Euro Daily Trader

This is a discussion on Euro Daily Trader within the Trading Journals forums, part of the Reception category; Two in a row for the Trailing Stop! It's like waiting for buses! Trade ended with a 49 pip profit ...

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Old Feb 23, 2012, 9:39pm   #136
Joined Sep 2011
Re: Euro Daily Trader

Two in a row for the Trailing Stop! It's like waiting for buses!

Trade ended with a 49 pip profit at around 20:10 (London).

I'll settle for that!

Mike
The Forex Club
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Old Feb 25, 2012, 1:23pm   #137
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Nice to see the system recover and reach new heights by the end of the week.

I notice their website would give evidence of a 7 fold multiplication in the start capital if following applicable settings from 1st June 2011. Most of this happened prior to October and general release, however I notice the myfxbook shows about 80pc capital growth at 4% risk, compounded since then. I haven't been able to find discrepancy in this claim, although the experience at some brokers isn't so good, but it would be great if performance kept at the same rate. Admittedly it isn't a lot of fun going a couple of weeks without a profit, but eventually they happen again and are very gratifying. There are no managed funds or ETFs that I know about in the investment world which keep up with this kind of output, and not many EAs which do better.

Last edited by wiseambitions; Feb 25, 2012 at 1:32pm.
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Old Mar 1, 2012, 10:01am   #138
Joined Sep 2011
Re: Euro Daily Trader

One should probably be pleased with any gain in this tough business, but I have to admit to being devastatingly disappointed with Wednesday's result which finished at +9 pips around two in the morning.

It is the second time in 4 days that we have been a whisker away from full target of 40 pips and fell back to hit the BE reset (see screen shot in post above). Those two results could just have easily been 2 x 39 pips instead of 2 x 9 pips which would have made 157 pips for the month instead of the 97 we ended with. It would have also meant that we would have reached the target of 100% gain on the MyFxBook account thus doubling our money since October.

However, a gain is a gain and as mentioned before, pips gained on EDT are worth much more than any other system we know of. That 97 pips for February represents over 10% gain on an account running at just 2% risk and a healthy 19.91% growth on our live account which runs at 4%.

Not too shoddy eh?

Mike
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Old Mar 1, 2012, 5:13pm   #139
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
Quote:
Originally Posted by Mike Forex View Post
One should probably be pleased with any gain in this tough business, but I have to admit to being devastatingly disappointed with Wednesday's result which finished at +9 pips around two in the morning.

It is the second time in 4 days that we have been a whisker away from full target of 40 pips and fell back to hit the BE reset (see screen shot in post above).
Mike
The Forex Club

We have had a reasonably good month in spite of those irritations.

Presumably you keep trialling whether 39 or 40 pips make for too high a target in present market conditions? Or if 9 at +20 is the optimum way to trap a few pips in the SL reset when there's not enough inertia in the market movements?
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Old Mar 10, 2012, 9:17am   #140
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Doesn't look to me like this site is used any more, no contributions from any other users for a couple weeks or more

Nevertheless I've been totting up the progress noticing we are exactly at the end of week 10 of 2012.

The production of pips has been steady, and depending on the broker, which has a bearing on trades taken, trailing stops, delays & slippage, there have been between 150 and 200 pips taken off the table in that timescale.

It doesn't sound a lot if it's maybe 20 a week or less, however that's still plenty enough to keep the show rolling and to gather a bit of capital gain, perhaps even 40 to 50 per cent if risking 4%. Preferably we'd get more than 20 pips a week, as it was apparently doing this in the middle of 2011, markets are not being very kind at the moment and a lot of strategies are failing to work any good at all.
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Old Mar 13, 2012, 5:33am   #141
 
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Joined Feb 2012
Re: Euro Daily Trader

The best thing about this EA I found is its money management to secure some pips on consistent basis. The spotting of trade direction is not that important to me because I have seen even the best combination of indicators often gives a totally wrong signal.

I don't see an eventual failure of this system if a person can have the patience to bear a bit of drawdown sometime which is common in any kind of systems available in this world.
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Old Mar 13, 2012, 8:05pm   #142
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
Quote:
Originally Posted by takechance View Post
The best thing about this EA I found is its money management to secure some pips on consistent basis. The spotting of trade direction is not that important to me because I have seen even the best combination of indicators often gives a totally wrong signal.

I don't see an eventual failure of this system if a person can have the patience to bear a bit of drawdown sometime which is common in any kind of systems available in this world.
Actually the success of the system turned a corner for the better with EA improvements in and since December. It is shown graphically here by the average pips gained in the latest 50 rolling days. And if the Christmas week had been avoided the dip out of which it has been climbing would have been less severe
Attached Files
File Type: pdf last 50 EDT to 13 Mar.pdf (60.5 KB, 134 views)
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Old Mar 19, 2012, 1:41pm   #143
Joined Sep 2011
Re: Euro Daily Trader

Concerning the Friday Early Close which seems to have caught a lot out this last weekend.

Brokers will have informed their customers if their platforms were closing earlier than usual last week. The reason for this is as follows:

For 95% of Brokers, the closing of Forex platforms on Friday evenings, is timed to be one hour after the closing of the New York Forex exchange. This happens at 22:00 London time as the New York exchange closes at 21:00 London time. This is why, for 99% of EDT users, the Friday setting "EarlyCloseOffset" parameter is set to "4" it is the difference between when the trade opens (18:00 London) and when the platform closes (22:00 London).

However, at this time of year clocks around the world move to summer time and unfortunately they do not all do so on the same day. The USA moved their clocks forward one hour on Sunday 11th March 2012 whilst the UK will not move their clocks forward until 25th March. This means that for two weeks, there is one hour less time difference between New York and London.

If the Forex Brokers decide to keep to their rule of closing their platforms on Friday nights one hour after the NY exchange closes, it follows that as far as London time is concerned, NY will close at 20:00 London for this two weeks (instead of 21:00) and the platforms will close at 21:00 London for this two weeks (instead of 22:00).

In order not to get caught out again next Friday, EDT users should alter the setting on the EarlyCloseOffset by one hour. e.g. if it is normally set at "4" it should be changed to "3" and so on.

Please do not forget to change this setting back after this week's Friday trade, as the UK clocks go forward one hour on the 25th March and the time difference returns to normal.

Hope that is clear.

Mike
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Old Mar 19, 2012, 4:45pm   #144
Joined Dec 2010
Re: Euro Daily Trader

Have just bought this system and am awaiting the email confirmation. It looks good.
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Old Mar 19, 2012, 7:25pm   #145
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Hi Blackstick. Good luck with the system. It has to be looked at over a period of about 6 weeks, during which timescale it would be very unusual not to have made a capital gain. Single weeks in isolation are not meaningful.

Unfortunately it has been a lean month so far, and I would ascribe it largely to the clock change with the USA which is mentioned on this page. Why the major countries of the world don't have synchronisation in all this beats me!
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Old Mar 21, 2012, 9:48pm   #146
Joined Dec 2010
Re: Euro Daily Trader

Thank you for the welcome. I now have everything set up and have had a NT and SL so far this week. I have also set up the email notification which all seems to be working fine. Starting off with fixed lots but will change to % lots as and when confidence grows.
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Old Mar 21, 2012, 10:15pm   #147
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread Currently this forex market seems to act like a lunatic

I haven't had a full win for about a month, and my score is no worse than the official. The drawdown seems worsening and it's loss after loss, which all causes a fear as to whether the market behaviour has changed for the long term or whether this is just a temporary blip. It's still possible for the month to end at least with break even but to do this would require a couple instant wins and occasional +9 rolled in over the next week and a bit....
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Old Mar 23, 2012, 6:01am   #148
 
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Joined Feb 2012
Re: Euro Daily Trader

Haven't seen a full win either in recent time.
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Old Mar 24, 2012, 12:16pm   #149
Joined Sep 2011
Re: Euro Daily Trader

Pretty miserable week that I'm sure we are all glad to see the back of.

Lots of talk about whether the clock changes this time of year are affecting the system and it has been pointed out in several private emails that we had a similar draw down just prior to the UK clock change last October so I just thought I would address this.

If this summertime change were affecting the system, it would be the periods when the US and UK are "out of sync" that need to be looked at. Last October / November, the "affected" week would have been October 30th (when UK clocks were put back) to November 6th (when US clocks were put back). If you look at the results from that week on the website, we had 2 wins of 39 pips, 2 losses of 19 pips and one No Trade. So a "perfect" week for the system in fact, ending with a 40 pip gain.

We did look at this anomaly very carefully when first testing the system and we found that the system relies on the closing time London Forex Exchange rather than the New York Forex exchange. That said, there are only a maximum of 15 trades a year affected by this (10 in spring and 5 in autumn) which to be realistic is too small a sample to reach a definitive conclusion either way.

Mike
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Old Mar 24, 2012, 1:53pm   #150
Joined Oct 2010
Re: Euro Daily Trader

wiseambitions started this thread
Quote:
Originally Posted by Mike Forex View Post
Pretty miserable week that I'm sure we are all glad to see the back of.

Lots of talk about whether the clock changes this time of year are affecting the system and it has been pointed out in several private emails that we had a similar draw down just prior to the UK clock change last October so I just thought I would address this.

If this summertime change were affecting the system, it would be the periods when the US and UK are "out of sync" that need to be looked at. Last October / November, the "affected" week would have been October 30th (when UK clocks were put back) to November 6th (when US clocks were put back). If you look at the results from that week on the website, we had 2 wins of 39 pips, 2 losses of 19 pips and one No Trade. So a "perfect" week for the system in fact, ending with a 40 pip gain.

We did look at this anomaly very carefully when first testing the system and we found that the system relies on the closing time London Forex Exchange rather than the New York Forex exchange. That said, there are only a maximum of 15 trades a year affected by this (10 in spring and 5 in autumn) which to be realistic is too small a sample to reach a definitive conclusion either way.

Mike
The Forex Club
Hi, I would dearly love 2 3 or more wins to end the month with better feelings.

My take on the thing about clock changes is to say that at 18:00 EDT is active when the London markets are 'closed' and NY is still open. Consequently I think the deserved result comes from trading according to the NY clock.

Fingers crossed for a good week starting monday.
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