I’m trying out mister pipcompounders EA and it looks good! Just wish there was an option to fill in an ‘order comment’, because i’m testing many ea’s at this moment and it’s hard to keep 'm apart in the order history now…
This could be a winner, people!
Today is winner for my 30 pips!
I will go live with this as soon as the EA can be modified to close all open trades at the end of every trading week, and close all pending orders for the day when TP3 is hit, like today. For my settings, I’ll just use TP3 as 30 pips, and have empty lots on TP1 and TP2.
Nice work pipcompounder. As for the EA, i have it loaded but oddly, it doesnt seem to be showing any triggers. I have everything set as default with the exception of changing the 56 to 59 in this snipit of code: if((TimeHour(TimeCurrent())==London_Open_Time_hour)&&(TimeMinute(TimeCurrent())==59))
Here is my chart. Is the red arrow pointing to the London open? It shows 10am on the chart but based on my -5 gmt time zone, this should be it. Do I need to change a setting so that the time zone is correct?
You need to put the hour it shows that candle to be on the chart as your setting…the candle is the correct one, BTW.
So, if it says 10am on the chart, then put 10 on the time of london open in the settings.
Thanks pipcompounder. I think I have it now. Also, large move in the current candle for 11am eastern. are you still in the trade for today?
Very good!
Nope, not trading anything besides my breakout strat, and that is demo at the moment.
Ok… I don’t quite understand then…I also got 30pips today… But then I have, don’t know why… 2 open orders which are about 94 pips each up… Why is that?
I think I have the same EA settings as you…
Check your lot sizes for each trade…two of mine are 0.
make sure you have the latest version of the EA, it’s the only one that allows you to designate different lot sizes for different TP.
You can put 30 pips as TP for all trades, to make sure.
I guess this is what it was… I changed the settings and in the Lot1 and Lot2 I put ‘0’… Using v1.3.3… Will see what happens in the future…
Thank you!
Hi Pipcompounder
What number do you have in the last setting: StopPlacingOrderHour? Is this based on timezone? I am eastern time USA.
Stopped out on the Buy side with a -30pip loss while I let it run its course. It was at its highest at 4pips within 25 minutes of the 2nd hour. Stopped out on the Sell side with a +20pip gain; the difference being I manually moved SL on the way down. My original 30pip TP was easily reached 30 minutes later. Lesson learned: Thought I had enough buffer between current activity and SL. Don’t be in a hurry to bring my SL down so close to current price action.
It uses the chart time, same as entry time…My chart also has 10 as the london open hour, and I like to use 12 as the stopplacingorderhour. I don’t want the EA placing another pending order unless both SL were hit very quickly after the reference candle. I have backtested and forward tested trying different lengths of time, and 2 hours seems to be the best.
Ibcox- I also had a loss on the buy side, by 1.7 pips, but that is how the idea works, just let happen what happens, and at the end of a month, you should have good profit. One can always look at “pips left on the table” or “avoidable losses”, and we try to minimize those, but with trading, you shall always have losses, and the win\loss ratio seems to be about 65\35, which is pretty good, at least profitable.
pipcompounder - Actually, I was pleased with today’s outcome, although in the negative. I actually misread the reference candle high and placed my entry too low by 2 pips. If I had done it correctly, the Buy would have never taken. Oh well, I’m feeling very comfortable with this method and I’m thankful for you sharing it with us. I’d like to expand its use to other pairs as others have thought about (although I haven’t seen much traffic on that topic lately). Anyone else having success with other pairs?
I just tried this strategy for the first time today, just wanted to share my results to make sure I did everything correct. Entered the market short unfortunately the US employment figures caused a huge rally and all 3 trades got stopped out for a loss of 25.9 pips. This triggered the buy trades. The first one closed after hitting the 20 pip TP target. The other two got stopped out because of 20pip trailing stop loss for a profit of 7.7 pips.
Daily total is then (-25.93+20+27.7)= -42.3pips
Sounds like you havent read the whole thread. Pipcompunder no longer uses 3 buy/sell orders, but instead just one buy and one sell, both with TP of 30 pips. You can modify your setting in the EA so only one order is place at a time.
One more thing to every one thats new and trying out this for the first time. Remember that in forex there is no such thing as no LOSES, you will ALWAYS get loses. So just because a system loses 10 times in a raw does not mean its not profitable as it is a mathematical certainty that even with 90% winning system you will experience a string of loses. What will set you apart from the rest is ability of absorbing and handling those loses and this why money management is so important.!
I was hoping I would be able to share my ea results today but it didnt trigger. Below are my settings and a chart showing my London open. Using FXPro as a demo account and eastern usa time zone. Anyone else having an issue with the ea not starting? If you see an error in my settings, please let me know or if you have a suggestion on a mt4 setting I should check,please let me know.
Your EA should have opened trades, so something is up…I did notice you have amounts in lot2 and lot3, if you want just one TP, I would put 0s there, but the EA still should have placed trades, which means your plateform has the problem. Everybody else’s EA places orders fine. Try a different demo broker.
I personally have a basically BE day, maybe a very small profit, because the sell was a loss, and buy TP was hit.
At least you got to see it in action. It’s up to you what setting you want to use.
Personally, I have decided on just one TP that is at least a big as the MaxSL, and about as big as the average reference candle, 30 pips. You then would something like +3 pips for today. However, if you had larger trailing stop, or 40 pip single TP, you may have had greater profits, but not every day moves 40 pips past the reference candle anymore.
Thanks Pipcompounder, I will mark those as zeros plus I will try another demo broker. The earlier versions were triggering trades but not this version so who knows, it could have been those lots for 2 and 3. Will know come Monday :).
Which broker are you using for a demo account?
Riley please can you share the EA
