Sunday Breakout Strategy

[Rei]

And my ATR indicator was frozen! Once I removed it and put it back on my ATR matches yours.

Yea I thought 202 was a bit high. I got 186 as well.

[phil838]

Yea I thought 202 was a bit high. I got 186 as well.

Just so no one else gets caught, it was the ATR indicator I have posted on the first page. It showed “0” for both the current and previous ATR, and the ATR(14) was stuck at what I’m assuming was last weeks value.

It’s worked for me flawlessly for years, but if you’re using that indicator be careful!

[sk0ll]

hello!!

This long is looking nicee!! , Im having a problem with the sunday strategy ea though… somehow it is opening in a different time i gues… I will attach a picture… do you guys know whats is going on??

thanks!!!

[fxster]

Correct, you should trade off the 4hour chart, but get the ATR off the weekly chart. And remember your TP is [B]half [/B]the weekly ATR

You should trade every week, unless the R:R ratio is really out of whack, which happens very rarely (less than once or twice per year). All I meant was that the TP is usually more than 3x, but it doesn’t have to be more an 3x.

Just out of curiosity, what your time zone?
Mine is GMT+8.
The weekly trade starts in Australia time, which is about GMT+11.
So i’ll have to wake up approx that time (GMT+11) to trade rite?
Like this morning the the Buy STop for GBPUSD was hit very early.
Did you manage to catch it?

Oh, i guess most of you pro are on EA, so no worries about catching it.

[s050399b]

This long is looking nicee!! , Im having a problem with the sunday strategy ea though… somehow it is opening in a different time i gues… I will attach a picture… do you guys know whats is going on??

You are on a different time zone. need to be on GMT0

I’m going to work on the GMT offset

[manusiatengik]

hi phill

thanks for ur system, its very very fantastic for me:D
now im just finish read all on ur thread:)
i have one question for u
what do u think if use 5% risk pertrade, is that okey:p
and the maximum risk if i wanna go for the real
just wanna know

salam

[phil838]

Just out of curiosity, what your time zone?
Mine is GMT+8.
The weekly trade starts in Australia time, which is about GMT+11.
So i’ll have to wake up approx that time (GMT+11) to trade rite?
Like this morning the the Buy STop for GBPUSD was hit very early.
Did you manage to catch it?

Oh, i guess most of you pro are on EA, so no worries about catching it.

I’m in the GMT-5 time zone, so it hits at a very convenient time for me.

We only develpoed the EA recently, and I’ve been trading this system for almost a full year now manually. It’s very rare that I don’t get my pending orders set up before the trade triggers, but it does happen on occasion.

If you miss it just get in as soon as you can. You’ll usually only miss out on a few pips.

Or just use the EA, but you still need to monitor the trades. It’s designed to be a tool, not to completely replace human judgement. Last week was a perfect example of this. If you’d let the EA fend for itself you’d have lost both GBP/USD trades last week, when you shouldn’t have traded at all.

[phil838]

hi phill

thanks for ur system, its very very fantastic for me:D
now im just finish read all on ur thread:)
i have one question for u
what do u think if use 5% risk pertrade, is that okey
and the maximum risk if i wanna go for the real
just wanna know

salam

Personally I wouldn’t risk 5%, but there’s no real reason you can’t. That’s pretty much the highest risk I’d consider safe, but it’s still too risky for me.

At 5% per trade the max drawdown this year would have been 35%. Are you sure you can handle that psychologically? If so then go for it!

I trade 2% per trade if I’m trading one pair, and 1% per trade if I’m doing both GBP/USD and EUR/JPY. I’m probably going to start risking 1.25% per trade soon though. Spreading around the trades in order to safely increase risk/reward was the whole point of expanding the system to another pair.

[sk0ll]

You are on a different time zone. need to be on GMT0

I’m going to work on the GMT offset

Hmmm… But Im using IBFX Live… The time there is GMT!!.. didnt get it what happened!! Thanks!

[s050399b]

http://forums.babypips.com/133505-post986.html

[B][U]Sunday Breakout EA (2 in 1).zip - contains all of the above plus:[/U][/B]

• added data error logging to file
• tired of coding for GBPUSD and EURJPY style in 2 different EA, merged them, and added an external variable to choose between them
• GMT offset: it will take the high and low of 2 one-hour candlesticks before Monday 00:00 - taking broker GMT offset into account; this is how Phil838 has devised this strategy - using IBFX which is at GMT0 and it’s 4-hour candle actually have only 2 hours of data

[phil838]

Hmmm… But Im using IBFX Live… The time there is GMT!!.. didnt get it what happened!! Thanks!

Me either. The EA is still pretty new, and neither s05 nor myself are professional programmers, but we’ll get it all worked out eventually.

[s050399b]

Hmmm… But Im using IBFX Live… The time there is GMT!!.. didnt get it what happened!! Thanks!

hmmmmm, below is the screen shot of the IBFX demo, noticed that one which is circles (vertical dotted line) is different from your screenshot?

[B][U]Mine[/U][/B]

[B][U]Yours[/U][/B]

[s050399b]

Please also include the link where you download the indicator from

[fayizal]

IBFX hosts multiple demo server. We have to be careful while choosing this.

IBFX-MT4 Demo-2_4 decimal - Interbank FX, LLC is the closest to the live server.

Charts on some of the demo servers looks different than the live ones.

[s050399b]

hmmmm, interesting,

[Rei]

Long trade broke even
Waiting for short.

[fxster]

That’s a tricky one. I set up pending orders for both directions the minute the Sunday candle closes, so I’ve never gotten in late and don’t have any experience with it.

Personally I wouldn’t get in late unless it’s maybe only 20 pips or so above the line. No real reason behind that, just my personal opinion, so feel free to ignore it.

Hi Phil, I’m still running thru the thread.
Noted one of your comment above.

I have the 3 following questions:

1. Are you able to put in the pending orders during the weekend? or you have to wait until the 1st trading session opens (I beliv Australia market)?

2. The candle for the final 4 hrs does not show on my chart during the weekends. I have to wait till the 1st trading session opens.

3. Why do you call it Sunday Candle? Isn’t it actually a Friday candle? Just thot of this out of curiosity.

[seans]

Long trade broke even
Waiting for short.

My long is still open. I’m moving to BE when price gets to 16024. My entry was at 15952 and stop at 15916

[s050399b]

http://forums.babypips.com/133505-post986.html

[B][U]Sunday Breakout EA (2 in 1).zip - contains all of the above plus:[/B][/U]

• fixed bug with buying/selling at market price by first sending buy/sell market order, then modifying the order with SL and TP; previously it was giving invalid stop price if I were to have SL/TP in the same line of code

[phil838]

Hi Phil, I’m still running thru the thread.
Noted one of your comment above.

I have the 3 following questions:

1. Are you able to put in the pending orders during the weekend? or you have to wait until the 1st trading session opens (I beliv Australia market)?

2. The candle for the final 4 hrs does not show on my chart during the weekends. I have to wait till the 1st trading session opens.

3. Why do you call it Sunday Candle? Isn’t it actually a Friday candle? Just thot of this out of curiosity.

Nope, it’s a Sunday candle.

It’s the 4 hour candle that runs from 8pm to midnight GMT on Sunday. That should also answer your other two questions, since the Sunday candle doesn’t exist until the weekend is over.

If you need help finding the right candle cause your broker isn’t on GMT time just post a chart and we’ll try to help.