Hi:This is the latest strategy released (June 2010) by Karl Dittmann - 100 PIPS DAILY SET& FORGET
Strategy is very simple and I would like to know if Funyoo can make EA out of this strategy. I think you've already have similar EA here. Perhaps, you can do a little modification from existing similar EA or creating from scratch, either way, I would very much appreciate it. Basic strategy rules mentioned below. All the bells and Whistles can be added. i.e. step trailing, moneymanagement for the lot size allocation, etc. Also, if we can add an option of xx number of trade to open, we do not have to open all 6 pending orders. We can open 4 pending orders (2 longs and 2 shorts, etc.) - optional
Thanks,
//===================//================
Simple system is time based and can be used only once a day: Max Daily Profit Potential: 100 pips
Trade Setup at: new day (00:00gmt? or different for different broker?, but setup at new day starts)
1) Find Previous day's High and Low price (he suggest 6pm EST to 6pm EST as 1 day's high/low)
2) Set up 6 pending orders : 3 StopBuy orders and 3 StopSell orders
3) Set it and forget it.
4) by 6PM new day remove all un-triggered orders and set up new pending orders.
Note: Do not trade (no setup) if 6pm to 6pm bar's high/low is > 150 pips
JPY pair works best. (USDJPY). EUR/JPY or GBPJPY may need to adjust SL and TP - not sure the optimal setting for SL/TP
Set 3 BUY orders 7 pips above the high (high + 7 pips)
Order 1 Entry: High +7pips
Set take profit 15 pips and stop loss 25 pips
Order 2 Entry: High +7pips
Set take profit 35 pips and stop loss 25 pips
Order 3 Entry: High +7pips
Set take profit 50 pips and stop loss 25 pips
Set 3 SELL orders 7 pips below the low (low -7 pips)
Order 1 Entry: Low -7pips
Set take profit 15 pips and stop loss 25 pips
Order 2 Entry: Low -7pips
Set take profit 35 pips and stop loss 25 pips
Order 3 Entry: Low -7pips
Set take profit 50 pips and stop loss 25 pips
Example for Long Orders:
USD/JPY High=90.50 Low=90.00
Order example 1 LONG=90.57 Take Profit=90.72 Stop
loss=90.32
Order example 2 LONG=90.57 Take Profit=90.92 Stop
loss=90.32
Order example 3 LONG=90.57 Take Profit=91.07 Stop
loss=90.32
Example for Short Orders:
High=90.50 Low=90.00
Order example 1 SHORT=89.93 Take Profit=89.78 Stop
loss=90.18
Order example 2 SHORT=89.93 Take Profit=89.58 Stop
loss=90.18
Order example 3 SHORT=89.93 Take Profit=89.43 Stop
loss=90.18
The Max profit target = 100 pips. The other 3 scenarios are:
A) 2 orders profit targets are reached and the 3rd order is closed by the stop loss (25pips)
+15 pips +35 pips -25 pips = +25 pips profit
B) 1 order profit target is reached and the 2nd and 3rd orders are closed by the stop loss (25pips)
+15 pips -25 pips -25 pips = -35 pips
C) none of the orders profit targets are reached and all 3 trades are closed by the stop loss. -75 pips (happens very rarely!)
