Advanced system #14 (Simple trading with Daily range)

I suggest that you make an excel sheet of your own. It will take 5 minutes, no more.

Stuart

I find that your fomula on the spreadsheet is not calculating the numbers correctly unless i am missing something.Have you got an e-mail address so that i can mail them to you

Barry

Hello Stuart,
I've just downloaded LATEST_25_MOVE.xsl
but i encounter a problem.
The formulas in TP cell of Long and Short are the same and with some pairs I can't place sell stop order.For example, HLC for GBPCHF for July 9 is 1.7637, 1.7495, 1.7619 so according to the spreadsheet i will go short it price hit 1.7584, SL: 1.7555, TP: 1.7548. MT4 said Invalid SL/TP when i place sell stop order. I also think it's not logic because SL is lower than entry price (1.7555 and 1.7584). Please take a look at my spreadsheet.

LATEST_25_MOVE_1.xls

I don't know if I did something wrong? Much appreciate your help

Keith

That would certainly improve the process, but unfortunately I don't know it's even possible. Suggestions are welcome!

Regards,
Edward

HI EVERYONE. I HAVE A QUESTION ABOUT INPUTTING DATA (HIGH/LOW/CLOSE PRICES) INTO THE SPREAD SHEET THATS AVAILABLE ON THIS FORUM PAGE 6. CURRENTLY IAM WRITING IT ALL DOWN AND THE INPUTTING IT INTO THE SPREADSHEET MANUALLY, I AM SURE THERE MUST BE A WAY FROM METATRADER 4 PLATFORM TO COPY AND INPUT THE PRICES IN WITHOUT WRITING IT OUT, IF YOU KNOW WHAT I MEAN. IF ANYONE KNOWS ABOUT HOW TO DO THIS IN AN EASIER WAY I WOULD APPRECIATE IT, THANK YOU.

I think results will vary depending on what pair is now trending.
GBPJPY, USDJPY, EURGBP, GBP/USD and EURUSD are the pairs to start with, I'd say.

Hi Stuart
by ur experience in this strategy and ur data base in all currencies can u give us the classification off the profitable currencies pair from 1st to the last.

Joseph

Hi all,

A new thread has been setup for discussion of the EA under Advanced Systems 14-a
http://forex-strategies-revealed.com/advanced/automated-sos-strategy

See you there...

Drew

Drew,

like this, if I use 8 GMT, meaning from 8GMT 15th June to 8GMT 16th June. I will use close price of 7GMT candle to enter onto the spreadsheet. Right? or close price of 8GMT candle ?.

Thanks.

Drew,
I am afraid you are not right about CTCBN. I investigated the matter a bit and found out that "CTCBN = number of candles to check before news for determining highs/lows". When the value is set to 0 then it checks only the current candle.
Which means that we certainly have to use the EA only on M1 chart. Only there the high and low of a candle are not too big.
Indrek

I've submitted a post to start a new thread for this EA and will post a link here once it is up and running.

To answer a few questions...

Indrek

Good idea on using a trailing stop of 1/8 of ADR. I like how objective the setting is and tailored to each pair. I'll try testing it next week.

1. I put the EA on the daily chart. I'm not sure what the CTCBN high/low business really does. By setting it to "0" I'm hoping it won't do anything.
2. I set the seconds before open to 120 to give it a couple of minutes to get a trade setup. It is possible to miss the setup time if it takes more than 60 seconds to place a trade. The price has to move after the setup is triggered before it will activate and place the trades. SECBMO - I'm happy for it to wiggle a bit before being fixed, although this probably has no real benefit for this strategy - it would be useful for news trading strategy.

MS
I'm not sure what you mean, however if you are referring to the CTCBN (Candles to Check before news), as indicated above I'm not sure how this really works. I'm not a programmer and can't make sense of the code. In the limited testing I've done so far, with a 0 setting on a daily chart it doesn't seem to do much. I've also tried it with a setting of 8 and couldn't tell the difference. I just don't want it to interfere with the trades and would be happy to disable it if possible.

Drew

I have just found this strategy, from my understanding, 24 hrs look back is, a new 8 GMT candle emerged yesterday till 8 GMT candle today. Look for the close price of 7.59 GMT candle, then that is close price that you need to enter onto spreadsheet. Please correct me if I am wrong.

Thanks,

MS

One more idea if I may...
I think it is quite possible to calculate the best BEpips value for each pair manually. Let us take the data for last 10 or 20 days and check all the false breakouts - how many pips did the pair move during these in average.
And 2 questions to Drew:
1. Do you use M1 charts? As much as I understand the EA uses the high/low of 1 previous candle when CTCBN is set to 0. In this case we cannot use bigger timeframes if we want to count the entries from one certain point?
2. Why do you set SecBPO=120 and SecBMO=60? I would set, for example, SecBPO to 30 and SecBMO to a bigger number than 30 to avoid modifying the orders.
Indrek

Starting a new thread is a good idea, I think. It could be #14-1 or whatever :)
I doubt if 15 pip breakeven and trailing stop are good as markets are too volatile. Maybe, we could try BEpips that is 1/8 of ADR? It would then be half a distance to our initial target.
And one more idea that I had as my first reaction: if using a small trailing stop maybe it would be better to left Take Profit open or to set it at some big number like 500 or whatever.
Indrek

Forgot to answer which pairs...

I'm trying the short-list suggested by Indrek (I think)...
EURUSD, GBPJPY, USDJPY, EURJPY, NZDUSD, AUDUSD, GBPUSD + USDCHF (because its there).

So far the EURJPY and NZDUSD have been most consistently profitable.

I want to do more testing on start times before I put real money on anything.

Assuming you use the EA to move the SL to breakeven after 15 pips (after triggering at 25% of ADR) you've only got that 15 pip area the trade can fail in. I like this risk reduction capability.

Drew