1400-1600 GMT USD Breakout Strategy - page 17
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GMT Offset and timezones
If you're not familiar with GMT offset, let me have a go at explaining...
If an EA needs to know the time, all it can get is the broker time that appears in the top left of your screen just above all the symbols, and it will say something like "Market Watch: 20:59:59".
That's often known as "server time" and unfortunately its not a standard for everyone, but depends on where the server is (NOT where YOU are!!). It also changes for daylight saving, so be aware.
For example, I live in Australia but my broker server is in London (I think), so my offset is 0 at the moment (again, I think), but another demo account I have is in Switzerland and that's GMT +1. If my server was in Sydney I'd probably have GMT +10, and in NYC it might be -5.
One way to sort out what you need is to look at your Windows clock and turn on the GMT option and just compare your server time with the clock. If the GMT clock says 1600 and your server time is 1700 then you're GMT+1. Another way to check is your closed trades in the Account History tab. MT will record the server time that a trade opened and closed, so we are hoping to see these trades open at 1600GMT.
If the offset time is not set right the strategy may still work, but it will be much more luck than skill. The whole point of this strategy is to take the highest and lowest price from 14-1600 GMT, so if you have a different time period you really have a different strategy.
If you are comfortable with the time thing then I encourage you to try it at different times and see how it goes. The indicator I posted ( but I didn't write it) is terrific for looking at different time periods to get a feel for it. I certainly will be testing other times, and when I get a round tuit I'll build some testing options into the EA.
Regards,
Couso
keep going
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,
CousoThank you for your relplay Cousol,
If It is working for you it should be working for me as well
I am going to test it on few different brokers MT4.
I am thinking to add a "spread check" displayed on the console and some other bits when I have more time to play with this EA.
Cheers,
Hali
Spreads
Let me know if you find the spread check helps. I never thought to try it, partly because the time 1400-1600 GMT is the busiest trading time for GBPUSD. If there is ever going to be a tight spread its then. You're most likely to see the spread blow out in the middle of the night when everyone is in bed. Of course, that might be when your pending order gets picked up, so I'll wait to see how it goes.
Nice thinking though...
thanks
thanks for all your help
nice... you won't win them all of course, but it's a pretty nice and simple strategy and most of the trades win quick too. You can live on 30 pips a day, right?
Breakout Strategy with 25-150 pips daily
Well, I got about +1000 pips in just 1st week of July'09 since join with this nice guy. Check his blog's Ifortune's Blog
Well, I got about +1000 pips in just 1st week of July'09 since join with this nice guy. Check his blog's Ifortune's Blog
how is his break out based?
30-300 PIPs Daily with B/O System
It will be "FUN" with Breakout system, just put as Pending Order BUY/SELL and Take Profit 1-3 with Stop Loss and DONE.
If you could monitor it will be better but if you sould like SET & FORGET than I guess TP1-TP2 is the target.
Pair to trade will be GBPJPY EURJPY GBPUSD EURUSD AUDJPY USDJPY USDCHF USDCAD AUDUSD NZDUSD CHFJPY
The Ratio will be very reasonable i.e. TP1 +30 TP2+60 SL-40 or TP1+35 TP2+65 TP3+90/+100 SL-50
We will trade mostly 3-5 pairs everyday after about 2-3 hours ASIAN Market open with Volume calculation, S/R, Pivot and there is no EA just by Experience and Human Brain
what is ur setting buddy mine is totally different then urs i use LITEFOREX when 5:00est my platform time is 23:00 i am very confuse what time time i put it can some one help me pls
Time setting is in title of forum 1400 to 1600 GMT
adjust time according to your broker's server time
where is "-"(minus) numbers or real numbers where your Stoploss been hit?
settings on these charts are 5am-7am GMT, and has nothing to do with 1400-1600 GMT.