yes NY close and broker with 5 candle per week.
[QUOTE=âvijaykumar;607665â]today pending order Image 1393471555-clip-30kb.png[/QUOTE]
Kind of new so sorry if this is a dumb question. With the NY close the bar closes at 5 pm est. what time does your pending order go in?
you can place pending order any time after ny close. usually after 1 min the order will be placed on formation of new candle.All pending order which are not triggered will expire before closing of NY candle.
Maybe some smart spreadsheet person can make a spreadsheet so that an input of the high and low price of the previous day would give us the three take profits and the stop loss. At least manual input of the orders wouldnât be so painful.
Will you be considering to sell your EA?
I got stopped and have a loss, i set my sell pending order on 1.36599 just one pip down from yesterday low (1.36609) i have a 1,6 pip spread on eur/usd maybe this is the problem?
Btw. thank you for this thread
you need broker with spread 1 or lower than that.
The reason why i donât use other pair is nzd/usd,aud/usd etc because of spread.
regards
vijaykumar parmar
[QUOTE=âmikeylikesit;607691â]Maybe some smart spreadsheet person can make a spreadsheet so that an input of the high and low price of the previous day would give us the three take profits and the stop loss. At least manual input of the orders wouldnât be so painful.[/QUOTE]
That is a good idea. Would be a pretty easy formula to write.
[QUOTE=âvijaykumar;607823â] you need broker with spread 1 or lower than that. The reason why i donât use other pair is nzd/usd,aud/usd etc because of spread. regards vijaykumar parmar[/QUOTE]
What broker do you use? Is FXCM in the US a good one for your method?
I have just done an ea and will post it shortly. I am doing some backtesting with it at the moment. EURUSD looks to have a win rate of just over 40% over the last year but is nicely profitable. GBPUSD is higher. This is using the levels as described
1 pip offset for the orders with tp at 5,10,15 and sl at 5 with the ratio 60%, 20%, 20%. On my ea the high/low offsets, sl and tp1,tp2,tp3 are external parameters so they can be changed. I have done this to allow optimization because of varying spread and ADR. My EURUSD spread is 1.6 so much higher that the OPs.
OK, Here is my version as an ea. Most of the parameters are self explanatory and should give you some scope to get the best settings for each instrument given the variable spreads and ADR.
The EA should work with 4 and 5 digit brokers. If you look at the default settings they are for a 5 digit broker (i have to multiply everything by 10, so 50sl is actually only 5 points etc).
HighOffset, LowOffset: these are how many points away from the bar high/low you want the orders placed.
MaxLot: Total for each side to be divided 60,20,20%.
SL: enough said.
TP1, TP2, TP3: so you can change from the 5,10,15.
DoNotTrade: Some of us have brokers that give a sunday bar. if you want it to use fridays high/low then you would set this to 1. 1 is Monday. This means on sunday night it would set the orders based on fridays high/low but leave them and not delete/reset them on the monday bar. The values are 0,1,2,3,4,5,6,7 for Sunday to Saturday and 8 if you want it to reset orders every day including sunday/monday.
I think thats it. Oh, Its a simple quick job so no error handling/margin checks etc
#EDIT#
it was created on build 509 so it should work fine on whatever build you are on.
Just a thought. What if you made the orders every hour, because every hour a new 24 hour period has ended. I wonder if it would be more profitable. I donât want to over trade the system, just a thought
Actually you might can do this on an 8 hour chart. Simply take the high and low of the previous 3 8hr candles and place your orders. Would need to backtest.
I have done some testing with my ea and there is quite a difference. The OP posted a backtest result for GBPUSD for 2013. Mine looks different. Still very profitable but different. For example my profit factor is 2.05 (a bit less than the 3.05 the OP gets). My ea has 14 losses in a row, the OP gets only 8.
Now mine is running on a spreadbet account so slightly different to fx but its a very basic ea, it just places pending orders so the actual logic and operation of the ea will be the same. I know the OP says his ea adjusts for slippage etc BUT in a backtest that wont matter as fills are always perfect so in a backtest both should perform the same. Also more worrying is if i run it for this month its a dead loss.
Obviously there are lots of things that can explain this (bar close time different, spread, just different data feeds etc). It might help if the OP would compare backtest results on his ea to mine to see if i can at least eliminate some of these things. For example if i can compare an order set from both eas i can see how the spread etc is handled.
What does worry me though is that i only have 1 min data for the past month (because thats all my broker has) so i am thinking that this month is actually the only valid and correct test and last year is wrong. In other words that it is actually a losing strategy that looks great because of the very predictable mt4 tick generation algo in the backtester and bad (incomplete) data.
It wont work like that way. It will be overtrading and i have tested it and was loss.
Thanks for sharing EA to other guys.
It is not a losing strategy and EA will work best if EA adjust slippage automatically.
I am using ICmarkets as broker so there might be few changes in data.
usually what happen when pending order is triggered there will be 1-1.5 pip slippage if pair shoot up/down from high/low.
Now if EA does not adjust TP and SL automatically then ultimately this strategy wont work any more in slippage.
The reason is our target is 5 10 and 15 and SL is 5 for all three.
Now if we get 2 pips slippage than our target willcome 3,8 and 13 and SL will be 7. so in these case if first target got hit and rest 2 did lose than our net result will be loss.
Your EA is 80% âŚjust need to add another 20% and that will make successful winning strategy in real market.
anyhow even if i get slippage my EA automatically adjust everthing so i dont have to worry.
regards
vijaykumar parmar
On a backtest the slippage thing wont matter. How it handles the spread might though. Can you just check and compare the order levels on both eas please?
Yesterdayâs Trades: with the EUR/USD - in my demo account, i was stopped out on the buy breakout⌠while the price would have easily hit target, my stops were triggered before that could happen. Did you all have the same result?