Didn’t know there was a version 1.4, I’m using version 1.3 and not seeing any issues.
What criteria are you using when you say the bot should clearly be taking shorts? The bot looks for breakaway higher highs or lower lows then tries to jump on the trend, sometimes when the trend is near exhaustion. No follow through and the bot calls off the dogs and exits the trade on a broken retrace. If this is what it is doing, this is what it is supposed to do. It is not a counter trend trading bot if that is what you are thinking.
well we three fresh shorts on EU 1.4216 1.4214 1.4201 I think when the 1.4250 low was taken out would have been a better entry point but FGB did jump on board now lets see if she can make us some money.
Hang in there. The way I see it there is a ton of selling pressure on EU. Im not a fundamental trader but I can’t help but notice the NFP numbers and how they strenthen the USD and I also can’t help but see things like greece getting downgraded by s&p and dovish sentiment from ECB. Since all this stuff has gone down I don’t see any reason to be EUR bullish. I can and have been wrong in the past. right now the line in the sand for me is 1.4156. The other thing I try to keep in mind is Asia does not like to create lower lows or higher highs so we will likely have to wait on the London boys to see what they feel like doing.
The real question is has the trend changed or is it a retracement?
Just opened 4th short position at1.41363. The Eugene’s site, does not seem to have opened the 4th one. (or am i the only one with this?) Not sure why… Just thinking whether i should close the position manually now…
EU is dropping nice. It took out the previous swing low of 1.4156 so I am happy to let them run. I think there will be more down pressure. Right now FGB only has 3 shorts open for me.
I got an email from FGB version 1.4 was released with some minor fixes relating to verification.
i had these trades too and closed them manually on 1.4133 for a total of about 232 pips
but then it opened 2 other sells even though the market was over sold…lost 43 pips there
By the way i bought this bot last week after reading this thread, banked about 700 pips so far…not bad at all.
i want to go live in a few days.
Sirkay - Those be shark infested waters. Trade with pennys for a while until you see account growing and then anti up as it goes. Traders that practice solid money management and don’t get greedy stay around to be old profitable traders. Preserve your account first and profits will come. Get out of whack on your risk/reward/win ratio and there WILL be a train wreck innevitably. Most traders fail because they don’t practice good money management and a string of losing trades that will come, wipe them out. I never risk more than 3% of my account on any trade. It will take a ton of losers in a row to wipe me out. 3% risk, 50% win rate and risk/reward ratio of 1/1.5 is a winning proposition with this bot but will take time to accumulate profits.
I just bought fgb yesterday and installed it on an fxopen demo account. Today no trades at all, but on Eugene’s account it shows one trade opened and closed today. Do you have this trade on your fxopen account?
Thanks for all your insights on this thread johnny - really helpful. Could you please tell me whether you’re still using the default settiings of 5/60/2.0?
I downloaded the lastest version 1.4 yesterday. There seems to be a bug. If you change the timeframe while a trade is open, when you switch back into the 15min chart it appears to close the trade. If somebody else has this version, can they doublecheck. On the otherhand the indicator is awesome. Just waiting for my vps to be setup correctly and I will run a comparison with the fgb volatility settings changed to that of the indicator and see what happens.
Just to confirm, the above is definitely correct. I think this bug crept in with the latest version as part of the attempt to fix the problem with trades which fgb didn’t close if mt4 was restarted. When you click again on the 15min chart it verifies fgb again and when it activates it closes any existing fgb trades. I’ve reported this issue to fgb.
Thanks for all your insights on this thread johnny - really helpful. Could you please tell me whether you’re still using the default settiings of 5/60/2.0?
only 9 backtests show as many as 30 losses in a row. That is why money management is critical. Backtest results and forward results are great. Nevertheless this bot does have a tendency to lose 50% of the time the only way to survive is mm (just like ejohnson’s been saying)
I downloaded the lastest version 1.4 yesterday. There seems to be a bug. If you change the timeframe while a trade is open, when you switch back into the 15min chart it appears to close the trade. If somebody else has this version, can they doublecheck. On the otherhand the indicator is awesome. Just waiting for my vps to be setup correctly and I will run a comparison with the fgb volatility settings changed to that of the indicator and see what happens.
It is well established that the one thing that really sucks about FGB is this loss of control issue. My advice to anyone running this ea is…
[B]1. Never ever ever close MT4 when a trade is open
2. Never ever adjust any settings whatsoever when a trade is open
3. If you close trades manually (I learned this one the hard way) Be prepared to close mt4 and reopen it or else FGB may open trades in the opposite direction. (I would note I have only found this to be an issue when I close an entire group of trades. When I close 2 out of 4 I don’t see this behavior but I would still be cautious that this can occur.[/B]
If you want FGB to actively manage her trades according to her algorithm than you must follow these rules.
Thanks for these tips johnny - I think you’ve just answered exactly why I’m getting the strange results I’m seeing especially around closing trades manually, then FGB going in the opposite direction - I thought I was going mad
