Sunday Breakout Strategy

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1302

EUR/JPY long triggered - currently 10 pips up. Anyone else?

1303

Mine triggered almost 24 hours ago. You’re doing something wrong, Red Ear. :smiley:

You should enter as soon as price goes above the long entry point, which was not long after the Sunday candle closed this week.

1304

I’m on about the [B]EUR/JPY[/B] which triggered at 1335 GMT according to my IBFX account. :stuck_out_tongue: Just thought it was a bit quiet on here :smiley:

I know the GBP/USD triggered almost straight away cos the price was above my entry price when I was setting the pending orders. I left it as I wasn’t sure what to do in that scenario but know for future reference to enter manually. :o

BTW Phil thanks for this and your other PA thread - they’ve been very instructive for a newcomer to the forex game like myself. :slight_smile:

1305

My EUR/JPY triggered at 0008 GMT on Monday, right after midnight. I’ve been in the trade for a few minutes short of a full 24 hours now.

Could you perhaps post a chart. Something is way off… :slight_smile:

1306

Ah I see :o

I’m on demo - maybe thats the problem? :confused:

1307

No, that’s not it… :slight_smile:

The orange lines are the entries (they might be a pip or two off, I just threw them up there). The candle that the red arrow points to broke above the long entry 24 hours ago. This is when you should have entered the long trade.

It didn’t hurt anything this week though, since it hasn’t made it to the BE or TP point yet, so you’re still okay being in the trade.

If you don’t see why the entry should have been back there just let me know and I’ll try to explain it better. :slight_smile:

1308

Hi red ear,

Get the latest EA (2 in 1) and use that instead. The reason why the trade wasn’t triggered was due to “invalid stops”, I have troubleshoot it manually and it doesn’t make sense for me.

I was using a buy at market with SL and TP, and it keep getting invalid stop loss even though it shouldn’t.

I troubleshoot it last night for almost 3 hours!!!

I tried the following scenario:

  1. buy at market with SL and TP = failed
  2. buy at market with TP = failed, sometimes pass
  3. buy at market with SL = failed
  4. buy at market = pass consistently

So I come to conclude to use:

  1. buy at market
  2. and if order is send to market successfully, modify the order with SL, and TP

I have tested it live demo this morning by changing the day = 2 (meaning to activate it on tuesday) and it works.

1309

Thanks Phil. Your charts practically the same as mine.

I can see why it should have triggered there, just not sure why it wasn’t…:confused:

1310

If you’re using the EA it’s because s05 and I aren’t “real” programmers. He’s done 90% of the work, and done a great job at it, but it’s a trial and error project… :slight_smile:

That why we suggest using the EA on demo only (like you’re doing) until it’s proven bug free. I’m using it on a live account but I’m using an old version with less features and watching it very closely. :slight_smile:

1311

That’s weird…

Do you have any clue why it’s failing??

1312

s05 and Phil

To confoud matters, I’m setting pending orders manually because if nothing else the practice does me good and I can get a feel for the numbers :o

1313

I cannot understand why buy at Asking price is failing with error message = “invalid stops” where SL is lesser than Asking price, and TP is more than Asking price

I even manually input the numbers in where SL/TP is 25 pips away from Ask price, and it still failed!!

I can’t buy at limit price because if current price is less than limit price = invalid order; happens when price hit your OSP_Buy, and retrace - same logic goes for using ON STOP Price.

So I have to use buy at market when Asking price hit OSP_Buy.

Anyways, now I know I can overcome it by sending an market order, and modify the order with SL/TP when it goes into market.

1314

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

Officially replaced Sunday Breakout EA.zip with [B][U]Sunday Breakout EA (2 in 1).zip [/U][/B]

1315

If you were to run the EA in Strategy Tester, sometimes you would find that it failed for certain weeks consistently.

The error message is “Requested history data in updating state.” Error code: 4066. Took me sometime to realise this - I had to write a error logging file which interpretes error codes into error messages - if you were to rely on journal, it would say invalid order/parametres.

I have googled for this error, but couldn’t find any possible solutions. But I think it shouldn’t affect forward testing.

1317

I’ll try to post my chart later when i get back home.

My chart is actually GMT+3. Shouldn’t (hopefully) not much difference as the first 3-4hrs is not active, as Tokyo, London and US, hasn’t started yet.

So the 4HR candle is actually first 4 hours of of the trading week, right?

Just to clarify does the market starts at Sunday 2200 or 2000? (all in GMT)

1318

For this week’s GBP/USD trade, both my Buy Stop and Sell Stop has hit trading and both closed with a SL.

Also, the reason both was hit, is because i didn’t cancel my Sell Stop, when my Buy STop has gone in.

How about the others?

1319

Right, it’s the first 4 hours of the trading week.

The markets technically start at 2000 GMT, but a lot of brokers don’t start up until 2200. Either one is fine, since those first two hours are very, very low volume.

1320

OMG!! if I were to start the GBPUSD EA on tuesday, it looks like it has some profit, hahahaha~~

Note: I am demo testing my EA~ haha~

1322

The long trade should have hit the breakeven point so you should have moved your stoploss to equal your entry.

You followed the rules in leaving the sell stop in place after the long trade was stopped so dont feel bad about it. You only cancel the opposite trade if it hasnt triggered after Wednesday or if the total price movement has reached 40% of the weekly ATR.

I got one breakeven and one loss this week for the record.

1323

Same here, and I have a long entry in EURJPY