hope you back soon:)
I have few issues with the EA on ECN account. The BE function is working fine however sometimes i get few error messages, but it is working even then.
The trailing stop function is not working at all on ECN broker(fxopen) I`ve tried few times, but is working fine on non-ECN brokers.
And as you mentioned before as well the EA opens sometimes 1 ord 2 pending orders instead of 3.
If you come back could you please look into these.
Thanks for you help and for the EA again.
Thursday and Friday had good results trading without using BEā¦still not sure if the BE at close to entry will workā¦Iām going to try foward testing the EA, only allowing it to reopen pending orders for an hour, to see what difference that makes. It seems a lot of re-entry orders later on may be hitting initial SL, unless the BE setting is so tight, it doesnāt allow breathing room. right now I am foward testing 18 pip BE and 20 pips trailing SL for next week.
I havnāt had any order execution problems, but I did notice while backtesting the EA, if the BE was greater value than the trailing SL, it still affected the outcome, but it shouldnāt, because the trailing stop should have priority over the BE, which isnāt a problem as long as itās value is smaller than the trailing stopās.
Sorry was out of action last few days. I have read all the posts. I am going to work on the EA again starting tomorrow and will be back in a few days with a modified version. Will chk all the problems mentioned and try to find a solution.
Hi KillerNo,
What do you mean by "if we reach suppose X profit or X pips plus, EA will close all running trade."
You can do that by keeping the TP of all three orders at the profit level you want to close all trades. Or am i understanding wrong. Pls explain with an example.
good to see you back.
You are right mate I can do it by change the TPās on all orders. I did not think before posted this idea.
thanks for your effort to make this EA better. I think the other options what I posted before would be useful.
Also if we could set what time the EA stops placing pending orders would be nice as well.
Just my 2 cents, I have been playing with the ea today and it seems to be having better results with all three TP at 20 pips, also we should stop setting pending orders by the London close time, donāt you think?
Another thing that I was thinking about is that this system could do very nice with the same parameters but used for major news events and catch the trend after one hourā¦
I had thought of this idea of all 3 trades TP at 20 pips but you may as well just use one trade with a lot size equal to the combined 3 trades.
With the news idea, would you set up the trades at the end of the hourly candle that involved the news?
To keep the original idea Iād wait one hour candle after news, but in a day with many news we need to be careful on this because it could easily reverse.
If you backtest this, youāll find the extra pips from the 40 and 60 TP add up to a lot more profit, which helps balance out the losses, and the 20 pip trailing stop will help keep some profit in the bag as well.
So far this morning, 20 pips in the bag on the sell side.
Please find attached next version of the EA. I have made it more structured and added the following points:
Tried to eliminate BE error message as pointed out by Killerno
Tried to eliminate TSL error message as pointed out by Killerno
Tried to make sure that orders open properly.
Added reference pip addition values so that you can make the ref bar bigger (or smaller)
By adding -ve values to the above variables as described in point 4 you can make the ref bar smaller. this will mean that the second pending orders will be opened only if price reaches certain pips within the bar.
Added time limit (editable) when to stop placing pending orders.
Please try to read the mq4 file to understand more as above may be a bit confusing. If you still find difficulties then let me know and i will try to explain.
Please go ahead fwd test and back test it. I am fwd testing it from tomorrow. Keep updating results.
HI Killerno
I did not understand one point which you asked to add regarding moving SL after BE. Would you mind explaining it with a detailed example. Rest I have tried to include.
Let me know if any errors are encountered. I will incorporate it in next revision.
thanks crisscrossā¦
I think what killerno was asking was when the price hits the set pips to move SL to BE, to have the SL move to a programmable price, other than BE, so maybe negative X pips or positive X pips.
The reason is itās frustrating to have the spread cause the BE SL to be hit at a price outside of the reference candle, so then if the price breaksout, it doesnāt cause a trade to open with itā¦I donāt know if this problem can be overcome.
thanks for the modifications and for the great EA. I am going to test it tomorrow.
Regarding to this BE thing, it would be nice to add a new option to the EA, it can be named as BEPIPMOVE or whatever with this value(it can be negative or positive) we can add in pips, that after price reaches BE level where to move the SL. Now SL is moving to the entry level but with this option we can move it to e.g. +1 or -4 pips from the entry level.
I am using ECN broker at the moment and if price hits BE level, SL goes to the entry level then price hits SL I am loosing always the commission.If I would move SL to +1 instead of the entry level after price reaches BE, I would be in plus. Hope it understandable now.
thanks again
regards
EDIT: pipcompounder explanation is better then mine
Hi guys, Iām new to forex and babypips (first post!), probably 2 weeks live, 20 days paper trading. I just want to say thanks for this strategy, it really opened my eyes to many things and now I look at the charts differently. I figured I should show my appreciation for the pips, instead of just lurking.
Hi Crisscross, amazing job with the EA you have a great talent. I can see the updated version is a lot more advanced. I have noticed that there are new boxes with new values which can be added.
Will it be possible to have a guide which explains what each filed does. For example, first box is
magic number defined= ? what to input there and what effect will that give?
2)Distance buy/sell defult value is 30 what does that stand for?
3) Distance in pips from high/LOw which ea will check after london open hourā¦ What will it check?
4) ref pips high low. which ref? why would we change its vlaue and what effect will it give?
Sorry if this are dumb questions, i tried to understand the working of them, but still unsure ā¦
So i been playng around with the EA and notice that i no longer can optimize the EA using mt 4 optimizer which i thought was really cool. As it would give me a very good idea which settings would be more profitable in a long run When i click optimize mt4 start collecting candle data, then goes in to optimization phase , but finishes in 1 min when it should take at least an hour, and the results are blank Any ideas Chriscross?
Since the reference candle was enormous, I think it will act like a mother bar for an inside bar. No trades for me today, since the price never broke out.
Itās okā¦we are testing it, too.
Thank you everyone for votingā¦I want people to put their thinking caps on, thatās what this system means to create; There is a way to exploit some of the tendencies the market repeatedly has, we want the most potential it can give. It may not be what we expect, so test with reality in mind. Reality has a way of making people think out of the box, as ironic as that sounds.
I saw it as well, I almost didnāt trade, but am trading very small lots, as iām just learning so nothing bank breaking. When I read your post about the candle I gasped a bit, and changed my take profit points to about 10 pips each, and set my stop loss at the top of the 6th hour candle. It just cleared for a 10 pip gain on all three orders, but watching the graph drop Iām wondering If i should have just stuck with pipcompounderās original settingsā¦ Time will tell.
When i click optimize mt4 start collecting candle data, then goes in to optimization phase , but finishes in 1 min when it should take at least an hour, and the results are blank