$* Statistical London Breakout Strategy *$

[pipcompounder]

For someone who wants to try this system out manually (No EA), what are the most recent guidelines? Is it 30 pip TP, 30 pip SL (or candle size), orders 3 pips away from high/low? Thanks

London:
1hr TF , 30 pip TP and SL of 30 pips, only if the candle is longer than 30 pips, 3 pips above, 1 pip below to place stop entry orders and SLs.

NY:
15 min TF, 40 pip TP and SL of 25, only if candle is longer than 30 pips. 3 pips above, 1 pip below to place stop entry orders and SLs.

If a TP is hit, I recommend you close the opposite entry order for that session.

[Brassman]

pipcompounder,

Thanks for that post. I was about to ask the same question. Have a great weekend, everyone.

Regards,
Brassman

[javierpuga]

Thanks for the quick reply pipcompounder.

[jsiebern]

@drbios
Glad to hear that the GMT issue is fixed!

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@mostwantedpip

@mostwantedpips

jsiebern, Love the ea and your amazing drive to get it going !

I am a little confused on Lot settings and NY open orders.

1. what does ref candle back stand for? In the field the setting is 1

2)Where are the settings for ny open

Can i just place it on a chart input the settings and the ea will open and close orders it self? I.e i was reading that in order for it to open NY trades we need to have the ea on 15 min chart is that correct? So for london on 1hr chart?

3)Money management settings which value for for fixed lots and which value for % of the account so say if i want to risk 1% of the total account on a given trade?
Sorry for all the questions i have been following along, but i guess got to lost along the way.

What are they for ?
Com trade com settings

Many thanks again for your great efforts

1. The Ref_Candle_Back setting defines at which candle the EA will look to take it as the reference candle. That means if you have the time set to 09:00 GMT for example it will look 1 bar back and take the high/low of that candle. In this case that would be the 08:00 GMT candle on 1H chart which we want.

2. The settings for New York open are:

COM_GMT_1               = "--- Time(zone) Settings";
COM_GMT_2               = "(GMT - HH:MM)";
Reference_Candle_Time   = "13:15";
Reference_Candle_Back   = 1;
Close_Pending_Time      = "23:00";
Use_Automatic_GMT       = true;
Manual_GMT_Offset       = 2;

COM_TRADES_1            = "--- Trade Settings";
COM_TRADES_2            = "SL;DEV_BUY;DEV_SELL|TP;TP_VAL|BE;BE_TRIG;BE_DEV|TS;TS_TRIG;TS_STEP|MM;MM_VAL";
Trade_Info              = "0;30;10|1;400|0;0;0|0;0;0|2;0.02";
Close_Pending_After_TP  = true;
Friday_Close_Hour       = 20;

COM_RE                  = "--- Reentry Settings";
Re_Num                  = 1;
Re_Minutes              = 60;

COM_MM                  = "--- Money Management Settings";
MM_Mode_2_Value         = 100;

COM_EXE                 = "--- Trade Execution Settings";
IsECN                   = false;
Max_Slippage            = 30;
Max_Retries             = 5;

COM_EA                  = "--- EA Settings";
Magic_Number            = 4879165;
EA_Name                 = "PC_Breakout_Alpha_3";

You will need two charts. One EUR/USD H1 chart with the London settings and one EUR/USD M15 chart with the NY settings. Please make sure that the Magic_Number setting is different for each chart.

3. The MM settings are the last 2 values in the “Trade_Info” setting.
   An example for fixed lot size is:

0;0.1

which will use a fixed lot size of “0.1”.
An example for 1% of the account taking the SL into consideration:

1;1

Please use this setting with caution for now as I had a bug with it which was “only” that the EA did not open the trades but still, you never know…

4. You can ignore all settings that have “COM_*”, they are solely for information => No direct purpose.

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@drbios (again )

@drbios

Hi Jonathan, can you please confirm where your EA is setting the stop loss. This morning’s London orders are below:

The sell SL is 44.7 pips; i.e. the other end of the candle. The Buy SL is also 44.7.

Will there be a setting to set a maximum SL similar to crisscross’s EA? pipcompounder has found a maximum of 30 pips works well.

Many thanks.

drb.

The results you have got are correct. The attached Alpha 4 version has a max SL setting!

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@pipcompounder
I’m really not sure what’s going on with your platform. Is the countdown correct? Does it just not trade? Are there any errors in the “Experts”-Tab or “Journal”-Tab?

As for reentries and all new features. Please use these with caution as it is one thing to look at it in a backtest and verify that it kinda works but definitely another thing to have it running in a forward test! Please tell me your experiences once you’ve had them.

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@riley

@riley

Hi Jonathan

I have a question with “Close_Pending_After_TP” As you can see from my post above, I have that set to True.
So with the London open, I had a long and short order placed as expected. We shorted first and in about 4 hours, a 30 Pip TP was hit. The long order remained open but I was expecting it to cancel out after the TP was hit. I manually closed it.

I’ve had the same thing unfortunately. Could you please look into your “Experts”-Tab and “Journal”-Tab and post errors if any. I will have to test this further, I’ll try to put a fix into Alpha 4 right now, let’s see if it works out.

@riley

tweaks tweaks tweaks

Haha, indeed

@riley

Is there a MT4 setting that would cause this not to happen for me? Is there a setting in the EA that I missed other than “true”?

I don’t think so, I rather think that I did not define what a TP is properly for the EA… I’m glad you are the exception though!

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Oooookay, I think that should suffice for what I’ve missed in the thread today!

Jonathan

PS: Would guys like to have more information displayed other than time left? Anything useful you can think of?

PPS: I’ve also been thinking about maybe not determining the breakout only by a reference candle. Maybe some kind of pre-marketsession channel calculation would make sense from which the price has to break out. Unfortunately I won’t have time next week to test in this direction but I guess we can bounce some ideas off of each other here.

PPPS: Including Smileys into the image calculation for posts is RIDICULOUS!!!

PC_Breakout_Alpha_4.zip (6.57 KB)

[drbios]

Brilliant! Thanks Jonathan.

I am still using a manual offset for GMT after pipcompounder flagged his problems. I will try the automatic setting on a quick back test and look at the resulting chart to see where the EA opens trades and report back.

Thanks.

drb.

[riley]

Jonathan
here is the expert log from today. Also, one line is so long, its off the image so I cut and pasted here.

2013.01.17 17:11:17 PC_Breakout_Alpha_3 EURUSD,M15 inputs: COM_GMT_1="— Time(zone) Settings"; COM_GMT_2="(GMT - HH:MM)"; Reference_Candle_Time=“13:15”; Reference_Candle_Back=1; Close_Pending_Time=“23:00”; Use_Automatic_GMT=true; Manual_GMT_Offset=2; COM_TRADES_1="— Trade Settings"; COM_TRADES_2=“SL;DEV_BUY;DEV_SELL|TP;TP_VAL|BE;BE_TRIG;BE_DEV|TS;TS_TRIG;TS_STEP|MM;MM_VAL”; Trade_Info=“0;30;10|1;300|0;0;0|0;0;0|1;1”; Close_Pending_After_TP=true; Friday_Close_Hour=20; COM_RE="— Reentry Settings"; Re_Num=1; Re_Minutes=60;

[jsiebern]

@drbios
The automatic calculation won’t work in a backtest as the resulting GMT-Offset from now to “back then” is huge, so it will show such a number onscreen…

@riley
All looks normal and according to plan. Please try the new version, I just changed the TP definition, maybe this will do the trick.

[riley]

@drbios
The automatic calculation won’t work in a backtest as the resulting GMT-Offset from now to “back then” is huge, so it will show such a number onscreen…

@riley
All looks normal and according to plan. Please try the new version, I just changed the TP definition, maybe this will do the trick.

Will do Jonathan. We will see what happens Monday.

[pipcompounder]

Thanks again, Jonathan. I will try the latest version next week.

I can’t access my VPS because of corporate firewall here at work, to see logs, settings, etc. so I won’t worry too much about what happened. I can monitor positions from my broker’s back office. It did make trades, just an hour late, with the candle an hour later settings (high\low).

[jsiebern]

Well, as long as it traded The time issue we can work out no problem.

[riley]

Thanks again, Jonathan. I will try the latest version next week.

I can’t access my VPS because of corporate firewall here at work, to see logs, settings, etc. so I won’t worry too much about what happened. I can monitor positions from my broker’s back office. It did make trades, just an hour late, with the candle an hour later settings (high\low).

PC, did you get stopped out on both sides of NY today? I did on my end. Profit on the London short.

@Jonathan. Really great work on the EA. Looking forward to Monday.

[jsiebern]

Same results on my end as well.

[pipcompounder]

PC, did you get stopped out on both sides of NY today? I did on my end. Profit on the London short.

@Jonathan. Really great work on the EA. Looking forward to Monday.

Yep stopped out twice, despite being an hour late and different ref candle…LOL
stopped twice on London, too…would have been a TP…

About the london, I have noticed the volitility has come back a bit…could have traded with 40 pip TP this week, which would have netted more pips, but I’m not sure it will last because of this debt ceiling\fiscal cliff perpetual political problem, so I’m not going to change anything.

[riley]

Jonathan
I am locked and loaded for Monday.
Regarding the “Magic Number”. You mentioned earlier that they should be different. Mine show the same. They were also the same today which may have been why my pending order did not close? I dont know.

Anyway, should they have shown up differently automatically or should I be changing one manually?

Thanks. (Vielen Dank!)

[jsiebern]

The Magic Numbers have to be changed manually individually for each chart you put the EA on. You are right, that probably has led to the problem with the closing of the pending order. Just put in completely random numbers for each EA instance and you should be good.

Sehr gerne

[ronald123]

@crisscross1983

Hello pipcompounder,

Happy New Year to you and all traders out there.

I have modified my last version of the EA to add the below two functions:

1. Automatic closing of all open orders and pending orders on friday. You can set time with the help of variables "CloseTradeHour & “CloseTradeMinutes”
2. You had requested for all pending orders to be closed if TP3 is hit. This version of the EA will close all pending orders when the price is 1 pip below TP3. It should be considered extreme bad luck if after coming so close TP3 is not hit.

I havent been following closely your thread for the last few weeks. I will go through it. I also see that Jonathan has been helping with an EA for your new ideas. I will let Jonathan take charge now as he seems a more professional coder than me.

I am going to run this new EA on demo from tomorrow after reading through your latest settings.

Safe trading to all!!

Crisscross

London Breakout v1-4.zip (5.2 KB)

thanks for your great work (too), Crisscross!

regards,

Ronald

[ronald123]

The Magic Numbers have to be changed manually individually for each chart you put the EA on. You are right, that probably has led to the problem with the closing of the pending order. Just put in completely random numbers for each EA instance and you should be good.

Sehr gerne

Trying to hang in there and hope I can get the latest version of this EA (PC Breakout Alpha 4) set up correctly for tomorrow morning… I wanna express my gratitude to PipCompounder, Jonathan, Crisscross and everyone else posting onto this fantastic thread, this joined venture of people trying together to make life more enjoyable for others too; so heart warming to feel all this positive energy!

English isn’t my first language, but I think you all know what I’m trying to express…

Cheers guys!!!

Ronald

[lovac24]

Have anybody made a backtest with this new EA and what are the results! Backtest is very important so we know that the EA is profitable over a longer time.

[jsiebern]

Backtesting in MT4 sucks (Pardon my french).
I would have to reprogram the EA for either MT5 or even better NinjaTrader to get a half decent backtest going. I will look into that in the future but right now, as we are all using MT4, I won’t do it until we all agree that the only thing having to be tweaked are the settings rather than the coding. (It would be quite some work to keep an EA in three different languages at the same level)

[drbios]

Hi Jonathan,

I noticed the EA creates 10 notification messages when the trades are set and they are all “BUY stop set”. I also use the Android app for MT4 and have the notification messages enabled in the main MT4 program. This means the mobile also goes mad for a few seconds! Please note this was on the 2nd version you produced so it may be fixed now?

Many thanks.

drb.