Simple GBPUSD Strategy (No Indicator Needed)

Trading Systems Free Forex Trading Systems
216

Hi,

Sorry i’m a but confused here.

Can you set this anytime in the day?

When you say 21:00pm - 8am, is this the data from overnight?

Thanks

Sam

217

Most of the forex brokers does not allow to trade with hedging like this. We can not place buy/sell order together. They are saying open a position then modify order. What we can do now?

218

@K16999

I’m using this strategy on Oanda (Demo) with no problems.Emailed Etoro & Avafx about hedging and they replied back positive.
I’ll go for Oanda Live this week,let’s see what happens.
Strategy made around 30-50 pips average daily…I’m not trading everyday though.Also I cancel the other order once one of the orders triggered.I usually nurse the trade once triggered by moving stoploss,usually I close the trade manually once it’s past 30 pips profit if I don’t see a strong price action which is against the strategy rules.
Appreciate any feedback from other users.

219

I have tried this method and it has not worked. This does not work or am I doing anything wrong? Please can you advise if the data below is correct?

Buy stop:
At: (Maximum Price + 2 pips) 1.58758
T/P: (Max Price + (Max price - minimum price) 25pips
S/L: (Minimum price - 2 pips) 25pips
Expiratory: Next trading day at 8am (GMT)

Date: from 21:30 28th sept - 8am 29th sept GMT.

Thanks

220

@ Sam321

In my opinion 25pips T/P-S/L is too small for this strategy(if you are using fixed S/L-T/P).
I’m using the original version laid out by Melodica.
The only changes I made;
If the trade goes in my direction and passes 20-30 pips profit I move my S/L to break even, then if the price stops moving I close the trade manually.
If the daily range is too large to give me big drawdowns (80-100 pips) I use 40-50 pips S/L.
If the orders don’t get triggered,I cancel the trades,I don’t leave the orders for the next day.
You can’t win everyday with this strategy but it is profitable.Some days you’ll have big drawdowns but at the end of the month the wins will overtake the losses.
Once again I’m still testing on Demo. This week I’ll go live with Oanda,we’ll see what happens in real world.
I hope this helps

221

@ Sam321,

Just had a look at 29th Sep data.
As I thought your T/P-S/L was too small.It should have been around 76 pips as per the original strategy, and you’d make money on that day.

Cheers

223

Hi,

I am a newbie. Please help how to find maximum and minimum during a given period.

Thanks

224

@sspremj,
Select 1H time frame on your chart,there you’ll see the highest & lowest candle or wick of the candle.Then take a reading of both values.

225

Hi thrustidle74,

Thanks for the help.

226

Hi,

I modified the expert advisor in post #114 by EpoXi for the original Melodica system. Will anybody be interested in testing it. Please let me know.

Thanks

227

I’ve just reviewed your strategy, and I must say it is very effective when applied! Thanks

228

Yes, me, interested to test.

Baby24

229

Hi melodica, thanks for this really terrific system . Any chance to learn your NEW system (USDCHF) soon?

Thanks again

baby24

230

Hi sspremj,

I got interest to test your modified system
Can u tell me what u had change on EpoXi melodica system?

231

Nice strategy Melodica, thanks for sharing. Very simple to set up and I’ve already had some success on the first day of trying this on demo account.

I plan to go live with a small account next month. Only thing I will change is probably the risk % per trade down from the 5% to something like 2 or 3%

I like the idea of having a strategy like this I can set up in 5 mins a day. Plan to couple this with another shorter time frame strategy in between when I have time.

232

I had success (backtesting) slightly modifying the EA posted above. Instead of the TP and SL above, I optimized looking for a multiplier from -2 to 2 in 0.1 increments to apply to the difference between the high and low. I used tick data from Dukascopy from 2007 to the present and divided it into two sets. With the first set, I optimized for the TP/SL multipliers and the GMT time to trade. I used the second set as a test set, unseen by the optimization.

Best results from test set mid-2008 to 9/30/2010:
GMTtime=7 (edit: in reality it is 8, the code adds 1)
TP: x1
SL: x0.7

Starting balance: 1000
Net Profit: 393.20
Maximal Drawdown: 129.32 (11.32%)

I’m sure there are flaws in my testing procedures. This is really the first time I’ve used MT4, although I do have a coding background.

233

thanks melodica for your post. It’s very interesting, informative and specific. I wonder when did you start to do trading?

234

Hi,

Please find attached the modified expert advisor for Melodica System. I have also included additional files in order to know the Broker’s GMT time settings. Please feel free to test and post your suggestions.

Thanks

235

Hi Shawnlim,

The following changes are made to the original EpoXi Melodica System.

  1. Exactly at 8:00 am GMT two pending orders are placed.
  2. The take profit and stoploss are as per Melodica’s system.
  3. Uses the 30 Minute time frame for calculating the High and Low between 21 GMT and 8 am GMT considering that the high and low in the 1 Hour time frame should also be the high and low in the 30 minutes time frame too. Please correct me if I am wrong on this, so that it can be changed back to 1 hour time frame.
  4. The program alerts by providing details of High, Low, and Difference making manual calculation helpful, so that the accuracy of the EA can be checked with manual calculation.
  5. A lot of error checking has been made. If the EA is stopped after placing the pending orders at 8 am GMT and then again started, it should not place the pending orders. This has been taken care of.
  6. The lot size input by the user was not used internally by the EpoXi system, which has been corrected.

Please test the above program and provide your valuable suggestions.

Thanks

236

Hi,

I have made a minor change to the EA. So, please use this updated version of the EA.

Thanks