CloseAtProfit.zip (2 KB)CloseAtProfit,ex4.zip (11.1 KB)
i’ve been using this ea to close basket trades when they get to a profit level. it will also close all pending orders. set the second line, “profit to close,” at -1.
Rpotor, Seems EAv3.19 works better With the EAv.20, my EJ buy at 96.99, TP 97.250 was close but the 1st and 2nd Air levels were not closed .Same for GJ buy at 126.614 TP at 123.000 with the other 2 leveld not closed. I have to manually close them. these need to be fixed
Pipwoof, first of all, thank you for all the hardwork and the backtesting you did with this strategy and daybreak. It looked promising but as I have always been shown in a hard, sadistic way, backtesting has NOTHING TO DO with live demo.
I have backtested tons of systems which looked like they would turn one into a millionaire (including DB and TT), but when switched to live (even demo) they all backfired.
Of course on live other factors come in…like accuracy of execution, trader’s psychology, ability to handle the actual trade once you’re in it (not letting a winner turn into a loser and so on)…
Without any publicity intended whatsoever, there is one thread here, which was started by a trader who also runs a Forex Online School type of business, but has been straightforward since the beginning with his readers (unlike the late David Jefferson here on the forum…btw I hope nobody paid money to that guy)…which in my humble opinion is the purest form of trading forex.
Pure price action, clean charts…NO INDICATORS…and only high probability set-ups…
Oh…and he’s not bull****ing you…like you can become a millionaire with a 1000$ account :)…
You should try it…
Well, it appears that this week was one for the market. Though, its only that, one week.
My results for this week follow ;
TT trading e/u, g/j, a/d:
TT = -522.4
TT w/base x2= -622
TT w/RT x2= -1017
Inverted TT ;
ITT= +338
ITT w/base x2= +278.9
ITT w/RT x2 = +577
All data based on live trading account with Oanda using fxtrade platform. I will continue to track my trade results. I’d like to see the long term work itself out this month. Then, we would have two months of actual trade data to work with instead of back tests.
The hybrid to TT and ITT that I have come up with would work well if you have hedging capabilities. Sadly, I don’t. So, I watch and take notes. Maybe I’ll post it soon for those of you comfortable hedging that can.
have to leave shortly. will have more time later to address a few matters. with the rough start in august, i am in no position to be highly vocal, but there are some things…
we went through an era where indis were the rage and everyone thought they were going to get rich quick by entering when stoch or rsi crossed the line. now, we have a popular movement to eschew the indicators and the new buzz is “price action.” just so we’re clear, price action IS an indicator. you are backtesting. backtesting is not everything, it is the only thing. we do not see the future, only the past. you are not in the market when you are looking at price action, you are in the process of deciding whether to enter the market and you are looking for an INDICATION of what to do. all indicators are mathematical summaries of history, current bar, 1", 10", or years, you are looking at HISTORY and the indicators, whatever you call them, are simple-mindedly attempting to determine if any probability of directional movement can be made.
i have read every obscure, convoluted, cloaked in mystery word of certain authors on this and other websites who may not know how to trade, but they know how to keep people hanging on with the notion that they “almost have it… just missed a point here and there… keep studying.” you will notice my conspicuous absense from membership in those threads. i have also read more honorable writers and, just to be clear, i do believe jonathan fox is one of those.
i don’t know if db with tt will be one that makes it. the geek squad at best buy can’t seem to get the viruses off my crystal ball, so i can’t see tomorrow. i do like the joke about the trader who was so bad you could give him tomorrow’s wall street journal and he would still lose money. db with tt is just an approach to the future based on what any one of us can see in the past. maybe no better or worse than others. for me, i have found methods, systems, and indicators that help me trade. they need monitoring and revision, but they do the job they were designed to do, if you understand it. there is no one way to trade and, imo, we should all be diversified across pairs and trading methods. one last thought, the more popular an approach becomes, the more i stay away from it.
True words of wisdom pipwoof, I would add that position sizing method is more important than the strategy, lots of money have been made with Donchian channels and RSI divergences for example. And not to forget that the trader makes or breaks a system. Give a bad strategy to a good trader and he will be profitable with it. Give the best system to a loser trader and he will terminate the account.
I agree. Position sizing is a key factor in not parting with your capital. This has to stay consistent if your strategy is to have a fair chance at working out. Having the discipline to follow your trading plan rules is key. Yes, that may be cliche but its true. Its difficult not to tamper with things, I know, I’ve done it. We all have.
I’ve been popping in and out of this thread so I may have missed some things, and per usual I have some newbie questions:
First about the TT method itself, are Sunday’s just off limits and tossed aside? IIRC, Monday uses Friday data +/- 11 pips, so it appears that Sunday just doesn’t matter?
Now for some general questions, it seems that for the past week this method has been getting… not such great results. Poseidonn mentioned earlier that backtesting methods often fall flat when it comes to demoing. How is this possible? Is backtesting a program that can be run based on a strategy you input? How does backtesting work? If it’s not a program, does one have to go through the raw data themselves (in this case 18 months sounds very intense) and number crunch themselves?
Yeah, Sundays kind of depend on your broker data. I have been using Oanda. So, I have a fair amount of data and just use the highest and lowest points from Friday and Sunday.
I believe Pipwoof did the 18 months with an excel spreadsheet and and paper and pen. So, highly labor intensive. I did a couple months with a spreadsheet and my platform running. I had good results with the backtest and a week of demo trading before going live very small. This week just seemed to be a bad week.
I am tracking the system and a few tweaks to it at the same time. It’s looking promising to me.
I am always in an expectation of a better tomorrow.
Any how, NFP day also left behind.
Here the results
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Daybreak with TT exit
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GJ Short -38,-38,-38
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EJ Long +26. (Air & Retrace locked +1 each and still open)
Total -88 (Without locked Profits)
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London Break with TT exit (Read post # 291)
GJ Long +38, +13, +13
EJ Long +26. (Air & Retrace locked +1 each and still open)
Total +90 (Without locked Profits)
Total for this month (Without locked profits)
- Daybreak with TT exit (Live) -829 pips
- London Break with TT exit (Demo) -265 pips
i want you all to know that i appreciate the levels of intelligence, maturity, and positive outlook we have seen on this thread. i have been startled by some of the things i’ve read on others. thank you for your contributions to one another and to me. we should know what our chances are and, at least according to some, getting into harvard law might be easier. i do believe we change the odds in our favor when we get our minds together like this. we create a synergy and become more than the sum of our parts.
you are always right to be skeptical, always right to ask the hard questions, and always right to consider alternatives, both on this thread and elsewhere. i am grateful for any commitment you make here and recognize it when you not only ask the questions, but invest some of your effort in finding the answers. it is easy, isn’t it, to throw out a bunch of questions, criticisms, comparisons, and challenges, then, just move to another thread. one can always come back later if he finds out we’re doing well.
good minds, good attitudes. if we can’t make it work here, the thread will die a natural death, as it should. i believe the premises are sound, wouldn’t have published it if i didn’t. the research for daybreak was uncomplicated. program a spreadsheet to look historically at yesterday’s extremes, subtract today’s close. it doesn’t get much simpler than that and is on par with my mental agility. even allowing for the limitations of a spreadsheet, it yielded positive results. not in all time periods, but at least for the six and a half year test period ending in june of this year.
applying tt exits to db was more involved. i can’t program mt4 and couldn’t figure out how to get a spreadsheet to move those stops around. i am no stranger to pulling up a chart and seeing the results of some possibly misguided idea. in this case, i set it on hourly bars. when in doubt and when i had enough data, i reduced the timeframe to check what came first, the stop out or the continuation. when the data didn’t go back far enough, i guessed. so, you frame up a chart in your screen to see yesterday’s high and low and all the bars for today. from the appearance of one-hour bars, did it go long or short? what would have been the entry point? did it hit initial stops? where did each exit method get stopped? write it all down and add it up. that’s what you see in post 2 for eighteen months on four pairs and in a later post for another pair.
i suppose it takes about 2 minutes to do that business for each day X about 20 days a month X 18 months X 5 pairs / 60 minutes = say, 60-70 work hours. before you do that for yourself, overview this approach and develop a ballpark opinion about the merits of it. also, consider that this is a demanding trading method, especially in the absence of certain automations. is this your style and are you up to the personal sacrifice? if you think it might be worth it, repeat the first sentence in this paragraph. i don’t mean say it, i mean do it. for real? absolutely. don’t you want to check and see for yourself? how do know you i’m not lying like a rug and just trying to lead you toward some pay per view chatroom? don’t look me in my bloodshot eyes and tell me you’re serious about this business if you won’t do the work.
it’s easier than you think. it’s an open book test and all the answers are provided for you. start with eur/jpy. work that first month, jan '11, and see if you don’t come up with around +900 pips net. if you have the heart of a trader, you’ll want to get to next month as soon as possible. you’ll be disappointed that february hardly made anything. forge ahead through march and see if you find about +1,200 pips. if you don’t get these results for yoursef, call me a liar and wad up your paper. you’ve spent a couple of hours and saved yourself a lot of grief. if you do confirm and are right for trading this approach, you’ll get excited and want to see what next month brings. “dinner? ummm, one more minute here, sweetie. yeah, i know the movie’s about to start, i’ll be right there.” you know you should be trading when you just can’t leave it alone.
will db/tt be one of those that helps us reach our goals? was it will rogers who said, “the future will be just like the past, only different”? i know it was yogi berra who said, “the future ain’t what it used to be,” and dan quayle who said, “the future will be better tomorrow.” i think august and september will give us what we need to know. stay on paper or stay small. in your live accounts, diversify across methods and pairs. you have a better chance if you are out of the box and nimble.
db/tt is a way of looking at trading. that’s all it is, no magic. it is a tool in a familiar effort to project the future based on the past. time will tell if it is at all effective. but, it is out in the open and based on history that we can all see for ourselves. there is no “pure” form of trading and charts, cluttered or uncluttered, are just a trader’s way of trying to guess what might happen next. it is illogical to conclude that projections fail at the point where we complete our studies. if the universe worked that way, we would have unmanageable chaos and our cars wouldn’t start the day after we bought 'em.
btw, i looked up my previous log-in to bp. joined 10/24/07 and posted three times in four years. looking at how wordy i am, can you believe i kept quiet for so long?
The hybrid to TT and ITT that I have come up with would work well if you have hedging capabilities. Sadly, I don’t. So, I watch and take notes. Maybe I’ll post it soon for those of you comfortable hedging that can.[/QUOTE]
Hi PipWirght, Can i know what is TT and ITT? stand for? Thank you.
Hi PipWright, What is TT and ITT? stand for what? Thanks.
having the kind of thread where i can’t revise posts 1 and 2 with current information makes for a little difficulty. i have adapted by making a directory of some of the major topics discussed throughout the thread and repost it periodically:
- Introduction, explanation, examples and results: Posts 1 & 2
- Chart example, detailed trade step by step: Post 7
- Using judgment to depart from strict rules: Posts 17, 69, & 108
- How to define “day,” platform and results differences: Posts 5, 31, 123, 137, 148, 149, 152, 155, 157, 164, 194, & 195
- July summary of all trades, posted for comparison: Post 208
- Demands on personal life to trade the method: Post 83
- Indicator, Forex News Market Clock: Post 167
- Re-entering trades that are stopped out: Posts 111, 113, 247, 255, 259
- EUR/JPY, results for a new pair: Post 115
- EA & RPOTOR: Posts 89, 93, 94, 100, 106, 107, 159, 160, 166, 172, 175, 178, & 200
NOTE: The latest version of rpotor’s order entry ea is v3.21 and is available at this link: http://www.rpotor.com/forex/TTE/Dayb...ntry-v3.21.mq4
i suggest these posts as minimum reads for someone considering the method. they will go a long way toward catching up. now, i am feeling “word generous” today and sweetie had to go in to work. indulge me while i over-address some of your concerns.
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sunday is usually a slow day and most brokers provide little, if any, data for that day. results posted did not include any trades for saturday or sunday. monday trades are based on sunday’s available data. in my case, that is one or two bars, usually two, provided by ibfx prior to their 00 gmt opening bar. apparently, some are using friday and sunday data combined to base an entry. others, who have no sunday data are basing monday entries on friday or on a range from monday’s open. some are just skipping monday. hopefully, all are still on paper or at .01 or .001 trade size.
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i understand that few of you are as old and tempered as me and i try to be gentle. i mean no personal offense when i go after a post, though it is hard to separate the poster from the post and i see how it might be taken personally. my intent is not to be personal and i do hope that someone so addressed will rise to the occasion and join me in jousting our opinions. don’t be offended, just jump back with your own experience, data, results, whatever. i will expect some factual information and not just your religious testimony. i do mean to vigorously respond to an idea i think is wrong. the earlier comment was not that “backtesting methods often fall flat.” i could have taken the word “often,” totally agreed, and let it go. however, the comment was that “tons of systems,” including this one, had been backtested and, “they ALL backfired.” (my caps). i regret that the poster has had those experiences, but those are not my experiences and i just happen to disagree.
undoubtedly, part of the problem is that most people can’t be expected to understand statistical concepts like n size, curve fitting, probability theory, and degrees of freedom. i have found that even those of us who think we know what we’re talking about can get behind in a hurry conversing with someone who really knows the score. we run into promoters, well-meaning or otherwise, free or pay, who may or may not understand either. that is, they have good intentions and just don’t know why their stuff doesn’t work or they know damn well it won’t work and pimp it anyway. they end up with something that looks, in our poster’s words, “like they would turn one into a millionaire,” but, of course, they don’t. on the other hand, i have said previously that backtesting isn’t everything, it is the only thing. tell me what information you have other than past information. do you have future information? i don’t think so. you may be looking at the last tic or 10,000 bars of daily data, but you are looking at the past and that is all we have to make an educated guess about the future. that is my take on backtesting and my opinion is that the faults are with the application, not the fact that all we have to work with is the past.
- yes. to date, we lack an automated system to backtest the proposition. if you are considering trading it any time soon, you should replicate the “intense” work and validate it for yourself.
TT: Triple Threat as Pipwoof designed it.
ITT : Inverted Triple Threat - where you do the inverse of the original TT. (ie. Sell @the daily highs instead of buying & buying @ the daily lows instead of selling.)
Well put Pipwoof. Anyone who is looking for that free ride on a holy grail to riches will fail in trading even if they are handed a profitable system if they are not willing to do the work.
Yes, trading is simply but deceptively so. You still need the requisite knowledge and have to do the work to learn it. Otherwise, you will fail in your long-term trading goals.
Oh, I will test it… ;-)…thanks anyway.
i recognize a voice of experience and appreciate the post. we walk down many a blind alley and learn what not to do. as edison is credited, “I have not failed 10,000 times. I have successfully found 10,000 ways that will not work.”
I am not one to spend months testing a strategy and then go back and do more work testing a variation of that strategy when I could have tested the variation(s) at the same time.
I figured I would just post the results of all of my tests at the same time for all those interested. I can touch-up my spreadsheet today and post it on here for anyone to use, if there’s an interest. Also, I’d like another set of eyes for another point of view.
Anyway, i am interested with your ITT, seems profitable. By the way, have you ever heard of Jesse Livermore? According to his theory, when the price hit historical high, we can still BUY, but the theory of historical high applies only to shares market, i think.