dobro, the movestopexpert EA works on any time frame and with any pair. You simply input whichever order number you want it to work with. Then you set the desired target, and what you want the SL moved to. Simple as that. If you have multiple trades on the same pair, simply have more than one chart up, with the EA on each chart controlling the different order numbers. It’s very simple but beware you don’t make a mistake because it could be costly!
Also, on the daily chart, since we’re waiting for the retracement to pass the 50.0 line before we get into our trades, we could potentially enter them later than normal. Sure a late entry would mean slightly less pips, but better than no pips at all. I typically trade 3 hours into the Asian session, or 3 hours after the open of that 3rd candle, and the price I find is usually floating around the 50.0 line already so it’s perfect. Since these trades can last days/weeks, someone living in Europe can certainly benefit in late entries as well.
I would advise to tighten up the SL a little bit though on late entries. No point in risking more for less. Just doesn’t make sense.
Hi FXMarmy,
Its just a built-in function of MT4 fib lines.
Just type “@%$” into the Fibo description and the currency price will appear on the Fib lines.
e.g. To show the currency price of the 100% Fib line, i would enter this in my Fib line description “100%% @%$” without the quotes.
Thanks for the feedback LyallNZ! If you can add any sort of filter or ideas on how to avoid the repainting issue please share.
So far though, it’s working rather well.
Last night, the EURGBP finally hit T2.
There are several pairs that are still ‘waiting’ while I think it was the AUDUSD that painted a new dot in the opposit direction while we were waiting, though I’m guessing the new dot will be repainted, it would probably be in our best interest to avoid the trade altogether. I will post a screen shot of what I’m talking about later on when i get home from work.
Just so I have the rules straight last night the GBP/USD had a candle close to the right of the dot and indicated a short/sell trade. When I placed the fibo the price was at the 100% level already. Question: does one wait for price to go back up to the 50% level and then enter a trade? Which could take a while. Thanks, d.
Technically, yes, you should wait until it hits the 50% level then enter a the trade. In the screen shot above, I had originally drawn the fibs incorrectly and thus entered the trade earlier than I should have. Waiting for the 50% level may help reduce the repainting issue.
There are 3 or 4 pairs that are in this situation, once they retrace to the 50% level they’ll be good to go, unless they keep moving past and the dot gets moved on us, which it just might.
Great system, thanks for sharing. Looking at the e/j and it looks like it has pulled back past the 50 fib line. Am i correct with this observation. I wish i could post the chart.
It seems like this indi still repaints even after the next bar has closed, is that true? If you watch it on lower timeframes you can see what I"m talking about. Anyway, I wouldn’t rely on visual backtests.
Yes Cory, that’s true. The indicator heavily repaints, sometimes 4 or 5 bars later it can repaint. That’s what makes the entry so difficult. And that’s why I’m looking for another filter to add to try and filter out the repainting issue. If anyone has any ideas please share.
For instance, on my USDJPY trade I did on Sunday night, though it had hit T1 and T2, the DOT repainted itself 4 bars later. Luckily I still hit my targets, and now I’m sitting at a new possible entry.
Maybe we need to wait a few more bars to see if it repaints before setting our pending orders. Or possibly a martingdale type of system, where we double lot sizes after each loss (though this can be VERY risky), not something I’m considering at this time though…
Do you understand how the indicator works Windsor? Because to be honest, it just seems like this strategy is trying to pick the tops/bottoms, without having much of a reason at all. It seems really risky to me. I hope it works out for you, but I just don’t think the ZZ indicator has any predictive value to guess when price will turn, it just waits and keeps repainting until price does turn.
Hi Windsorft, thanks for the info- are you still trading the earlier working man’s asian system, or have you abandoned that for this one?..
I am in UK… would using this second method mean using end of day candle time to assess situation , then waiting for the 50% pullback to place orders? Have you tried placing an order to open trade when the 50% is crossed (for eg a limit buy order, in an uptrend)… otherwise who knows when one would have to be there to catch the time when the retracement gets behind the 50%? I hope you get what i mean… this would reaLLY ALLOW A SET and forget placement , at least for the day.
In your method after your have checked at end of day candles for likely suspects, when do you check for the 50% retrace?
thanks again
PS i presume stops are at 0% in both methods?
Hi Cory, thansk for pointing that out. I didn’t realize how heavily this indicator repainted until I put it on the 1M time frame and watched the ‘dot’ get moved several times. That’s why it is critical to wait until the price moves PAST the 50% fibo line and place stop orders thereafter. Chances are if it moves past the 50% line it may keep going and repaint the dot, this technique will get us in at the optimum level.
So far it’s working and I am on the + side of things. No trades since last Sunday, but again, this isn’t a high trading system either. We’ll see how it performs on the long term.
Hi duncmac, the stop losses are placed at the 0.0 Fib line (swing high or low).
Hi duncmac, I have temporarily stopped using the previous method, trying to get this one ironed out completely then I’ll be using both methods.
Yes, this method means using the end of day candle to assess the situation. Depending on your broker’s time the new candle formation for the day may vary. For instance, I use FXOpen and the new daily candle begins at 5:00pm EST, which is 10:00pm GMT.
In the UK you could easily look at the candles etc before going to bed and decide if there are any pairs that you need to ‘wait’ on.
You could try the buy/sell limit orders to trigger once the price hits the 50% mark, but the thing with this indicator is it heavily repaints and the price is likely to hit the 50% mark and keep on going. What I typically do is this. I note which pairs are in the optimal state and see if they have moved past the 50% mark or not. If not, I check again in the morning. Sometimes they go beyond the 50% and start heading the way we want, and I get in the trade ‘late’, or the price moves past the 50% and keeps going (good time to place the stop order, and thank goodness we didn’t use a limit order) or the price never retraced at all and we didn’t catch it.
If the price moved past the 50% fibo line look for it to repaint. That’s what it typically does.
Also just to note, I am working on another, simpler ‘set and forget’ type method based on daily candles. I’ll add it to the first post once I get it ironed out. Doesn’t use any indicators and is easy to apply. See what happens when I wait for good trades, I get to work on other things too!
OK, I think I’ve finished working on my new approach. I call it the Whicked Wick approach. Allow me a few days to finalize the logic and then I’ll post it up. I’ll create a mt4live statement so you can all track the success on a demo account.
It looks sound, but the real test will be trading it live (on a demo acct to start).
