Raw Ideas - page 104
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Todays Result
An example of how this EA would have worked today:
Looking at the Diagram:
1.3324 - Mid Pivot
1.3339 - Buy Level
1.3309 - Sell Level
1.3329 - SL (For Sell Order)
1.3319 - SL (For Buy Order)
Today, Stop Loss was hit 6 times. Which is a total loss of 90 pips.
The 7th Trade, we started going up (into profit zone), according to the rules, we close at New York Close. The price at new york close was 1.3380.
So total profit for 7th trade is 41 pips.
Net Profit/Loss: 49 pips Loss (+2 pips spread = 51 pips loss).
Unfortunately, our profit target R1 wasnt hit, but the price is not going towards R1 after New York Close, but according to our rules, we closed the trade in 41 pips profit.
If we used a martingale strategy, then the trade would have in net profit for the day or breakeven.
I am sure this will be made back tommorow, or definitely in the next few days.
Todays Signal
For today, here are the entry/exit levels:
Buy at 1.3365
TP: 1.3420 (60 pips)
SL: 1.3350 (15 pips)
Sell at 1.3345
TP: 1.3315 (40 pips)
SL: 1.3360 (15 pips)
Rules for signal:
Re-establish Buy/Sell Order if SL has been triggered on either side.
Close all orders once TP has been hit, or at New York CLOSE, whichever one comes 1st.
Never risk more than 1% of your account balance.
Close all order if SL has been hit 8 times. Stop trading for the rest of the day.
8 Stop Losses are 120 pips.
So if your account balance is $5000 you only want to risk $50.
So you want to trade 0.04 lots.
If you hit R1 you make $24.
If you hit S1 you make $16.
If you hit SL 8 times you lose $48.
This way, trading low risk, you will be able to sleep at night.
You may be thinking that $48 is more than $24 or $16, but hitting 8 stoplosses in 1 day happens 1-2 times per month.
Choose fairness, choose real change that works for you, choose pivot point trend rider, bought to you by F1 trader.
Happy Trading
Thanks for taking the time to defining everything more detailed with examples.
Despite the fact that you spent already a few lines on it in an earlier mail, I cannot get the Pivot the same as the DailyFX one at all times. It has to do with the following:
I take the Sydney open bar as the all important moment to calculate the Pivot, for the New York session only. While most of the time it doesn't even matter that much, I really would like to have this straight. Besides it would be stupid to not use the original Pivot if it works better.
For real-time use it would even be acceptable to me to enter it once a day manually, but I badly want to calculate it in the EA, especially for backtesting and consistency. I tried eveything I can think of, but I keep getting different Pivot values.
Thanks for taking the time to defining everything more detailed with examples.
Despite the fact that you spent already a few lines on it in an earlier mail, I cannot get the Pivot the same as the DailyFX one at all times. It has to do with the following:
I take the Sydney open bar as the all important moment to calculate the Pivot, for the New York session only. While most of the time it doesn't even matter that much, I really would like to have this straight. Besides it would be stupid to not use the original Pivot if it works better.
For real-time use it would even be acceptable to me to enter it once a day manually, but I badly want to calculate it in the EA, especially for backtesting and consistency. I tried eveything I can think of, but I keep getting different Pivot values.Flo Fri:
I think you have explained where you have gone wrong. You said that you calculate the pivot for the NEW YORK SESSION ONLY. That is incorrect. The pivot point you are calculating has to be on a 24 hour basis, not NEW YORK SESSION ONLY. We are using the NEW york session to define the start and end of the 24 hour period.
So It is not from New York Start time to New york finish time.
It is from E.g. New York Close time, continuing 24 hours, until the new york close time again, that is 24 hours.
Do you understand this?
You can go to Forex Market Hours for a better understading.
So it is calculated from the New York close, Carrying on 24 hours until 1 second before the sydney open. That is the 24 hour period you calculate for the new pivot, to be established from Sydney Open. Because as soon as new york closes, sydney starts.
I think you are calculating on 9 hour period, that becomes a 9 hour pivot point, not daily. We want daily, so we calculate on a 24 hour period.
Which is from New York Close, to New york close.
Or to make it easier, from Sydney Open, to New York Close, that is 24 hours.
New pivot point gets established on Sydney time.
Please tell me if you understand this.
F1trader,
thanks a lot for your explanation. I consulted the same Forex Market Hours table. The misunderstanding was to introduce the New York open, which is completely irrelevant.
Flo Fri:
I think there is a few errors when compliling both files in metaeditor.
It is not placing any trades in demo or strategy tester.
When I start the EA, the R1, PP, AND S1 are all at 0.
Excuse me, please replace with the one there now. I noticed this too while uploading.
BTW the OrderReliable.mqh must not be compiled, just placed in the -include-folder.
The MT backtester! That's a long time ago. Thanks for reminding me...I put it in there, with 10000 start and 1.0 fixed lotsize. A few things are apparently handled well, some other I can't check now. The net result is, hmm, well, at least positive: 14.874.67. This is from 2010.01.01 till today. Not quite as good as your initial findings.
FloFri:
I am getting order send error 130: invalid stops when trying to backtest.
We will work on the results, once I can see how this EA is working.
I use a 5 digit broker, dont know if this makes any difference.
This is funny. It has to do with 5 digits. I ran a backtest on FXDD which gives quite good results (with various parameters), and around like 100 trades each run for the past 4 months.
With an FxPro demo (5 digits), indeed, it's all 130 errors.
I can't see why though, because the orders are not presented in a certain format in either case. The rates in the EA have 8 digits. Well, well.
See if your stops are entered at the same time the order is placed, if they are, you need to place initial orders with 0 SL and 0 TP and then modify the stops on a second pass.