Easy 5 minute Trading

[babypipsjbentz]

@altostrader

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 ?

Regards,
AltosT

except for closing trades on Friday, the EA doesn’t care what time it is. It’s purely price action. I had an auto-gmt function in a previous one that failed for some reason, so I disabled it and now it uses your local platform time. If you want to close trades on Friday, and for example your trading stops 23:45 your local time (not platform time/server time/gmt time), then I suggest you put 23 as the hour for closing trades. Then hopefully, the EA will close open trades and not reopen any. But I suggest you monitor this activity to be sure it works. If not, I have more work to do. It’s very simple code, not sure why the gmt version did not work.

Here is a new version that should correct the lot size issue. Let me know if it doesn’t.

Wicks_ea_v24a.zip (11.8 KB)

[altostrader]

except for closing trades on Friday, the EA doesn’t care what time it is. It’s purely price action. I had an auto-gmt function in a previous one that failed for some reason, so I disabled it and now it uses your local platform time. If you want to close trades on Friday, and for example your trading stops 23:45 your local time (not platform time/server time/gmt time), then I suggest you put 23 as the hour for closing trades. Then hopefully, the EA will close open trades and not reopen any. But I suggest you monitor this activity to be sure it works. If not, I have more work to do. It’s very simple code, not sure why the gmt version did not work.

Here is a new version that should correct the lot size issue. Let me know if it doesn’t.

No, no. Trading stops at 0600 Saturday local for me. That is why I query which time zone the EA is looking at for what you call Fridays close. It is Saturdays close here.

Wow ! Thanks, I will try that in the morning. Have just popped into office as I cannot sleep. 12:30 am Thursday here now.

[wigglez]

i got lost on whats minimum, is it still 30 pips and for fib size or wick size?

[babypipsjbentz]

i got lost on whats minimum, is it still 30 pips and for fib size or wick size?

not sure about the others, but I put wick=0 and fibisze=30 as starting point. I think SB has fibsize as 40 for best results. Originally thought was if wick was 0, trade stops would be too close. I don’t think so because the price still has to move to 110% to take trade, whether its the top of the body or just the wick. Its all the same.

[wigglez]

k, i’ll try the fib size as 30. kind of tired of losing over here

[wigglez]

short usd/chf - neither. fib too small.
long aud/usd - neither. fib too small
long aud/cad - neither. fib too small
long usd/cad - neither. fib too small

still in long gbp/usd.

Mitchell, do you think maybe it worked because summer market seems less volatile?

[sandybeach]

not sure about the others, but I put wick=0 and fibisze=30 as starting point. I think SB has fibsize as 40 for best results. Originally thought was if wick was 0, trade stops would be too close. I don’t think so because the price still has to move to 110% to take trade, whether its the top of the body or just the wick. Its all the same.

In still using fib size of 40 unless someone has better results than me? I’m using default settings of the EA just changing risk to 0.01 lots instead of using risk

[sandybeach]

Also just an observation with James EA it seems to run better on the daily chart rather than the H4 chart. This says more about the strategy than the EA.

With the current default settings James has in the EA its best for the daily chart.

If we were going to use the EA on the H4 chart we would need to experiment to find the best settings for it as there are too many loses on the H4 at present, but I prefer the daily chart for this stay which is where I plan to use this EA.

PS the EA is doing what its meant to do at the moment. Also since I’Vere been forward testing James EA of the daily chart I have had only one loss, i may only get 1 trade a day but it works well as a conservative strategy.

Nice work James!!

Also another whip around anyone found Any bugs in the EA? Also has anyone found any better settings to use for the EA (asuming the ones set in the EA version 24 are the best we have at the moment)

[sandybeach]

not sure about the others, but I put wick=0 and fibisze=30 as starting point. I think SB has fibsize as 40 for best results. Originally thought was if wick was 0, trade stops would be too close. I don’t think so because the price still has to move to 110% to take trade, whether its the top of the body or just the wick. Its all the same.

I’m using the same settings as you apart from fib size of 40 the EA is giving good results, I, have a few breakevens which we could set set at +5 pips for a small profit on those, I just forgot to set that when I updated to v24

Anyone had any manual or EA trades today seems a bit quiet

[wigglez]

Also just an observation with James EA it seems to run better on the daily chart rather than the H4 chart. This says more about the strategy than the EA.

Im guessing its because daily s/r is more significant

[sandybeach]

Im guessing its because daily s/r is more significant

Ah makes sense, looks like having this EA on the H4 chart might be a wholenew kettle of fish.

[wigglez]

if you guys are doing 40 pip fib size you must not be getting any trades

[wigglez]

gbp/usd just closed for a loss, no trades and i’ve lost quite a bit doing this thing manually

[sandybeach]

if you guys are doing 40 pip fib size you must not be getting any trades

Yep no trades today but no loses

How did you do? Are using the EA and manually trading or just manually trading?

Also Mitchell and James what doing sizes are you using and how have you both got on with trading so far?

I’m glad the EA was working was worried

[wigglez]

Yep no trades today but no loses

How did you do? Are using the EA and manually trading or just manually trading?

Also Mitchell and James what doing sizes are you using and how have you both got on with trading so far?

I’m glad the EA was working was worried

Just manually.

Going to go with min fib size now, maybe 30.

[sandybeach]

Just manually.

Going to go with min fib size now, maybe 30.

Out of interest did you find a high fib size to risky? And low fib size quite conservative?

[wigglez]

Out of interest did you find a high fib size to risky? And low fib size quite conservative?

I wasn’t using a min fib size. Probably the reason I got burned.

[MitchellForex]

EA hasnt worked for me all week, Im guessing sandy you got pendings almost every day? Im getting literally nothing. somefing gona da broke

[babypipsjbentz]

EA hasnt worked for me all week, Im guessing sandy you got pendings almost every day? Im getting literally nothing. somefing gona da broke

Mine is working. Anyone else not having it work?
Mitchell, I know this is a dumb question, but do you have a “happy face” showing on the EA, upper right corner?

[babypipsjbentz]

Out of interest did you find a high fib size to risky? And low fib size quite conservative?

Smaller the Minimum Fib Size, the more likely to get stopped out, because Stoploss is based on Fib, smaller = closer.