Windsor, appreciate your clarification on pairs, and frequency of trading. Will take some time and modify the version to comply with your current trading style.
Thanks for your current reviews and input.
Yesterday was a nice relaxing day spent with my kids n’ wife. Today, however, will be another day of trudging through this thread to try and catch up to everyone.
As stated a few replies ago, I did do some minor changes to my trading style.
I will post the way I trade shortly. For now, here are a few trades I placed last night a couple of hours after the candle open.
GBPUSD : BUYSTOP at 1.6186, BE at 1.6207, TP at 1.6481 and SL at 1.6083
EURUSD : BUYSTOP at 1.3183, BE at 1.3211, TP at 1.3587 and SL at 1.3041
AUDUSD : BUYSTOP at 1.0508, BE at 1.0599, TP at 1.0800 and SL at 1.0508
USDCAD : NO TRADE - will explain in a later post today.
As of this morning, the GBPUSD trade was triggered, hit the BE and is sitting at +19 pip profit. I love those worry free trades. Before I left work today I adjusted my stop loss EA so if it hits the 161.8 fib mark I lock in a little bit of profit.
The other two trades hadn’t been triggered yet. Will post updates as soon as I get them 
Cheers.
I can’t wait to try the EA for this system. Once I get caught up in this thread I’ll give it a go! (45/65).
The only reason I trade only 4 pairs is because if I were to manually trade more, I’d be stuck at my computer for hours at a time adjusting the Stop Loss EA on all my open trades and would have a couple dozen charts to go through daily. If I could do it through an EA, I would be able to trade as many pairs that have a reasonable spread, including the lovely GBPJPY!
I always hated watching a trade hit the 400 fib level and continue on waaaaaay past it. Always wishing I’d go for that 500 level, 600 level or higher. With the EA it’s now possible and feasable. No adjusting needed (which is a BONUS!). Thanks for all your hardwork so far jbentz!
Also, the reason why I suggest a larger gap between fib levels, 200, 300, 400 is to leave room for the market to move. Constricting them to 250 and 350 might yield a quicker stop, though it might lock in slightly more profits as well in the long run. Only time will tell. How has all your trading been going so far?
Alright, 45/65 pages done, time for a break.
Now jbentz, please don’t kill me for this lol…
My new rules that work really really well.
I have added a 50EMA to my charts.
How I trade is this : If the previous candle CLOSED above the 50EMA and was bullish, then I set my pending BUYSTOP.
If the previous candle closed above the 50EMA and was bearish, I don’t set the order. Vice versa for a short. If the previous candle closed under the 50EMA and was a bearish candle, set a SELLSTOP. Otherwise, don’t trade.
Also, I adjusted my TP, SL and the way I draw my fibs. (Again, please don’t kill me for this jbentz!)
I still enter at 110.0 fib mark, but I now use the 0.0 fib mark as my stop loss point. BE is still at 131.8, step two is at 161.8, step 3 is at 250, step four is at 400, step 5 is at 500 and so on until it gets stopped out.
Though I must admit, I’m thinking of ditching the 161.8 fib level. Why? Give the trade room to breath. We’re already in a BE trade so if it goes south, we’re guaranteed 5 pips at least. If it’s the beginning of a strong trend, it might need the breathing room before the rocket launches. Generally it’s better to give the trade breathing room as a trend begins and then tighten it up as it extends. It doesn’t make sense to have tight levels early, loosen them up in the middle, and tighten them up again towards the end…I would still use the 250 Fib level and move the stop to the 161.8 fib level, just not the 161.8 to 131.8 step.
anyhow what does everyone think of that idea??
Now, for the way I draw my fibs…
For a long, I draw them from the high of the previous day’s candle, to the low of the candle 2 days ago.
For a short, I draw them from the low of the previous day’s candle, to the high of the candle 2 days ago.
Here’s a screen shot:
As you can see, the candle closed just under the 50 EMA, and was bearish. I draw my fibs from the low of candle to the high of the day before that’s candle. If we see how the trade progresses, we get stopped out at the 500 fib level. That’s an additional 100+ pips from the 400 fib level. Also note, it took SIXTEEN days to go from start to finish, no major ‘gaps’ from the weekend etc. Usually the weekend gaps don’t do much on the daily time frames as they do on the shorter term ones.
As you can see in the 2nd screen shot, the first ‘gap’ occurs between the two bullish candles that are sitting near the 250 fib level. Closing the original trade on Friday would have given you less than +180 pips (which is still good, but why go for 180 when you could have gotten +523 pips?) Or even +389 pip if you were using the 400 fib level…
Also, the day after (trade3.jpg) we set up new pending orders and it gets stopped out at the 131.8 fib level (an extra +49 pips), the day after, the same thing. If we didn’t use the 161.8 to 131.8 step on day two we’d have gotten +201 pips, day 3 another +192 pips! ALL WHILE the original trade is still in progress. We’re aiming to get an early jump on a huge trend! We then get two bullish candles so no trading before the trend resumes.
In fact, for this particular trade from start of the trend to where the price moves up and touches the 50EMA again, trading the new rules every day, regardless of open trades, would have gotten over 1300 pips! Note, there would have been 4 or 5 trades where the price hit BE+5 and 0 losses. Once you see the BE+5 getting hit regularly, you know the trend is losing momentum and it’s generally a good idea to stop trading or tighten up your original SLs.
Here’s the same exact trade using the original rules from post #1. Just disregard the 50 EMA.
Price would have flown down accross all the levels and hit the 400.0 take profit, of only +183 pips. Even if we extended the levels, price would have hit 500 and retraced to the 400.0 level. BUT…I would never have taken this particular trade. Why? The distance between 110.0 and 131.8 is only 14 pips - TOO low, I only take trades that have 15+ pips between the two!
Don’t know about you, but +523 is quite significantly more than +0…or even +183.
Not to mention the failed trades that would have occured as the price retraced at those two bullish candles…
I realize this is only one example, but if you back test you’ll find more examples of how profitable the newer system can be. I have been forward testing it on a demo account alongside my original rules and this one is definitely making a LOT more pips, significantly more.
As for backtesting the EA, I have yet to try an EA that worked good on back and forward tests. I have had several of the major market EAs work wonders on back tests, and then kill account forward testing them. I’ve even developed my own EAs that work marvelous, 95% win rate on back tests, then again kill my accounts on forward testing. IMO the only way to test an EA for profitability is to forward test it and see how it reacts to real time market info. From a technical standpoint, it SHOULD work both ways but I find EAs never do. Just my 2cents. Hope this one continues to work forward -->
(50/65 pages, maybe I should stop posting and adding to the info until I’m done reading)
Result of last night:
GBPUSD : BUYSTOP at 1.6186, BE at 1.6207, TP at 1.6481 and SL at 1.6083 +5 BE was hit
EURUSD : BUYSTOP at 1.3183, BE at 1.3211, TP at 1.3587 and SL at 1.3041 Not Triggered
AUDUSD : BUYSTOP at 1.0508, BE at 1.0599, TP at 1.0800 and SL at 1.0508 Not Triggered
USDCAD : NO TRADE - will explain in a later post today.
Today’s new trades:
GBPUSD: BUYSTOP at 1.6227, BE at 1.6252, TP at 1.7233, and SL at 1.6103
EURUSD: NO TRADE - BEARISH close above 50EMA
AUDUSD: Fibs too short
USDCAD: Fibs too short
Will post results as they happen!
Just an easy link to show where we are at. These are all demo accounts which more than likely is responsible for the discrepancies but wow, they are huge. Have to trade this on multiple micro’s before getting real.
May be a broker thing to.
I wasn’t have nearly that much luck. Actually was losing trades.
13% growth in a month, that’s decent enough gain, and enough to live off of once you get a high enough account balance.
The original rules of the strategy try to hit trends at an early stage and hold on to the end. Picking currency pairs that tend to range won’t work as well as a pair that tends to trend easier. Which pairs trend and which pairs range? Well that’s a tough question to answer…testing the system is one way to find which ones trend more than others.
The majors - EURUSD, GBPUSD, USDJPY and GBPCHF, along with commodities such as USDCAD, AUDUSD and NZDUSD are all said to trend the most.
I’m going to fire up the EA hopefully tonight and put up all the majors and the commodities and see how they make out, alongside my new set of rules AND the older rules the EA is based on.
Just for comparison’s sake.
(YAY I’M FINALLY CAUGHT UP!)
cool glad to see your caught up will be fascinated to know your findings and what rules you recommend us to be trading
Hi Windsor - If you click on the widget bar you will see four accounts running. One is now at 78 % growth over about 5 1/2 weeks. When I take this live, I will open micro accounts at several brokers and see if the same wild discrepancies in profit from broker to broker continue. Have a look, it will surprise you.
Awesome results, i take it you got a 75% return from trading manually rather than using the EA ?
that’s amazing.
I wonder what I was doing different to screw up
No, this is 24c identical setups on the four accounts. Though I note that GoMarket expired this morning. I have set up several other accounts to start in the new year.
Result of last night:
GBPUSD: BUYSTOP at 1.6227, BE at 1.6252, TP at 1.7233, and SL at 1.6103 -> BE hit and we’re sitting at +30pips. Next level at 1.6385.
EURUSD: NO TRADE - BEARISH close above 50EMA
AUDUSD: Fibs too short
USDCAD: Fibs too short
Today’s trades (12/18/12)
GBPUSD: BUYSTOP at 1.6278, BE at 1.6302, TP at 1.7257, and SL at 1.6157
EURUSD: BUYSTOP at 1.3245, BE at 1.3266, TP at 1.4073, and SL at 1.3143
AUDUSD: Bearish close above 50EMA - NO TRADE
USDCAD: Bullish close under 50EMA - NO TRADE
So as you can see, with the EA not trading while having an open trade, today’s GBPUSD wouldn’t be entered. But with the previous trade at BE we have nothing to lose! (Well the trade could go against us and we might get stopped out I suppose!) Just curious, can you code it so the EA opens a new trade only if the current open trade has hit the BE point?
Thx for any info!
Wow that’s crazy awesome! I hope things keep moving forward for you like that Alto, that’s fantastic!
I’m in the process of starting to demo the EA. What settings are you using? I’m assuming default, but thought I’d ask.
I’ll be demoing on Oanda and FXOpen.
Cheers!
For the EA just default settings is how i have it running, with 0.01 lots per trade.
Hmm i wonder why our results differ?
I guess that does not matter much since Windsor has found a way to improve his strategy 
Must be something on my end.
Windsor & Sandy
Running OOTB at 0.1 lots and I opened the allowed spread to 10 pips to better allow catching sudden moves. I know that is a two way street.
I have added GBPNZD with 12 pip spread for next year. Have a look at it and especially on the four hour.
I don’t view the Pepperstone result as being true to market, remember this is a demo and my guess is they are “expanding” their values on demo accounts to suck in the ever hopeful. GoMarkets I suspect may be closer to the real prices. They assured me of that last week but their darned demo is only good for 30 days and I don’t have a real account with them currently.
Jim - where are you buddy ? I haven’t looked at it but would Windsors suggestion just simply be changing the “fib” values in the existing EA ?
Results
(12/17/12)
GBPUSD: BUYSTOP at 1.6227, BE at 1.6252, TP at 1.7233, and SL at 1.6103 -> BE hit and we’re sitting at +69pips. Next level at 1.6385. Trade is still OPEN.
(12/18/12)
GBPUSD: BUYSTOP at 1.6278, BE at 1.6302, TP at 1.7257, and SL at 1.6157 -> BE hit and we’re sitting at +30 pips. Next level at 1.6432. Trade is still OPEN.
EURUSD: BUYSTOP at 1.3245, BE at 1.3266, TP at 1.4073, and SL at 1.3143 -> BE hit and we’re sitting at +16 pips. Next level at 1.3376. Trade is still OPEN. (actually it came within 2 pips of BE and I was able to manually adjust the level before I head to work :D)
Three worry free trades going, total of +115 pips in two days. Not a lot, but still hoping for that big push.
I just started demo testing the new strategy over, I’ll have to connect it to a publisher for all to see.
Also, the EA opened trades last night on GBPUSD and EURUSD and are both at +30 and + 19. Hopefully the move stop is automated? I suppose I could open new charts up and load the EA on GBPUSD and EURUSD and use different magic numbers, that’s one way around getting the EA to trade if there’s already an open trade. Then I could do that for each new open trade…and if the trades close then I’d have to turn off all but 1 EA, otherwise I could have multiple trades on the same day.
Just wondering too…is it possible to select whether or not to have the EA set a hard stop loss? If we allow the EA to close it w/o actually setting a stop loss, the broker can’t ‘work against us’ since they would have no clue where the stops are actually placed…perhaps in future releases eh.
Thx for the hard work everyone!