Publishing my trading system script. It consist of several conditions to happen in order to open a trade. Work best on ES/MES 5 minute timeframe. I like to use it with this settings: - UTC -6 (don't tick Exchange Timezone) and rest as default
To enter a trade, the following conditions must be met: Entry 1: the opening range (8:30AM - 9:15AM UTC-6) must be defined and the price must close above or below the opening range on the 5-minute timeframe. This entry condition defines the trade direction (above = long / below = short). Once the opening range is defined, the Trend-Based Fib Extension is applied from the range high to the range low (and vice versa). Fib levels are required for Exit conditions. Entry 2: the 8 - 27 - 67 - 97 EMAs must be defined. If the EMAs value order is 8 > 27 > 67 > 97, long-only trades are allowed. If the EMAs value order is 8 < 27 < 67 < 97, short-only trades are allowed. This entry condition filters fake breakouts of Entry 1. Entry 3: no trades are allowed after 12:59 UTC-6 (2PM EST). Entry 4: if Entry 1, Entry 2, and Entry 3 conditions are valid and the price hasn't reached the 23.6% Fib line, an entry order can be set at the range high/long with 4 contracts. To exit a trade, the following conditions must be met: Exit 1 (Stop loss): set a trailing stop based on 2.1x ATR (14) from entry. Exit 2: take 50% profits at the 23.6% Fib and leave trailing stop untouched. Exit 3: if Exit 2 triggers, take 50% (25% of total entry) off at 61.8% Fib, leaving Exit 2 trailing stop values valid. Exit 4: exit the full position at the FIB 100% value. Exit 5: all trades must be closed at 3pm UTC-6 (4PM EST). So basically Take Profit are 50%-25%-25% of position.
Great work, did you have programmed this for NT8 as well?
sevencampbell
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Nice work.. it doesnt show the TP etc or SL on the charts?
philipbianchi
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@sevencampbell, no, I also decided to not publish it with alerts as of right now. I prefer if people learn how it works and how it manages positions ( rules written in system description). Will likely add alerts later this year if people want to add webhooks to their trading platform
sevencampbell
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@philipbianchi, No worries I can add alerts for my own use _ the overview is very detailed
sevencampbell
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@philipbianchi, any chance of adding these now? ha.. just curious to run long term backtest with the signals - seeing the signals actually help knowing u also understand the entry and exit points
philipbianchi
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@sevencampbell, i’ll make a video tomorrow on how the strategy works so you can use it for backtesting. Sadly since you can backtest only 20000 bars it’s not possible to backtest long term. The system also doesn’t avoid news like it should, but everything will be explained in the video
sevencampbell
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@philipbianchi, with the new deepbacktesting on premium account - which is why i am curious - i can go back a long time - over a year
epeterson1970
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@philipbianchi, What if you test each quarterly contract? I know its a pita but it works. I've gone back 5 years using quarterly contracts