Elite eFibo Trader - 200 pip gain turns to 2000 pip gain

I stumbled across this EA. It doesn't seem to be very well known, but I spy tons of potential with it. It is not an EA to just set and walk away. Rather you need to watch it carefully so you know when it pull out. It's a money management strategy based on increasing Fibonacci gains.

When on a trend, as the price moves up or down, the EA will add more lots to it exponentially. If you adjust the levels and the stop losses it will essentially only utilize existing profits from the move to purchase more lots, protecting your bankroll. A 200 pip move could quite literally result in 2000 pips gained.

Have a gander, play around with it. I'm trying to first goof with the settings to find a way that I like. Then I plan to find a good trending system to attach this too.

I realize that I posted this in the wrong section. Perhaps a mod can move this over to the correct section?

It looks like it has a lot of potential but kinda confusing to use. I set it up and it closed about 6 trades after only 1 pip of profit even though I set it to use 35

More information please....

It sounds very dangerous and anything based on Fibs is usually crap. Let's see some forward tests in a few weeks. Good luck.

could you plize provide more informations , what about the losing case ?
if we lose the first trade , i think we will lose the stop lose + the spread ?
what about the second level ?

i've done some searches about that on google , they said we only risk the spread with that method
at all seems to be very interesting
thank's

Here's a backtest for the last 2 weeks...

http://img521.imageshack.us/img521/3405/46262889wc6.jpg

Has anyone figured out proper settings for this? I'm trading on the daily chart with a $300 balance and always wipes out my entire account. I thought it was supposed to have good risk protection?

Settings are:

Trade after profit - false
Stoploss - 50
Take profit - 50
Fib levels are 0.1, 0.1, 0.2, 0.3, etc

Bump

I finally figured out why the EA kept wiping out accounts...there's a bug in the code that messes it up. It's supposed to close all positions for a pair then stop trading, but instead it keeps opening new ones as soon as the stop loss is hit so the stop loss keeps getting hit as well on those new positions. If someone could please go through the EA and edit it so it doesn't do that (make it so that it stops trading the pair once the stop loss is it), I would really appreciate it. I contacted the EA programmer and posted on his forum but looks like he's abandoned it.

Thanks!

From using this EA--starting account balance $300

http://img265.imageshack.us/img265/4396/49368282iz7.jpg

Good results.

Are these results from the original EA in the first post?
I'm asking because of this post.

I just noticed the source code is on mql4. Did you edit it?

Also do you have the PDF manual? I can't seem to download it. I don't want to mention the site since it is spam heaven.

This version is without errors!
...just delete txt extension at the end!

Yes the results are using the original EA
The bug is that it will reopen positions that are stopped out immediately after it closes them. I don't know how to fix it =/

I found the pdf but can't d/l it because the link is dead

I really think this will kick ass on the smaller timeframes. The lowest pip distance you can do without EA problems is 3, so trading mini lots with a tight stop loss would be awesome

Problems I'm having
-Finding a good trend system for M1 or M5 charts
-Setting good pip distance and stop loss on the smaller TFs. On the daily and weekly charts my pip distance is 150 and SL is 175

Any input appreciated

Can you add an option so that it will either buy or sell at a certain price, ie. if I want to buy at 1.2345 I would input that number in the options and then set Buy to True and Sell to False?

Thanks