wow! caught their breath, got a drink of water, and took off again. but, the only one to achieve a new quarter so far is e/u, penetrating 1.2325. standard tt procedure is move air stop to 1.2300 locks +130, retrace to 1.2250 locks +75. continuing my conservative positioning, i would take both stops to 1.2300 locking +130 and +130.
e/u just touched below 1.2300. may not see it on a one-hour bar, but it happened. my conservative strategy would have closed me out +130 and +130. the standard procedure for tt would have closed the air trade +130, but would still have retrace open.
this has been my remaining reservation about going live with this. been there, done that, tedious. entries are manageable with just buy/sell stops and calculated standard tt stop losses placed at the beginning of your platform day. for me, that would be ibfx at 7 pm, so i might miss 10 or 15 minutes of something on tv. not a huge sacrifice. many times, if we just left it this way through the night and looked in on it first thing in the morning and throughout the day, we would probably come out just fine. the only times we wouldn’t would be an early morning runup/down, followed by a big reversal. on those nights when i really don’t want to be up, i will probably do that. bobkat has also suggested limiting our trading to one or two pairs in order to cut down on alerts.
obviously, i don’t have a complete solution for the “infant,” but certainly wish we could find a way around it. at this point, i am a week or two away from what i would need to do. since my office is downstairs and on the opposite side of the house, i am looking at activating an additional cable/modem and buying another computer for an office down the hall. close enough i can hear the alerts from bed. reluctant, but heavily leaning that way. even now, i sometimes use fxalert to ring my phone at night for an ema crossover (cowabunga).
we really live in the wrong part of the world unless we are good with position trading. i have even found with my other methods that i can’t generate the pips unless i am willing to be up at 2 or 3 am for the london. of course, there are always network marketing opportunities and “buy this plan for $19 to make a million working from home two hours a day.” been there, done that, tedious.
Im with you, Pipwoof. I’ve been comparing oanda mt4 data to finfx mt4 data and there are noticeable differences in their data. Im not sure which I like better as of yet.
Also, I was looking at implementing the use of this on gold. I know USA clients typically can’t leverage it (unless you live abroad) but I am interested in how it would fit in.
The only concern I have is what price levels to use with tt on gold. Its spread is larger and it moves quite a bit.
can’t help you with the metals. my last metal play was short silver in the '80’s when the hunts were trying to corner it. certain they would fail, but my timing was, how you say, a little early. heh.
I started my EA yesterday and as it was not running from earlier so it took trades when started which resulted in small loss, not Strategy’s fault but when things moves like crazy at UK open, it was there to make some money also when I saw a profit of 27% in one day then I closed trades using discretion! Have a look;
You can see all trades by clicking here… still historically my results and pipwoof’s do not agree but I need to work with him to see his assumptions etc. Anyway a good system, I voted for it for July!
farruk, thank you for the vote of confidence and your continued efforts to make the ea work. tell me what you need to help. you might focus on those july results and, with the exception of those judgment calls, see how close you can get. i will look back and see exactly where judgment calls were made and let you know the basis for those. thanks.
Today was amazing and didn’t even watch may GY stops to get hit but stopped them already myself as I already got 600++ total pips on all triggered trades on live using a blackberry to trade.
Again… what a system pipwoof! WOOF WOOF!!! great job! and to add to that this is what i’m looking for to match my lifestyle. It’s now 1AM here in Manila and time to sleep soundly with a smile! 
Hey All,
I’m kind of new here and to Forex trading in general, but I found out about this strategy a couple of days ago (from the Babypips daily newsletter) and I’m fascinated by its simplicity. Started demoing it and I found it quite tedious to set up the pending stop orders at the start of the new day candle, so I said, I need to automate this. So I took the Daybreak EA from the Daybreak thread and looked under the hood and stripped it to the bare minimum. Thus my first ever MT4 EA has born. 
Since I have absolutely no experience with EA programming (only programming in general) this is a reaaaaally simple one, but I thought if I can find it useful, maybe someone else finds it useful too, or decides to upgrade it, or whatever. Anyway, what this “EA” does? You can set two things. “Lots” is the lot size for each pending order. “Delta” is how many pips above/below the daily high/low the entry prices should be put. After this is given, the EA puts in 6 orders for the currency pair you activate it on. 3 sell stop and 3 buy stop orders. Also it comments each order so you can see which one is which (I identified “Air” orders as “Quarters” and “Retrace” orders as “Half”, indicating the S/L “jumps”). That’s it. This EA does not do anything else whatsoever. It just opens the orders and then sits there smiling happily. Everything else is up to you. There are no “safety nets” in the EA. Which means it would only open orders if the current price is “between” the high and low of the previous day. It also doesn’t care about when you are running it, it just takes the current high/low of the previous day candle and goes from there. After the orders are set it is very wise to immediately remove the EA from all charts you have it open. Reason for this is that there are no “error checking” whatsoever, so if you close Metatrader and then log back in, the EA will happily put in the same orders again, which is not fun, really. Most likely it only works on the daily charts, I think if you try running it on any other timeframes, the time/space continuum will rupture and we all will die. 
Okay, so as I said this is an absolutely basic one, it can easily be said that it’s a beta version, there might be unknown bugs in it, but so far it works for me, since I usually go to bed when the new daily candle appears, so any of the above issues will probably not be a big deal, as I just fire the EA up on the 4 pairs, wait for the orders to open and go to bed. Anyone is welcome to upgrade it, or you can just use it as is. I assume absolutely no responsibility for any money lost because of this EA, I’m just sharing it because someone might be okay with the above limitations like me and be lazy enough to put up with them in the hopes of putting in the necessary pending orders as fast as possible.
Also of course a big thanks for pipwoof for coming up with the idea of this system.
Oh, you can download the thing from here:
(Ooookay, a link should be here, but the forum won’t let me include links in my very first post, but seriously it’s not fun typing this much and then getting this error. So, if anyone interested, link is on my profile as my Home Page URL.)
Update: Now I can post links 'cause I trolled my post count up to 5. Link is below, not on my profile anymore:
http://www.rpotor.com/forex/TTE/Daybreak-TT-OrderEntry.mq4
Also I’m not trying to be a wise guy here, but ummm, I think there’s a little bug in the strategy description on post 1. It’s absolutely not a big deal, I just really followed your initial example through and at step 6, something was amiss. Here’s what I mean:
In the previous step Position 2 S/L is 127.25.
Now, price is at 126.75
Position 2 S/L should now be set at 127.00 instead of 126.50, in fact, since the price is 126.75, you can’t set an S/L of 126.50 anyway.
Just saying because I was going nuts over this for a minute like “whaaaat”? thinking that maybe I’m not getting something and then I figured it out. If this typo was already pointed out then move along, nothing interesting here.
so, pat, how about christmas just every other day?
rpotor, you don’t know how pleased i am that someone actually took the time to study a detailed trading process! and, you are absolutely right, step 6 should say setting the new stop at 127.00. it is wrong in both the text and the narrative on the picture. but, bp won’t let me edit post 1. must be some kind of time limit on that or something. anyway, we will document it here and, if it comes up again, we’ll have the reference. thanks.
now that can be a thing of beauty. i am not terribly familiar with mt4, not even how to move things around. but, i opened it, compiled it, and saved it to one of my demos. think i got it installed correctly. it placed the short orders, no longs, and i don’t see any comments. it seems accurate. i especially noticed a sell stop at 1.2151 with a sl at 1.2100 and a tp at 1.2025. strictly speaking, that is absolutely on target. if you can get it to place longs, i should be able to get back to hell’s kitchen a lot quicker. thanks.
Well, my new daily candle just opened (I’m on Alpari UK) and I tested the EA again. It opened the pending orders flawlessly, longs and shorts too.
If it didn’t open any longs for you it might be because as I said it’s a bit dumb at the moment. Is it possible that when you tested the EA, the following happened? Current price was above the previous daily candle Low AND above the previous daily candle High as well. In that case, the EA would have no problem opening the shorts, but would not be able to open the longs, because it’s dumb and can only place Buy Stop and Sell Stop orders. Now, obviously in this case, Sell Stops would be placed, but it wouldn’t be able to place the Buy Stop, because we are above the previous daily high and it would actually need to place a Buy Limit order. Comments are fine on my end, too, I can only think about one explanation here, and please don’t take this as an offense, but are displaying comments turned in on your Metatrader? In the terminal window (where you can see your open and pending orders), you need to right click and in the popup menu click on “Comments”. If you already knew this “trick” then I dunno, maybe there’s really a bug in the EA that you just found.
Ummmm, you mean we have a sell stop at 1.2151, with an sl at 1.2200 and a tp at 1.2125, right? By my calculations those should be the correct numbers as per the rules.
That’s awesome, rpotor! Now all you need to implement is an expiration for each order and it’s good to go.
I ran it through a back test on mt4 using eur/usd and it took 10k to 46752 before tanking to zero. I know this is inaccurate because there is so much not considered on this test. Curiosity got the better of me and I had to run it.
ummmm, damn, i just can’t seem to get those long and short numbers right. heh. don’t worry about offense. when it comes to learning this business, i am virtually inoffensible. you were right on all points. now getting both long and short orders when appropriate and turned my comments section on. thank you for such an accurate diagnosis.
your order entry ea is a great contribution to the thread. it is the first working tool we have had and i add my appreciation to others who are learning the method. it was taking me close to half an hour to enter orders and, you know, with my propensity to get sl and tp reversed, i was prone to error. sincere thanks.
this is where we left things this morning as we saw the nice run.
update:
g/j buy 121.69, tp hit at 122.00 +30, prints above 122.50, air stop moved to 122.25 locks in +55, retrace stop at 122.00 locks in +30
a/u buy 1.0336, tp hit at 1.0375 +35, now printing above 1.0400, air stop at 1.0375 locks in +35, retrace stop at 1.0350 locks in +10
e/u buy 1.2170, tp hit at 1.2200 +30, prints above 1.2300, air stop at 1.2275 locks in +105, retrace stop to 1.2250, locks in +80
g/u buy 1.5551, prints above 1.5700, tp hit at 1.5575, +25, air stop to 1.5675, locks in +125, retrace stop to 1.5650, locks in +100 (note that this is not a strict rules tp, off by 1 pip. but, we are already way ahead, sudden runups are also frequently accompanied by sudden reversals. let’s take the pips here.)
summary:
closed profit +120
locks +540
you can check back to see some discretionary options we might have taken, but i will take it from here assuming we have come this far with pretty much standard operating procedures for triple threat and the information above is where we are now. in general, it is unlikely that we would see reverses deep enough to trigger short trades on friday. it is possible that we could see a continuation of the move up, but improbable in my opinion. also, considering it is friday and you already know my reservations about friday, these would be my decisions at this point:
g/j from 121.69, tp hit +30 currently holding just above 122.50. air still open with stop at 122.25 locks +55, retrace still open with stop at 122.00 locks +30. i would definitely move both stops to 122.50. that gives just a little bit of breathing room, but is all i would be willing to give back and that locks at +80 and +80.
a/u from 1.0336, tp hit at 1.0375 +35, presently holding just above 1.0375. two positions still open. air stop is at 1.0375 locks in +35 and i would move retrace stop to same point locks in +35.
e/u from 1.2170, tp hit +30, reversed to take air stop out at 1.2275 +105. at this point, i would leave retrace stop at 1.2250, locks in +80.
g/u from 1.5551, tp +25, has reversed to take out air stop at 1.5675 +125. also, at this point, i would leave retrace stop at 1.5650, locks in +100.
summary:
g/y, 2 positions still open, closed +30, locks +80, +80
a/u, 2 positions still open, closed +35, locks +35, +35
e/u, 1 position still open, closed +30, +105, locks +80
g/u, 1 position still open, closed +25, +125, locks +100
total closed: +350
total locks: +410
we will watch tomorrow closely and take our stops if they come. but, if there appears to be little movement with our open positions, we will just try to pick a good place to close out for the weekend. thanks for your support and assistance.
Read more: 301 Moved Permanently
That’s about what I got for the day as well. Only difference is that I’m trading the usd/cad. Had a nice catch there today of 120.
Thanks for making the thread, Pipwoof.
Yep, that’s what I’m thinking about, it would be awesome if all orders would be placed with an automatic expiration set to the open of the next daily candle, but I couldn’t yet nail it. 
I will dig through the mql documentation sometime this weekend to see if I can find how should I do it.
Now let’s see if I can post links now, that this is my 5th post.
At the link below is an Excel file I made before I decided I need an EA for this. There are 4 tabs for each pairs we need to monitor. In the blue boxes (in cells F11 and F12) you enter previous day high and low. It then automagically calculates entry prices (cells B2 and B3) stop losses (cells E2 and E3) and take profit (cells K2 and K3) so if you want, you can manually enter the pending orders using these numbers (but be careful, only the first position should have a TP as per the rules). Also good for checking if the EA entered the correct orders. But the real magic is that it could calculate the “jumps” as well. Only thing to do is when we reach the take profit level, we enter the TP level in the appropriate blue box (either cell B6 in case of a sell order or cell F6 in case of a buy order) and the sheet will spit out the correct SLs to set for our “Air” and “Retrace” positions. I keep this Excel sheet near me in my office, set up price alerts for the TP values of the currently running orders at alertfx.com and when price crosses the threshold I immediately put it into my Excel sheet, fire up MT4, modify the orders as per the calculated SLs and close MT4 again, hopefully before my boss sees what’s going on on my display and that it has nothing to do with my day job.
I know, I know, once you get the hang of this system it becomes very easy to set the correct SL levels after each “jump”, but I know I’m prone to the same miscalculations here and there, pipwoof talked about a few posts up so I think it’s always good to have some Excel help, since it can’t fail if you got the functions right.
Anyway here’s the Excel sheet, hope someone can make use of it:
http://www.rpotor.com/forex/TTE/Triple-Threat-SL-Calculator.xlsx
And also the EA I mentioned in my first post:
http://www.rpotor.com/forex/TTE/Daybreak-TT-OrderEntry.mq4