most of this information is from a previous post and i hope it will help answer your question. the issue of what to call a "day" and when to enter orders has come up before and this is a good opportunity for me try to get a thorough explanation all in one place. a discreet data set called "day" is defined by each broker according to their platform. in hourly bars, you will see the day start and a new bar begin to build at 00:00, platform time. in an hour, we will see 1:00, then 2:00, etc. but, depending on where you live and who your broker is, that 00:00 could be any time for you. i trade with oanda and ibfx. oanda's platform is on eastern time. since i am in the central time zone, oanda's day for me is 11pm to 10pm. the ibfx day is on gmt and that is 7pm to 6pm for me. in other words, if i am trading ibfx, their day will conclude as, my time, the 6:00 pm one-hour bar or the 6:59 pm one-minute bar finishes. at 7:00 pm, my time, they will begin their 00:00 (new day) bar and that is when i will be at the charts to enter buy/sell stop orders, assuming i want to trade ibfx and use their definition of day for my orders.
to keep some consistency and point of reference, i use ibfx data and their platform day for all results reporting to this thread. the high of the day is the high between their platform time 00:00 and 23:59, and so on. conveniently, the platform allows me to select "show period separators" which, on a one-hour chart, draws a vertical line at 00:00, the beginning of the day. unless the close yesterday just happens to be very close to the high or low for the day, we should have plenty of time to place our entry stops soon after the 00:00 bar begins.
take note that, unless your broker happens to be on the same time as mine, you will come up with different entries and exits. just like if i use oanda instead of ibfx, i get different numbers. sometimes the different brokers end up pretty close together on a day's data, sometimes not. i have used a utility program called vitrite which can make a chart transparent. select an oanda daily chart, place the ibfx chart on top and make it transparent, line them up and you visually see the differences. for example, eur/usd, june 29, 2012, oanda's high for the day was 1.2692, low 1.2252, range 140. same day, ibfx high 1.2691, low 1.2431, range 260. this was a profitable day for the method. trading ibfx, eur/usd +25, +75, +75. trading oanda, +45, +25, +25. you can see that, while both platforms were profitable, the differences may get to be significant. i have not done exhaustive studies to determine just how much difference platform times may make and will recommend that you study some time period for your platform and compare results to what i've posted here.
now, could you define "day" as any 24 hour period that happened to be convenient for you to trade and would that be profitable? all i can say is, probably. are you going to miss some significant moves if you aren't willing to set alerts to wake you up or otherwise be available to your computer during the london session? yes. will we ever have an ea that takes care of all this while we sleep? you'll have to ask someone with more programming knowledge than me. would i have the nerve to use it if we actually had it? no.
could you also use the ibfx timeframe to place orders on a different platform, i.e., enter orders at 7:00 pm central time no matter what your broker's time is and come very close to replicating results shown here? yes. back to vitrite and we see that when we match up bars using transparent charts, the broker feeds are within a few pips of one another on virtually every bar. in this case, we would be entering oanda trades on the 20:00 bar, which is the 00:00 bar for ibfx, 7:00 pm central. if you were doing this, you would have to enter all orders one at a time by hand and would not be able to use the very handy order entry ea built for us by rpotor which enters orders based on the prior bar. note that this ea was built for the triple threat application used as an adjunct to daybreak. it will provide all the order entries for daybreak, but you will have to manually change the stop losses.
apfrezza, if i understand correctly, you will currently be on central european summer time which means you are gmt +2. i am in the central time zone, so it is now 10:00 am here and 5:00 pm your time. i don't know what your platform time is, so you will need to determine that and do some extrapolating. i based results on ibfx and their platform time is gmt. i enter orders at gmt 00, which is 7:00 my time, but would be 2:00 am for you. it is the equivalent to me getting up for the london open. if your broker happened to define day as ending gmt -3, that might certainly be more convenient for you. best wishes.
Read more: http://forums.babypips.com/free-forex-trading-systems/45422-daybreak-25.html#ixzz22aWpKtUf
Read more: http://forums.babypips.com/free-forex-trading-systems/45633-triple-threat-exit-strategy.html#ixzz22aW3txU1