Sunday Breakout Strategy

[abrsive]

Hey guys, I've been following the thread for a few weeks and traded it manually.
I installed the EA on my Forex.com demo.
Here are my numbers for GU pair (they differ):
* It's a 4 digit broker on GMT

Buy: 1.6698 set to BE at 1.6792 , Sell: 1.6641 set to BE at 1.6547
SL 47 pips and TP 207

* In fact, it just moved the open sell trade to BE.

My biggest concern right now is the purchased lot amount... It bought 2.88 lots and I only had $6700 and some change. This is not following the 2% MM rule, and although I'm making a massive play money profit, it could have been the other way around.

Any thoughts on why this might have happened? The value on the EA settings is still 2.0.

One more doubt, is the UJ being traded manually or with Phil's EA?

Regards and good work on the system and EA... props to all.

[Rei]

Originally Posted by abrsive

My biggest concern right now is the purchased lot amount... It bought 2.88 lots and I only had $6700 and some change. This is not following the 2% MM rule, and although I'm making a massive play money profit, it could have been the other way around.

2.88 full lots ?? 1 pip movement = 10USD on full lots which means you are risking $1353 instead of $135.3 !!! Lucky its on BE or you would be in trouble if it went the other way. Unless of course you have $67650 in your account. Then it would be acceptable 2% risk to buy 2.88 full lots.

EDIT: Sorry, didn't read your post properly. You traded 2.88 full lots using the EA? There something wrong with the EA then. Your risk is a factor of 10 larger than it should be. It should have been .28 lots or 2.8 mini-lots.

[abrsive]

Should the EA be able to recognize if my account is Standard or Mini?
Maybe it's just a matter of me changing the risk_in_percent input value.
Basically scale it down by that 10 factor... from 2.0 to 0.2.

Do the other numbers (buy, sell, SL, TP, etc) seem ok?

[s050399b]

EURJPY is has a losing short side, entering long side,

[seans]

Rei,

I also have an IG Markets account (I'm in Perth). Do you get all the required chart info from their 'Quick Chart' or the 'Advanced Chart'? I understand the Advanced Charts come at a cost be it's rebated if you trade a few times each month.

This info would be useful to me as I could access IG anywhere.

Regards
Sean

[MattW2009]

Originally Posted by seans

Rei,

I also have an IG Markets account (I'm in Perth). Do you get all the required chart info from their 'Quick Chart' or the 'Advanced Chart'? I understand the Advanced Charts come at a cost be it's rebated if you trade a few times each month.

This info would be useful to me as I could access IG anywhere.

Regards
Sean

I believe IG Markets don't charge you for the Advanced Chart unless you haven't made any trades, rather than rebates.

[Rei]

Originally Posted by MattW2009

I believe IG Markets don't charge you for the Advanced Chart unless you haven't made any trades, rather than rebates.

Yea thats right. Its really dodgy because they deduct the $60 monthly charge at the start of each month and only refund it at the end of the month when you've made minimum 4 trades, but then immediately deduct the next month's fee. So you never actually get the money back untill you someday cancel your account! It just means you got to make the minimum 4 trades in the final month so you get your $60 back when you cancel. Its like i've loaned them $60 for as long as i have an account open. It sucks.

[Rei]

Originally Posted by seans

Rei,

I also have an IG Markets account (I'm in Perth). Do you get all the required chart info from their 'Quick Chart' or the 'Advanced Chart'? I understand the Advanced Charts come at a cost be it's rebated if you trade a few times each month.

This info would be useful to me as I could access IG anywhere.

Regards
Sean

Yea you can only get the ATR indicator on the advanced charts. But even then IG's ATR indicator is higher than most other brokers for a mysterious reason. So what i do to compensate is take 40% instead of 50% to get figures closer to phil's. I used to take 45% until today, but phil says the TP this week is 168! (is this right?) so now im taking 40%.

[MattW2009]

Originally Posted by Rei

Yea thats right. Its really dodgy because they deduct the $60 monthly charge at the start of each month and only refund it at the end of the month when you've made minimum 4 trades, but then immediately deduct the next month's fee. So you never actually get the money back untill you someday cancel your account! It just means you got to make the minimum 4 trades in the final month so you get your $60 back when you cancel. Its like i've loaned them $60 for as long as i have an account open. It sucks.

Wow I stand corrected - that certainly does suck!

[s050399b]

Originally Posted by abrsive

My biggest concern right now is the purchased lot amount... It bought 2.88 lots and I only had $6700 and some change. This is not following the 2% MM rule, and although I'm making a massive play money profit, it could have been the other way around.

Any thoughts on why this might have happened? The value on the EA settings is still 2.0.

I have found out the problem, my function at top, and the the EA at the bottom, it should have divided by the pip value too. I will modifed the post where the EA can be found,

Philp838, please take note of it, and change your EA accordingly





ETA: this is also the reason that I like to heavily comment my code, readibility, the 1st draft doesn't have readibility yet.....




EA modified and reposted:
- mine has AUDUSD conversion since I am taking values in USD from IBFX and converting to AUD for lot size calculation because I have an different account in Australia
- the EA I have posted does not have conversion, it will use whatever currency $$ that your MT4 is in
- have not cater for 5 digit broker for this lot size calculation!!


Sunday Breakout Strategy