Advanced system #14 (Simple trading with Daily range)

Hi All,

how do i get the forex data..high,low,close ?

thanks,

Dwayne

25Porcent.mq4

This indicator should help

This indicator should should the entry areas at 25% and exit 50%.

Hello, all!
I created an EA for this system, and unfortunately it does not seem to work in a long run. I backtested it extensively for different periods and different settings (24H period start-end), and the account runs out in 3-4 months.
Using 200 EMA to determine direction does not help either.
If someone is interested, I can post my EA code here, maybe there are things to improve.
I also created EAs for some other advanced strategies listed here, and the winner is number 4 (Early Bird). It makes profit both on 4-months and 1-year runs.
Anton

some opinions...
hi all,
TIMING:
quite a number of you were asking Stuart about the suitable time consider as start/end of a day. now, since gbp, eur, chf, jpy are the major ccys and 3 of them are european ccys. i think it makes perfect sense to start the day at between 6 to 8 GMT. i normally use 0600 GMT as i like to be slightly ahead of the main action. 0600 GMT will always be 0600GMT. you can get a live clock at timeanddate.com
another point is that almost half of all ccy transactions occur during the european session. shouldn't you do the same?
R/R RATIO:
stuart's inital rules meant taking a 1.8 unit risk for every 1 unit in gain. some members argued that a system with risk larger than reward or even a 1:1 ratio causes ruin. this is true, in theory. EMH is also a theory but it never works in real life.
back to the rules, the closing px for the previous day is the static point. will moving 180 pips in one direction be easier than moving 100 pips in the oher direction? i think the answer is obvious. likewise, the profitability of a system depends on both the strike rate and the average RR ratio achieved. as long as a balance is attained by any combination of the 2, you are profitable.
STUART'S LATEST SUGGESTION OF NO SL:
i don't think that is a good idea. just imagined if you were long GBP during the giant move down and you know what i mean. 250 pips most of the time sounds good but its like picking pennies in front of a steamroller. your original rules works fine.

again... just Some Opinions.
Good trading to all.

FaceReality

So I tried this on a demo account ($5k). Did a total of 6 trades (1 loss) over 2 days and the account went up to almost $7k. Tonight was totally different. 6 trades and 5 were losers. Account is now down to $4k. There were no interventions on my part other than removing the 2nd pending order for the pair. I based the range on the ADR indicator. The strategy seems very promising, it doesn't take too many losing streak to wipe out the profit/account.

Joe, regarding the 25 pips TP without SL. I think the theory behind that is that eventually the trend with turn back and hit the TP. I recall seeing a thread where this guy did a crazy experiment and set a SL of like 300 pips (or some insanely high amount) and a TP of like 10 pips (or something pretty low) and overtime, his account was up.

Hi Joe T,

You understand the strategy 100%.

There has been a lot of back and forth trying to improve, minimize risk, etc ... but the original as you understand it gives best results.

Regards,
Stuart

Hi,
I've been following this thread for a while. It's very similar to this system
http://forexnirvana.com/showthread.php?t=549

It's worth having a look.

nevic

please mate can we have eur/usd and gbp/usd forumla in excel aswell plz

sorry stuart... you enter whith pr.closed or pivot? thanks my friend.

Hi All,

I have recently added some cool features to the EA. It can automatically liquidate a portion of the trade and move the stop loss to break-even level once the price has reached a certain percentage of the take profit. This is particularly good in locking some profit and avoiding loss when the market gets near your take profit and then starts to reverse. You can also activate a trailing stop option. Of course all of these parameters can be set as desired and switched on or off...

Cheers,
MH

[email protected]

Hi All,

I have developed an EA that trades this strategy. The EA is fully automated and very flexible. It has many adjustable parameters, such as:

- StartHour: The hour to open the pending orders and from which the previous 24-hour period is considered
- PositionsPercent: The percentage of the previous 24-hour period at which the pending orders will be placed from the close of the previous 24-hour period.
- UseMinRange: If set to true the minimum acceptable 24-hour range will be equal to MinRangePips. i.e. if the previous 24-hour range is less than MinRangePips then MinRangePips will be used instead of the actual range.
- MinRangePips: see UseMinRange above.
- FilterSpikes: When set to true the EA will not consider a range greater than the average range of the previous ‘n’ 24-hour periods. The value of ‘n’ is specified by AveRangeDays.
- AveRangeDays: see FilterSpikes above.
- UseDynamicSL: if true the stop loss will be placed 10 pips away from the opposite pending order.
- UseFixedSL: If true the stop loss is fixed and equal to MaxStopLoss.
- UseBothDynamicAndFixedSL: If true the tighter of the two stop loss methods (Dynamic/Fixed) will be used.
- MaxStopLoss: See UseFixedSL above.
- TP_Percent (Take Profit percentage): The percentage of the previous 24-hour period at which the take profit will be placed away from the order entry price.
- Lots: lot size to use if MM is not used.
- UseMM: Money Management - use mRisk to calculate the lot size.
- MaxRisk: Percentage of the account balance to risk per trade.

I found it to be extremely useful in optimizing this strategy as well. You can use the MetaTrader optimizer to know the best start hour for each pair for example, the best take profit percentage for each pair/period ... etc.

For anyone interested in purchasing it drop me a line at [email protected].

Cheers,
MH

Hi All

Re Stuart's previous suggestion - place entry buy and sell orders without stops. If both orders are hit, then a loss is locked in @ 50% ATR, until one "arm" of trade is closed. Does anyone know of a strategy to reduce this loss or turn it into a gain?

Thanks

Marie

Don't wish to disagree Stuart but I wouldn't trade that way.

I am looking to increase the target and maintain the stoploss figure. With your permission I would like to post a spreadsheet for the perusal and opinions of the board, I will explain the workings of it should permission be granted.

Chris

Hi all,

Just a quick update on my early considerations and how I have adapted stuarts fine system.

I am working on 5 rolling days to establish the average daily range, I use 20% of day 1, 40% of day 2, 60% of day 3, 80% of day 4 and 100% of the previous 24 hrs, this I divide by 3 to give a "smoothed average". I am using 20% of said to establish entry and am trying to maximise profits by adding an extra % to the take profits. I am keeping the stops has they are. I think to much emphasis is being placed on the stops when maybe it wouldn't be a bad idea to concentrate on maximising profits.

Paper trade results only.

02/04: 167
06/04: 108

Chris