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
Please infer from the above post.
Regards,
Prem
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
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
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?
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
Ok thanks prem
So I cant set this EA and let it trade for me while I go to work?
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
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.
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 ?
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
Why can’t I find the zip files to download?
I can’t find them either!
I am expecting to see a link to the EA file in this post, however it is not showing.
Am I missing a setting somewhere in this forum.
Where can I find your EA? This new version of babypips forum does not show links.
Can you give a new link to this EA please. The new version of this forum does not show links.
Hi All,
Just found this system, I like it’s simplicity and how it only takes a few minutes each day. Does anyone know if it is still viable in 2018?
One thing I noticed is that using the exact strategy shown in melodica’s original post, I would have expected to see at least a day or two with a result of -6 pips.
For example, if we say the Max value was 50 and the Min value was 30, the corridor between the two would be 20 pips. We have a Sell order at 28 (Min - 2 pips) and a Stop Loss at 52 (Max + 2) and the the reverse for a Buy order. The Take Profit price for the Sell order is 10 (30 - (50 - 30)) and the Take Profit for the Buy order is 70 (50 + (50-30)).
If the price were break downwards and hit a price of 20, our Sell order would have be taken. Then during the day the price reverses and breaks through the top of the corridor and hits 52. This would close our Sell order for a loss of 24 pips, simultaneously it would trigger our Buy order (Max +2). The price continues to rise through the day and reaches our Take Profit of 70, meaning we make 18 pips on the trade.
As such, for the day we’ve lost 24 pips on one trade and made 18 pips with the other, for an overall loss of 6 pips.
I can see on the results melodica posted in the 3rd post, that on a couple of occasions they saw something similar to -
2010.08.06 -52 +52
However, I’m not sure how they got these break-even values using the system explain in original post.
I wonder if it would be worth changing the Stop Losses or Take Profits so that should the above situation occur, you would at least be natural for the day. For example you could add 6 pips to the current calculation for the Take Profit.
Would love to hear your thoughts regarding the above and any further ideas you have about melodica’s system.
Thanks.
Just looked at this. This looks like it would fit into my routine! I know I’m months behind the original post. How have resultslooked thus far??
Cheers
It’s usually known as the “Cable overnight range breakout system”.
If you learn how to backtest things for yourself, Jon, you’ll quickly find that it has no edge and doesn’t lead to overall profits.
More importantly, if you DON’T ever learn how to test things for yourself, then you’ll permanently be relying on second-hand impressions from forums, websites and videos about “what works”, and 90% of that stuff is misinformation, not information.
What do you think distinguishes the very small minority of profitable traders from the ones posting this rubbish in forums? It’s a rhetorical question, but it’s one you really should think about.
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It seems nearly identical to the day break. I prefer the variation of this in which you have 3 orders on each side.
Buy Bar +5 TP1 +15 TP 2 +25 TP 3 50 with a SL of 25
Of course the TP is dependent upon ATR of the pair but the GBP/USD should be good as long as the +50 isn’t out of range of the Cycle.
Sell Bar - 5 TP1 +15 TP 2 +25 TP 3 50 with a SL of 25
I guess you could use a full bar +/- 5 for the SL with one order but I would prefer to be protected against whipsaws.