There’s no need to add the spread to the stop loss, at least with my platform you don’t have to…
looks like short side will be a lost? anyone closing it now?
why call it a loss so early on?
anyway i am aware of impatience being my major obstacle to a good trade… so i will just let the pending orders do the management of this system
i also have a question about the ATR reading; if i understand correctly, this week, you use the 7th of june 20:00 GMT weekly candle. In my case, it reads 0,0616, so a TP of 308 as opposed to the 248 stated above?
opps, I forgot this is mechanical trading…looking at the price every 10 mins spooks me lots!!
You have to ask philip about it, he wrote the ATR thingy~ anyways, here’s the code that does the job in his original code~
tf=10080;
double curr_high = iHigh(Symbol(),tf,0);
double curr_low = iLow(Symbol(),tf,0);
double curr_range = (curr_high - curr_low)* MathPow(10,Digits);
double prev_high = iHigh(Symbol(),tf,1);
double prev_low = iLow(Symbol(),tf,1);
double prev_range = (prev_high - prev_low) * MathPow(10,Digits);
double ATR = (iATR(Symbol(),tf,period,0))* MathPow(10,Digits);
double iATR( string symbol, int timeframe, int period, int shift)
Calculates the Indicator of the average true range and returns its value.
Parameters:
symbol - Symbol the data of which should be used to calculate indicator. NULL means the current symbol.
timeframe - Timeframe. It can be any of Timeframe enumeration values. 0 means the current chart timeframe.
period - Averaging period for calculation.
shift - Index of the value taken from the indicator buffer (shift relative to the current bar the given amount of periods ago).
True, but looking at daily charts, it’s something like on a upward trend, but there happen to be a sharp pullback?
So I am a little wary of taking short trades…
yep, going up… :’(
think I am going to move the SL to BE now,
it shouldn’t be retesting the OSP Sell line so much 1.6381
helps me sleep better~ 
ETA:
opps, I got stopped out!! If now it drops 300 pips, I will kick myself!!
ETA:
re-entered the short trade, so if it hits the profit target, I would be 28 pips short of winning the full
Phil-
I can’t open your attachment showing the Weekly ATR(14) indicator, can you please explain how you get it?? Using IBFX. Thanks!
So whats your new stop at?
This is frustrating, I could have had an 80 pip profit. If I was awake and closed that trade earlier. It’s a bit hard not to close the trade with profit when it looks like you will go negative. Ah well need to learn self control anyway 
This is also to s050399b. My advice would just be to calm down a bit and let price do what it’s going to do. If you start ending these trades early, you’ll eventually miss out on some big winners. You’ll need the big winners to balance out the losing trades with this system.
When you have a profitable system with a 30% win rate, to trade it you have to become okay with the losers. Just know that in the long run you’ll come out ahead. In fact, the main reason I’m trading the Sunday Breakout (aside from making money :D), is because I think it will help me get used to accepting losing trades, something every trade needs.
Same stop as previous, so it means I have a bigger risk!! haha!!
self control? by not sleeping?..
what other system do you trade?
Well, no big deal. I wouldn’t sweat it, noone trades a system perfectly from the get-go. I’m starting to think that the less you stare at a trade, the more self control you may be able to have. I went on a 4-day trip last week and had one of my best weeks, I was in front of a computer for a total of probably one hour!
So, yes, get some sleep. I had a good night’s rest last night and it turned out exactly as it would have had I been in front of the computer all night.
I guess you could consider me somewhat of a phil838 copycat (by chance only!). I trade his Sunday breakout and Nick B’s scalp lines. I’m working on reversals and trading major scalp lines on other pairs as well (so far so good).
Lavaman’s right. If you guys end up closing out the winning trades as soon as they come into profit you’re going to lose money in the long-run!
It’s not about winning or losing individual trades, it’s about making money. If you close them early you’ll win more trades, but you won’t make money because you won’t have the big winners to cover the losers.
Sometimes this system will go a month or more without a winner, and then you hit a big win that makes up for all the losers, plus a little profit to spare.
If you’re going to change the rules of the system that’s great, just make sure you backtest and forward test it on demo before you trade real money. I can 99% guarantee long-term success with this system if you follow the rules, but I have no idea if it’s profitable or not if you don’t!
Pieterce,
The weekly ATR is based on the last 14 weeks, not just the previous week.
I know 14 weeks is a weird number. I chose it based on the fact that I tested out lots of different values for the ATR and 14 simply worked the best over the last few years of backtesting.
I don’t have any clue as to why 14 worked the best, but it did!
Are you unzipping the file first? Babypips won’t let you post indicators directly, so it’s in a zip file. You’ll need a unzipping tool such as Winzipto open it.
After you unzip it put it in the \experts\indicators folder in your MT4 installation, restart MT4, and it should work.
I am not using a MT4 platform, but my broker does have some build-in indicators, including the ATR.
I set the ATR parameters to 14, as stated. So that should not be the reason for the difference
So were is the mix up…
Which ATR value do you look at? i assume the one corresponding with the SundayGMT20:00 weekly candle after closing?..
Hi Phil,
are you still in the trade?
It’s still going down, right now it would be ~80 pips profit. I took the SL out and let it ride:D.
Oanda supposedly you can set now Trailing Stops and I am looking into it since it would be good to go for a TS ([B]T[/B]railing [B]S[/B]top) if you don’t want to watch it always.
[B]Patience is a virtue[/B]
I’m still in the trade though tempted to take the 120 pip profit. So since the 2x SL was hit for me I should move the SL to break even?