Have a nice weekend everyone. I am not taking this for the next month. Too risky during times like this. The re traces we look for on the London Close seem not to be happening as fast as currencies are following the US Stock Markets.
I will trade London close EA only with minimum Lots, to see the market work
and strong settings
- The Range Trader EA work well with GBPAUD, DAX and XAUUSD too
- The Rose's "holy grail" EA work good with EURUSD
- The One Click EA "you can't loose" trade well manually with Stop and Limitorders EURUSD
I don't trade London close today difficult prices
six trades closed with small chicken profit
am I the only one left? The Last of the Mohicans?
NO !! I'm here, but no trade today London close
trade with Range Trader EA XAUUSD, Gold and DAX and all go well !!
and the one click EA "you can't loose" work well too with EURUSD
trade manually with stop orders and limit orders
And yes, XAUUSD is nice to watch. Better than TV!!!
Wow if only this had been real Changed the settings to basket 10% SL&TP... letting the profits run and then either close using 20 SL/TP or basket 10% or just a decent amount....that way the odd 10% loss doesn't impact as much...
I don't trade this week London close
- I trade only RangeTrader EA with GBPAUD, XAUUSD and DAX work well
- I trade "Roses holy grail EA" work very well like "holy grail"
- I trade with the one click EA "you can't loose" with stop orders buy and sell very well
look to the threat's
LC is working well as well (strong settings, low basket TP)
Just closed two GBP trades with profit...
5% today due to most trades taking the 20 TP - closed one manually. Interesting - yesterday they did well because they were mostly limit trades and today because of the 20 TP - lucky week so far..)
Well what a crazy week - 25 trades.. yes 25 ..on Thursday and that only included 3 limits - I would have closed this manually if it was a live account due to possible margin call issues with a tiny profit, but allowed it to run and ended in a 10% basket loss; then no trades at all for Friday... BUT 11% for the week which is promising - allowing the other days profits to run.
don't forget to change the time for London close !!
the Brokers have change the Broker time and London hav'nt change the time
Why is the EA taking 18:00 entries if it still set to 17:00 - doesn't it automatically adjust?
The GMT hour you place in the input (GMT_TradeTime) is simple that GMT.
GMT per say has not changed. Only we changed hour times.
For example, FXchoice was GMT+2 BEFORE the change, when the day to change the hour came, FXChoice changed their hour up,
So then that made them GMT+3. Remember GMT did not change only the broker changed its clock by ADDING an hour, hence GMT+2 changed to GMT+3.
Take note... say you had entered 10:00 GMT. Before the time change the EA would start to open trades at 12:00 broker time (GMT+2).
AFTER the time The EA will now try to open trades at 13:00 Broker time, cause now the broker is GMT+3.
So if you want to keep the same BROKER open hour then you need to change your GMT_TradeTime input from 10:00 GMT to 09:00 GMT.
This way the EA will continue to start at 12:00 BrokerTime.
Basically you need to adjust the GMT_TradeTime input but 1 hr. You subtract 1 hour going into summer (like now) and then add that hour back going into the winter (around November period)
Hope that helps.
Very helpful thanks Jess -so in the case of LC we want to keep opening trades at 17:00 GMT, so no change.
EA UPDATE v40
version 40 is ready for downloading. I made an up date on the way the EA grabs the GMT hour.
Nothing major since this EA has had no issues with the GMT time calculations but just in case v40 now has a more definite way of making sure the right calculation is made.
EA and INDICATOR UPDATES Files located at:
Thank you. Still on sidelines with this strategy in this crazy markets.I will get back to it in a few months time.
Thanks Jess much appreciated as always; 17% up for the month using basket 10% SL/TP icmarkets demo
Wow 14% in one night after a little positive slippage! 12 trades, all winners, 9 pairs + 18% for the month. This system is proving very resilient with the recent volatility - each basket has a chance of 10%+ winner but no more than 10% loss so R:R remains acceptable. Still a very high-risk approach ( as we don't know how many consecutive losses this may hit over a longer period) but seems to like the recent volatility! icmarkets demo 10% basket SL/TP.
40% up for the month trading 25 pairs with just 3 out of 25 showing appreciable losses, the rest all profitable. So... the 10% basket SL TP appears to be showing promise - still very early stages though and a few days losses could turn it all around ( icmarkets demo 20TP 250 SL; SL basket 10% SL&TP)
Just one question: on your Demo account, what leverage do you use and what is the account size (5000 USD?)
I think I will join the LC again soon, but with tight settings and few lots...
Account size is irrelevant as I am using %; so a 1K account would still trade at 0.1 lot per 1K account size, 10% SL/TP 20 TP and 250 SL.
You need a 500:1 leverage account to trade @ higher leverage, and it very hit a margin call on one occasion with over 20 open trades but the 10% still kicks in to prevent anything catastrophic.
The crucial thing with this system is allowing the winners to run - if you try and grab a few pips here and there the losers will eventually wipe you out.
I manually intervened last night for approx 7%. Interesting how this is behaving during one of the biggest global financial meltdowns!
Reminder I am demo-ing only until I have a few months data to play with and how it performs under more normal conditions
Then account size would matter.
Anyway, today 8 trades. Closed with 0.22% basket TP. Would have been cool on a 100000€ account...
Basket TP is % increase from the previous close balance; so if my previous balance was 10K a 10% basket TP would be 1K, taking it to 11K. Basket 10% loss would reduce it to 9K.
Nice end to the week with 10% in 13 minutes with 12 pairs, but yesterday was 10% loss so no change in total from last update.
I had a win yesterday, just as today. Strong settings and 0.22%TP... was a matter of seconds today ;-)
I will test my London close EA on other times from monday on
and will printing here the dates
Looks like it's back to normal: 4 trades with strong settings, basket TP with 0.4% after 7 minutes
Nice - what % risk are you using?
Still around 40% for the month - a lot of yoyo ing with the last 4 days - so the worst case will be 30% for the month....
I personally had some good results (randomly) using different start times. Sometimes it was coincidence as I forgot about time settings when restarting the EA. Sometimes I played with 15 minutes earlier/later. Did not have time yet to analyze the results deeply enough...
But I remember well that Ghosty said again and again, that using different times is like russian roulette ;-)
hehehe no changing London close is OK
30% for the month using 10% basket R:R - max DD was about the same. Some manual intervention but mainly just set and forget. ( icm demo 0.1 lot per 1K 20 TP 250SL Basket 10% TP and SL)
5 trades with strong settings (ADR 70, 6.0 max spread) ended up in 1% basket TP after 2 hours. Could have been more, the EURUSD made a jump just after basket close...
(Tickmill training-real account)
8% after a very nice eurusd rebound on limit entry...good start to the month) usual settings but closed manually this time due to fewer trades.
6 trades, 1% basket TP
If you can average 0.5-1% per week then you are FINE.. EVEN 0.1% is fine.
You need to think big, cause when u are handling 6-7 digit figures then those % are more than amazing... in terms of the $$ you see .
So for those of u with smaller accounts do not get discouraged by the low $$ you see. I know you all know this but you gotta think in terms of % and consistency.
For those of doing 30% or more GREAT now do it live and be the TRILLIONAIRE you are supposed to be . LOL I am serious though... the key is to keep your MAX DD below say 2% per week. Then you are going to be the silent traders that no one talks about... yea you know who you are ... LOL.
Peace and have alot of fun and take advantage of this market cause once it is back to normal we wont see this again for perhaps another 50 to 100 yrs..
PS: if there are any issues with the xm7 Londonclose EA, let me know and I Will get on it to fix it.
Well written, Jess. Being too greedy has already killed some accounts (yes, I know what I am talking about...)
Imagine, constant 1% per week would make 52% a year! If someone would offer that to me, I would call him a cheater..
For example: 0.1% per trade would close the basket on 0.6% with six pairs
At the moment I do this manually, but it is a waste of time ;-)
Its all about R:R - no good aiming for 0.2% per day if you are risking 10%+. With a balanced risk-reward this system appears to be able to hit a few net winners per month; whether you use 10% or 1%..whatever you feel comfortable with....
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