Thanks for giving that a try - I have been following ICT for a while and that is one of his tricks. It can even be done with more entries and once first TP is acheived all the others are brought to break even so there is no remaining risk. You could have one with a TP of 20, one with a TP of 50 and one with a TP of 200. Just remember to split your total risk between all the entries so that if it goes against you it would only cost you your risk amount. I use 2% risk per trade so that means if I have two entries then each one would be at 1% risk.
Are you programming theses EA’s manually or using some type of EA creating software?
How about starting with several lots let’s say multiples of 4 minilots and after 20 pips close 2 minilots, bring sl to be then close another minilot at 30 and then put a trailing stop starting at +20 on the last minilot. You choose your risk at the beginning a then let it run after you have your profit.
I like it - the trailing stop would allow it to run as far as it will. The fixed tp as I suggested could limit the trade on a really big run. Either way it is going to run with zero risk since the stop has been moved to break even. Is there any way to set this so it only takes trades during certain times of the day?
Yep, I get my trading ideas by starring at the charts looking for patterns, then I trace back a few months to try to see how it would have preformed then if it looks good I post it here to see what everyone thinks.
Don’t worry, I’ve not forgotten about this system. I don’t work most weekends, so not made a lot of progress on the new EA yet. @Steve4k3 - I program the EA’s manually, and this one has got me interested as its the only one out of the 30 or so I’ve programmed that seems to actually make any money.
I’ve decided to re-program the EA from the start, as the first one was really just a lash-together. It needs to be done in a bit more logically thought out way. Once I’ve got a initial version working properly, that’s been programmed well, then adding in suggestions like the ones above will be much easier, rather than trying to bolt them on to a poorly written EA.
Hi guys. I also like the swing zz, even I never was successfull with this indicator yet. Did you already try to only trade that during London and NY session? And as this is a breakout strategy maybe it would be the best to trade only from Tuesday to Thursday.
Jaws810, I downloaded this indicator and started checking it out. It reminds me of Elliot Wave theory to an extent. My question essentially is this, is this a lagging indicator?Also, if the dot is continually changing position, how do you know when to enter the trade? Also, you say you should sell on the red dot and buy on the blue dot, don’t you mean the other way round surely?
Appreciate your time. Thanks.
The swing zz default settings have the red dot in top and the green on the bottom if that is what you’re referring to then yes, but I set it to have the green dot at the top and the red at the bottom and I enter a trade when it breaks out of the current range. The last dot does repaint but as soon at it appears the second to last dot is fixed and that dot and the one before it are the ones used to enter a trade. Just set a limit order to buy if it goes above the top dot and another limit order to sell if it goes below the bottom dot.
Hey jaws, nice system…
Someone told that because of the indicator repainting is hard to place pending orders correctly.
Why don’t use fractals to spot swing highs/lows instead of swing zz to avoid repainting?
Fractals also repaint. But it doesn’t matter. Jaws use previous high (Confirm dot) and previous low to set the pending orders. It doesn’t matter if current dot are repaint or not.
I’ve been running swing 1.1 since 2-11 at 07:15GMT on eur/gbp, gbp/usd, usd/jpy, eur/usd, and eur/jpy on the same account with tp and sl both set at 20 and after correcting for the duplicate trades the account would be up $523, not bad for less than 2 days trading. Results:
eur/jpy- 2w/2l
usd/jpy- 1w
eur/gbp- 2w/1l
eur/usd- 2l
gbp/usd- 1w
I’d say it would be reasonably safe to run all 5 pairs with mini-lots and a 50:1 margin requirement starting with $2000(to allow 5 trades at the same time) which would be about 2.6% profit in less than 2 days.
It’s still running, I’ll keep it running until kingkevbo posts the reworked EA.
Interesting idea and nice results, do you have a recommended set of pairs that you would trade this on, looks like the most active pairs are best if i am correct?
How many pips in total since the 11th of Feb have you made rather than dollars ?
I think for this system volatility is more important than volume, the best results would be with a pair that has large price swings, but I haven’t singled out any one pair that preforms better than others, but it’s always safer to run a group rather than rely on a single pair, on backtest there are times where eur/usd went more than a week without a single trade and occasionally there were several losses in a row so a basket approach would lower drawdown and long periods without trades.
As far as pips vs $ I’m not sure because when I started the thread I said TP was 10+spread and sl was 20- spread and that is how the EA was programmed. The only setting on the swing 1.1 is sl and tp which I set to 20 for this test, so the best answer is 20+spread for each win and 20-spread for each loss. Best thing about this is even with a 50% success rate you still make money.
Looks like good results. Ive noticed from basic backtests that the system performs well from the start of 2012 until now for EURUSD. It also performed well in 2010. 2011 was a nightmare for it. It gave a 40% drawdown on 2010’s results.
I’m still working on the new EA, full of bugs at the moment. In the meantime, could you do some tests in 2011 and see if you can think of any way of improving the system to get better results in that year. I tried writing a money management strategy into the EA, (halving risk after each loss, from 2% to 1% to 0.5%, and not going back up to the previous level of risk until balance retuned to what it was before the loss, which is an ICT strategy). This minimised losses in 2011 to about 10% of what they would have been without it. The problem with it that was it harmed the system too much when times were good so the final balance after 3 years of backtest was considerably lower that it would have been without it. I’m just not sure I could live with that 40% drawdown.
Sorry for my noob question, but I’ve seen 6W and 5L with a R:R of 1:1.
Why you guys judge this nice results?
I think that is more or less 50% winning rate with a 1:1 R:R, in other words is break even.
I don’t have access to 2011 historical data atm, that’s why I only have short backtests. I think a basket approach might help, just looking at the last couple days the eur/usd is losing and the other pairs are winning, in difficult markets this might minimize drawdown, but there’s no way to test it with money management because MT4 strategy tester isn’t capable of running a test on multiple currencies running on the same account at the same time. The best we could do to test it would be to test each pair without money management and add up the results.
I think a simple money management strategy based on the highest number of lots down to .01 you could open with whatever % of the current account balance you are willing to risk divided by how many pairs you are running on that account. No need to get too crazy, a good idea becomes a nightmare when it gets over engineered while trying to make it perfect. I prefer to keep it simple.