 15 Pips SL, then Calculate 1.7_LOT*15_PIP/10_PIP = 2,55 / 5_Trades = 0,51 LOT

The next 5 Trades are 0.51 LOT Higher, then you Recover the Loss with smaller Drawdown.
Make a Max LotSize for the next Trades until the Recovery is Over.
Max LotSize not greater then double the inital Lotsize. (In this Case 3.4 Lot)

BR
Donald
The route is the goal
  • #270
  • Mar 30, 2017 10:51pm Mar 30, 2017 10:51pm
Zen,

What about moving stop loss to breakeven when price goes open price + 8 pips and then put a trailing stop = 1 pip.
  • #271
  • Mar 30, 2017 11:42pm Mar 30, 2017 11:42pm
Have i understood it right.. the candle that's about to start in 20 minutes, when that closes you take the 00 levels above and below it, place your pending orders and then just wait till one gets hit, remove the other, 15 pips stop loss, 10 pips tp.? easy as that?


Only thing i havnt quite gotten - if SL is taken - are we supposed to look only for the other way to trade? Lets say our first pending was a buy order, sl taken - we're only looking for sells for our second? or is it again, buy pending above, sell pending below "00's"
  • #272
  • Edited Mar 31, 2017 12:48am Mar 30, 2017 11:56pm | Edited Mar 31, 2017 12:48am
Quoting grandaevus
Zen, What about moving stop loss to breakeven when price goes open price + 8 pips and then put a trailing stop = 1 pip.
Next version will support BreakEven

Backtests show that one trade per day + stop loss to breakeven @ 8 pips is very profitable.
  • #273
  • Mar 31, 2017 12:55am Mar 31, 2017 12:55am
Quoting Timnyman94
Have i understood it right.. the candle that's about to start in 20 minutes, when that closes you take the 00 levels above and below it, place your pending orders and then just wait till one gets hit, remove the other, 15 pips stop loss, 10 pips tp.? easy as that?
Absolutely right.

Current 1H candle will close within 3 minutes. As soon as it closes, you place a pending buy/sell stop above/below of the candle @ 1.xx000.
  • #274
  • Mar 31, 2017 12:56am Mar 31, 2017 12:56am
Quoting Timnyman94
Only thing i havnt quite gotten - if SL is taken - are we supposed to look only for the other way to trade? Lets say our first pending was a buy order, sl taken - we're only looking for sells for our second? or is it again, buy pending above, sell pending below "00's"
Very good question. +1
  • #275
  • Mar 31, 2017 1:01am Mar 31, 2017 1:01am
Buystop @ 1.06800
Sellstop @ 1.06700
  • #276
  • Mar 31, 2017 1:13am Mar 31, 2017 1:13am
Buystop has been triggered.

Because of slippage, actual open price is 1.06802.

Commission is 0.7 pips (icmarkets)

Ea puts TP @ 1.06909 (10 pips + commission) and SL @ 1.06659 (15 pips - commission)

I'll move SL to BE @ 1.06889 (order opening price + commission + 8 pips)
  • #277
  • Mar 31, 2017 1:19am Mar 31, 2017 1:19am
Quoting grandaevus
Buystop has been triggered. Because of slippage, actual open price is 1.06802. Ea puts TP @ 1.06909 (10 pips + commission) and SL @ 1.06659 (15 pips - commission) I'll move to SL to BE @ 1.06889 (order opening price + commission + 8 pips)


Same as me then.. and if this goes as and hit SL - we look for sell ONLY at 1.06600?.. or do we put a buy stop again at 1.06700?

Sorry if i'm slow.. been up all night.. not proccessing clearly haha
  • #278
  • Mar 31, 2017 1:28am Mar 31, 2017 1:28am
Quoting Timnyman94
{quote} Same as me then.. and if this goes as and hit SL - we look for sell ONLY at 1.06600?.. or do we put a buy stop again at 1.06700? Sorry if i'm slow.. been up all night.. not proccessing clearly haha
You place a triple lot size sellstop order below sl @ next 1.00xxx which is 1.06600.

But i also don't know what to do, if price hits Sl and then go upwards again without triggering your sellstop order.
  • #279
  • Mar 31, 2017 1:33am Mar 31, 2017 1:33am
Quoting zentrader8
Hello everyone, Im going to share with you all a system which can produce 10 pips daily. I think 10 pips a day consistenly is enough, My concept is get in to the market in right time everyday,take 10 pips out. close your computer, get out of your room! get a life! If you think 10 pips is enough.then lets trade together. a profitable system,its should be easy and stress free. in fact with this system doesnt need you to spend time to be in front of the computer too much. I only trade eurusd( and its like having one wife) and i think thats enough....

Have you back tested this? how many days have you tested?
I live entirely from the growth of my personal trading account
  • #280
  • Mar 31, 2017 1:35am Mar 31, 2017 1:35am
Quoting grandaevus
{quote} You place a triple lot size sellstop order below sl @ next 1.00xxx which is 1.06600. But i also don't know what to do, if price hits Sl and then go upwards again without triggering your sellstop order.

You're sure it's not another buy + sell stop at 000 levels? :O makes the most sense to me.. but idk! haha maybe we're out for the day :O!
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