I do agree I have s be noticed on the 4 hour chart the trades that hit the 300 fib line could go all the way to hit the 400 mark.
Perhaps we are just over thinking the EA? What I mean is perhaps we should try to keep the EA simple like the original strategy, minimum extras. Plus it was either you our Mitchell who said been testing the EA failed but forward testing it worked. So far on my forward to tests of v18 the EA is doing well. Maybe not 1000 pips a day our huge number of trades burt it works and that its what is important.
I agree, it forward testing it seems to be doing well. No complaints so far. I have not tried much in the way of 4hr testing. Will be interesting what you get over longer period of time.
Ironically the 4 hour chart has been more profitable than the daily chart, but I feel we need a few weeks of forward testing to determine this.
I have had one 400 fib trade and another which is between the 200 and 400 fib Mark hovering between 70 - 90 pips. But more loses on the 4 hour chat than the daily chart
From my experience, for me to win this game (forex) my brain, my emotion, patient is the “KEY” not the system. Systems only give me signal or just a guidance. I don’t have to accept all the signal that the indicators gave me.
That’s why I can’t manual trade. No patience. Also why I always make an EA out of everything I can so it’s hands off, and I can (hopefully) forget about it.
Don’t forget James if you have a good strategy like this one where the EA does not need to be horrifically complex like some of those dodgy EA’a business sell then hopefully an EA can be made.
If it was not for all the bad two from those stolen and badly designed EA’a I’m sure more people would put time into EA’s like all of us here on this thread.
Plus your EA works so don’t lose faith in EA’a I have not seen anyone here saying this strategy had totally failed as an EA so it looks good so far. Plus if the drawdown is low then we can up the risk safely.
Or think of things this way James I’d were had thee EA’a all making 10 - 20 % of seperate accounts, all running in one account each that is a nice monthly return.
Small gains can equal big return if we are sensible with our money management and how we trade!
Hi SB,
Thanks for the encouragement. I’m always willing to put a winning system into an EA (if I can), if, like you said, it has specific settings for entering/exiting trades.
Some of the EA’s on the market, in fact one of the first popular ones, FapTurbo, backtest very well, usually. However, a little too often, it would hit big stoplosses, resulting in net loss. I bought that one and have all the updates, and have never made a consistent profit with it. I never use it on real account. It looked good, but just never played out.
There have been a few others that started out good, just never did much. Megadroid is another one. It works, but rarely makes a trade. MillionDollarPips was fantastic at first. I instantly doubled my account. It captures rapid impulse moves and profits on quick retraces. But the moves started getting longer and longer, so it would stop out before it could make its profit. So now I don’t use it because I am no longer confident in its net profit. That guy, William Morrison, has made a couple other ones since then, but they are too risky. One, FXPhantom, using grid and Martingale, using a trade copier EA method. Nice little profits and suddenly a 30x stoploss, bam! I paid for 1 year of service, but after 6 weeks saw it was not safe. He refused any refund. Won’t buy anything from him again.
My first EA on 10 month backtext could turn $500 into over $500,000,000 jan-nov I think 2009. I was ectatic, but, when I tried it live starting december, market behavior changed. It was based on big 400 pip stoploss that you hope rarely gets hit. And they were getting hit.
So that has been the situation. I’ve learned that almost no mechanical system works. That’s why a manual trader that can “read” the charts is the most likely profitable method. But most cannot read the charts. And then there’s that thing we mentioned earlier. Patience. You really have to like watching paint dry to be a good manual trader I think.
Ok, enough lamenting.
I made a version 22. I noticed some of my charts should have entered a pending trade, but would not until I recompiled the EA, to freshen the variables, I guess. So I put some code to run every tick which was only running each new bar before to keep it fresh. It will slow down backtesting, but guess it’s a necessary evil.
Will wait a few days to post to see if anyone has any other bugs to report.
short usd/chf - favorable
short aud/usd - neither
short aud/usd - neither
long usd/cad - neither
long gbp/usd - favorable, still in from previous day.
edit: to clarify with my filter.
favorable = strength in the direction the signal provides.
neither = not really showing strength one way or another.
unfavorable = strength against current signal.
It works for me on hot forex if that helps with. pending orders and Demo trading (v 22a)
By the way anyone watching my fxbook account for the 4h chart I should of lost only 38 dollars instead of 96 so would of been profitable today instead of a big loss. That’s my fault in not disabling risk and the EA working properly lol.
My mistake not James EA just look at the pips made for both EA’a rather than $ profit and your see the true picture.
wow, I’m losing track. I didn’t even think I’d sent v22 yet. I"m still making to changes to it on my computer. I have two versions of each EA, (a) and (b) because I have use different MaxLotsize due to the “notional account” I have. I had the ATR settings in both the fibsize and fibsettings low to 0.4 and I took two full stoplosses, so I recommend against using the ATR at low values at this time. I put my settings back to the 40 pip fibsize and fib calculations based on the fib size.
This is the first stoplosses I’ve had, but with that low of ATR settings, the stoploss was very close.
Hi Jim - This seems like a worthwhile project to me and I would firstly thank you so very much for your efforts. A couple of questions though if you would. I am getting error 131 which is incorrect trade size I think. Could you possibly allow the EA to optionally round down to single decimals ? May I also suggest making the comment field something more obscure and so less recognizable by the broker. Something that users from this forum would recognise, perhaps as simple as W#######. # being the magic #. My recollection though was that the magic # went into the comments field anyway but it is a long time since I used an EA and I can’t fire this up at present as I can’t place orders with my prefered broker in prefered sizes. In the meantime I will find a different demo but I am a long time user of FXPro demo accounts as they don’t expire. This EA is of particular interest simply because the method might work rather than the notion that the CCI ior RSI just hit 150 or 90 so I am following along and now today started trying it out.
Thanks and best regards,
AltosT
Oooops ! Sorry, just found the comment is user defined.
I personally don’t think the dealer cares a what, if any, comment there is. They watch mostly your stops. Depends on your broker as well. Some will screw you more than others. Only way to beat them at that is to have the stops not “hard stops” but internal only, that will close based on calculations. Of course, you must have 24/5 connection and leave your computer on the whole time for that. Which is my case, so it doesn’t matter.
The stepping fibonacci trailing stops are such as that, invisible to the broker, for example.
About the lot size, I once had the lot calculator round the numbers, but then I replaced that function with one that someone else made, and forgot to bring over that part of the code. I will put it into the next version.
Yes, you may well be right about the comment. I have set up 9 charts currently and have 5 pendings at this moment. I expect a couple to fail but I will leave alone just to watch the function. Time will determine whether to use the EA discretionally or not.
Am glad you can round the decimal easily. The other query I have with the EA is that I am in Australia and so the market closes on Saturday morning 0600 hrs. Platform time though is Friday 23:45 for commencement of last 15 min bar. I read something recently about a problem with the time adaption on another EA closing, Maybe on the DayBreak thread or DayBreak TT. Is the EA using MT4 time for the close ?
