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What time zone are you in? I notice that the trillion dollar day indicator is set from 19:50 - 00:05 and 17:30 respectively. This will impact on the amount of potential profit available throughout the day, although the signals look to be correct.
Perhaps to be even more specific, taking your currency pair of GBPJPY, should we not set the indicator to be the open time of JPY at 00:50-5:05 London time and the end of London time 22:30 (which I presume provides a 2hr gap to allow JPY markets to close off the day and prepare for the new)?
Otherwise, please explain why your parameters for the indicator are set for the values mentioned in my first paragraph.
Last edited by Limstylz; 09-12-2008 at 03:12 PM.
Reason: checking riffsters time
I think I worked out the answer myself. Your server time is GMT, if you are with CrownFX. That being the case then the following is true:
My broker server is GMT +1, thus I should adjust your values to +1 accordingly.
JPY (Tokyo) opens at 00:00 GMT time
Your breakout high and low is determined by the setting periodA_begin and periodA_end. Thus with your settings you have a 5hr 45 min window to determine breakout values, with 5 mins of that time after Tokyo opens. If the 2 values cross over to a new day, you put a 1 for the bool value in nextday_A.
Your trading window is determined by the value periodB_end. Thus giving you 17hrs to place trades. You place a 1 for the bool value in nextday_B because the values in period_A cross over to a new day.
You allow the market to 'cool off' for the remainder.
I keep getting PM's about this system, so I figured that I would update some stats and answer a few popular questions:
1. Win ratio: From 01.01.08 to 06.10.09 - about 71%
2. Draw down: From 01.01.08 to 06.10.09 - most is 243 pips
3. Winning run: From 01.01.08 to 06.10.09 - most is 387 pips
4. EA?: I tried but EA's don't handle breakout moves very well (i.e. brokers won't fill the orders unless you use a large slippage value). I still prefer to trade this system manually.
5. Source code: All of the indicators and a template are included with the very first post in this thread here.
6. My times don't line up with yours?: Every broker can have a different local/native server setting for the MT4 price data. I use IKON's price feed for the hosted webpage. My template will work with an IKON demo if you can't figure out how to change the time value and/or you and use the hosted webpage here.
7. Filtering trades: Only take trades in the direction of the 60 SMA (i.e. if the 60 SMA is climbing, don't take a short signal and vice versa), also avoid pre-news entries. Remember, you can almost always get a better price if you wait for a pullback.
8. Other pairs?: Probably, but the GBPJPY seems to work the best. I've been watching the GBPCHF and GBPUSD for a few months now and they seem to work well also.
This system remains very consistent. Hopefully everyone is getting the hang of it.
I keep getting questions about the setting up the Time Zones (boxes). I know it can be confusion, so if the template doesn't work with your MT4 broker try this:
Is the value of this system in the channels or the filters you apply?..
Hi riffster,
I have tested this approach both manually and in strategy. I implemented the latter in MQL4 (MetaTrader 4 language) out of curiosity as I use similar breakout models. To cut the story short: In the manual trading where I applied my subjective view on the direction of the trend based on the SMA, the win ratio averaged 65% with 50+ pips average weekly profit.
The automatic strategy, however, failed miserably. I have thoroughly tested it and the "raw" signals (i.e. before the discretionary filter is applied) matched those in the manual trading, so the implementation is fine.
I fear that the value of the strategy you have described comes from the filter and not from the magic breakout boxes which is a shame -- they look good!
Having said that, I am happy to work with you to fix the automated strategy if you are interested.
I have tested this approach both manually and in strategy. I implemented the latter in MQL4 (MetaTrader 4 language) out of curiosity as I use similar breakout models. To cut the story short: In the manual trading where I applied my subjective view on the direction of the trend based on the SMA, the win ratio averaged 65% with 50+ pips average weekly profit.
The automatic strategy, however, failed miserably. I have thoroughly tested it and the "raw" signals (i.e. before the discretionary filter is applied) matched those in the manual trading, so the implementation is fine.
I fear that the value of the strategy you have described comes from the filter and not from the magic breakout boxes which is a shame -- they look good!
Having said that, I am happy to work with you to fix the automated strategy if you are interested.
It would be nice if the automated could get fixed, because this really seems like a nice idea.
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