I can't believe there is someone with the screen name SnapCracklePip! I'm terribly sorry, I hope there isn't copyright infringement in any way. ...
I agree totally. I have a smartphone which allows me to trade while mobile, so I pretty much exited all my trades in profit on the way to work. I also agree that this system is phenomenal for finding entry positions; on a long run, however, waiting for the recross to exit (and re-enter) simply eats into the profits. Trailing Stops, I think solves this problem. When the trailing stop hits, simply wait for the re-entry signal and do it all over again. Of course, everything whipsaws, but as you said, with proper money management, keeping an eye on the market, and being ready to exit if the pair gets squirrley, this system can result in big profits. The long runs will far out weigh the losses.
It is not a set-it-and-forget-it system, but as close to it as I am comfortable with.
An EA that automatically enters on a cross (and recross in the opposite direction), sets trailing stops, and sends email alerts would be wonderful.
Another thought: perhaps the bo7a method with the 90EMA was good because it ruled out entering against the trend.
I have to get back to my real profession too...
I agree totally. I have a smartphone which allows me to trade while mobile, so I pretty much exited all my trades in profit on the way to work. I also agree that this system is phenomenal for finding entry positions; on a long run, however, waiting for the recross to exit (and re-enter) simply eats into the profits. Trailing Stops, I think solves this problem. When the trailing stop hits, simply wait for the re-entry signal and do it all over again. Of course, everything whipsaws, but as you said, with proper money management, keeping an eye on the market, and being ready to exit if the pair gets squirrley, this system can result in big profits. The long runs will far out weigh the losses.
It is not a set-it-and-forget-it system, but as close to it as I am comfortable with.
An EA that automatically enters on a cross (and recross in the opposite direction), sets trailing stops, and sends email alerts would be wonderful.
Another thought: perhaps the bo7a method with the 90EMA was good because it ruled out entering against the trend.
I have to get back to my real profession too...
Try it out everyone. Remember, I stated that it is sending an email after every one hour bar for each currency pair. The email alert is set to on. If you don't know how to setup MT4 for emails, go to this thread:
http://www.forexfactory.com/showthre...62#post1754162
This thread should have plenty of information to get you going, including what I included about being able to use Gmail.
Let me know what everyone thinks. And once again, I have enjoyed this system, but it is open for discussion for areas like a defined exit strategy, etc...
Omega,
The file that I attached is an indicator. Therefore it has to go in the indicator folder that is within the expert folder of MT4. Your string to get to it probably looks something like this:
C:\Program Files\MetaTrader 4\experts\indicators
Add the Snap Crackle Pip file to this folder. Now open up MT4, scroll down to the custom indicators tab on the left side, double click on Snap Crackle Pip, click OK, and the indicator will be added to whatever currency pair you were visualizing in the window at the time. I like my arrows a little more bold, so if you go to the colors tab after double clicking on the indicator, I set my width to 2. And Voila.
Now to setup the email you have to know one key piece of information. You have to know the SMTP address for your internet service provider. For instance, my provider is Time Warner Cable, and the SMTP address is smtp-server.carolina.rr.com You can probably find the SMTP server for your provider by doing a google search. Once you have this, you only need your email address.
Step 1: Click on the Tools tab in MT4 at the top and go to Options. Click on the Email tab, check the Enable box, type in your recently found SMTP server address. SKIP the next two boxes, which are STMP login and SMTP password. I didn't need these. Then put in the SAME email address for the boxes labeled From and To. Now, click the test button, then click OK. Go to the bottom of MT4 and click on your journal tab. This should say Mail: 'Test message' has been sent. This will send a test email to your email adress, so go check your email. As I stated before, Gmail or whatever email address works fine, no need to run out for a new email address from what I have seen.
To Review:
1. Indicator in the indicator folder of MT4
2. Load for EACH pair you are looking at. Arrows should appear at crosses
3. Find SMTP, check for test email.
4. Enjoy, and report back.
It's now time for Mexican food with good friends before we disperse for the holidays. I suggest everyone does the same for the night!
