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.