Simple Daily Breakout System

My apologies, I had wrong code for dayofweek for sunday was using 6 instead of 0 (duh, day of week starts with sun=index 0)
So, try this one, I hope it works not counting sunday, no matter what broker you put it on.
Let me know. (1.55 KB)

I think ArmadaMarkets is the best available, but since I live in U.S. I’m out of luck. No U.S. clients allowed. Short of that, ILQ seems next best thing.

Thank you! Admiral Markets have the same OneClickTrading Script but with a different look.

It works now, Sunday candle is ignored. Thank you!

I uploaded on Google docs a spreadsheet with my trades using this system. I will update it in the weekends for who wants to track the results.
For the target I will use the TP from the indi (I called DTP - dynamic take profit) minus the maximum spread.
I decided to monitor the transactions a little until the system take a shape and if I observe that a pair fail to reach the DTP and show signs of a top or low I will close it earlier.

So as you observe I’m up 237 pips from 13.11.12 until now on closed trades and I have another 4 open and floating.

Until next update green pips everyone!

Daily breakout system update

Are You still using a original rules for enter the trade or You have your own rules for it.

Here are the rules:

Read more: 301 Moved Permanently

I’m using the same rules.
-buy @ previous day high +1 (sl @ previous day low -1)
-sell @ previous day low -1 (sl @ previous day high +1)

In the last days I had some looses with this system mostly because I failed to put all my orders in the night and failed to respect some of them. -93 pips for 2 weeks of live testing and the gbp/jpy position is floating -111.

I strongly believe that this system will do ok in the long therm and for those traders that don’t do other trades. Maybe if you have a day job you will be happy with it in the long therm.

I come with the conclusion that it’s not for me and I will argument why:
1. I have to be awake 2 AM in the morning as my time zone is GMT+2. This thing is affecting me, I’m getting tired and I cant awake myself to trade in London session. I think that if I don’t stop it now and I continue to do this in the long therm it will affect my judgement too.
2. Some of the entry positions are looking really stupid (where I will buy with a tight sl this system sell with a big sl). To see all that positions floating on minus are getting me mad and this thing is not good for my long therm plan.
3. As I have 5 daily breakout positions everyday I lose my focus on my usually trades and lost some really good opportunities. That positions distract me.

So in conclusion is like that (for me). Or I trade this system only or I do my usually trades as I was doing for the last 6 years and the second option is my choosing one, I earn a lot much then in the first one.
Anyway, it was fun to see this system working live and as I said it will not fail in the long therm.
Almost all the loosing positions that this system generate were cut by hedging the positions so I’m happy overall and sad in the same time because that opportunities that I missed :slight_smile:

Maybe it will work if the indi is transformed into an EA and put that EA on a separate account and “forgot” about it … check it once at the end of every month…

If the trade does not hit TP and SL, do we carry the trade to the next day and continue trailing the stop at the H4 candle?

I’m going to give this strategy a try. It seems like a fairly simple, versatile method.

Is it possible to add Stop-Loss function to the Simple_Daily_Breakout_ea ?