Ah interesting i just stuck the EA on the H4 chart, so everything was running that way, but i would not advise it, it was an interesting experiment, but to be honest i would only trade this strategy on the daily chart.
I have abandoned the H4 charts in favour of the daily charts, also it makes more sense for me to do testing the same as everyone else as if i produce results from H4 they are unusable and i might confuse people unnecessarily.
Also Alto and Windsor have proven this strategy can work on any pairs, from Alto’s tests he had it on every pair he could find and overall he was a winner. Im not saying to put it on all pairs, but it looks like it can work on all pairs, just mind the money management and your good to go, also pairs like CHF i would not use.
But what im saying is this is a very versatile strategy, so far from what i can see from Windsor and Alto (correct me if im wrong), and even my own testing we get the best results during a nice trend but even without the trend we can make a small amount of pips, so far so good.
Just remember the current EA has a few bugs in it with regards to the SL not being set correctly, which were trying to fix, so DO NOT TRADE IT ON YOUR LIVE ACCOUNT AT THE MOMENT !!!
Technically speaking, this strategy SHOULD work on any time frame, however, the lower ones like the 1M, 5M and possibly the 15M spread alone would kill ya.
You would have to do some backtests and find the optimized ‘pip distance’ for each time frame you want to trade on. If the EA didn’t set hard stops and just closed trades once it hits the 0.0 fib line, it would help on brokers who require a min. distance between the entry and stop loss (FX Open requires a 10 pip min stop loss). Also hiding your stop loss is always a bonus imho. You would end up trading more often but remember, the forex market usually only trends 30% of the time, and as this is a trend catching strategy, you might get hurt by news announcements etc…stuff that the daily time frames typically don’t notice. Once the EA is working 100% perfectly, the 4H and the weekly TF might be worthwhile checking out…
On another note, it seems EURUSD and GBPUSD have both stalled for the moment. Good news, last night when I sat down to check out my trades, the first EURUSD trade I have was 16 pips from the 500 fib level, so I manually adjusted my stops and moved it to the 400% fib, guaranteeing a profit of at least +350 or so pips. Not huge, but still guaranteed profit is always nice. Hopefully the trend continues on and we lock in more profits.
Things are going really well, especially on the account running the EA (still 27a).
Up 40% and still going strong, and counting two losses to EURCHF and USDCHF. If I close all the trades (which I am SOOO tempted to do, I would be +$2000.00 balance!)
My manual EURUSD trade is still moving along nicely, it’s half way between the 500% fib mark and 600% fib mark, almost +500 pips profit and counting! +33% profit so far.
Also I’ve noticed my FXOpen LIVE account and FXOpen Demo accounts Daily candles are virtually identical, which means back testing/forward testing on the demo account will give good, quality results. Some brokers will delay they’re feed on demo accounts or generate wrong info in hopes of luring those unsuspecting noobs in openning a live account where the market feed is way different. Not sure if this is fact for other brokers, maybe you should look into openning live account but not fund them just to see the candles etc to compare with the demo acct.
OK - New setup. This is a comparison of 27c, 27j and 29c shown in that order as D, E & F on FXJunction.
All running on the VantageFX DC2 Sydney server at commencement and I hope they don’t swap servers at any point.
Here you can see every trade taken and current state commencing Feb 4.2013.
Awesome work guys, I think the EA is getting to a point where we can put it on a live account real soon. Things are looking phenominal! I’m at +42% balance with 27a. I’m sure there’s a pretty big difference between 27a and 29c eh. I should probably upgrade it as soon as some of those big trades get closed out.
As for my manual trades…the first EURUSD trade I had from four weeks ago finally closed out at the 500% fib level, for a total of +472 pips, or $896.80. There is still another trade open on EURUSD and it’s sitting at +172 pips atm, along with an open GBPUSD trade. Altogether +34% balance. Easy trading is the way to go
V27c is where the EA gets better and all the revisions past that are bug fixes were just testing the EA to ensure everything is fixed in regards to previous bugs people spotted.
Have been testing at the weekend and noticed something strange. On a backtest on EURUSD from 2012.07.01 to 2013.02.02 on Alpari demo I’m seeing a profit factor of about 6 but I’m seeing a profit factor of 10 on FXCM demo. Alpari use New York Close candles GMT-2 and FXCM use GMT candles. Thought it was interesting so I’m going to forward test on both for two weeks. I will let you know how it goes.
I’ve been looking at Friday closes. Last Friday on a demo account I closed half of all open position sizes to bank some pips. It may turn out to be the wrong thing to do. I have added some code to close on Friday for the weekend and it brings the profit factor right down to about 2. It cuts some winners short and creates some losers. So if you are going to close for the weekends I would recommend re-opening the previous trade on the Monday. It would have to be done by EA or script for the magic number. For the moment it’s a bit too much work for me to write it up. If that changes Ill let you know too.
Which version of the EA are you using? As anything below v29b has bugs in it which v29b fixes (once were finished testing were release the updated version).
The open trades have nicely moved in our favour over night. Seems to be slow for trades? I’ve only used the EA since middle of last week. But Thursday and Friday had 10 pairs trading each day - broke the ‘rules’ and locked in the profit after the close of the NY.
Good work guys!
note had to remove quoted links - unable to post links.
So last night I closed all the trades on the EA account, got nice profit and updated the EA to 27c (I think) that’s the latest version I could find here. Sandy you mentioned 29b, where can I get it at?
I noticed on 27c that all the pending orders it opened didn’t follow the rules. For instance, last night, GBPUSD had a LONG candle as the day before’s candle, and it was below the EMA so it set up a pending sell stop. Since the previous day’s candle was LONG, I didn’t enter into it manually. There were several other pending orders with the same scenario.
Not sure if this is fixed in the later version of the EA, but wanted to bring it up.
Thx again for all the hard work in writing up the code James, and everyone else invovled in testing it!
As the system is designed to run on the Daily Time frames, the weekend close and open doesn’t really have a net effect. Sure there are the ‘gaps’ but they are small and insignificant when it comes to this system. As I have mentioned previously, closing the trade at the week close will kill a LOT of profits and increase losing trades.
For instance, yesterday the trade I had opened 4 weeks ago landed me +472 pips. Had I closed it at the end of the week, I would have had under 30 pips profit.
Greed can kill an account yes, but if you stick to solid rules you’ll succeed. That’s what this system is, a solid rule based system.
On smaller time frames, such as the 1H or 4H, yes a ‘gap’ can definitely make a difference between a winner and a loser, but on the daily, it doesn’t make a difference. In the year and half I spent with this system I have yet to see anything remotely related to a ‘gap’ turning a trade into a loser. Just my two cents.
Ok for those interested in the latest version (v29b), a few of us having been testing the EA James has been making a new EA at the rate of one a day, so we did not want to distribute it on babypips as the constant upgrades would confuse everyone.
The latest is v29b, but James is removing a number of additional options people wanted in the EA so the EA trades as close to how Windsor trades manually as possible, also the removal of items which we are not using simplifies the EA if a new bug arises and should make it easier to code since the EA has to do less, plus the EA should backtest faster and consume less resources since it is simply doing less which is important if your like Alto and trade on all pairs available
v29b of the EA fixes all of the SL issues which a number of people have been having. For example mine and Alto’s trade results are now very similar whereas before he was all wins and mine were all losses.
I do apologise for not posting every version it is just James was worried people would get annoyed from having to upgrade due to a new EA being released every day and general confusion from people reporting bugs and cross talk about different versions of the EA.
We planned to get the EA fixed and then release it. At the moment were just testing it to ensure there are no more bugs and then we will release it to you guys, when we do release it please test it and make sure it works as planned and that it works as planned !!
We did catch a nice trend, which is why the trade profits are much higher than normal. But all good so far, this should reflect Windsor’s trades for the pairs he is trading, but even without large movements we should be able to make some profits during the quiet periods or bad days like yesterday.
Yesterday (monday) was a very bad trading day, the stock market lost alot of value so considering v29b did not wipe us out as you can see i think this EA might serve us well trading on multiple pairs and weather us through bad news days.
I am currently running 29e which is , at this moment, up 90 odd $ and with 4 open trades and 30a which is down by the same amount with only 2 x open trades. Will get these onto Junction and myBook at soonest. Am running about two days behind this week what with visitors and babies and goodness knows what.
I am watching this also - may become of interest. Very simple approach.
I’m using the exact same pairs 27c was running with. I’m still only manually trading EURUSD, GBPUSD, AUDUSD, USDCAD and GBPJPY. Again, the reason is only due to the fact monitoring any more pairs will be tedious and time consuming, not because this strategy won’t work well with them. With the EA, I’m hoping to trade more pairs.
That’s the beauty of refining and tweaking the EA as James, Sandy Beach and Alto (and anyone else) are doing. Finding bugs and removing them so the EA works flawlessly. 29e and 30a are hopefully bug free and only further testing will prove us right or wrong. So far, so good though.
