So this is the “evolved” Daybreak right? Have you abandoned Daybreak Pipwoof?
I thought Daybreak was pretty profitable. Why complicate things?
Hope this strategy will turn out more profitable for you.
Thanks for sharing.
I do not understand your system, can you explain how your system works
if you check in on the daybreak thread, you will see that i am still active and will continue as long as there is interest. daybreak was designed for those who cannot watch the markets. as published, it is a “set it and forget it” method. triple threat is an exit strategy, not a new daybreak level, separate from and not connected to daybreak. as i have pointed out in the initial text, it might be used with any entry method. i chose to couple it with daybreak because i understand and support the entry method. but, since stops are moved as the market moves, it requires at least the ability to look in on the market periodically.
so, we have something (daybreak) for those who want to set their entry stops in the evening, stateside anyway, look in on the trades before work, and are unable to check in during the day. and we have something (triple threat) for those who are fortunate enough to be able to watch the markets.
appreciate your post and the opportunity to clarify those matters.
aliando, it’s true, this exit strategy is a bit more complicated than most of us are accustomed to. it may take several reads of the initial posts and examples to get it. and, it may not be something for everyone. i do think the explanation and examples cover everything. in fact, my first post went over the bp limit on words, so had to use a second post.
rather than just repost what i’ve already written, perhaps i can address something more specific. is there part of it you understand and part you don’t? do you understand the entries and that you might use this exit strategy with some other entry method? do you understand that lines are drawn at all the quarter levels? give me a place to start and i will make every effort to walk you through it.
july 16
we had short signals in all pairs
g/j short @ 123.15
initial stop-loss set at 123.50, risk -35 X 3 = -105
tp on pos 1 set at 122.75, potential +40
g/j, pos 1 took profit @122.75, +40
pos 2 achieved air by touching down to 122.50, then backtracked to be taken out at 122.75, +40
pos 3 still open, moved stop to 123.00, +15 locked in
a/u short @1.0218
initial stop-loss set at 1.0250, risk -32 X 3 = -96
pos 1 tp set at 1.0175, potential +43
a/u, not enough movement to trigger tp or protect the other 2 positions.
it is monday. discretionary trading required.
after a move down to 1.0203, rather than take the risk of -32 by leaving stops at 1.0250, we move stops to 1.0225, decreasing our risk on these three positions to -7. because it is monday.
all positions taken out at 1.0225, -7 X 3 = -21
a/u now flat
e/u short @ 1.2233
initial stop-loss 1.2275, risk -42 X 3 = -126
pos 1 tp set at 1.2200, potential +33
e/u, pos 1 tp hit, +33, stops on pos 2 & 3 moved to 1.2225, locking in +8 on each position
pos 2 achieves air at 1.2175, pos 2 stop moved to 1.2200, locking in +33, pos 3 stop stays at 1.2225
pos 2 out at 1.2200, +33
pos 3 out at 1.2225, +8
e/u now flat
g/u short @ 1.5565
initial stop loss 1.5600, risk -35 X 3 = -105
pos 1 tp set at 1.5525, potential +40
g/u hits tp at 1.5525, +40
stops on pos 2 & 3 moved to 1.5550, locks in +15 on each remaining position, because its monday
price moves to 1.5550, pos 2 and 3 taken out, +15 and +15
g/u now flat
summary
g/j +40, +40, one position still open
a/u stops hit at 1.0225, -7 X 3 = -21
e/u +33, +33, +8
g/u +40, +15, +15
total: +203 with one position still open with locked in profit
edit as of 9:20 am cst, gbp/jpy reverses and last position is taken out at 123.00, +15
new total for the day: +218
Interesting idea and strategy. For me simple and looks pretty profitable. I will give it a try.
Thank you very much for sharing pipwoof. Keep us posted.
big, i appreciate the good words. check it out. hope it is something that will help.
how to determine bp limit?
hi pipwoof, love the triple threat and day break mate! I read this post last wednesday and loved it, so on thursday i tried it out and all 4 pairs hit the TP, friday and monday a bit quiet but I’m loving today so far! I’ve only been trading since Feb this year and I’ve found some good strategies and good ideas on when to get in to trades, but this is one of the few things I’ve read about finding a way to get out of trades. I love it!!
One thing I’m not sure of is what you said in #25 about the short signals - my broker doesnt give me Sunday info so I generally take Monday pretty easy - is this Sunday info where you got the short daybreak signals from??
Thanks mate, really good of you to share this.
adam, thanks so much for the positive feedback. i do hope this does a great job for you.
keep in mind that the bars which define a “day” will be determined by your platform. unless your broker happens to be on the same time as mine, you will come up with different entries and exits. look through post 25 to see my entries and exits yesterday and you can gauge how close your platform numbers are. i presently use multiple accounts with two brokers. oanda’s platform is on eastern time. being in the central time zone, oanda’s day for me is 11PM to 10PM. The IBFX day is on GMT and that is 7PM to 6PM for me.
all the results in this thread and in daybreak are using ibfx data. ibfx typically transmits one or two bars on sunday and i use these for entries on monday, but i require +/- 11 pips to take the trade. also, monday is typically a slow day and many traders stand aside. on mondays and fridays, i am jumpy and quick to get out of losing trades and just as quick to take a small profit.
hope this helps. best wishes for your successful trading!
Read more: 301 Moved Permanently
tapai idk yo balas pantek ko cubo la kasih penjelasan yang benar iko idk jelas
btw, adam, if you want to trade on mondays, you might try this. i have no results data on this idea, but observation indicates it may have merit. start with your open on monday and enter at +/- a determined number of pips. i think somewhere 12-20 pips might do it.
july 17
g/j buy 123.36.
position 1 hits target at 123.75, +39.
judgment is called for on remaining 2 positions. either set sl at 123.50 to lock in +14 or 123.25 to risk -11. my call is to set at 123.50.
both positions taken out at 123.50, +14 and +14.
g/j now flat.
a/u buy 1.0259.
position 1 hits target at 1.0300, +41.
stops on pos 2 & 3 set at 1.0275.
pos 2 & 3 remain open with a locked-in of +16.
edit: while writing, a/u fell back to take out pos 2 & 3, +16 and +16.
a/u now flat.
e/u buy 1.2289.
initial stop-loss set at 1.2250, risk -39 X 3 = -117.
after rising to a high of 1.2315, judgment indicates to move initial stop to 1.2275, reducing risk to -14 per position X 3 = -42.
all positions closed at 1.2275.
e/u flat.
g/u buy 1.5654.
use some judgment here. price rose to a high of 1.5676.
wisdom suggests tightening the initial stop to 1.5650.
all three positions closed at 1.5650. -4, -4, -4.
g/u flat.
note: on both the e/u and the g/u, when we see a runup that subsequently fails, we wouldn’t try to capture the pips at the high, but we would want to protect our positions and keep them out of a loss.
summary:
g/m +39, +14, +14
a/u +41, +16, +16
e/u -14, -14, -14
g/u -4, -4, -4
total: +86
you can see that i tend toward the conservative decisions. hold on to the pips. if we get out and end up missing a big move, well, tomorrow’s another day.
I appreciate you taking the time and explaining the system. I liked your idea and coded it to test it. I ran it on GBPUSD for 18 months and it lost 55%. I started with 10,000 and at the end it had 4,500 left. I used 1% max loss per trade. All the results are at the link given. May be I missed something, please have a look and advise. I did not use any discretion at all. I have complete request for your work but wanted to check my results with you and definitely I mean no disrespect. I appreciate all your contributions.
I am new so unable to post a link but feel free to look it at Myfxbook and search for tffatm member and look it under my strategies, its name is DayBreak.
Thanks
farruk, i do appreciate your efforts. frankly, i did not expect anyone to take on the prospect of managing these variable stops with an ea. i knew i couldn’t do it and i didn’t know anyone i thought could. so, my hat is off to you for tackling it. since you covered the same period of time as i covered looking by hand, i must conclude that the error is on your side. i suggest you take a look at some individual trades and compare what i am getting by hand with what you are getting by test. when testing, it is important to look at specific trades and see if they actually came down the way the ea said they did. i will give you a few specifics from gbp/usd:
5-1-12 sell 1.6218, tp +40, air +15, retrace +15
5-2-12 sell 1.6184, tp +30, air +30, retrace +30
5-10-12 buy 1.6156, tp -30, air -30, retrace -30
4-2-12 sell 1.5993, tp -10, air -10, retrace -10
4-3-12 sell 1.5976 tp +25, air +75, retrace +75
4-10-12 buy 1.5913 tp -40, air -40, retrace -40
or, check these gbp/jpy trades:
5-17-12 sell 127.65, tp +60, air +110, retrace +110
5-31-12, sell 122.22, tp +70, air +170, retrace +120
4-10-12, sell 128.81, tp +30, air +30, retrace +30
4-17-12, buy 128.31, tp +60, air +160, retrace +210
these are trades that are very clear just looking at the charts, no discretion involved. see if your test replicated these outcomes. it would help if you posted the ea so those with some programming knowledge can look into it. also, in the daybreak thread, jdog has begun work on an ea, not using the triple threat stops, but coming up with some positive outcomes.
send me a few more messages and you will soon be able to post a link.
I will check these results and nothing is impossible to code. I read your both strategies last night and it took me 4 hours to code it. I will check your results. Let me tell you my assumptions or how I understood it, I can modify it as you do it manually, I can add the discretionary actions as I learn to understand them too,
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I understand that profit on first position can not exceed more than 49 Pips, so how come you say
g/J 5-17-12 sell 127.65, tp +60, air +110, retrace +110
As I do not start to trail till first position hits profit target. Also only first position has profit target set Air and Retrace will hit stops. -
My program can take Buy and Sell Trades same day if both conditions hit, do you do that?
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After first trade’s profit target hits, I move Air and Trace’s STL to at least 25 Pips.
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After reading your 7/17 results I have added, if Profit on open trades is 20 Pips, then I move STL 25 Pips to tighten stops.
5/17 GBPJPY via EA
TakeProfit +40
Air +40
Trace +215
If you look attached image carefully and look one minute data or 5 minute data you would see the Air was also closed at +40, as during one hour price moved back to take it out, however Trace made lots of money.
farruk, i do apologize. you are absolutely right on those tp’s. don’t know why, but last night i was looking at 40’s and writing down 60’s.
5/17-12 sell 127.64, tp 127.25, +41
5-31-12 sell 122.22, tp 121.75, +47
4-17-12 buy 128.31, tp 128.75, +44
however, looking at the 5" chart for 5-17-12, i don’t see a place where air or retrace would have been stopped out until 125.50. the closest they came was the 12:00 bar with a high of 127.23. at that time, stop was 127.25. then, air continues until stopped out at the 16:40 bar and retrace goes into the next day where it is stopped out on the 9:50 bar. this would mean they actually caught +210 each. another error on my part since i showed them at +110. do you agree? no doubt my hand studies have mistakes. i only hope the errors in favor of the system are balanced by those the other direction.
for looking back, i only took one trade per day.
may be wrong, but finding these mistakes on my part still doesn’t seem to account for the dramatic difference in results. your capabilities with programming are obviously excellent and i will work with you to find the discrepancies. thank you for your contribution.
no trades today in g/j, e/u, or g/u
a/u long 1.0319, hit tp 1.0350, +31
holding pos 2 & 3 with stops at 1.0325