1400-1600 GMT USD Breakout Strategy - page 16
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Hi
Hi all, just like to say that I'm a big advocate of the breakout strategy. I'm using that on GBP/USD although for a different time than stated here, but it's been working just fine.
Good trading to everyone.
Here's an EA to try
Hi guys,
I can't see that anyone ever got around to making an EA from this idea, so here you go. It's pretty quick and basic and it's really to test the idea first before too much time goes into it. There's no money management or trailing stop and it doesn't draw any pretty lines, but it goes alright in back testing. I've been putting the ant-GU-Breakout indicator on the chart for comparison, and that can also help you sort out the GMT offset - make sure you do that or the results could be anything.
Put it on any GBPUSD chart, TF doesn't matter but M15 is pretty convenient to see what's going on. I'd love people to give it a decent bit of forward testing and see how it compares to the backtest results - note, there hasn't been any effort to tune it through backtest.
The only things I noticed were that most trades that go 15 pips will go 20 or 25, so choose what level of risk/reward you're comfortable with and you can see a nice jump in the size of the winners. I also put the stop at halfway between the high and low, instead of the original method of stops equal to the range from high to low, and found it didn't cut any winning trades and made a big difference to the size of the losers.
Thx for sharing - I like breakout strategy. Easy and keeps the money flowing QUICKLY...
Hi Couso,
many thanks for the EA as i do not have a programming bone in my body!! and i love the system and was lookinf for an EA for it for quite some time.
I have a little issue though, could you amend the EA so that it operates with 5 digit brokers? i currently use Alprai uk, and while the EA places the orders at the opening of the correct candle, it is calcalating the high and low wrongly as a digit is missing from the end of the upper/lower limit digits
If you can so this for me i will be eternally gratefull !
5 digits
I'll get back to you in the morning for the five digit thing. I don't know why it's a problem and I don't have a five digit demo to test with, but I can just try setting the digits manually. Does anyone know why the "Digits" value doesn't cope with five?
I've also noticed that there might be a problem with the timeframe; although I tried to hardcode the M60 to pick the upper and lower limit, it seems to be misbehaving if I run it on a M15 chart. I've seen it getting the high and low values wrong, and only placing sell stop but not buy stop. On the M60 it's fine, I think, so for now put it on the M60 until it opens the positions and after that it shouldn't matter what you do. I still think M15 is much nicer to look at so you can see what's going on, but just work with me for now and run it on M60 while I play with it a bit. Suggestions are welcome if you can see the issue.
Update tomorrow... bed time now,
5 digits
Try this and let me know if it works, you just need to put 5 in the settings. Otherwise leave it at 0. Forward testing for a few days has worked nicely, three wins of 15 pips all within a few minutes each day.
Good job
Very good job Couso. I was using this system manually and have pretty stable results. I would be a good fun to test the EA and compare the results
Thanks again!
anybody still testing?
It's only been two weeks, but this seems to be a good strategy so far. The EA seems to have a few issues with the pending orders, but has picked up 6x15=90 pips with no losses yet. Let me know if it's working for you, or not...
Couso
error message on strategy test
When I try to do a strategy test I am getting error messages
2009.06.27 19:33:45 2009.06.12 19:35 Tester: stop loss #260 at 1.6488 (1.6488 / 1.6491)
2009.06.27 19:33:45 2009.06.12 19:04 Cable_Breakout_EA GBPUSD,M15: delete #261 sell stop 0.10 GBPUSD at 1.6476 sl: 1.6488 tp: 1.6461 ok
2009.06.27 19:33:45 2009.06.12 19:04 Tester: order #260, buy 0.10 GBPUSD is opened at 1.6499
2009.06.27 19:33:45 2009.06.12 18:58 Cable_Breakout_EA GBPUSD,M15: open #261 sell stop 0.10 GBPUSD at 1.6476 sl: 1.6488 tp: 1.6461 ok
2009.06.27 19:33:45 2009.06.12 18:58 Cable_Breakout_EA GBPUSD,M15: open #260 buy stop 0.10 GBPUSD at 1.6499 sl: 1.6488 tp: 1.6514 ok
2009.06.27 19:33:45 2009.06.12 18:58 Tester: stop loss #258 at 1.6488 (1.6488 / 1.6491)
2009.06.27 19:33:45 2009.06.12 18:54 Cable_Breakout_EA GBPUSD,M15: delete #259 sell stop 0.10 GBPUSD at 1.6476 sl: 1.6488 tp: 1.6461 ok
2009.06.27 19:33:45 2009.06.12 18:54 Tester: order #258, buy 0.10 GBPUSD is opened at 1.6499
2009.06.27 19:33:45 2009.06.12 18:53 Cable_Breakout_EA GBPUSD,M15: open #259 sell stop 0.10 GBPUSD at 1.6476 sl: 1.6488 tp: 1.6461 ok
2009.06.27 19:33:45 2009.06.12 18:53 Cable_Breakout_EA GBPUSD,M15: open #258 buy stop 0.10 GBPUSD at 1.6499 sl: 1.6488 tp: 1.6514 ok
2009.06.27 19:33:45 2009.06.12 18:53 Tester: stop loss #257 at 1.6494 (1.6492 / 1.6495)
2009.06.27 19:33:45 2009.06.12 18:53 Tester: order #257, sell 0.10 GBPUSD is opened at 1.6491
2009.06.27 19:33:45 2009.06.12 18:38 Cable_Breakout_EA GBPUSD,M15: open #257 sell stop 0.10 GBPUSD at 1.6491 sl: 1.6494 tp: 1.6476 ok
2009.06.27 19:33:45 2009.06.12 18:38 Cable_Breakout_EA GBPUSD,M15: OrderSend error 130
2009.06.27 19:33:45 2009.06.12 18:38 Tester: stop loss #256 at 1.6501 (1.6498 / 1.6501)
2009.06.27 19:33:45 2009.06.12 18:23 Tester: order #256, sell 0.10 GBPUSD is opened at 1.6481
2009.06.27 19:33:45 2009.06.12 18:00 Cable_Breakout_EA GBPUSD,M15: open #256 sell stop 0.10 GBPUSD at 1.6481 sl: 1.6501 tp: 1.6466 ok
2009.06.27 19:33:45 2009.06.12 18:00 Cable_Breakout_EA GBPUSD,M15: OrderSend error 130
I tried on different MT4 and got the same output.
Any suggestions ?
Thanks
Hali
OrderSend errors
Hi Haliban,
Thanks for the feedback, keep it coming.
It looks like there's two things happening there; the obvious one is the "Ordersend error 130" which means that either the price, TP or SL is too close to the current price. That's part of the broker's rules and typically you can't put a pending order at a price within, say, 10 pips of the current price. As I mentioned earlier, this is a pretty basic EA and it doesn't check for that yet, so if the price is at the upper or lower limit at the time the order is sent, then it is going to be disallowed. In each error here you've got one order failing and the other going in without any trouble. Let me have a think and I might update the EA through the week.
The second problem is that it's not supposed to place more trades on the same day after the first buy/sell stops are placed. I might be misreading your journal there, so have a look at the chart after you run Strategy Tester and check if it's placing new trades immediately after the last one closes. I haven't had that problem in either my back or forward testing, so I'm hoping its just one of those quirks of MT4 backtesting.
Just to check, are you running your backtest on H1 timeframe? By rights it shouldn't matter, but I've seen some odd behaviour when its on the M15 chart...
It's a bit nasty to see all those stop losses in a row, but noting that these are order ticket #256 and so on, I hope the first 250 were a bit better.
Regards,
Couso