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.