Peaky on Steroids

[tomele]

How? Run PoS on M1, and watch the magic happen ! Thanks to Steve et al. for this beauty.
Some comments:
1. Six majors, because of high volatility and low spreads
2. Global Prime a broker, for the correct execution and no slippage. A must in my opinion.
3. A TP of 4 pips: i have an indi running, indicating that 4 pips is the most common.
4. 240 bars on the chart, representing H4.
5. A small buffer for entries: 2 pips
6. fixed lot size of 0.1 on a 100 € account (i know, i know)
7. max 3 orders (because of the previous) and min. margin% =500

And so I spend most of the day watching the magic happen: the history shows one losing trade, that's when I intervened
The cancelled pending orders are manually deleted, and the end of my trading day.
A welcome enhancement for this trading style would be the trading hours start/stop user input.
Already having wild dreams of repeating this on a live 1.000€ account, making 500 €/day
I include my setfile , indicators and template for convenience.
Happy trading!

thomasmore

Erm, well this will work - right up to the point where it doesn't. At which time you can kiss your account goodbye.

Please don't try this at home.

Cause that which must not, cannot be? Proof it. Both of you. There is no denkverbot on SHF.

[FxFoil]

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[LittleCaro]

Central Bankers are doing shit this week.

They have absolutely no idea on what's happen next, with brexit, etc.

That's why we have the markets not efficient that week.

And i must admit, that situation is a little worrying.

[Radar]

Hey FxFoil,

While trying to learn the meaning of the words ‘patience’ and ‘eventually’ I have discovered things about time frames and bar numbers. For example, 400 bars on H4, 1600 bars on H1, 6400 bars on M15, and 19200 bars on M5 will all have the same Peaks drawn within a few pips of each other on the respective charts. Conclusion? It is not the time frames that cause the trade variation but the bar numbers on any time frame. So it seems that with a H4 chart open to keep the big picture, one could effectively trade any real or imagined TimeFrame: H2, H1, M10, M3 etc only by changing bar numbers. Which begs the question what is the reasoning in selecting 1682 bars as the default?

The 1682 bar lookback isn't used to create an artificial timeframe, it's simply the maximum number of visible bars on a chart when you zoom out to maximum, and remove the Symbol and Navigator panels.
With Peaky (and with each TF in POS), we're only interested in looking at the TF we're trading, and we're only interested in trading the TF we're looking at.

Have fun!
Radar =8^)

[thomasmore]

Something happened that i cannot explain : a GPBUSD open trade was closed at a loss. There was no SL set, nor was there a margin call. I have no idea what happened.
Cheers,
thomasmore

[SteveHopwood]

Something happened that i cannot explain : a GPBUSD open trade was closed at a loss. There was no SL set, nor was there a margin call. I have no idea what happened.
Cheers,
thomasmore

It should have closed sooner than it did. The trade was a sell down from a PH. There is now a PL and the market is rising up from it, so PoS closed the sell. No point in having a sell open if the market is rising. I will check the user guide to make sure I have made this clear, and add to it if not.

[MMGood52]

Something happened that i cannot explain : a GPBUSD open trade was closed at a loss. There was no SL set, nor was there a margin call. I have no idea what happened.
Cheers,
thomasmore

Simple Brother.. What you're showing here is a 5M chart, look at it on 1M. It hit the other side of the sixths.. I had your set file going and mine had two of these which each closed when they hit the opposite side of the sixths.

To me that is awesome because the set still gained 5% even with two losses.

[thomasmore]

It should have closed sooner than it did. The trade was a sell down from a PH. There is now a PL and the market is rising up from it, so PoS closed the sell. No point in having a sell open if the market is rising. I will check the user guide to make sure I have made this clear, and add to it if not.

:xm:

Steve,
My interpretation of the UserGuide that setting the 'UseSixthForTrade1StopLoss' and 'Trade1StopLossPips' to zero would leave the trade run forever,or, until Recovery cut in, when the latter was active.
Do I understand it correctly that these settings are overruled by the price hitting the opposite PH/PL ?
Cheers and have a good weekend !
Thomasmore

[SteveHopwood]

Do I understand it correctly that these settings are overruled by the price hitting the opposite PH/PL ?
Cheers and have a good weekend !
Thomasmore

Yes. I will edit the UG.

[TraderJoeForex]

Something I have been thinking about past few days is whether the distance price must travel between recovery stop orders should be the same regardless of timeframe. Let me explain taking M1 as an example.

If the first trade does not hit chosen TP and stays negative then we are in a recovery situation. At this point the fact that the trade was taken on M1 as opposed to H1 or any other timeframe does not have much significance. We have a losing trade and we have recovery to try and take care of it.

Thanks to Steve's manual and automated testing of this approach, live this year already we know that 100pips x 6 is a good enough average spacing for the pairs he trades to enable what would have been a losing trade on H1 to end up an overall breakeven or winner. And logic would say that if we tightened this spacing by half or a quarter or more then we wouldn't still expect the same result, not without perhaps a lot more drawdown at best and mostly failed baskets where 6 recovery positions have filled and price has not yet turned around at worst.

In fact if trading M1 the risk is greater than H1 because we could have a failed buy at the bottom of the M1 sixths but still near the top of the H1 sixths and potentially this trade could fall further than a trade taken at the bottom of the H1 sixths right? So in theory for recovery to offer the same odds of success we might need a few extra positions or a wider spacing between trades not tighter.

So what if we use 100pip recovery on M1 just the same as we do with H1. At worst perhaps we might need a maximum of 9 positions rather than just 6.

The benefit of using M1 as far as I can see and based on last week alone is that there are so many trading opportunities it can actually deliver pips much faster than the higher timeframes despite the smaller target.

Last week I was testing M1, M5, M15, M30 and although drawdown is much higher than the banked profit for all of these, the one that has increased the balance the most is M1. And this was using Sixths for TP.

So I am going to test the same recovery for each timeframe and in theory it will only be so long before every pair is in recovery on M1. So be it. I get a load of pips upfront and then M1 is out of action for a bit while recovery sorts it all out and In the meantime I have the higher timeframes also starting to deliver. And a certain % of these losing trades will close out as losers anyway from an opposite signal when it comes. As long as the winners cover these I reckon this will work and the winning ratio on M1 actually seems very good.

Not sure if I am missing something here and of course would need a big enough account to deal with more pairs in recovery at any one time but if more can end up in profit eventually and those that loose with an opposite signal loose with less trades then perhaps this will be better?