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Hello all. I have found a EA that make trades more or less based in rules of the post 1.
The problem is that the EA put a sell/buy limit in the high or low of the previus cabdle and not when close the candle.
If any person can modify the EA for trade with the rules of the post 1 would be more interesant.
(sorry for my english, itīs a little poor).
Cheers.
Attached File
File Type: zip Engulf-V1.0.zip   13 KB | 126 downloads
Quoting arkan1976
Hello all. I have found a EA that make trades more or less based in rules of the post 1.
The problem is that the EA put a sell/buy limit in the high or low of the previus cabdle and not when close the candle.
If any person can modify the EA for trade with the rules of the post 1 would be more interesant.
(sorry for my english, itīs a little poor).
Cheers.
Hey Arkan,

thanks for the EA, perhaps someone will find it useful. For me personally, I will ALWAYS trade manually. There are so many constraints to consider, e.g. s/r levels, price action etc. - an EA will never be able to regard them.

Btw, it is not much effort to look at the chars for a few minutes every hour...
Perhaps you won't believe me if I told you that I made +50% account increase last week...only trading H1 and H4...
Quoting Olarion1975
No problem. Backtesting might be a good idea, but I prefer forward testing.
I think you cannot simply add the risk/reward ratios...otherwise I must be up over 200 pips profit as I had 20 pips SL. You have to calculate the average.
I have not yet been tracking all trades, but my average r/r is in the range from 2.5 - 3.0.

PS: My win rate is between 60% and 70%.
Thanks for the reply Olarion.

Perhaps the way I worded my question wasn't clear. If on both trades you had a risk reward of 1:5 then on each trade, if you risk 3% of your account balance you would have a 15% gain on account on each trade resulting in a 30% account increase! Risk varies from each individual and I only used 3% as an example, but you can see where I'm going with this.

I'm sure you are aware of all the above.
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
a few extra tips if anyone is having trouble turning a profit...

1. Look fore entries near the ma's after a trend begins... especially the first push... This with a trailing stop strategy will make you profitable alone.

I have found the 50lwma really good for measuring retraces... give it a try on H1
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2. Trade outside bars.

If we have made a trending move, have retraced and we get an outside bar, these are high probability trades.

Whereas an engulf we are looking for the body to engulf the previous bars body, here we are looking for the high and low to engulf the previous bars high and low...

I'm a big fan of these... but again, without the other elements you win rate will be poor.

1. trending move
2.retrace
3. price action.
4. momentum entry
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Quoting 60minuteman

Look fore entries near the ma's after a trend begins... especially the first push...
A trend has an average of three pullbacks before it ends. This is true of all liquid markets, and is just an average, as some trends have one pullback and some have eight. The highest probability entry will be the first pullback in a new trend, before it becomes obvious to the crowd, followed by the second pullback. From there, the probabilities diminish, as the trend has become more obvious to the crowd. Much of the time, I only trade first and second pullbacks, though of course there are exceptions.
3. dealing with consolidation

Dont trade the sideways move.... if price is going down off a level/price, it will go.... If its moving sideways it generally needs to retrace to a higher s/r first...

you must be getting bored of it by now, but....WAIT FOR A RETRACE... LOVE RETRACES... THATS WHERE THE MONEY IS

the only exception is if the engulf CLOSES below the s/r

...damn ... way too many typo's... you know what im saying though... right?
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Quoting California
A trend has an average of three pullbacks before it ends. This is true of all liquid markets, and is just an average, as some trends have one pullback and some have eight. The highest probability entry will be the first pullback in a new trend, before it becomes obvious to the crowd, followed by the second pullback. From there, the probabilities diminish, as the trend has become more obvious to the crowd. Much of the time, I only trade first and second pullbacks, though of course there are exceptions.
ah Mr California... happy christmas ...

Yes... and obvious to the naked eye if you spend some time studying charts..
bringing all the ideas together ..
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Quoting 60minuteman
ah Mr California... happy christmas ...
Mr. 60: Thank you for that...I believe it is now Boxing Day for you...still Christmas for me.

This year, you have graciously hosted this thread which has changed some people's trading careers in the process. To an outstanding year of trading ahead for everyone
Quoting 60minuteman
a few extra tips if anyone is having trouble turning a profit...

1. Look fore entries near the ma's after a trend begins... especially the first push... This with a trailing stop strategy will make you profitable alone.

I have found the 50lwma really good for measuring retraces... give it a try on H1
What's 50 lwma?
Linear Weight Moving Average
Is this a valid entry ?
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Wait-Execute-Manage (:waiting: - the longest part)
Quoting snail69
Is this a valid entry ?
looks good.... dont see a stop line though... always set a stop with gold, it can go 500 pips in 5 minutes and wipe you out!
Quoting 60minuteman
looks good.... dont see a stop line though... always set a stop with gold, it can go 500 pips in 5 minutes and wipe you out!

60M, sure. Now at BE. Watching it.

Is there a specific time to look for entries for this system ?
Wait-Execute-Manage (:waiting: - the longest part)
Quoting snail69
60M, sure. Now at BE. Watching it.

Is there a specific time to look for entries for this system ?
not really, but market opening hours are when most action occurs... but i will check my charts every hour and see whats happening. I tend to only watch a maximum of 4 instruments at one time now so I'm always well aware of what the big picture is.
BRENT futures long... retrace to MA, type 2 pin bar, first retrace after trend change
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Quoting California
100%...it is a good option. I think there is also something to be said for a steady-eddy approach that targets 1R/day. Compounding at 15%/month, and using a tax-exempt account, $5,000 becomes $4.1 million in four years.
Howdy folks! It's been a REALLY long time since I've been on here or traded. Having 2 small children in the house and a full time job will do that (or perhaps a string of really frustrating loses!) Regardless, I've finally caught back up with the thread and am glad to see 60's continued success along with additional traders! Fantastic info here and congrats 60MM!

California, was curious who your using for a tax exempt account in the states?

Best of luck to you all and hopefully I can get back on the saddle myself!

Happy New Year!
  • Mark9
    Joined Dec 2012
Dear All,

I would like to make sure that I understand the rules of this method.
I've created MQ4 which finds all signals for a given year based on H4.

For 2012 i have found only 45 possible trades (LONGS only).
Did I missed something? How many trades (approximately) do you
have using this method in a given month?

Best regards,
Mark
Quoting SMcGuire45
California, was curious who your using for a tax exempt account in the states?
I like MB Trading. It is an ECN. Spreads are xlnt, EU is 0.7p-1.0p most of the time. They are one of the top four largest. If any other questions, please PM me so we do not distract the thread. You have a great attitude, btw.

To everyone else: Do not be afraid to take some time backtesting the setups. This way you will know how profitable the setups have been in the past (win rate, total return, avg win, avg loss), what to expect in terms of max drawdown, which setup you like the most, the frequency of the setups. If one does not take the time to backtest, one can potentially waste weeks or months on demotrading or live trading a strategy that perhaps is not a fit for them. Find out now before investing weeks/months in a strategy. In this thread, there is a clear set of rules for three setups in post 1 + research results + hundreds of screen shots showing example after example + money mgt questions & answers.

It is all here. And it is all offered for free.

New Year's tip: The middle mouse button is an MT4 shortcut to activate the crosshair.
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