Simple GBPUSD Strategy (No Indicator Needed)

[sspremj]

Hi

I am attaching two pictures for clarification. First is the Calc Timeshifts. Sorry, this is a script and has to be placed in the scripts folder inside experts folder for it to work. It will provide with the time shift parameters under the “Suggested parameter settings” for both the metatrader broker and local time. For example, FxCompany broker time is +2 GMT hours and my local time is +5 GMT hours. This is given by the MT4TimeIsGMTplus and LocalTimeIsGMTplus headings. Then comes the next indicator P4L Clock. It shows the different times for the broker, local time, and UTC/GMT time etc. From this indicator, we can know exactly when the EA needs to place order. For example, the Broker time is 8:30 am GMT when the UTC/GMT time is 8 am. Hence the BrokerGMTHour is 8:30, so that when the broker time in the metatrader platform is exactly 8:30 am GMT or UTC/GMT 8 am, two pending orders are placed.

Hope this clears the BrokerGMTHour setting of the EA.

Regards,
Prem

[QUOTE=fredgold3434;227947]Your EA does not work at all.is anybody else tried it and have the same problem?
still we don’t know, what number we have to put in brokerGMTHour?
regards
Fred[/QUOTE]

[tik1]

it is for sure the creater of this thread is gone,isn’t it?
regards
fred

Melodica dont come here and has not contributed since August.

Maybe, he or she is busy to spend money through his system:eek:.

regards
tik1

[fredgold3434]

so if my broker time is gmt+1 then i have to place 09:00 in brokergmthour ,right?
fred

Hi

I am attaching two pictures for clarification. First is the Calc Timeshifts. Sorry, this is a script and has to be placed in the scripts folder inside experts folder for it to work. It will provide with the time shift parameters under the “Suggested parameter settings” for both the metatrader broker and local time. For example, FxCompany broker time is +2 GMT hours and my local time is +5 GMT hours. This is given by the MT4TimeIsGMTplus and LocalTimeIsGMTplus headings. Then comes the next indicator P4L Clock. It shows the different times for the broker, local time, and UTC/GMT time etc. From this indicator, we can know exactly when the EA needs to place order. For example, the Broker time is 8:30 am GMT when the UTC/GMT time is 8 am. Hence the BrokerGMTHour is 8:30, so that when the broker time in the metatrader platform is exactly 8:30 am GMT or UTC/GMT 8 am, two pending orders are placed.

Hope this clears the BrokerGMTHour setting of the EA.

Regards,
Prem

[fredgold3434]

still your EA did not work at all.
regards
Fred

[sspremj]

Hi Fred,

Does it alert you of the high, low, and difference or not. Do you get any error message. Please let me know.

Regards,
Prem

still your EA did not work at all.
regards
Fred

[fredgold3434]

it does not do anything.i put the files as you said.i have happy face in the chart,but nothing happened.
one more time i’m asking you this
if my broker time is GMT+1,then i have to put 9:00 in brokerGMThour?
regards
fred

Hi Fred,

Does it alert you of the high, low, and difference or not. Do you get any error message. Please let me know.

Regards,
Prem

[sspremj]

Hi,

Yes, you have to give 9:00 in the BrokerGMTHour. One way to see if the EA is working or not is to add the P4L Clock to the same chart as the EA and then see what time the Broker time is. Then give BrokerGMTHour setting an +1 increment of this time so that it will be executed in the next 1 minute and pending orders created if it is working. If there is an error then please let me know.

Hope this helps.

Regards,
Prem

it does not do anything.i put the files as you said.i have happy face in the chart,but nothing happened.
one more time i’m asking you this
if my broker time is GMT+1,then i have to put 9:00 in brokerGMThour?
regards
fred

[fredgold3434]

one question that i really can not be sure.
on friday 8 GMT when we set 2 pending orders,should they expire on monday 8 GMT or sunday 8 GMT.
can please anybody help
regards
fred

[sspremj]

one question that i really can not be sure.
on friday 8 GMT when we set 2 pending orders,should they expire on monday 8 GMT or sunday 8 GMT.
can please anybody help
regards
fred

http://forums.babypips.com/free-forex-trading-systems/35626-simple-gbpusd-strategy-no-indicator-needed-11.html#post213468

Please infer from the above post.

Regards,
Prem

[sspremj]

Hi,

I have updated the EA with changes in expiration dates on Friday pending orders to expire on Monday 8 am GMT. Also, external stop loss parameter has been added in case a manual stop loss needs to be input by the user if the stop loss as per the system makes it impossible to create the pending order as per broker requirements. Please use it and post your comments.

Please note that the previous EA is working as opposed to not working. If Fredgold3434 could confirm this, it would be great.

Thanks and regards,
Prem

[stuckinminorchords]

Thanks for this update, could you explain the SL option more please.

I ran a strategy test with this ea but got the error

2010.11.15 22:28:03 TestGenerator: unmatched data error (low value 1.6038 at 2010.11.02 10:00 is not reached from the least timeframe, low price 1.6039 mismatches)

It didnt place any trades! and ideas?

Thanks for all your efforts man

Hi,

I have updated the EA with changes in expiration dates on Friday pending orders to expire on Monday 8 am GMT. Also, external stop loss parameter has been added in case a manual stop loss needs to be input by the user if the stop loss as per the system makes it impossible to create the pending order as per broker requirements. Please use it and post your comments.

Please note that the previous EA is working as opposed to not working. If Fredgold3434 could confirm this, it would be great.

Thanks and regards,
Prem

[ezzywave]

Thought this strategy looked interesing but I find the size of the stop loss it requires painful to bear.

Has anyone had success with a trailing stop loss or a fixed stop loss e.g. 35 pips?

[sspremj]

Hi,

Please note that this Expert Advisor (EA) is not a trading EA. It just creates pending orders at a specified time. If the market price matches the pending orders created by it then they get executed. So, I do not know whether using strategy testing would be of any use for this EA.

Regarding the stop loss parameter, the broker requires that there be a certain pip distance maintained between the pending order created and it stop loss. Sometimes if the melodica system strategy makes creates a pending order that conflicts with this broker requirement then the pending order is not created. So, a manual pending order can be created using the values alerted by the EA or giving a stoploss input to the EA that will not conflict with the broker requirements. Also, a 70 pip stoploss was something thrustidle74 said in one of the post that made good profit. So, the system can be tried with a fixed stoploss using this parameter. But then, this is only a pending order creating EA and not a trading EA.

Hope this information helps.

Regards,
Prem

Thanks for this update, could you explain the SL option more please.

I ran a strategy test with this ea but got the error

2010.11.15 22:28:03 TestGenerator: unmatched data error (low value 1.6038 at 2010.11.02 10:00 is not reached from the least timeframe, low price 1.6039 mismatches)

It didnt place any trades! and ideas?

Thanks for all your efforts man

[stuckinminorchords]

Ok thanks prem

So I cant set this EA and let it trade for me while I go to work?

[archit369]

Hey Melodica ,

You hv discover nice strategy . I appreciate your research work .

Can you please tell me the logic behind 21:00 GMT - 8:00 GMT.

As london market opens at 8:00 GMT - 17:00 GMT

Thanks

[PipSafe]

GBP/USD during the recent week was in a strong and consistent downtrend that sellers were successful in achieving the lowest price of 1.55900.Right now price in long time frames such as monthly, weekly and daily is under 5-day moving average and warns about price increase in long period of time. As it is obvious in the picture below, price during the descending has touched the round supportive level of 1.56000 and has created the hammer candlestick pattern(in daily time frame).

According to the formed price movements in the chart, between the top price of 1.65229 and bottom price of 1.55900,there is AB=CD harmonic pattern with none- ideal ratios of 50 and 161.8 (also at CD wave there us another pattern with ratios of 38.2 and 2.24) that with completion of the D point there will be a warning for ascending of price. As it is obvious in the picture below, Stoch indicator is in saturation sell area and warns about ascending of the price during the next candles.

[stevensteven]

I love breakout systems. This is very good strategy. I use one a little different than this one but I will add it to my catalogue and start trading it.
Any one using this system currently ?

[jasperng10]

Hi,

I have updated the EA with changes in expiration dates on Friday pending orders to expire on Monday 8 am GMT. Also, external stop loss parameter has been added in case a manual stop loss needs to be input by the user if the stop loss as per the system makes it impossible to create the pending order as per broker requirements. Please use it and post your comments.

Please note that the previous EA is working as opposed to not working. If Fredgold3434 could confirm this, it would be great.

Thanks and regards,
Prem

hi does it work on any pair ? I copied the EA file into MQL4 > expert file and added it in my mt4 but i dont see any order being place at maximum or minmum price.

does it only put in order once 2300 - 1000 GMT+2 has been completed ?

please advise how to make this work

[AcharyaOne]

Why can’t I find the zip files to download?

[adamsc57]

I can’t find them either!