Daily95pips | MT4 EA Download - MetaTrader 4 Resources
Hello everyone, welcome to DAILY95PIPS strategy.
Before we begin, I strongly recommend that you paper trade any new strategy, including this one, before investing any of your own money. Thorough testing is crucial before implementing any strategy.
Also keep in mind that this system is by no means new and may look familiar to some. I'm simply passing it down from my seniors/mentors in the hope that it will add to your existing trading arsenal and improve your trading results.
The basics of this system are very simple and have proven to be profitable, although I am adjusting my money management/profit goals. Therefore, the results of this revision will be implemented on this thread. I must also emphasize the well-known saying: "Past performance is no guarantee of future returns."
I will be adding daily trading results to this post as we progress. See post #1602 for this week's updated results. Weekly and individual pairing results are located after #1602. The monthly total is at post #1602. (Please ignore next post #2 as I can't add it.)
That being said, let's continue with the strategy.
Overview:
This is a pure "set it and forget it" system, trading at the same time every day. This option is also available for those who prefer to monitor their positions to adjust stop loss levels when profit targets are reached. Please note that an Expert Advisor is currently being developed that can automatically execute the trades of this strategy, thus maintaining the set goals. Please click the paperclip in the upper right corner of the page to find the current version. For those who are just starting out with EA trading, you will need a broker that uses the MT4 platform, such as North Finance, IBFX, ODL, FXDD, etc. For instructions on installing the EA, please visit: http://www.halcyonfx.com/howtoinstall.htm
We are implementing money management by setting multiple profit targets while targeting a 95 pip profit from a 50 pip price move.
We will simply place the order 5 pips above the previous days high and 5 pips below the previous days low. (Actually, this is more like what it was like 17 hours ago at 5pm ET.)
Use 30 pips stop loss on all orders.
Orders placed on Monday, Tuesday, Wednesday, Thursday and Friday.
implement:
1.) Open the USDJPY 1 hour chart at 5pm ET (2 hours b4 starting in Asia). (To avoid questions about how this strategy works on other currency pairs, I will post the results comparing GBPUSD, GBPJPY, EURJPY and EURUSD. You are welcome to add to the list.)
For those who need help converting time zones, please visit: http://www.timeanddate.com/worldclock/converter.html
For those of you with a broker the spreads are still wide at 5pm EST on Sunday (this is my time in Brisbane at 7am on a Monday) and to avoid wide spreads you may want to wait until the spreads drop to normal levels before placing an order. I usually wait until Oanda 's spread narrows back to normal around 8pm ET.
2.) Use the highest and lowest price in the previous 17 hours. For Monday orders, the highest and lowest prices are traced back to 00:00 EST on Friday.
3.) Open a total of 6 pending orders (per pair), including 3 buy stops and 3 sell stops, which expire within 24 hours (I used 18 hours), as shown below:
Buy/Long order:
Island #1 - Entry = HIGH+5pips, Profit = 15pips, S/L=30pips
2. #2 - Entry = HIGH+5pips, Profit = 30pips, S/L=30pips
3. #3 - Entry = HIGH+5pips, Profit = 50pips, S/L=30pips
Sell/Short Sell Order:
I. #1 - Entry = 5 pips low, Take Profit = 15 pips, Stop Loss = 30 pips two. #2 - Entry = 5 pips low, Take Profit = 30 pips, Stop Loss = 30 pips three. #3 - Entry = 5 pips low, Take Profit = 50 pips, Stop Loss = 30 pips
That's it.
Once you place your order, you are free to do other things since this strategy does not require you to monitor the trades. However, as mentioned before, in order to maximize the results, you can choose to adjust the stop loss level when the profit target is reached, which, by the way, is done automatically by the EA.
After triggering a long or short trade, there are 4 possible outcomes:
1.) All 3 profit targets reach +95 points.
2.) The first 2 profit targets are reached (+45 pips) and the remainder is stopped (-30 pips), leaving a total of +15 pips.
3.) The first profit target (+15pips) is reached, and the remaining two lots are stopped at a total of -45pips.
4.) All 3 trades were stopped, with a total price of -90 pips.
In addition to this, there are variable results when long and short trades are triggered.
Also note that for those who prefer to monitor their trades, stop loss levels for remaining lots may be adjusted to protect realized profits. You may also use a trailing stop at your discretion. These functions are included in the EA.
Please note that as a general rule of thumb, you should not risk more than 3% of your trading account on any one trade.
Therefore, when using the DAILY95PIPS strategy, the order size needs to be divided between long and short orders. Therefore, the total potential loss for a long order (90 pips) will be up to 3% of your trading account.
Alternatively, you can risk 3% of your trading capital on each order, for a total of 9% of your trading capital on long trades. The same applies to short orders.
Happy trading everyone!
Before we begin, I strongly recommend that you paper trade any new strategy, including this one, before investing any of your own money. Thorough testing is crucial before implementing any strategy.
Also keep in mind that this system is by no means new and may look familiar to some. I'm simply passing it down from my seniors/mentors in the hope that it will add to your existing trading arsenal and improve your trading results.
The basics of this system are very simple and have proven to be profitable, although I am adjusting my money management/profit goals. Therefore, the results of this revision will be implemented on this thread. I must also emphasize the well-known saying: "Past performance is no guarantee of future returns."
I will be adding daily trading results to this post as we progress. See post #1602 for this week's updated results. Weekly and individual pairing results are located after #1602. The monthly total is at post #1602. (Please ignore next post #2 as I can't add it.)
That being said, let's continue with the strategy.
Overview:
This is a pure "set it and forget it" system, trading at the same time every day. This option is also available for those who prefer to monitor their positions to adjust stop loss levels when profit targets are reached. Please note that an Expert Advisor is currently being developed that can automatically execute the trades of this strategy, thus maintaining the set goals. Please click the paperclip in the upper right corner of the page to find the current version. For those who are just starting out with EA trading, you will need a broker that uses the MT4 platform, such as North Finance, IBFX, ODL, FXDD, etc. For instructions on installing the EA, please visit: http://www.halcyonfx.com/howtoinstall.htm
We are implementing money management by setting multiple profit targets while targeting a 95 pip profit from a 50 pip price move.
We will simply place the order 5 pips above the previous days high and 5 pips below the previous days low. (Actually, this is more like what it was like 17 hours ago at 5pm ET.)
Use 30 pips stop loss on all orders.
Orders placed on Monday, Tuesday, Wednesday, Thursday and Friday.
implement:
1.) Open the USDJPY 1 hour chart at 5pm ET (2 hours b4 starting in Asia). (To avoid questions about how this strategy works on other currency pairs, I will post the results comparing GBPUSD, GBPJPY, EURJPY and EURUSD. You are welcome to add to the list.)
For those who need help converting time zones, please visit: http://www.timeanddate.com/worldclock/converter.html
For those of you with a broker the spreads are still wide at 5pm EST on Sunday (this is my time in Brisbane at 7am on a Monday) and to avoid wide spreads you may want to wait until the spreads drop to normal levels before placing an order. I usually wait until Oanda 's spread narrows back to normal around 8pm ET.
2.) Use the highest and lowest price in the previous 17 hours. For Monday orders, the highest and lowest prices are traced back to 00:00 EST on Friday.
3.) Open a total of 6 pending orders (per pair), including 3 buy stops and 3 sell stops, which expire within 24 hours (I used 18 hours), as shown below:
Buy/Long order:
Island #1 - Entry = HIGH+5pips, Profit = 15pips, S/L=30pips
2. #2 - Entry = HIGH+5pips, Profit = 30pips, S/L=30pips
3. #3 - Entry = HIGH+5pips, Profit = 50pips, S/L=30pips
Sell/Short Sell Order:
I. #1 - Entry = 5 pips low, Take Profit = 15 pips, Stop Loss = 30 pips two. #2 - Entry = 5 pips low, Take Profit = 30 pips, Stop Loss = 30 pips three. #3 - Entry = 5 pips low, Take Profit = 50 pips, Stop Loss = 30 pips
That's it.
Once you place your order, you are free to do other things since this strategy does not require you to monitor the trades. However, as mentioned before, in order to maximize the results, you can choose to adjust the stop loss level when the profit target is reached, which, by the way, is done automatically by the EA.
After triggering a long or short trade, there are 4 possible outcomes:
1.) All 3 profit targets reach +95 points.
2.) The first 2 profit targets are reached (+45 pips) and the remainder is stopped (-30 pips), leaving a total of +15 pips.
3.) The first profit target (+15pips) is reached, and the remaining two lots are stopped at a total of -45pips.
4.) All 3 trades were stopped, with a total price of -90 pips.
In addition to this, there are variable results when long and short trades are triggered.
Also note that for those who prefer to monitor their trades, stop loss levels for remaining lots may be adjusted to protect realized profits. You may also use a trailing stop at your discretion. These functions are included in the EA.
Please note that as a general rule of thumb, you should not risk more than 3% of your trading account on any one trade.
Therefore, when using the DAILY95PIPS strategy, the order size needs to be divided between long and short orders. Therefore, the total potential loss for a long order (90 pips) will be up to 3% of your trading account.
Alternatively, you can risk 3% of your trading capital on each order, for a total of 9% of your trading capital on long trades. The same applies to short orders.
Happy trading everyone!
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