Advanced system #1 (Midnight setup)

Hi Matt,

Thank you, sounds interesting indeed.
I'll take a closer look at it this week.

Regards,
Edward

This way it looks much better! (The graph advances much smoother and predictable)
Thank you, dogberry.

So, to sum it up, if we look to open just one trade per day, your recommend to aim for 300 pips profit. If, however, we choose to go for just 100 pips profit, then we may as well look to open an additional trade on the same day once our first order is closed.

You said: "...if the current price is lower than previous day's high, the EA opens another buy stop order on the same day."
So, basically, there are two scenarios:
- if our first order is closed in profit (+100 pips), we'll be entering a new trade only if price retraces back below the previous high.
- if our trade is closed in loss (SL is hit), then we re-enter again, but when?

Please advice regarding both cases. Thank you1

We might sponsor your EA, let me find a person I can appoint for this task.

Regards,
Edward

I am sorry, A Doji should be based on the difference between the open and close price (smaller than 10 pips). In the upper profit graph Doji was based on the difference between the daily high and low. Here is the updated profit graph since 2005.01.01.

dogberry

Hi, Edward,

Sept 13 is Sunday, so the trade on Sep 14 is based on Sept 11, where the candle is 98.9 pips on my chart. A typical profit graph since 2005.01.01 until today is attached. In the EA I opened another pending order (buy stop or sell stop) if one order was closed. For example, if I had one buy order 111 and one sell order 112, and the order 111 was closed by stop loss or taking profit, then, if the current price is lower than previous day's high, the EA opens another buy stop order on the same day. All other parameters are the same as described in the strategy.

I tested many EAs written by myself on many currency pairs. I think if we don't want to open another order on the same day when an order is close, then using 300 pips instead of 100 pips might be more profitable. On the other hand, if we do open another order on the same day when an order is closed, 100 pips may be a good choice.

PS.
I would like to post the EA here. However, the EA used for backtest cannot be used for trading as you may have other open and pending orders. If somebody can sponsor me 100 pounds, I would like to develop an EA and post it here. I would offer 6 months time to fix any bugs within the EA. My email dogberry2009(at)live.co.uk.

Many thanks!

dogberry

Hi dogberry,
would you be so kind to share your EA? Thanks.

Hi dogberry,

Entries, exits are inline with the rules with one exception.

On Sept 13 we had a small candle less than 90 pips tall. With my rules, we cancel all trading orders till the new qualified (more than 90 pips) candle. In your EA, the Buy stop and Sell stop orders kept open since previous day (green "OK" on the screenshot), and as result on Sept 14 you were in the trade.

Other than that it resembles the rules.

Regards,
Edward

Could somebody please confirm if my EA is correct by looking at the results and see if they are in agreement with the strategy?

If my EA is correct, I would like to post the profit graph.

dogberry

Hi Azy,

I mostly forward-test my ideas and strategies.

At present I trade my own set of rules. I'm very sorry, I don't have the old sheets for this strategy anymore.

Best regards,
Edward

Hi Edward,

Have u posted ur daily profit/loss sheet anywhere. bcz while reading ur posts.... i found dat u made very good pips in June, July 2007... but my back testing is showing only 200 pips or less in those months... May b I am missing something or doing it wrong a lil bit. may b i have to d d back testing again to double confirm.

Reg,
Azy

Hi barend,

You can use Doji for entries (e.g. as a valid previous day candle) if the candle's length measures more than 90 pips.

Regards,
Edward

hi edward

can u use the doji as a prevouis day candle if it was more than 90 pips or do have to wait for the next daily candle?

thanks barend

Thanks Edwards,

Ur inputs r always d most valuable. I will wait for u to publish some gbp/jap system with 5 min charts.

I followed d midnight break out strategy also with GBP/JAP but found dat it doesnt get filled at ur desired price level much much much more often then gbp us. so v r not looking at the high spread cost only but also some extra slippage bcz of less liquidity in this pair I guess (just checked for one month) it may b a bad month.

Reg,
Azfar

You're welcome, Azfar

I found that GBPJPY responds well to 5 min based strategies. The pair gives tens of pips in a matter of 15-30 minutes and easily covers the cost of spread.
I haven't published a specific system for GBPJPY on this website though.

Teodosi simple system is one of the good examples, although not exactly for 5 min charts.

Regards,
Edward

Thanks for the Acceleration band indicator, i have never used them and am not able to find it on FXCM charts... but i will find them out at some other charts or so... if it makes even 5% difference, i will b much more comfortable with this strategy.

Reg,

Azfar

Thanks for ur reply Edward,

I agree with u about gbp/jap but till now i m not able to find some solid strategy for gbp/jap

checked d same strategy (midnight breakout) for this for april and may 2009, but results were not good, may b those were only a few of d bad months, I need to check it for longer time frame as i did for gbp/us.

any idea for some already tested system to trade gbp/jap, this pair fascinates me very much.

Reg,
Azfar