exactly the same happend today with me as well. If I check it visually it looks like price moved back into the reference zone about 10:57 GMT time, but no new pending orders has been set by the EA, probably price did not move enough into the reference zone. As you mentioned if there is any way to set the EA more sensitive could help a lot or set the BE SL to the ref candle high, but we losing our spreds then. 3. solution is set the reference candle high to high+spred or high+x pips and EA gonna check this level for buy pending order re-enter Hope crisscross can look into it, he created an amazing EA.
Also I posted few more good options which can be implemented to the EA as well.
I think your on to something. Maybe if we expanded the entry buffer just a little, maybe 5 pips on top of reference candle, and 3 pips below it, or something, and had the EA see those as reference candle size. This means having a variable option for the reference candle itself. Then, if price retraced to barely touch the top\bottom of the reference candle, and go back away, it would hit BE, pending trades would be opened again, and triggered. The only reason for this instead of just doing away with the buffer is the price action really respects that support\resistance of the high\low of the reference candle.
I did look at a 5 minute chart, and I think the EA should have entered one more time, even though that trade may have ended up closing at BE, also. ???
yes maybe is a good idea maybe not:) we have to backtest it which one is the right ref. candle setup.
I have checked as well on 1 minute chart and about 10:57 GMT price was below the reference candle by 2-3 pips, but the EA did not open new pending orders. We have to look into it why, crisscross1983 hopefully can check it.
Also if our excellent coder crisscross1983 can implement few more options in the EA we can play with the setting until find a right one.
these should be nice addons to the EA:
-we could set up where to move SL from the BE point after given pips has been hit in BE parameter.
e.g. BE= 5 SLMOVE=-2 or 2 after 5pips positive EA moves the SL -2 pips or +2pips from/to the BE level.
Possibility to add pips to the reference candle high and low and EA gonna check this range as a reference
min pips that price has to go back to the ref. zone before place pending orders again
and I think it would be nice to add an extra function to the EA, that if we reach suppose X profit or X pips plus, EA will close all running trade. And after if price goes back to the reference zone EA keeps placing new pending order as it is doing now.
Those are good ideas to add as options, for testing.
It seems this morningâs problem has to do with the EA not opening pending orders immedietly when price is in reference candle zone. I personally would like it to open orders if price is even the same as the high\low. Does the slippage function maybe have something to do with this?
I followed this thread since the weekend and I am interested becasue I think it has potential and suits my trading style, since I am working during these hours. So, for me an EA is ideal.
My suggestion also for the EA is it to close all the trades if a profit target is reached (as an input for EA that suits individual goals). For exemple, if TP reaches 25 pips, all trades will be closed and next day will be another day. I think this approach is interesting because if a certain profitability is reached, I think itsâ enough to be out of the market and do not be greedy.
Meanwhile, I searched the web for the similar approach with London opening and found another EA that I want to attach but I do not know how. Someone can help? (note: I did not test it!)
Maybe it will help Crisscross.
[I]pipcompounder[/I]
Can be the slippage function, probably price was only for few seconds at this level so the EA could not open new pending orders at this level cos after price was outside of the slippage. Hope everyone understands what i want to say:)
Hope crisscross can look into it.
[I]psalda[/I]
just copy the name of the EA in .mq4 format and I think we can find it easily with google. Maybe is useful for crisscross as well.
no, you have to set it higher then 3 pips which is a default,then you give higher range to place order.
e.g. EA tried to place a pending order when price was 1.2930 but this order could not be placed because price moved 4pips in one second so this was utside of your slippage. By the way I dont know the how the EA handles the requotes, but I think crisscross gonna answer it.
My broker never has requotes, and has very fast execution, little slippage, so I donât have to worry about thatâŚmaybe iâll just set my slippage at 10 pips, so it doesnât get in the way, and have my BE SL to 4 pips, which will keep thing positive.
Another perspective for this aggressive idea is I want the rentry point to be as close as possible to the BE SL, I donât care if I get 100 orders opened and closed at BE, as long as when the price decides to go, Iâm with it, and if price hits initial SL, I have done all I can to have trade in control.
I think these setting are ok(slippage 10 and BE 4). I dont know that this EA âbugâ is related to the slippage or something
else, would be nice to know it.
But I think if crisscross can implement the new addons we can tune this EA properly.
EDIT: I figured out, that probably it was not the EA fault that did not place new pending orders. I`ve checked on M1 timeframe this period and it was one sudden price downdrop about -3pip into the reference zone which is unfollowable and after price was stable in -2 pips into the ref zone. Regarding to my broker I can not place pending order less than 2pips from the current price and EA could not place pending orders because this rule. So one more pip and pending orders would have been placed
So i have been busy playing around with the Ea, using mt4 to backtest with past data going back as far as 2009. The result are profitable in tune of net gain of 33% for the whole 3 years, so not sure if i got some settings wrong or something else. Would;d be interesting to know if other members backtested the system and the % net gain they got using past data?
One more question with regards to settings, what do i put in 4 fields in london open hour? there is Value, start, set, stop?
Also there are other settings like BE SL ect ect do we need to play around with them too?
I am using mt 4 hotforex and canât figure out there server time corresponding to london open time ?Where would i find that?
On a side note it would be extremely helpful to post some screenshots of the settings of the EA and what each one does?
Any help, suggestions would be highly appreciated as always:)
I donât have an account with hotforex personally only a demo, but as far as i know they are okâish slightly high on spreads side and they are not ecn broker whiles fxcm is. Funny enough i was thinking of opening an account with fxcm my self, but by the looks of it you not happy with them, is it because of there spreads ? One broker i know is good is Oanda and dukascopy those 2 brokers come highly rated by the looks of it. But its only my 2p worth compare them and see for your self. Demo will never reflect live trading so best open small account for test purposed then commit more money. HTH
Ps did you configure your Ea correct is it opening closing orders so far OK. Have you backtested it using mt4 strategy tester?? What where your results?
I am sorry that i missed out on so much of the conversation and action.
The EA is still not perfect. I have been running the EA on three pairs and I encountered the following errors:
Out of total 6 pending orders, sometimes only 4 or 5 got set.
Few pending orders were set without SL/TP.
Errors setting Trailing stop.
You might not have encountered these problems on bactest or during Livetest with one pair.
I must state at this point that I am a newbie programmer and the EA currently is quite amateurish, but I will work on the EA and make sure that the above problems are solved. So what is to be realised and accepted is that Live is much different than backtest.
Next to Pipcompounder and KillerNo comments.
With ref to pending orders not being placed:
Sometimes servers need to accept the orders placed by the EA.
As KillerNo points out there is a minimum level above/below which pending orders are not allowed to be placed. This level is called STOPLEVEL. Please copy paste the below link in your browser and check this. It is important. Requirements and Limitations in Making Trades - Appendixes - MQL4 Tutorial
Regarding reentry to ref zone. Our entry is high+3 or low-1. The StopLevel of individual pair,broker spread and the current price (Ask or Bid) will determine whether a pending order could be triggered or not. I will add a clause in the EA which will show you the Stoplevel and freezelevel before setting up orders. This can be checked in the journal.
Slippage could have been a problem too.
I will add more alerts in the EA so that anything interesting happens, then this will pop up on the screen.
If a Sendmail function needs to be added then this can be incorporated too.
Pipcompounder -> Please incorporate all the changes that you want in the EA and put in one post. I will be travelling due to my work for the next three days and will will not have constant access to email, but i promise that I will work on the EA based on your proposal and come back hopefully by this weekend.
Mostwantedpips -> Please keep your mouse on the last bar of H1 chart and you will find the current server time. Then you can calculate the London open server time.
The settings are explained in the .mq4 file when you open it. Pls try to read. If you still cannot understand then let me know and i will post a separate reply to explain.
Thanks all.
P.S. I may not be able to answer many posts after this for quite some time. But i will check all posts and then reply when possible.
thanks again for your hard work. The only thing that matters to me is the order executionâŚthe price is well within the ref candle, right now, but the EA hasnât made any orders. I donât have much else to ask for, myself, you have been awesome putting this together. You can add some of the options suggested by the others previously if you want. thanks again, and have a good trip!
Hi all! This system seems to fit my needs in terms of available trading time, thanks pipcompounder for sharing. Just let me resume if i got it right :
Place three trades on the high/low H1 candle one hour after london open with TP20, TP40, TP60;
SL will be the opposite end wich will also enter opposite trades;
TP40 and TP60 will have a 20 points trailing stop;
OK, this is the basic, right? With the EA you are trying to B/E every time the price goes in profit and enter again if it comes back the trigger zone.
Looking at todayâs EURUSD H1 candle we would have a 40 pips x 3 stop size for the 3 orders (120 pips), OK for you this size?
I will test the EA and post results, unfortunately only by the weekend, one thing I am curious is the EA results in entering just one or two trades with trailing (smaller stops but smaller gains?)
With the right compounding technique we only need 10 pips a day (average) to live full time from trading, this system seems to deliver that!
The EA did not place any new orders because the price was hitting the ref zone after midnight and EA stop placing pending orders after midnight. Also today I am trading with ECN broker as well(in ECN broker you dont need 2pips distance to place pending order). On non-ecn broker todays profit 0 so far on ECN broker 28pips.
crisscross1983
thanks for you effort to make this EA better. Maybe you are a newbie programmer, but your program code is very clear and easy to understand.
I am trying the EA on ECN broker now.It seems to working placing orders fine, however I get an error message when it try to move SL to BE:
09: 19: 17 London Breakout v1.0 EURUSD,H1: Alert: Error Setting BE of Buy orders2: 1
09: 19: 17 London Breakout v1.0 EURUSD,H1: Alert: Error Setting BE of Buy orders3: 1
09: 19: 20 London Breakout v1.0 EURUSD,H1: Alert: Error Setting BE of Buy orders1: 1
09: 19: 20 London Breakout v1.0 EURUSD,H1: Alert: Error Setting BE of Buy orders2: 1
it is moving fine the SL to BE but keep getting these error messages
also I realised the trailing stop is not working on ECN broker. After 20pips SL is not trailing.
Could you please look into it.
If you have time and could implement the addons what I posted earlier would be nice to give more options to the EA.
This would be very nice option in the EA I think:
an extra function to the EA, that if we reach suppose X profit or X pips plus, EA will close all running trade. And after if price goes back to the reference zone EA keeps placing new pending order as it is doing now.
Example. For breakout from first candle NY session you must take time from your computer not broker time.
So session start at 14:00 on my time and first candle end at 14:15. EA will open two pendings orders at high and low of that candle plus some pips from filtr.
