Same as me, I’ve just probably been doing it longer
What I want to say is: I haven’t had formal training either, I started learning it by myself when I was 12.
EDIT:
Here you go guys
I have changed the GMT calculation, this should work now, it does for me anyways. I would be glad if you could test it out with your respective broker timezones and give some feedback.
Also I added the setting with the slightly confusing name “MM_Mode_2_Value”. This setting determines by which figure the account size will be divided for the MM calculation with the 2nd method.
Furthermore I added the settings “Re_Num” and “Re_Minutes”. Those are for possible Reentries.
Re_Num is the number of reentries that are allowed for each side per day.
Re_Minutes will tell the EA how long he is allowed to reenter after the 1st of the last 2 trades has opened.
So it will only look for reentry if both SLs have been hit within the given amount of minutes. I hope that makes sense
Thank you all for your work and contributions in this thread. This has provided answers for questions/theories that have been on my mind for a few months now.
Although EA’s and coding are still above my head, I’m forward testing the NY open in my Trading Station mini account. Happy new year to all of you, and thanks again for your generosity and contributions to our trading education.
jsiebern, Love the ea and your amazing drive to get it going !
I am a little confused on Lot settings and NY open orders.
what does ref candle back stand for? In the field the setting is 1
2)Where are the settings for ny open
Can i just place it on a chart input the settings and the ea will open and close orders it self? I.e i was reading that in order for it to open NY trades we need to have the ea on 15 min chart is that correct? So for london on 1hr chart?
3)Money management settings which value for for fixed lots and which value for % of the account so say if i want to risk 1% of the total account on a given trade?
Sorry for all the questions i have been following along, but i guess got to lost along the way.
Hmmm…I’m not sure what’s going on with my system…Yesterday the London trade had opened an hour early, today it opened two hours later, or, in other words, an hour later than it was supposed to. ???
NY isn’t opening any trades, either, so I’m assuming it would try to in an hour.
Hi PC,
Mine opened fine in London today. I am using the same broker as you so maybe I can help. Did you install the 3rd version of Jonathan’s EA? Below are my settings. My money management will probably be different than yours. The way i have it set, I traded .6 of a contract with a $6000 balance. Note the time settings.
I have been unable to download the latest version…will do so over the weekend.
I had just changed the hour from 9:00 to 10:00. But it ended up going 2 hours later. I’ll just get the latest version on over the weekend (I need the extras anyways, like reentries) and try again next week.
Jonathan, having a max SL setting would be nice, as drbios pointed out, it ensures a good risk\reward ratio.
I have a question with “Close_Pending_After_TP” As you can see from my post above, I have that set to True.
So with the London open, I had a long and short order placed as expected. We shorted first and in about 4 hours, a 30 Pip TP was hit. The long order remained open but I was expecting it to cancel out after the TP was hit. I manually closed it.
@Pipscompounder
When you manually trade the strategy, I understand that if a short is entered first and then retraces to the SL, that the Long can then enter and mediate the loss. But in today’s scenario, a TP was hit first. Would you still keep the other order open looking for 2 TP’s? I would imagine not since the concept of the “opening activity” would be gone by this time. What is your strategy here? Reason I ask is that I am not trying to better your strategy but rather follow it
I found it is better to close the other order when the TP is hit and wait for the next session. I have backtested both possibilities, and the double win only happens once every couple of months, while a loss after a win happens very often.
My version of the EA was cancelling the other order when the TP was hit, so I don’t know what happened on your’s.
I don’t know, but if you’re still using trader’s way, I dumped them awhile back because it wasn’t executing orders. I now am with Finfx, same as my live broker.
For someone who wants to try this system out manually (No EA), what are the most recent guidelines? Is it 30 pip TP, 30 pip SL (or candle size), orders 3 pips away from high/low? Is there a trailing stop? Thanks
