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Hi all, just like to say that I'm a big advocate of the breakout strategy. I'm using that on GBP/USD although for a different time than stated here, but it's been working just fine.
Hi guys,
I can't see that anyone ever got around to making an EA from this idea, so here you go. It's pretty quick and basic and it's really to test the idea first before too much time goes into it. There's no money management or trailing stop and it doesn't draw any pretty lines, but it goes alright in back testing. I've been putting the ant-GU-Breakout indicator on the chart for comparison, and that can also help you sort out the GMT offset - make sure you do that or the results could be anything.
Put it on any GBPUSD chart, TF doesn't matter but M15 is pretty convenient to see what's going on. I'd love people to give it a decent bit of forward testing and see how it compares to the backtest results - note, there hasn't been any effort to tune it through backtest.
The only things I noticed were that most trades that go 15 pips will go 20 or 25, so choose what level of risk/reward you're comfortable with and you can see a nice jump in the size of the winners. I also put the stop at halfway between the high and low, instead of the original method of stops equal to the range from high to low, and found it didn't cut any winning trades and made a big difference to the size of the losers.
Last edited by Couso; 06-15-2009 at 02:48 PM.
Reason: error in the EA Comments and credit to DZNMRD
Hi Couso,
many thanks for the EA as i do not have a programming bone in my body!! and i love the system and was lookinf for an EA for it for quite some time.
I have a little issue though, could you amend the EA so that it operates with 5 digit brokers? i currently use Alprai uk, and while the EA places the orders at the opening of the correct candle, it is calcalating the high and low wrongly as a digit is missing from the end of the upper/lower limit digits
If you can so this for me i will be eternally gratefull !
I'll get back to you in the morning for the five digit thing. I don't know why it's a problem and I don't have a five digit demo to test with, but I can just try setting the digits manually. Does anyone know why the "Digits" value doesn't cope with five?
I've also noticed that there might be a problem with the timeframe; although I tried to hardcode the M60 to pick the upper and lower limit, it seems to be misbehaving if I run it on a M15 chart. I've seen it getting the high and low values wrong, and only placing sell stop but not buy stop. On the M60 it's fine, I think, so for now put it on the M60 until it opens the positions and after that it shouldn't matter what you do. I still think M15 is much nicer to look at so you can see what's going on, but just work with me for now and run it on M60 while I play with it a bit. Suggestions are welcome if you can see the issue.
Try this and let me know if it works, you just need to put 5 in the settings. Otherwise leave it at 0. Forward testing for a few days has worked nicely, three wins of 15 pips all within a few minutes each day.
It's only been two weeks, but this seems to be a good strategy so far. The EA seems to have a few issues with the pending orders, but has picked up 6x15=90 pips with no losses yet. Let me know if it's working for you, or not...
Good job
error message on strategy test
Linear Mode
