Yepp today was a good day for this strategy, I’m still only trading with 1 contract at the moment but price moved very favourably for those with 3 buy contracts.
Thanks for sharing your strategy pipcompounder, I have been following this thread for a few days now, and this system fits my style perfectly, there is always value in statistics.
Pipcompounder… i had the same issue. although mine was a 3… I did slightly modify the take profit and stop loss points, Did you do the same?
After i “reset” the EA the simulation showed correctly. I’m using Oanda as a broker if that helps.
I was also running 1.1
hi pipcompounder,
this error is exists in v1.2 as well, because we have to multiply RefPipHIgh and RefPipLow by Point in the program code.I think crisscross gonna fix it tomorrow.
Regarding to your concern about place pending order straight after SL hit. You can play now with the Lockpip. e.g set Lockpip to -0.5 after BE and therefore price gonna go down definitely into the ref zone and EA gonna place pending orders again.
Thanks a lot!
It’s taking a lot of time to get into this thing. If someone could suggest something for guys like me.
Thanks very much…I’ll wait for the fix from crisscross, then do some testing with negative numbers on the lock-in…
I had set my reference candle to an extra 4 pips, so that’s must be where the 4 came from…I’m assuming Sempai was using 3 pips…
Thanks everybody for testing this out. It helps confirm problems so we can fix them, and also confirm success!
Yes Sir I was.
I do want to take a moment to thank Crisscross again for the EA.
As a career software developer I understand the process of debugging code and having testing. I appreciate your work man.
Also thanks for the rich comments in your code to understand the process.
hi guys,
if you dont want to wait for the fix just modify this line:
OpenNewOrders(LondonOpenHigh+RefPipHigh,LondonOpenLow-RefPipLow);
like this:
OpenNewOrders(LondonOpenHigh+RefPipHighPoint,LondonOpenLow-RefPipLowPoint);
just add two *Point to the code.
and its gonna work, you can do backtests.
I wanna thanks again to crisscross for the EA and to pipcompounder fror the great idea. Hope we can improve it and can find a very profitable settings:)
I have checked to program code and if you set negative value to Lockpip it is gonna move the SL after BE to e.g. openprice-1pip, but TrailingStop not gonna work after that. If Lockpip value is positiv it is alright, but crisscross1983 gonna confirm it tomorrow.
hi all,
have trigger buy order at 1.2921,SL=1.2834,TP:1.3121,1.3321,1.3521.
IS the TP correct, it seen to be more than 200pips?
can anyone help?
thanks
You are using a 4 digit broker for sure. In this case reduce TP, SL, etc to 10x lower. If TP is on input of EA 300 put 30. The same to all inputs
Something I’m having trouble understanding is this: do we only place pending orders in the direction going away from the high/low of the reference candle? or lets say for example that reference candle has closed we set pending order for buy stop at high of reference candle with TP40 (just an example) now if our order gets triggered and we reach our TP, and price starts to go down towards high of reference candle, do we place pending order to sell stop at high of reference candle? or what happens at this point?
All pending orders are placed at the same time. So that if the initial SL is hit, the opposite order opens at the same time.
Since this is a breakout strategy it uses stop entry orders, not limit orders. If the price hits the first TP, I have my trailing stop set at 20 pips, which means if price retraces back into the reference candle zone, it will close the other two trades at BE, or whatever the trailing stop moved up to…then at that time if price continues to go down past the bottom of the reference candle it will open the sell trades…the EA allows you to choose if you want pending orders to be placed again if price should be inside the reference candle zone again, or just let what is left to play out.
the reference candle today is really defining support and resistance. News about the EU and EuroZone is trying to push price higher, so hopefully we get a good breakout before trading ends, but price is static right now, testing the resistance.
Hi Pipcompounder
I have just finished reading your thread and thanks for sharing this strategy. If you have an open trade on Friday do you close it before market close or do you carry it on to Monday? What entry buffer are you using (i.e. 5 pips above and below the reference candle)?
Hey guys, forgive my noobness…
But can we talk about this mornings candle a little? We have mentioned in this thread that if the morning candle is X high, then trades should abort? I’m still very new and I understand why, but I’d love to know your take on it.
Another thing i noticed, is that the morning candle approched two resistance lines from oct9 @1.29900 and oct8 at 1.29935 I have an indicator that creates potential resistance lines on the chart, is this something to consider putting in the EA?
This morning I was a little sleepy eyed, and i let the EA roll with the candle being large, and didn’t notice my resistance lines until this morning… So I traded with emotion after missing yesterdays gain. (dumb)
Again forgive any poor insight as I’m still very green.
~Rob
today is still going…I personally don’t base my trades on the size of the reference candle, I just place the pending orders in the locations of the rules of the first post…even if the reference candle is huge. The reference candle happens to almost always target both support and resistance, which is what makes it attractive for breakouts. My buffer is same as rules on first post, 3 pips above, 1 pip below.
YONAS…I close my trades for the weekend…usually the price action closes them for me by hitting TP or SL…
right now the market is very flat…some US news came out that is very hard to believe, kind of like last NFP, no fireworks…price should make some kind of definitive move by the end of the day.
Thanks for clarification Pipcompounder.
hi,
I have a good idea how to avoid ourselfs from a big loss if the ref candle is too big.
Hope it is possible to implement to the EA by crisscross1983.
He said before, that to check the ref candle min/max would be nice option as well.
We need a new variable can be e.g. RefMAX and if the reference candle is green(bullish) and higher then RefMAx value, than move the SL and the sell pending orders from the bottom of the ref. candle by Y pips up, make the ref candle smaller from the bottom side. If the ref. candle is red(beerish) move the SL and the buy pending orders from the top of the candle by Y pips.
Today the ref candle was almost 50pips high and it was green (bullish). If we could have moved the sell pending orders and SL to e.g. 25pips up from the bottom, at the end I think our profit would have been around 0.
We can add a RefMin value as well, but I think if the ref. candle is too small is not as big issue then if is too big, but if the ref. candle is smaller then RefMin value we can add ±X pips to the ref candle.
Hope these things are implementable into the EA, specially to check somehow, that the ref candle is bullish or beerish.
EDIT: I found one more bug in the EA. e.g. If I set the DistBuy and DistSell values to 3pips and the RefPipHigh and RefpipLow values to 3pips ,the EA gonna place at LondonTime:59 minutes the first peding orders to ref. candle ± 3pips.
this is alright. If price hits SL and goes back to the extended ref. zone in this example ref. candle±3pips it is gonna open new pending orders again to ref. candle ±6pips (DistSell/DistBuy+RefPipLow/RefPipHigh) instead of ref. candle ±3pips.And thereafter every new pending orders will be placed to ref. candle ±6pips.
please crisscross1983 check this bug as well in the EA if you have time.
thanks
Looks like today will end in a loss of about 30 pipsX3 trades, if price stays flat until the close.
I tried backtesting some negative lockINpip settings last night, and found they did not improve profitability at all. The best was with the reference pips the same as buffer at 3 pips abobe and 1 pip below, 18 pip BE, 20 pip Trailing stop, 1 pip lockINpip, for september yielded 880 pips, with a steady climb on the graph, best yet with backtesting. I stop allowing pending trades 3 hours after london open.
Robopip is releasing results of his backtesting next Wednesday, check out the blog section for how he is setting it up, it’s interesting, but slightly different.
I have been testing the EA and can’t get consistency on it at all. I.e testing on different mt4 platforms seems to give different results I tried your settings on my hotforex demo and it was not profitable. Although 16 gmt seems to be more profitable in a long run…:60:
TO our brilliant coder CRISSCROSS1983
I was thinking a little on capital management side of things. I am not sure if this will be possible to implement or if you will have enough time, in any case some food for thought. So i was wondering if it would be possible to give each order its own lot size and BE AND TSL values? i.e order one TP 20 pips 0.1 lots order 2 tp40 pips 0.05 lots ect.? The reason i say this is majority of time i hit my order1 TP, but miss the order 2 and 3. So this way we sort of scale out move our stop to BE and then if we hit order 2+3 then bonus if not its a nice profitable trade. Almost like take 70% of the table and let the remaining portion run for ADR? without TSL. I think this would be a very nice addition to overall profitability or i should say risk management of the system?
With regards to v 1.2 its a major improvement from 1 and 1.1 however it consistently fails to modify TSL and gives me error massages?(something like unable to change TSL values in a pop up mt 4 window) IS there anything i could do to help you rectify the problem i.e look for some code or debug it some how?
With regards to profitability for today i made on Eur/USD demo 1 pip on all 3 buy orders 1x3=3 pips as i am testing the EA on different time frames for my personal curiosity. I am not sure if this method is profitable at all!! Thats why i am only testing. But all it is placing orders at 0:00 candle adding 5 pips above and below. and deselect the option for the EA to place any more orders after 0:00. So place them only once. When i went over visually it looked interesting on the chart, but maybe i am wrong and this may not be ideal way to place orders So any feedback welcome
Thanks to all once again Pipcompunder and Crisscross1983 for there great contributions
Safe trading