Advanced system #1 (Midnight setup)

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

Hi Matt,

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

Regards,
Edward

Hi, Edward,

I have posted my EA here. I am pretty busy at moment. I will read your post more carefully and answer your questions maybe one or two weeks time later.

However, I can say that, after more testing, I found that your parameter is still the best (100 pips instead of 300 pips taking profit, after one order is closed no new orders should be opened until the coming midnight). If you find the EA is useful, please sponsor me some money. Many thanks!

dogberry2009

//+------------------------------------------------------------------------+
//|Although I believe this EA is working, I cannot guarantee it's bug-free|
//|So please do not use it on your real money. Test |
//|it on a demo account for at least 2 months. Please report any bugs to |
//|dogberry2009(at)live.co.uk. If you find this EA is useful, please donate |
//|some money via my paypal account at dogberry2009(at)live.co.uk so that I |
//|can develop the rest EAs on this site. Thanks! |
//| |
//| How to use it. Make sure this EA is enabled between 00:00am and 01:00am|
//| at your MetaTrader's time. For example, for Alpari UK, it's 11:00pm UK |
//| time. The EA will open 2 orders for you, one is sell, the other buy. |
//| After the orders are |
//| opened, you can either disable the EA or let it run. However, If you |
//| enable EAs' manual confirm and let the EA run, the EA will ask you to |
//| modify the Stop Lose of your orders constantly, which is annoying. |
//| This is because the Variable Spread of your broker. |
//+------------------------------------------------------------------------+

midnight_setup_gu_1.mq4

Thank you, dogberry2009

Regards,
Edward

hi Edward

Thanks for the brilliant strategy. But understand that this strategy can also be used for other pairs. Can you advise how can we determine the minimum daily pips of other pairs before we can setup the trade?

Edwin

Thank you, Edwin

I saved this some time ago:

Currencies Average daily range

Take about 1/2 of the range to get a value of minimum pips required.

Keep in mind that some volatile months will differ from other quiet months, so it will always be an approximate value. I came up with 90 pips for GBPUSD after an extended period of tests, so, after you take 1/2 of the daily average range, look back at historical data and adjust the value if needed.

Regards,
Edward

This strategy is ignoring the most important trading rule. Run your profits and cut your losses. This is cutting the profits instead of running. This strategy is completely based on Trend so it should cash in the complete trend as much as possible. The take profit should not be used and just move the stop loss to the previous day low. That would give better results.

I have been testing this over the last one month and it had decent success. The worst thing I observed is some trades are ending up in losses even they were in around 50-70 profit. I think we should move the stop loss to break once the trade goes to some minimum profit target. Moving to break even with very little profit will kill everything. It should be around 70-100 pips, move the stop loss and run your profit.