Today has been my first day with Daybreak on a real account.
It was a loss but only of few pips. I traded only usdjpy.
I lost 1euro
[QUOTE=“apfrezza;534981”]Today has been my first day with Daybreak on a real account.
It was a loss but only of few pips. I traded only usdjpy.
I lost 1euro[/QUOTE]
Good, did u try to improve the method in any way? It seems to me that with little bit of effort and thinking, could make this into a much vibrant system.
Yes, I hope you will stay on target and work any kinks out of the system!
Good luck!
Today has been a great day! 102 pips!,
Hang in there apfrezza, give it a good test and congratulations on the 102 pips!
Today I gained only 10 pips…
I am sure this system can be improved…but is not very easy to backtest.
My idea is to have a stop loss of 100 pips and also a take profit…let’s say 120 pips…
I’ve noticed that in the last year it has been very profitable with yen pairs but not succesful for eurusd…
Hi, I’m new to this forum and forex (been using a demo account about 2 months) I tried this system for the weekly on up trending pair (Eur/Usd somewhere in 2012). I used a SL below the previous weeks low and TP of 300 pips or it goes all the way to close of week candle and I close the trade. I only tested it manually since its a very objective system. And only for 7 weeks. Out of those seven weeks I only lost twice(-175pips and -154) and the rest were almost all 300 pips. I’m not counting missed pips due to 300 pips TP. One week if i had not closed it would have been around 900 pips+. Before I tried this system on the daily but didnt have much success maybe I did both weekly and daily wrong.
Any way my question is can u back test this for me on the weekly break using above parameters for SL, TP and close the candle at the end of week if TP or Sl was not reached? I dunno if this came up before Its just a long thread for me to check every page, sorry if u already covered this.
thank you,
[B]If you are interested in the Daybreak approach, please see the important changes in the first post![/B]
Hi pipwoof,
I am using my own version of ‘daybreak.’ I pair the strongest major of the day against the weakest and trade only that pair for the next day. Example, yesterday (Monday) the Yen was down against the USD and the CHF was up against the USD so I put a buy stop order in on CHFJPY.
Note: I put a buy stop order in at the high of Monday’s daily candle for CHFJPY.
Note: I won’t pair a currency that is oversold or overbought on RSI14.
I opted for CHF instead of GBP today because GBP has been bullish for 5 consecutive days.
I’ll be looking to go short on NZDEUR on wednesday.
Any one here still trading this?
Has anyone changed anything on this system has anyone made some decent trades with this?
Ice, at this point I have not given up on Daybreak. But, I keep changing things around to try and find “the sweet spot.” I have traded off some of my original ideas about trade management and gone to fixed tp and sl. As I reported in the thread, there was a time during initial testing when the method did not work at all, incurring unacceptable losses. Using the Daybreak Spirit v1.3 ea, I am currently trading gbp/jpy and eur/jpy with a 70 tp and a 30 sl. I have minor wins, but nothing to brag about. I am also trading xau/usd with 600 tp and 300 sl. Again, nothing impressive to report.
The interesting and somewhat mystifying thing to me are the backtest results on these three pairs. From 1-2-13 through today, gold/dollar turns a $10,000 account into $71,758. I also get good results with the currencies, gbp/jpy taking $10,000 to $39,851.
I keep wondering if I’m just in a slow spot and need to be patient or if there are dramatic discrepancies between what I am getting on backtest and what’s happening in real trading. Of course, I know many of the limitations of testing but, usually, I at least get a ballpark idea of what a system can do. If you decide to pursue an interest here, by all means load up the ea and give it some runs of your own. Then, go to demo. If you discover why it tests so favorably and trades so marginally, I will appreciate your input.
Hi pipwoof,
I am also using day break system but bit modified and only single pair GBP/USD.
In day break as soon as high/low is broken chances are there the pair shoot up by few pips.
You can see the method here…
http://forums.babypips.com/free-forex-trading-systems/63342-parmar-3p-trading-system.html
Yes, VJ, I am a big fan of your modifications and how you have handled your business on this forum. I have referred a number of traders to consider your approach and recently posted this on another thread that I am not a fan of:
Finally, I would like to offer a comparison of this thread with the one started by vjparmar on his Parmar 3p method. Just so you know, VJ is not a friend, relative, or business partner. I am not intending to endorse his trading method, just expressing appreciation for the way he approached his topic. VJ started by fully disclosing, in great detail, all the specifics of his method. If you want to trade it manually, you know exactly how. He opened an fxbook early on so we could follow along with his success or failure (currently up 27% since March 14 btw). He has also been very candid about the strengths and weaknesses of his method. Then, he talked about paying a programmer to develop an ea for him and how he would very much like to profit from all the work and expense that went into that product. I think he wants $150 for it. I like his breakout trading style and will probably buy that ea from him in the near future for the convenience of letting it do the lifting. I just have a lot on my plate right now and don’t have an account available to put a new method onto. Though VJ clearly wants to sell me something, I am absolutely not offended because he was so completely forthcoming. This thread, on the other hand…
Hi pipwoof,
My only reason was i was following your post. you have added your strategy to live account however your SL and TP was quite big. My concern was if you trade with 30 pips stop loss and 60 pips target than it is 1:2 risk reward. When considering in terms of dollar and risk it does not make any difference if it is 5 pip risk and 10 pips rewards.
I have back tested with various SL and TP.
Also i don’t have any intention to sell you anything. My method is open and i did not hide anything.
regards
vijay
Pipwoof
In your PM to me you said I should get the Daybreak Spirit v1.3 ea where would I find this please?
Ice, the sl’s and tp’s referenced are in pips. A point is 1/10 of a pip and would be too close and almost always taken out. In trading gbp/jpy, for example, I might have a long entry at 171.681. The corresponding tp would be 172.381 (172.381-171.681=.70) and the sl would be 171.381. As I have mentioned, to translate this into dollars, you will have to understand what kind of account you have and what your broker’s trading limits are. You may have a micro, mini, or full account. Your broker may allow trading that account at 1.00, .10, .01, or .001. If I am trading this pair on one of my IBFX accounts, minimum trade size is .01. If I trade at that size, a loss of 30 pips in gbp/jpy translates to $2.95. Trading at .1 translates to a loss of $29.46. A win at .1 comes to $68.88. Of course, it is always best to stay on demo until you gain confidence in understanding all these variables. If you test live, start with the smallest volume your broker will allow. It will also be very helpful if you attach the Sprit ea to your Strategy Tester and make some runs of your own. Once you complete a run, you can go to the Results tab and see each trade the ea took. Then, go back and put the Tester on Visual, rerun and watch the trades as they take place.
I never know how much of a “Newbie” or “Junior Member” one is, so I don’t mean to insult your intelligence. But, if you don’t know how to do all this, there is plenty of help available on the site. When I joined this site two or three years ago, I was billed as a “Newbie,” but I had almost fifty years trading experience. LOL.
Yes, my partners and I have looked at virtually every pair with this approach. As most of the others, usd/jpy tests well. Using the 70/30 tp/sl, from 1-2-13 through today at 1.00 yields $36,465 profit. We all have busy schedules and have to manage our own trading with methods we have taken live, but we retain our commitment and curiosity on why we can’t yet get close to the testing outcomes. We’ll figure it out in time.
The ea as I have it set does not close trades end-of-day. As I look at my xau/usd, I see resting entry orders going back to 5-6. My testing indicates this adds to the results. On those days when we get a big bar, a number of those entries will be picked up and the bigger the bar, the more of those go into profit. To be more conservative and mindful of your margin requirements, you can always close open orders manually. I think there may also be an ea or two on Codesource that will both enter per the method and close at a selected time. Search breakout methods.
It’s a bit slow today. Just closed my long e/u for +3, but watching my u/c short currently at -21. Sigh! I am thinking ahead and will offer a subsequent post on why I/we might find it difficult to commit to a trading method. Hope all this helps.
Finding things in BP can be a little difficult. You can always do a general search through the forums. Also, on the main “Free Forex Trading Systems” menu, any thread that has a little paper clip beside it means there are attachments in the thread. Clicking the clip will give you a list of whatever ea’s, indi’s, pictures, etc., have been added to the thread.
Spirit ea, v1.3.zip (5.01 KB)