Easy 5 minute Trading

[sandybeach]

fibs behave (as far as I can see) exactly correctly now. They will self-modify when pending trades are open and more recent candle pattern sets up a new fib/trade,
but, as long as there is a buy/sell, it will maintain that fib structure until it closes (writing the file to the hard drive proved to be the answer to that one. Thanks SB. Although, it is a .dat and not a .txt file. All the same).

Awesome glad it worked

After the “fixes” my profit dropped by 1/3. Not sure what “bad behavior” allowed the extra profit. So, I’ll rely on you guys to test the best settings over time and multiple pairs. It’s too depressing for me to see it really bomb on different pairs. The EURUSD behavior usually gives best results from EA’s in my experience.

Don’t worry about this, i know the feeling of watching the back tests bomb, just think about it this way, since the EA was not operating as expected it was a little wild so we have had more wins but also more losses.

The 250 or so pips I was up last night shrank to less than 100 before all retraces took place. I’m currently up 64 pips in 5 open trades. Not sure if I should close them now, but wouldn’t know how the EA works if I do that.

Im not sure if this is popular but what about using a trailing stop to lock in profits instead of using the fib lines as exit points. Could this get us more profit ? I know this does change the strategy, but maybe it would help lock in profits ?

Has anyone manual traded this system using a trailing stop for the exit?

Ha, just backtested with extreme settings: TP%500 and risk 15%, with BE pips 15 and FibSize 50. Was able to get profit $1185 on $500 test, Jan-Sep, Profit factor 2.39, 42 trades, DrawDown 37%, Win trades 85%. Results probably not obtainable generally. Now that the fibs and trade modifications are behaving as anticipated, should be able to get more certain results profile.

The plus side as you tested here is that the drawdown is controlled and we can raise the level of risk we trade with per trade safely.

Also I don’t use the setting of ‘use all open trades for risk’ calculation, ALL my trades have a 2% risk of my equity

Ahh interesting, i thought you used 2% for all trades, not each trade. What is drawdown on your account like ? Im asuming it is quite safe to do this?

[idude]

What do we do if the target doesn’t get hit? Do we do another setup with recentness’s closed candle?

[sandybeach]

What do we do if the target doesn’t get hit? Do we do another setup with recentness’s closed candle?

I have been letting trades run until they hit a SL level, but im not sure if we should lock in profit by closing them before the start of the next candle.

Any thoughts ?

Let me know about the 146 error.

Looks good, three pending orders just got entered when i updated the EA from v15a to v16a, they entered at 17:38, 17:39 and 17:40.

No errors in experts or journal tab, looks good Can a few other people check as well just to confirm.

Thanks

[wigglez]

[QUOTE=]You now can specify how many pips profit to close “breakeven” at, and Wigglez, you are right, it really helps. I"m backtesting for the best result as we speak, but setting it to 5 pips added about 20% from my usual Jan-Sept eurusd test.
[/QUOTE]

What was I right about?

Sandy I was trying trailing sl. I didn’t seem to find a good way to do it. Feel free to give it a shot yourself though.

I had only one pair enter, and it was aud/cad, which is down 36 pips at the moment

Mitchell you keep mentioning they’re profitable by a few hundred dollars over the course of 5 years. That doesn’t sound very promising. Do you know what your ROI is?

[wigglez]

What do we do if the target doesn’t get hit? Do we do another setup with recentness’s closed candle?

if you mean the trade didn’t enter, then yes you set another one up. if its still in a trade, let it run its course

[wigglez]

the news wiped me out

taking another large loss this week

[christinaa]

You’ve got it exacltly right

I’ve backtested every pair since 2005 and everyone is profitably by a few hundred dollars at least, except for usdcad I think, that was losing overall in the past 5 years.

The pairs like usdchf, gbpusd, eurusd, audusd, audcad are consistantly profitable, as well as usdcad in the last year

Thanks for the reply MitchellForex, i will add audcad.
what if the candle has little or no wick?

[babypipsjbentz]

the news wiped me out

taking another large loss this week

Wigglez, is this manual trading or with the EA?
thanks

[sandybeach]

Interesting i had two trades close at +5 pips each and one which is currently open at - 16 pips.

But these trades only kicked off as i upgraded the EA to v16a from v15a so i think otherwise i would of had no trades today.

[sandybeach]

I had only one pair enter, and it was aud/cad, which is down 36 pips at the moment

I didnt have any AUDCAD trades triggered by the EA today

[babypipsjbentz]

I think it was Mitchell that said the v16 on backtest was very slow.
Ok, I think this will be better.
I added to inputs to the bottom of the imput settings, one for debug and one for comments.
it is default to comments only. For backtesting, to speed it up, turn off comments too.

Also, the thing was going to wait for a full bar (day) to show the comments, so I adjusted the update to be every tick for first 5 min, then go to per candle to let it “settle in” with all the comments, fibo’s etc.

I tweeked the IsTradingContextBusy filter, but should work the same. Keep me posted with any errors or suspicions that come up.

Wicks_ea_v17a.zip (9.84 KB)

[sandybeach]

I think it was Mitchell that said the v16 on backtest was very slow.
Ok, I think this will be better.
I added to inputs to the bottom of the imput settings, one for debug and one for comments.
it is default to comments only. For backtesting, to speed it up, turn off comments too.

Also, the thing was going to wait for a full bar (day) to show the comments, so I adjusted the update to be every tick for first 5 min, then go to per candle to let it “settle in” with all the comments, fibo’s etc.

I tweeked the IsTradingContextBusy filter, but should work the same. Keep me posted with any errors or suspicions that come up.

Yes it was Mitchell, Awesome work, time for testing

[idude]

How long (how many candles) should you leave the entry order open waiting for a retrace, I’m asking because sometimes they do retrace after 2 or 3 candles.

[MitchellForex]

How long (how many candles) should you leave the entry order open waiting for a retrace, I’m asking because sometimes they do retrace after 2 or 3 candles.

You only leave a pending order open for 1 day, the next time a candle opens, you make a new pending order

[babypipsjbentz]

You only leave a pending order open for 1 day, the next time a candle opens, you make a new pending order

With the EA, if you have an pending order open, and a valid new candle condition occurs for the trade (same direction) the fib will redraw and the pending order will be modified with the new values.

By the way, my last version had the 5 min wait time before going to the candle-by-candle update… uh, well, I put it for 5 hrs, not 5 min. So, any of you coders, if you want to change it, look right after the Start() function and change 53600 to read 560

It is a workaround anyway, for a sequencing problem of getting the “status report” to display. It only seems to get populated after a new candle after placing the EA. Well, for a daily chart, yep, you’d wait a day for EA status comments. Something about the lotical sequence of things, and the CPU cycle update priorities. So, I’m trying to track down the proper sequence so it will populate all comments on the first tick after placement.

ciao

[idude]

You only leave a pending order open for 1 day, the next time a candle opens, you make a new pending order

I’m talking about system 1, I think you are referring to system 2!

[idude]

With the EA, if you have an pending order open, and a valid new candle condition occurs for the trade (same direction) the fib will redraw and the pending order will be modified with the new values.

By the way, my last version had the 5 min wait time before going to the candle-by-candle update… uh, well, I put it for 5 hrs, not 5 min. So, any of you coders, if you want to change it, look right after the Start() function and change 53600 to read 560

It is a workaround anyway, for a sequencing problem of getting the “status report” to display. It only seems to get populated after a new candle after placing the EA. Well, for a daily chart, yep, you’d wait a day for EA status comments. Something about the lotical sequence of things, and the CPU cycle update priorities. So, I’m trying to track down the proper sequence so it will populate all comments on the first tick after placement.

ciao

Where’s the EA and instruction on how to use it?

[MitchellForex]

I’m talking about system 1, I think you are referring to system 2!

None of us trade system 1, even the creator/owner ditched it in favour of system 2

EDIT: Also the EA is downloadable on the top of the page v17 youll see on the end of it Instructions are simple, just apply it to the chart, make sure live trading is on, and go through the options and customise what you wish, I believe everything should be left on default except minimum fib size should be changed to 40, according to my successful backtesting

[babypipsjbentz]

Where’s the EA and instruction on how to use it?

sorry, no instructions. Although, the settings should be somewhat self explanatory by the names. Maybe someone in the group wants to put together a list, but I hate paperwork

[sandybeach]

Ok Show and Tell time. Right as i speak it is 14.33 GMT+1 (BST), i know friday is not overwith and i should be writing this evening tomorrow but if i dont do it now you wont get it until im back in two weeks.

Ok a few things about the trades below:

1. All trades were done with “0.01” micro lots, no risk calculations used at the 40 Fib level.
2. The EA closed and opened all trades, i did not close any or delete any pending orders.
3. The EA was updated as the week went through, i think the first version i used was v12, now it has v17 on it (i could be wrong, if i am sorry about which version i started with on these charts).
4. These are one weeks forward tests on a Hot Forex Demo account, i was not looking at % i could gain or how much profit could be gained, i just wanted to know if the EA could be trusted to work alone and be succesful.
5. I started running these charts half way through monday and missed out on some profitable trades on the daily chart
6. I have been upgrading the EA during the week so i have missed some trades through the upgrade

Right look at the charts below and i’ll explain my findings below:

H4 CHART:

DAILY CHART:

Ok interesting the H4 chart proved to be quite profitable, im not sure if this is because:
A. We have 6 times as many entry points on the H4 chart compared to the daily chart.
B. A lucky week

One important thing to bear in mind is these statistics are not 100% acurate. The only reason i say this is that as the week has gone by our brilliant Developer has fixed many bugs and we introduced the min 40 pip Fib rule as well as the 5 pip profit for breakeven trades.

Now previous to v17 there were not always pending orders created, some missed so there would be more trades on these charts. I think v17 has sorted this issue as on my other demo account i have a 20 pip profit for today which is nice.

Also those trades that ended with “0” would be +5 under the new rules, so when you look at the above charts you have to read between the lines but my overall assessment is that the EA is working as it should.

All we have to do is keep forward testing the EA to ensure it is doing what it is meant to do and does not miss creating any pending orders. I only upgraded to v17 this morning around 0800 GMT so i missed most of todays trades.

Ok now about the H4 chart, this was an interesting experiment to see if it would work, now so far it has been more protiable than the daily chart. Im not sure if this is just a fluke as there have been more losses on the H4 chart than the daily chart so far in my forward tests, but were know in two weeks time which works best.

Going forward i doubt i will be able to update the EA over the next two weeks, i will try to if there is an update, but the EA is looking good, next week will be interesting as we have got most of the bugs worked out of the EA so testing should be much more acurate.

If someone who is trading manually can compare your results with the EA on my fxbook account it would be much appreciated just to ensure everything is working as it should.

If you want to follow my fxbook accounts they are here, you don’t need to sign up with fxbook to view them:

https://www.myfxbook.com/portfolio/ww-james-ea-h4

https://www.myfxbook.com/portfolio/ww-james-ea-daily

The EA does look reliable and the drawdown is low, so on the daily chart this does look like it will work quite nicely. With the H4 chart, it is suprising it has not bombed like i expected. Now whether this strategy can work on anything less than the daily chart is interesting, but im happy with the daily chart. If the H4 chart has been proftiable in two weeks then that is something to consider.

What i would strongly advise is if everyone can stick to just testing on the daily chart, this is just so we don’t split ourselves and it will take longer to resolve any problems that need fixing. Once were all happy with the EA and it is 100% and there are no bugs or additional features wanted etc then i will be running this EA on a weeks test of everything down to the 5min chart just to see what happens after one weeks forward testing.

Thanks James for all the hard work you have put into this EA, it does look great

All questions / comments welcome