yes, sure, i will include that. I will also include buffer area (i.e. if you enter immediately after the reference bar) or wait 3, 5, 10 pips/ticks…
Can anyone teach me how to change the SL to a fix SL? I don’t want it to follow the length of candle…
can someone help me or teach me how to modified the SL into a fix SL?
Isn’t that the same as the Max_SL setting in the EA properties? I have mine set to 300, or 30 pips.
I put Max_SL 250… but it still depends on the length of candle if the reference candle is less than 250 …
This method has good results using 00.00–04.00 4 hour candle as a reference, on FXDD new york close candles.
Better results than using 8am as a reference.
Still using a ten point take profit.
Most days if you get a loss you can get back to breakeven with the move in the opposite direction.
Only occasionally will you get a double loss where price fails to go ten in either direction.
Have been trading this method manually most days but recording the data the days its not traded.
Since January 01 2013 using 9am ref candle
65 trades
13 breakeven
47 wins 10x47= +470
5 losses -280
Profit +190
it seems like the r/r ratio is not good there. 5 lose trades already triggered -280 pips , you need about 5-6 win trades to cover 1 lose trade . In long run will not be good
Hi everyone
Could someone direct me to the latest version of the EA please?
Thanks
See page 64, post #636. I think that is the latest version of the EA.
First, I’d like to thank all the people that made invaluable contributions to this thread, especially pipcompounder, crisscross and Jason.
The EA settings were certainly confusing, but I think I’ve got it down. My brokers, Alpari US and FXDD, are both three hours ahead of UTC. So, I used the setting -3.
To see how that would work I set up four windows with different currency pairs (using random nine-digit numbers). Two of them used the Manual GMT offset (with auto set to off). For the other two I used the Automatic GMT setting. All four of them worked flawlessly.
Just to make sure I’ve got this down, London opens at 3:00 A.M. New York time (I’m in Florida). So for the London open I would use the UTC equivalent of 4:00 A.M. to look back at the opening candle. Right? 4:00 A.M. NYC time would be 8:00 GMT time. And for the New York open I’d use 12:00. Right? I’m not sure what the correct Close Pending time would be though.
I’d like to start with real money. The smallest denomination I can use is 0.01 on both broker’s platforms. I’ve also got Dukascopy, but that’s JForex (which is my favorite, even better than my Ninjatrader…it would be great to have the EA in JForex mode). But I digress…
I assume I have to make some kind of adjustment here to make the lots 0.01 size, but I’m not sure what the exact language should be:
Just to familiarize myself with how the EA works I made some pretend trades on Friday. I used the top seven currency pairs and adjusted the times as the morning went on. I know this goes against the entire principle of the reference candle, but I wanted to check it out and see all the trades bouncing around. They did. The standard trade was sized 2.99. I don’t know where that number came from, but so be it. Anyway I was theoretically up several thousand dollars within an hour and a half trading those seven currency pairs.
I started this experiment with $29,045.79 in the Alpari demo account. Between the end of the New York morning and 2:00 in the afternoon almost all the profits went down the drain. Still, this was an interesting ride.
Another thought. Have any of you considered using the ATR at the moment of trade as a SL/TP parameter? For example, set the Stop Loss at 3 X ATR of the reference candle? And maybe 5 X ATR for the Take Profit. Perhaps a 2 X ATR trailing stop? So, your Stop Loss and Take profit would go up when there’s more volatility and down when the market is flat.
I have no idea if any of this is feasible or even logical. Just throwing it out there to see which way the wind blows.
Again, thanks for all the work you gentlemen have done, and shared so selflessly.
HI there, I am using PC_breakout too. 1 thing in common which is I am using alpari UK broker. The broker is using GMT +3 right? So for my part, the London open should be 10:00 in alpari UK chart, which means I will set the ref candle time to 10:00.
Hi Shane. Thanks for the reply. I’m using Alpari US, not Alpari UK, but I don’t think that makes any difference if you use the GMT auto feature. It should theoretically adjust your broker’s time to the correct time GMT time, if I’m not mistaken.
However, I’m still not clear about the other time settings. Or, if you’re better off only using one currency pair.
Actually I trading on Eur/Usd only for this EA. I use other method to trade GBP/USD. Because if GMT +3 , the London market open time should be 10:00. So I just adjust the EA to open at the broker’s time. I think this should be easier. Alpari US using what GMT??
PS: This is my setting,
extern string Reference_Candle_Time = “10:00”;
extern int Reference_Candle_Back = 1;
extern string Close_Pending_Time = “23:00”;
extern bool Also_Close_Open = true;
extern bool Use_Automatic_GMT = false;
extern int Manual_GMT_Offset = 1;
Shane, either I don’t have it configured properly or there were no trades for EUR/USD for London or New York. Unlikely, I probably messed it up.
Alpari US indicates it is now 16:00 hours.
My UTC coordinated clock indicates it is now 13:00 hours.
So, what should my settings be (I can’t believe I’m having this much trouble with this LOL)?
Thanks.
UTC coordinated clock means? Just look at alpari clock is better. since now alpari clock is 16:00 , try to set the same setting as mine. Then , try to calculate the time until ref candle whether it will hits 10:00 of tomorrow in alpari mt4
UTC is the new name for GMT. Otherwise it’s exactly the same.
UTC 0 = GMT 0
It seems like today both buy and sell order was lose trade.
I see. Get it now. Thanks for that =)
Shane, I appreciate the help. But if you’re in England and I’m in Florida…and I use your settings how can that possibly work? That seems illogical, no?