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

  • Post #1
  • Quote
  • First Post: Aug 14, 2008 12:30pm Aug 14, 2008 12:30pm
  •  mastergunner
  • | Commercial Member | Joined Mar 2008 | 52 Posts
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.
Attached File
File Type: ex4 Elite eFibo Trader v2[1].1.ex4   22 KB | 1,179 download
  • Post #2
  • Quote
  • Aug 14, 2008 1:00pm Aug 14, 2008 1:00pm
  •  mastergunner
  • | Commercial Member | Joined Mar 2008 | 52 Posts
I realize that I posted this in the wrong section. Perhaps a mod can move this over to the correct section?
  • Post #3
  • Quote
  • Aug 14, 2008 8:15pm Aug 14, 2008 8:15pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
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
  • Post #4
  • Quote
  • Aug 14, 2008 11:29pm Aug 14, 2008 11:29pm
  •  tdion
  • Joined Nov 2005 | Status: EURUSD Quant FREAK | 3,197 Posts
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.
  • Post #5
  • Quote
  • Aug 15, 2008 6:46am Aug 15, 2008 6:46am
  •  forextrader2
  • | Joined Dec 2007 | Status: Member | 1 Post
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
  • Post #6
  • Quote
  • Edited at 10:19am Aug 17, 2008 9:53am | Edited at 10:19am
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
Here's a backtest for the last 2 weeks...

http://img521.imageshack.us/img521/3405/46262889wc6.jpg
  • Post #7
  • Quote
  • Aug 19, 2008 10:28am Aug 19, 2008 10:28am
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
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
  • Post #8
  • Quote
  • Sep 7, 2008 1:48pm Sep 7, 2008 1:48pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
Bump
  • Post #9
  • Quote
  • Sep 15, 2008 12:57pm Sep 15, 2008 12:57pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
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!
  • Post #10
  • Quote
  • Nov 22, 2008 1:49pm Nov 22, 2008 1:49pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
From using this EA--starting account balance $300

http://img265.imageshack.us/img265/4396/49368282iz7.jpg
  • Post #11
  • Quote
  • Edited at 2:46pm Nov 22, 2008 2:03pm | Edited at 2:46pm
  •  nvwine
  • Joined Feb 2005 | Status: Member | 1,747 Posts
Quoting lolpie
Disliked
From using this EA--starting account balance $300
Ignored
Good results.

Are these results from the original EA in the first post?
Quoting lolpie
Disliked
I finally figured out why the EA kept wiping out accounts...there's a bug in the code that messes it up.
Ignored
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.
  • Post #12
  • Quote
  • Nov 23, 2008 10:55am Nov 23, 2008 10:55am
  •  FOREXflash
  • | Commercial Member | Joined Sep 2008 | 955 Posts
This version is without errors!
...just delete txt extension at the end!
Attached File
File Type: txt eFibo EA v2.1.mq4.txt   22 KB | 1,435 download
forexflash
  • Post #13
  • Quote
  • Nov 25, 2008 8:46pm Nov 25, 2008 8:46pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
Quoting nvwine
Disliked
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.
Ignored
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
  • Post #14
  • Quote
  • Nov 27, 2008 12:01am Nov 27, 2008 12:01am
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
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
  • Post #15
  • Quote
  • Last Post: Dec 23, 2008 11:04pm Dec 23, 2008 11:04pm
  •  lolpie
  • | Joined Apr 2008 | Status: Member | 515 Posts
Quoting FOREXflash
Disliked
This version is without errors!
...just delete txt extension at the end!
Ignored
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
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