Thanks for reply!
I actually discovered that, thanks!
But does somebody know which price (bid or ask) activates the MoveStopExpert to move the stop loss ?
BasT91, I usually do 131.8 fib mark MINUS the spread for my break even stop.
Also note about this system, when i trade manually, it’s possible to have several open trades on a single pair, as I open new pending orders every day, regardless if there is already an active trade for that pair. Sometimes the pending orders don’t get filled, sometimes they do. With the EA, however, once you’re in a trade, it won’t open any further trades for that pair until the trade is closed, either in positive or negative.
As this is a trend catching system, I find my manual trades making a lot more pips simply because if I have caught a nice trend, I keep entering it repeatedly. That’s where I make money and it offsets those losing trades by a large margin. With the EA only trading once and not again until it’s closed, we’re really cutting back on possible pips and making that win/lose margin closer. I know you’ve done tons of work on the EA James, and it’s great to be able to see it on auto pilot - which is a GODSEND believe me! Great work on the coding, and great work everyone else on the testing so far!
Unfortunately I have been under the weather and haven’t traded in about 3 to 4 weeks now, and am eager to get back in the game.
Windsor et al:
re: multiple trades, the EA can be modified to fill that criteria if you think it will improve performance. I made it to open only one trade because I was told initially, that was what people thought it was supposed to do.
Being a robot myself, I only can do what I am told. Nothing more. Sometimes less 
Hah it’s all good James!
I was letting you concentrate on coding the EA to get it working perfectly before throwing another wrench at ya lol.
If it’s easy to do, then please by all means give it a shot. If it’s something difficult, don’t worry about it. I’d rather get it openning and closing trades perfectly before moving on to another stage.
Will wait until you confirm the EA is entering all correctly, then will add multiple orders.
Thanks Windsorftw for posting this strategy and the helpful people here supporting it!
I want to give this approach a try. I took some time to read the thread to make sure I grasped the ideas. I want to start this method by hand but I had a few questions…
I would just like to ask for clarification on timezones. At what time in GMT being in daylight savings time (which occurs this weekend), is when one should start the method? I read in an early post that you said your broker is set to +2 GMT and that you start your method 3 hours after a new candle. I am a bit lost what exact time that actually is since each broker is different.
Would you be able to give an exact time to when on should start applying the method (in respect to GMT being in daylight savings time which will begin this weekend). Thanks!
bd - We are talking daily candles so if the broker is GMT + 2 the new daily candle begins at GMT + 2. Now it does not matter where you are in the world, just relate your local time to GMT + 2 and that is when the new bar commences. In Australian EST that makes it 8 am in New York that makes it 5 pm. You did not say where you are so we don’t know your local time but that does not matter. Your daily candle commences at GMT + 2. If you don’t know how to work that out, have a look at World Time Clock & Map - Check Current Local Time Around the World and work it out from there.
Cheers.
Thanks for the reply Alto!
I live in the west coast of the USA so I am in PDT. Just to be clear, is it simply whenever (regardless of daylight savings time or not) London is at 2am? I ask because the forex market main session and just about all brokers seemed to be based off London but London is GMT 0 during the winter months and GMT +1 during the summer months. I am assuming that the setting up at GMT +2 means when London is at 2am regardless of when London is in standard or daylight savings.
I read about 30 posts back and if I am correct, the 50EMA gives a guideline on the direction you should trade. If at the cross, the better. Is this correct?
If candles are beyond the 50ema (up or down), are there any additional filters that can be used increase our success and not fall into a pullback and possibly get stopped out?
Lets say we have two bullish candles and we set our fibs but then there is a third consecutive bull candle but the third is inside the SL and Entry, do we move our fibs “forward” to respect the new bull candle or do we simply wait for it to “pop out” of the original setup? Basically, do we ignore the inside bars (regardless of bull or bear) that can occur in respect to the entry/sl fib levels? Also if we have two consecutive bulls, we set up our fibs and then we get two consecutive inside bears (in respect to fib setup), do we change to a bear setup? I am asking this since this is possible in s/r areas.
I also looked at your trading log Windsorftw and went back to see if I am doing the setup properly. On your “account B” feb 20th to march 4th trade that went for +275 pips (on cable), it seems the setup didn’t match the rules. I might be wrong (since you walked out with major pips:D) but would you mind posting a chart of that exact setup? Is the system strict on the rules or is everyone different with the only exception being the fibs? I believe there was a bull with a prior being a doji. Are there any other “high probability” setups beside 2 consecutive candles? Are there any setups in respect to s/r levels, engulfing bars, etc?
I apologize if I am asking too many questions. This system might be good for me. Sometimes I feel that I fail in smaller time frames because I am used to work psychology “smaller the time, then more time you’ll have to work on it” but the markets might well be “smaller the time, the less time you’ll be able to concentrate on it.”
I am not looking to make thousands of pips (I want to but I have to start small). This might sound funny to the big timers here but what caught my eye was “majority of the time, you will hit break even with roughly +5 profit.” If the system gives me a consistent +5 pips days… its a start and I will be happy!
Hi bd - Argh ! I live in Australia. I think your daily candle opens at 2pm. Amusingly for me, that would be 2pm the preivious day so you can see it can be confusing for people in other parts of the world to work out what is correct for you.
However, I think the DST is about to change in many places so I have no idea how this will affect you. Best if you change to an hourly chart and see what time the last bar opened on YOUR charts, then relate that to GMT and then work out what your local time is. IF London is currently on GMT then yes you would be correct in saying it is 2am in London but London changes its DST, just like NY, but I have no idea what other US states do. The only constant is GMT and UTS and the other equivelants but just think about GMT.
As for clarifying the rules : Best to go back to post 1 and a couple of links from it. No point in me trying to re-iterate it again here.
Have fun.
Your pc must be running otherwise the ea cannot move SL if it is not running
I was understanding the rules wrong. My fault. I was thinking this whole time to only set fibs when two bearish candles (or vice versa) and then let it play out. So I understand why Windsorftw made his feb entry. Thanks.
I will demo this week.
Hey guys, been out of it for a while now. Finally back, stopped by to see whats been happening. Awesome news to see an EA’s out now, great work. I’m not sure if I want a robot to trade this method though. Will have to install it and give it a whirl on the demo account.
I documented a few trades I had going along with attaching chart pictures a couple of pages back. I had issues with the EA seeing as I’d never used them before. Anyway, after using the system, I was quite happy. It’s good for people like me who have busy day jobs. You can devote 10 minutes in the morning, or during a break to check the charts, and set a few orders if you see a decent setup. Then leave it and let the EA do it’s thing. You come home later, check the chart. Stopped out, or the trends running, simple really.
I do believe though that you need to combine this system with some basic analysis. Check for areas of support/resistance etc. I posted up a good example a couple of pages back with charts. I’ll be giving this system another go starting tomorrow, might also install the EA. I now have a Windows 8 tablet, so I can install Metatrader 4 and do some trading at work and when on the run, which is good! Good to see this method is still alive and kicking.
How did everyone do for the month of March?
Unfortunately my Pepperstone demo account expired literally the other day, so I was unable to record my results. But I can say from memory the system had been doing quite well in March. You can see a couple of the trades I placed documented a page or two back including chart pictures. I was up over $500 at the end of the month using minimal risk on a $3000 balance. Not bad.
Now remember, this is using the system for only 1 month. Other have been using the system for a while now and seem to be having quite good results. I will test the system for a at least 6 more months before I’m ready to commit it to a live account. Hope this helps.
any one provide sure call which result comes in 5 mint ? i am looking this type of person… plz help me…
May we know the size of your trading setting, I am demo running this EA on 20+ pairs, starting with 5000 USD, the lot size is 0.1, drop down seems too big.
@ Windsorftw
In the beginning of this thread [B]you posted actually TWO systems[/B], one in the first post, and another one a couple of pages further.
Which is the [B]correct [/B]one you’re actually using?
[B]This one?[/B]
[I]SYSTEM 2 - Whicked Wicks
The Setup
Pair: Any
Time Frame: Daily
Indicators: 50 EMA
The System
If the previous candle CLOSED above the 50EMA and was BULLISH, then draw cutsom fibs from the the HIGH of the previous day’s candle to the LOW of the 2nd day’s candle. Enter a BUYSTOP at the 110.0 Fibonacci level and set the stop loss at the 0.0 Fibonacci level. Leave the take profit blank. We ‘chase’ the market with stop losses.
Using the Move Stop EA provided, we set the first stop loss move at the 131.8 fib mark and set it to BE +5. Once that happens, we adjust the EA and use the 161.8 as the next level and move the stop loss to 131.8. The next level is 250 and move it to 161.8. After that we use the 400 fib level and move it to 250. Then, we tighten up the levels, 500 and move to 400, then 600 and move to 500, then tighten them up again, 650 and 600, 700 and 650 etc etc.
If the previous day’s candle closed above the 50EMA and was BEARISH, we don’t enter a trade that day.
If the previous candle CLOSED under the 50EMA and was BEARISH, then draw cutsom fibs from the the LOW of the previous day’s candle to the HIGH of the 2nd day’s candle. Enter a SELLSTOP at the 110.0 Fibonacci level and set the stop loss at the 0.0 Fibonacci level. Leave the take profit blank. We ‘chase’ the market with stop losses.
If the previous day’s candle closed under the 50EMA and was BULLISH, we don’t enter a trade that day.
[/I]
[B]Or this one?[/B]
[I]SYSTEM 2 - Whicked Wicks
The Setup
Pair: Any
Time Frame: Daily
Indicators: NONE
The System
Look at the previous day’s candle. If it was a Bull (BUY) then go to the TOP of the candle’s wick and draw fib lines down to the 2nd previous candle’s body, regardless of direction.
If the previous day’s candle was a Bear (SELL) then draw fib lines from the bottom of the previous day’s wick to the bottom of the 2nd previous candle’s body.
Use the 100.0 fib as the entry for the day. Target 1 and Target two as above, 161.8 fib line and 261.8 lines and I use the 23.6 fib line as the STOP LOSS for both trades. Again, move the SL of trade #2 to break even once trade #1 hits the target.
If you find the top/bottom of the wick is not long enough to reach the top/bottom of the 2nd previous day’s candle body, just use the opposite end of the body (will show a screen shot of what I’m referring to).
Place new trades every day and you’ll catch the daily moves. Once T2 stops getting hit regularly be careful as the price may turn soon. You can catch quite a trend though with this easy set and forget system.
That’s all there is to it.[/I]
I tested the first one for a couple of weeks and it didn’t go too well.
Thanks for all the effort!
Lost all the ground from late Jan, early Feb. Was slowly giving it back in bits and pieces.
Caught a big jump the first part of this week with the jpy pairs. I started with a 500 demo - comparable to what I would do when I start on a live account so I’ve missed a few trades due to fund being tied up in existing trades.
well, was quite impressed with my first trade using this system, and it prompted me to sign up for the board.
I will say it was a little lucky, as I hadnt drawn the fibs correctly. I had only drawn from body to body with the fibs. but i set the order before I went to bed at 106.754 with a stop at 106.600, and woke up with a take profit sell @106.996., i trade a demo a account on mb trading, 10000 deposit with 50:1 leverage. and I traded 30 lots…so I had a profit of $727 this morning. lol, if that happens consistently, i might just sit around malaysia for the summer! loool
am looking forward to trying this out and getting the fibs drawn correctly…
The right system is the one with entry at 110.0
It’s a modified version of the original rules and includes the EA and the 50EMA filter. That’s the core system I’m following as well.