You say that 9 times out of 10 the trade will hit break even point and then go back. So that means at first the trade will go our way but we’ll see a reverse at 131.8 fibmark? and when the trade reach 131.8 we move our stoploss to break even which will get “hit”? Which also means we don’t lose any money (or very little) but not getting any money either?
Do you see this as a “failuire” if you know what i mean?
I find this little strange since through out the thread i read lots of posts telling that they earned this and this pips/month and so on.
And thanks for explaining the EA, I’m not sure if I want to go with EA, I guess I will start manually first. I don’t like the feeling that I’m not in control over my own trades :), I guess you can trade manually as well.
That’s exactly what happens Starchn, if you read through the thread, once the price hits the 131.8 fib mark, we move our stop to break even +5 (I use +3). So if the price indeed reverses, we do get a little small tiny profit, not much but better than nothing. It is also considered a risk free trade at that point…which is good for the next day when we get another set up and enter into a new trade again. If for instance we have two open trades on the same pair and neither has hit the BE mark, that makes the risk twice as high as normal.
No, I don’t see this as a failure, but as a precautionary measure. It keeps us out of bad trades and gets us set up for big moves, which this system is designed for. In Forex, it is general knowledge that the markets tend to trend only 25-30 percent of the time, and range 65 to 70 percent. You’ll see once we hit one of those gigantic trends we’re able to catch early and stay in it for thousands of pips profit. That’s where the money makers is at. The only problem is, that happens only a handful of times a year per pair.
Hi all,
Not sure what happened, but I just got the email showing new blog entries for the Easy 5 min trading, and I see I have missed 3 pages of new entries.
Windsor, re: the EA vs your manual trading, now that I have caught up on the reading, this post looks like the most relevant one for me. I will have a look at the code and make sure I got it right, i.e. why is it opening a pending order against the rules.
Windsor,
I just ran backtest for GBPUSD on Daily chart, using Wicks_ea_v27a, and according to your post on 1/4, you said “yesterday” it opened a short pending order, so meaning 1/3/13… and it worked perfectly on the backtest, no pending order opened, unttil 1/4/13, not on open, but AFTER the price moved below the 50 EMA line.
Thanks for explaining. Do you guys only use the EA when executing your trades. Or do you trade manually aswell?
Is it “possible/profitable” (ofc it’s possible) to trade manually?
And, are there certain pairs that you trade or don’t trade?
No worries James, to be quite honest, this is what happened to me. I didn’t get any messages saying the thread had been updated, then out of the blue bam, I got a message…checked it out and voila I’m back in the game
I do have SKYPE up and running, I just have to remember to add you when I get home. I won’t be on tonight as I watch TV with the wife on thursdays. sigh
I’ll have to check out what the EA is doing at home, as I am currently at work. I was under the impression the pending orders were being opened regardless of the 50EMA, maybe I’m wrong. I’ll get back to you.
The past couple of days I was entering BUYSTOPS on gbpusd and the EA wasn’t so maybe I’m basing it on that?
Starchn, I trade this system manually, and I am demo testing the EA out on a seperate account just to see how it’s behaving.
I trade GBPUSD, EURUSD, AUDUSD, USDCAD and GBPJPY.
The trick is after you draw your fib lines, the distance between the entry point and the 131.8 fib line. If that distance is less than 15 pips, then don’t trade. For GBPJPY, if the distance is less than 35 pips then don’t trade.
Also I suggest using the movestop EA found on post #1. It will move your stop loss automatically once the price hits the 131.8 line so you can basically set the trade, then forget about it (sort of).
Hi Windsor - With the 50 ma rule you would have missed that lovely jump in eu yesterday ?
MyFX Book is wildly wrong. I dunno what is going on with it and will have to spend some time. As soon as FXJunction add the brokers name in their display (they will be) I will provide links for that. They seem to be closer to the mark.
My tactic for trading this differs greatly from Windsor so I am curious what result W is getting. Can you advise me your broker (maybe you did). Using a basket closure at X equity level I could be closed out this week for up to 18 % on equity with 24c or 25 since Jan 3 trading just 0.05 lots - I don’t know why myfxbook is not reflecting that. How does that profit look to you Windsor ?
50 MA rule accounts are also at the same level. Interestingly some accounts on 0.05 lot size are doing better that a couple at 0.1 lots. Two of FXPro servers are giving me quite different results. The Australian brokers are giving better results. This just a quick look this morning so not yet sure what the longer term picture might be.
Hm, a thought occured regarding when I’m setting up my trade.
To do it 100 % right I guess I’ll have to wait before the last candle has closed so that I can draw my fib lines correctly. But, the last candle closes at midnight right, and then I am sleeping :). Maybe it works by doing it 2 hrs before midnigt (ten o clock) aswell? The movement that will occur in those last 2 hrs isn’t too “wild”…
W, you type in your first post “and set the stop loss at the 0.0 Fibonacci level.” The SL seems pretty huge? That depends ofc but 2 candles often make up many pips. Whats your thought about that?
And one last question, where are you guys from? Just curious :).
We are probably from all over. I am in Brisbane, Australia so the daily candle starts at 7 or 8 am depending on others daylight saving times. The downside is live trading say London starts at 6 pm at present and I don’t like “working” after work hours, I want to put my feet up and relax or go out and see a show or . . . . .
Still large variences with brokers. Basket closure around NY open would have near doubled this result. None the less, not too shabby - many believe such a result impossible. When I have decided on the broker I would expect to at least double this result - if the market will give it.
Argh - that does not display well but you really only need to note the % figure. I closed out about 45 minutes before market close as will make some mods for next week.
Been following your demo tests quite closely, as you results look very good. Now I understand that you are using V25 (and 24c?) OOTB for all your pairs (focusing on the yen pairs, or do you put it on all the majors?). I was wondering, what settings do you use for V27, as it has been far more volatile for me than V25 (up 10% now (the highest it’s gone for me), but was down almost 20% earlier in the week)?
ww27 is the EA version - actually Whicked Wicks 27a to fill it out. I am using ww27 as the account code at FXJunction. A robot trader in MT4 is called an Expert Advisor, hence EA. It will execute whatever it is programed or coded to do, so in your example, yes, it would have taken that trade without your participation.
If you click on the link I have put in it will take you to FXJunction and you can see the accounts in detail.
Hi - I have 24c, 25 and 27a running on all pairs of the 8 majors, so thats about 25 by the time I drop out such as CHF/EUD. and pairs with erratic volatility and then some brokers don’t have all either. Settings are ootb as far as fib values go but my risk is 4% and allowable spread is 12 or 14 accross all - just for simplicity. With 13 platforms running I am not going to optimize individually at this point.
Just offhand I don’t recall the DD but you can see the graph for each of 5 or 6 brokers at FXJunction. I will get that other link up shortly .
OK got 24c / 25 up together with 27 all on post 795. At time of writing FXJunction is correctly connected for 24/25 but not updated for some reason. I geuss it will shortly.
ww 25 is tha last account in that list, account F. Don’t see where I can notate it.
Alto, to answer your first question, yes I caught that lovely jump on EURUSD on my manual trades. I finally hooked up my manual trades to FXJunction. Please note, I had been trading a diff strategy which is evident by the lot size up until about a month ago with this account. Anything after that AUDUSD fail that was at 1.1 lots is the new 50EMA strategy.
I have 3 open trades, all BUYS on EURUSD, and as of this morning they were at roughly +300 pips total, the first two trades have hit the BE and I believe the first trade has hit the first target level so I’m guaranteed some nice pips.
Hopefully this is the kind of huge move we’re looking for so I can show you all the power of this system in landing TONS of pips.
I’m using FXOpen for the 50EMA demo, account ‘B’ on my FXJunction acct. Up 10% since I started demoing the new strategy.
Remember, don’t pay attention to anything before Dec. 18th I’m just too lazy to get a new demo account to trade on lol.
