Magic 20!!!! - page 2
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Rick,
Does your first bar start at 00:00 GMT?
Exactly
Is there an amount of pips that is too large(far away from yesterdays close) that would negate the trade? example:the 20th bar is 150 pips above yesterdays close for EUR/USD.
I did run into that situation and as far as I can remember the trades were still profitable.
Regards
Hi Dan,
great point...this is what I did for last nights trade.
I took partial profit +35 pips and set the rest to break even. I hope I didn't keep you up to late.....My 20th bar closes @ 3pm which is a killer for my working schedule. I would like to create an EA for this reason as well as running it on other pairs. I just don't have enough programming skills yet to be able to code something like this...
Thank you for sharing.
When do you close trades if neither TP or SL is hit?
I think yesterday was a day where it missed the 75 target by a few pips.hb2,
Its the 20th bar on the 30min Time frame.
I still do not understand the 20th bar, is it on 20th day (bar) on each month? thx for your explanation
How did you come up wth the 35 pip figure forthe EUR/USD?
Based on my theory that the bluffers and manipulators have made their money and exited the market while the big traders and banks are committed to push prices in that direction. I figure if price is not below or above 35 pips of the previous day by then their most likely is going to be an indecisive day and a obvious trend will not emerge.
I would like to test this on other pairs, too.
Sorry I don't have an EA or else i would post it for you...... maybe this will save you some time in your testing.
This strategy tends to work better on trending pairs.
I adjust my stop loss according to volatility, spread, and Average True Range according to each pair.
The atr I am using is set to give the average range of 20 bars back.
Maybe you can come up with something better as a filter.
Do you enter on the open of the next bar?
Yes