Blarg…this isn’t an easy “just-drop-into-MetaEditor” code, is it? Man I wish I had switched majors to CS.
Looked over my open positions this morning and noticed I had 1 full lot on a pair. This would explain some of the heavy dd. Dang rookie mistake.:mad:
Awww. Well at least you didn’t do what I did…
I haven’t read the article in detail yet, but it looks very interesting. The code looks pretty easy to convert to MQL4. I will have a look and see what I can come up with.
Ok, good, because the last programming I ever did was in Basic. Lol.
Hey Pip Chaser,
Been demoing your strategy, was all good for the first coupla days but last two days has basically wiped my demo account. :eek:
How has it been goin for you?? The same story or am i doing something wrong??
Yesterday produced no signals (Pip said he did find one pair) and today was even worse, so you shouldn’t have blown an account since you shouldn’t have been trading. Keep an eye on the charts and trade what you see as well as what the system says. Most pairs had obviously started a retrace after Friday’s big down spike, so even though the signals showed sell, you should’ve been wary.
Is anyone still trading this system? Got 3 signals yesterday, 2 in profit 1 not so much,
Thanks for the system. I like keeping it simple to. As far as trending markets go, I use the De Mark trend line indicator to help see the break outs.
I’m still toying with it after a week or so off. The market has been pretty flat for the most part and this works best in a ranging market. I was able to get a nice gain off of 7 pairs last night, but it didn’t hit TP, then everything retraced overnight, came back to small profit early this morning, now bouncing again to negative. If you throw some Bolinger bands on the daily charts, you’ll see how they’re starting to pinch together. The ADR has been much smaller lately as well. Even just these 2 factors point to an upcoming breakout in one direction or other. Keep your eyes open and you’ll be in for some major pips.
system looks great, thank you pipchaser! i just have one more question… what do you do when you see the yellow colored line start to appear? do you exit your current position?
After my first week trading this system, I saw significant gains early on in the week, followed by significant losses at the end of the week (mainly in the Yen pairs). Not completely giving up on this one, but so far my win/lose ratio has been about 50% so it would need to get a lot better than that to make it profitable.
It works great when the market is trending then gets chopped up when ranging. You can try cutting the ADR stop in half giving you a risk/reward ratio of 1:2 thus needing an ~ 33% win rate to break even.
Hi Pipchaser,
thanks for your system, I will try it, but 2 things not clear for me (I am new to forex, so forgive me for the probably lame questions):
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What is the entry price you enter a trade? Is it just a market order somewhen a little after midnight, if you have the signal? Or how do you calculate your entry price?
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About SL and TP levels… as I see your attached statements you used mainly an 1:1 risk-reward ratio. But for example on USDCHF in your posted statements you used a SL/TP level somewhere between 100-200 pips, but for example for the next monday my maximum stoploss value for long is 65.
Thanks for your answers:
Andras
i was asking the same question…
the yellow colored line means both reversal or uncertainty. wheather if we should exit our current position we need to consider accordingly.
anyone still trading this?
i trade this with a pinbar bias and it works great so far
als o i dont think this was clear or possibly a rule but if you enter trades
on a break close above the par you drasticly improve your odds. so instead of >5 past the 50 to buy you woulda have if price was <5 and closes higher for the day to the value of >5 also above the 50 you would buy.
hope that helps ppl
Nice system.
What’s an ADR calculator. My trading software hasn’t got it. Can I calculate the TP SL manually?
Cheers
Forrest
The ADR calculator displays in pips the average of the high & low over a given period.
Thank you for sharing.
My trading system doesn’t have ADR too, for a lot 10k should i give TP SL range around ±200 pips ?