Ok man thanks I’ll be back with my back test results.
I don’t use a broker that is not ECN, so I don’t know…sorry.
I am still testing strat #1 and #2, as previously posted.
Ok I just backtested those settings and I lost everything quicker than you can say “Forex is great”! It must be something i am doing wrong.
I notice when i backtest this. I go get quite big losses. Rather than small losses (-3 SL) as intended.
I am with a 5 figure broker (ECN) with >90 modelling quality.
Strategy one with new settings. Could you please check i am doing everything correct.
Distbuy: 30
DistSell: 10
Setrefpip: true
Setrefhigh:30
Setreflow:10
Lockinpip:-30
TP1:15
TP2:15
TP3:400
TSL1:1000
TSL2:1000
USEMAXSL:True
MAXSL:1000
BE:10
SLIPPAGE:100
Londonopen:08:00
Stop placing order:23
Many thanks,
Jonny
- Place a buy stop 3 pips above the high of the candle that is about to close, with TP of 4 pips, with the SL at the candle’s low, or 30 pips, whichever is less.
I am missing something here, or? risk 30 pips for a gain of 4?
Hi. I’ve been following all your comments and work here with great interest. I have been doing my own analysis as well. I’ve lost track of the diffenrent trading options and settings as this strategy has evolved. Please, could you clarify which version of the EA with correct settings I would need to do the following:
- I want to use the ref candle before the London opening.
- Enter buy 3 pips above high of ref candle. Enter sell 1 pip below low of ref candle.
- Execute 3 TP with 20, 40 & 60 pips targets
- SL of size of ref candle. If TP20 is hit trailing stop of 20 and 25 on TP40 and TP60.
- If SL is hit, enter trade in opposite direction if buy or sell it hit again.
I’d be happy with an average of 10 - 15 pips per day with a compounding money management system to grow my capital base to a point where I can generate a reasonable income.
Thanks again for great thread
My strat#1 seems to be holding very good, and it’s latest updated settings are same as before, but the combined lot size for the two trades, which now have 0.5 pip TP, is 1.5 times the amount of the trade with the 40 pip TP, and the lockinpips is -1.1 pips, and the setref, which is the new stairstepping setting, is at 1 pip increase for every new pending order, which is working quite well…since last wednesday, no losses, and a couple 40 pip TP…
Johnny Wolfe, first backtesting isn’t reliable, which is something I have been able to verify with about a month of foward testing now…but your settings do need tweaking…your TP for the two short trades needs to be a pip or less, I tried the 1.5 pips, and several trades got through there to hit full SL…also, your BE has to be exactly the same as the small TP, so that the SL is moved at the same time as the TP is hit. Use the latest version to tweak the lot sizes, as it is better to have smaller TP for the make-up trades with larger lot size, so that the lockinpips can have the smallest setting possible, too…
yehom- that is the first idea listed in the thread, and I am no longer using it…please read the thread to see the progression…
Brinyvista- you may use the latest version of the EA to accomplish your idea, it just has extra bells and whistles, but those can be set to create your settings.
Hi Pipcompounder. I just seen your post:
I have now changed my settings I think they are the same as you. I will now only forward test. I coudn’t quite understand a couple of things. Whats your UseLockinOrder=1, DistBuyAftBE, DistSellAftBE, is that enabled and is that set to 1 pips?
I keep getting an error when the ea is trying to set the stop loss and take profit. I wonder if its because i am with an ecn broker of something that does;nt allow SL/TP at less than 20 pips from the open price. Looks like it is an error with the small takeprofit trades 2 x 0.03 at TP=0.5.
Do you have a way to get around this or do we need an Ea with hidden SL and take profit?
Many thanks for your help we all appreciate it. Here is my settings in full.
DistBuy=30
DistSell=10
SetRefPip=1
RefPipHigh=10
RefPipLow=10
LockinPip=-1.1
UseLockinOrder=1
DistBuyAftBE=50
DistSellAftBE=50
TP1=400
TP2=5
TP3=5
TSL1=400
TSL2=400
UseMaxSL=1
MaxSL=400
BE=5
Lot1=0.01
Lot2=0.03
Lot3=0.03
Slip=10
London_Open_Time_hour=10
StopPlacingOrderHour=23
Yes, your broker must have some kind of pending order limitation, mine is 1 pip, yours must be more…your idea about stealth is very good, but the EA must be able to fire market orders extremely fast for that to work, other wise you could end up with some quick losses.
Here is what I am using with my currently best-running strat…
DistBuy=30
DistSell=10
SetRefPip=true
RefPipHigh=30
RefPipLow=10
LockinPip=-1.1
UseLockinOrder=true
DistBuyAftBE=10
DistSellAftBE=10 (make these bigger until your broker allows the trade to open)
TP1=400
TP2=5
TP3=5
TSL1=400
TSL2=400
UseMaxSL=true
MaxSL=400
BE=5
Lot1=0.02
Lot2=0.03
Lot3=0.03
Slip=100
try this for a while, at least a week, forward testing on a demo account…everybody, so far, the above setting are what I have found to be the best.
Yeah still getting errors even when i put that to 400.
I am with pepperstone. Could get your broker name?
No idea about programming so don;t know how easy it would be to add teh stealth SL or TP. I’ll do my research 
Many thanks bud,
James
I am currently trying traders way, with the mt4.ECN demo.
Thanks!! Ok just signed up. Really lookign forward to seeing the results!!
Just hit 40 pip TP for today, first for the week.
That’s great news. Will check my terminal when I get home.
Ok i just checked my terminal and I don’t have a 40 pips TP hit. I now have traders way and looked at my settings and it appears that I had DistBuyAftBE set to 400. I was using the old settings.
It seems that I get another area in alerts that says s1:1, s2:1, s3:1. Any ideas what that might mean?
Well done on the 40 pips!!
ok, guys, I have done some thinking, and good thing, because I realized when I cut my small TP down to 0.5 pips, that was the same as the round trip commission, so that didn’t accomplish anything by adding extra lots…this means I’ll have to test 0.6 pip TP with a smaller lot size for the 40 pip TP, vs just having all lots with 40 TP, which I will have lockinpips at -0.5 pips, and BE moved to lockinpips at positive 0.5 pips, and have the reference candle grow 1.6 pips each trade to allow for a pending order to be placed. It will take 40 losses to equal one TP hit, the question is will the extra lots with this idea outweigh the first idea with the smaller 40 pip TP lots.
Hi All,
Can anybody recommend what is a good Program/software for BackTesting
Maybe somebody else can, but the only testing that has worked for me is day by day foward testing…
Today, on the strat idea that has all trades with 40 pip TP, I had two losses, which equals 1/36 of the result of a 40 pip TP, or in other words, 0.6 pip+$6 per 1 lot commission per loss, and the trade is very close to TP. I also chose to have my full lots in trade 1, and put 0.0 lots on the other two, so that there’s less chance of execution problems, just one trade…so far so good, as long as today hits TP…remember only two losses, that’s very nice, because it equals only 1.2 pips plus commission, extremely great RR ratio, which is the point…I had also put some other settings changes, so below is my current settings on this strat idea:
Distbuy: 20
DistSell: 10
Setrefpip: true
Setrefhigh:20
Setreflow:10
Lockinpip:-6 (about half a pip)
DistBuyAftBE 14
DistSellAftBE 14
TP1:400
TP2:999
TP3:999
TSL1:1000
TSL2:1000
USEMAXSL:True
MAXSL:40
BE:5
SLIPPAGE:100
I have the lots all on trade1, while trade2 and 3 have 0.0, since the TP settings will be the same, this way only one trade executes, no problems with 2 out of 3 executing, which has happened a couple times.
I seem to get an error with the EA. Any ideas what it means or how to turn off the metatrader alert window. Its really annoying. Do you get this pipcompounder? Cheers James
I only have lots of losses today. I realised I had lockin pips at -0.11 rather than 11!!
I noticed you have maxsl at 40 is that right?
Problem with forward testing is it takes time to find the right settings eh
Perfection takes patience lol
yep, a few more losses, and the price was within 2 pips of 40 TP before retracing back to beginning…another day will come…
I turn my alerts off, and I haven’t had any error messages.
Yes, maxsl at 40, for 1:1 RR…for emergencies, shouldn’t happen hardly ever with my new plan…