If you’re buying and selling at the same time you haven’t understood the rules correctly. You buy when price breaks above the range of the sunday candle. If price retraces you will then get stopped out AND THEN you sell short when price breaks below the range of the sunday candle. So you only ever have one position on at a time.
I am using FXCM trading station. It doesn’t have too many features. I am studying a demo MT4 from IBFX right now. I think I understand what you mean now. For using this stragety, we need make a pending order. Hedge problem is what I get when I do Instant Execution. But there are 4 types of pending order there, which one I should for long and short? I always get Invalid S/L or T/P. I know I maybe choose a wrong type. Could you help me? :o
I believe it’s called Buy stop and Sell stop, just play around with it… you’ll get it
Phil,
I have got myself a google wave account, do you want to try if it meets your requirement?
msg me,
I would love to try it. Let me know more. Thank you!
Here are my trade calculations for this week (I use an IBFX live mini account):
GBPUSD
ATR = 389
trigger_high = 1.6728
trigger_low = 1.6698
BUY @ 1.6728 + 10 + sp = 1.6742
TP @ 1.6742 + 194 = 1.6936
SL @ 1.6698
breakeven @ 1.6742 + 88 = 1.6830
SELL @ 1.6698 - 10 = 1.6688
TP @ 1.6688 - 194 + sp = 1.6498
SL @ 1.6728 + sp = 1.6732
breakeven @ 1.6688 - 88 = 1.6600
EURJPY
ATR = 350
trigger_high = 134.03
trigger_low = 133.59
BUY @ 134.03 + 10 + sp = 134.17
TP @ 134.17 + 175 = 135.92
SL @ 133.59 - 10 = 133.49
breakeven @ 134.17 + 87 = 135.04
SELL @ 133.59 - 10 = 133.49
TP @ 133.49 - 175 + sp = 131.78
SL @ 134.03 + 10 + sp = 134.17
breakeven @ 133.49 - 87 = 132.62
alright im all set up on GBP/USD, how’s this system working out for you Dust?
i am going to start trading this method on demo for a couple of weeks. i like the simplicity of this system. This might be good for me considering I still work for a living and cant trade at work.
i am going live with a trading account this week or next week depending on what sets up well(with different system). I’ve been demo trading for about a year to this date. i used to daytrade stocks. love this forum. wish me luck. 
So far so good but I’ve only been following it for about 3 weeks now. The first two weeks I had profit and last week there was good profit on paper but then both reversed to hit breakeven stop. I want to take a closer look at what happened last week … I think I should have used trader discretion to close the trades while they lingered in so much profit. They had some pretty obvious reversal candle patterns I think, and it seems dumb to just sit there paralyzed because I’m following the system rules. Or is it? I guess I have to make up my mind… do I grab a couple hundred pips on the table and be happy? Or do I keep hands-off and let it work as a completely mechanical system? I know the backtesting would’ve been completely mechanical. But in some cases I think discretion could be warranted… what do you think?
Hey dusktrader,I’m new to this thread and the world of forex.I’ve gone through the school and two of phil’s threads and some of james16 3700+ page thread.my point is I’m EXTREMELY new.I find your question legitimate and interesting.I would like to hear phil’s(or perhaps the guy’s that references the james16 thread from time to time)thoughts on the issue.anyone else have some thoughts?ps.thank you phil and all posters old and new for providing me with such an interesting learning vehicle!!!
Well,
In my opinion you should not close the trade earlier… the backtest shows that this system is profitable… so you could make some pips closing earlier but if you do that all the backtesting result with profits will be gone, and you cant relly on them anymore… you could also close earlier some big winner!!!
I agree, its not good to close early. Benefitting fully from the winning streaks is crucial for this system.
This system is actually very difficult to trade consistently. The first 4 - 5 months of Phil’s backtest went down 30%. Who can honestly say that during those months they would not have given up and looked for something else.
I havent had much luck so far to be honest. I started two months ago and I’m currently sitting on 90% original capital. But I’m not giving up. This is definitely a long term strategy.
Two losing trades this week 
Someone above asked about the idea of taking a third trade if the first two stop out (whiplash). So far I’ve seen this happen a couple times, and the third trade would’ve worked. I’d like to work on backtesting that theory myself, because I think it could have some merit.
PS: unrelated sidenote… just got an email from IBFX saying they’re lowering the fluctuating spreads on GBPUSD and EURJPY… now as low as 2 pips vs. old spread as low as 4 pips.
alright, it triggered both my long and short. Long was triggered first then went back down to my Stop so that’s a bust. and then that triggered my Short then it went back up!! what the hell! Sometimes the sunday candle is too short, so i think that’s my problem…cuz 10 pips on top is still not enough. I’ll try 20 or 25 pips top and bottom next time, see what happens
Hmm, i see much has happened since last time i placed my eyes on this project, and that i stoped stoped updating my bot version … etc, I had alot of work to do, and some stuff changed in my own life so i kind of decided to quit developing it.
Anyway i still think this is a good strategy and idea, so since im not gonna develop my own, i can lend a hand on any programming stuff, i read that s050399b needs help debugging and doing further implementation.
In case he or phil are interested reply to this message, and say what you guys need to be done and were is the source.
Hello, Phil838, and other contributors of this thread.
I read about this strategy (it is first one for me of this kind) and also about 20 pages of the thread. And I haven’t found answers to my questions anywhere, I quess those things are quite obvios for everyone, but, eh, not for me.
So if any of you guys have some spare minutes, please help me with few answers.
First of all, I want to say I started to read about this strategy on last weekend, and decided to try it on Sunday. I opened a position as entry rules say, but unfortunately price hit my stop loss. Here is the chart:
And the questions are:
-
I understud how is SL set, and when is price moved to break even, but could you explain me how to know the real profit target (that is up to break even)? Does it have something with ATR? Because I am not sure what for do we need ATR.
-
Second, I don’t understand, when we should open another position? Do we do that only when we lose with our first trade? And maybe we open a position as soon our first position meets Saints?
Thank you,
Albinas
[B]Thank you for the files could you let me know where to install the non ea files
even better where all the 4 files should be installed?
[/B]
Here are the trades I’ve calculated for tonight Nov 22nd:
GBPUSD
ATR = 394
trigger_high = 1.6504
trigger_low = 1.6473
BUY @ 1.6504 + 10 + sp = 1.6518
TP @ 1.6518 + 197 = 1.6715
SL @ 1.6473
breakeven @ 1.6518 + 90 = 1.6608
SELL @ 1.6473 - 10 = 1.6463
TP @ 1.6463 - 197 + sp = 1.6270
SL @ 1.6504 + sp = 1.6508
breakeven @ 1.6463 - 90 = 1.6373
EURJPY
ATR = 343
trigger_high = 132.21
trigger_low = 131.88
BUY @ 132.21 + 10 + sp = 132.35
TP @ 132.35 + 171 = 134.06
SL @ 131.88 - 10 = 131.78
breakeven @ 132.35 + 85 = 133.20
SELL @ 131.88 - 10 = 131.78
TP @ 131.78 - 171 + sp = 130.11
SL @ 132.21 + 10 + sp = 132.35
breakeven @ 131.78 - 85 = 130.93
A question for Phil838 or anyone who may be able to speculate: What is the significance of using the Sunday 20:00:00 4H candle as the basis for calculating entry levels?
I am developing my own system using similar rules, and I was wondering if there was any special reason to use this candle as opposed to, say the Monday 00:00:00 candle. I have an EA I would love to back test over a couple of years, but Alpari data doesn’t include the Sunday candle, and IBFX 1M data only goes back a few months (unless I am mistaken).
- Rick
I can speculate, but I’m not 100% sure. My guess is that he used the close of the 20:00GMT candle because this was the earliest candle he could find on a broker feed. I think the theory of this system is that an early indication of direction might be given by that candle.
PS: The 20:00 GMT candle corresponds to 3-7 PM Eastern (New York) time. My broker (IBFX) does not start streaming new prices until about 6:00 PM Eastern, so that means the 4-hour candle shown on IBFX only contains about 1 hour of information anyway.