Firebird V1.0 an amazing EA !

Quoting mr.trader

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Many people taked about it, i do it...

Start a new thread about the famous Firebird EA because this EA is a pice of work whitch is realy ready to call it Version 1.0 !

Tank you all for your ideas, testing, coding and improving this EA !

So let´s forward improving this pice of work to bring it to the top !

mr.trader

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Quoting RickW00716

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I am new to using EA's....Once I have downloaded Firebird, how do I install and run it?

Is is run on a certain time frame?

Do I have to let it run automatically or can I just watch the screen for signlas then place orders manually?

Any information would be greatly appreciated...I REALLY need a consistently profitable system.

Thank you very much.

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Quoting mr.trader

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BTW, one more idea from me, also mono had the same today !

Heding all opened positions from this EA...

note, this ea is a counter trend system whitch open orders when a breakout from the channel happens, so i looked on the charts and see that more than 90% from all the opened positions run against you 15 - 30 pips in the beginning...

So let´s use this to make extra money, with a hedge position and a 5 pips trailingstop, 1 pip trailingstep and a stop loss from 20 pips. Or may be 30 pips is a good point in my oppinion because it´s also the pipstep from the mainorder (with Mono Settings 30-300).

So think about it, we can get in troubles if the market begins trending, with hedge we can control it a little bit better...

Think about news, stuff like NFP or something, there we can make realy big extra money (some guy´s turn the EA off when news like this released because it´s very danger, with the hedge we can trade it with huge profits)


Also heding orders is better for the free margin, we know firebird need place to breth...

Maybe somebody have enough coding experience to code it into the V1.0a, i´ve attached it!

Think about it and have a great weekend,

mr.trader

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Quoting wackena

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mr.trader,
attached is Firebird_v1.0b that has a hedging routine added. In backtesting the results difference is dramatic. I have also attached backtest comparative test results (July 16 to Aug 18) for v1.0a and v1.0b. As you can see the profit is up and the float is controlled much better. With v1.0a, open orders at same time was 8. With v1.0b, it was 3.

The hedge orders have a 5 pip Bid/Ask retrace before hedge order entry. In most cases, this is within the spread and hedge order follows quickly. I don't know if this best. I will test other pip sizes to see results.

Maybe a few members can forward test to see if it is really better.

Wackena

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Quoting mr.trader

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wackena,

thank you very very much for your great work, i will forward test i from monday beginning and post weekly results, LET´S FORWARD GOOD WORK ...

PS: Can you code the heding function in the version 1.0c ? In combination with Average Daily Range calculation and the MaxOrders feature he will bring us to the top... But use the ADR calc only for mainorder, not for hedge position (Hedgeposition: 5 pips trailing stop, 20 pips sl)

Thank you,

mr.trader

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Quoting wackena

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In backtesting different pairs with v1.0b & v1.0c, I'm a bit concerned over the number of open orders at one time. For those of you that will be forward testing, please also report these numbers along with bottom line resutls.

Thanks,

Wackena

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Quoting wackena

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In backtesting different pairs with v1.0b & v1.0c, I'm a bit concerned over the number of open orders at one time. For those of you that will be forward testing, please also report these numbers along with bottom line resutls.

Thanks,

Wackena

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Quoting mr.trader

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firebirders,

here are my forward tests. They are actualized every 5 minutes.

My settings are:
Engine: Firebird 1.0b (by wackena and me)
Firebird 30-300-30.set (by momo)
Chart Timeframe: 1 minute

Currency pairs:
EUR/USD (0.1 lot)
USD/CHF (0.2 lot)
USD/JPY (0.1 lot)
USD/CAD (0.1 lot)
AUD/USD (0.1 lot)
EUR/JPY (0.1 lot)

FDXX: Statement North Finance: Statement

Thanks,

mr.trader

Ignored

Quoting Yardie

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I notice in your statement that the USDJPY and USDCHF BUY positions that were opened didnt have a hedge. I wonder why this is? Wackena can you please explain?

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Quoting mr.trader

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BTW, one more idea from me, also mono had the same today !

Heding all opened positions from this EA...

note, this ea is a counter trend system whitch open orders when a breakout from the channel happens, so i looked on the charts and see that more than 90% from all the opened positions run against you 15 - 30 pips in the beginning...

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Quoting TraderSeven

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Heding sure is a good way to protect yourself.
But if you know 90% of the trades go 15-30 pips against you, wouldn't it be better to widen the envelope a bit.
Keep the hedging for cases when it's really needed.

If you enter your trade 15-30 pips 'better' then you can also set your ProfitTarget 15-30 pips higher. Or add a trailing stop.

I think it's a better way to handle it because:
a] Hedges can be tricky to handle. (whipsaws)
b] The cost money to build. -> Spread, transaction costs and price of the lots. All eating away your margin.

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Quoting Yardie

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Trader 7 good point, but the market tend to move up and down in ranging markets which give you the opp to make money on both sides of the fence. I think the FireHedge will turn out to be the most profitable version over the long run and in all market conditions.

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Quoting TraderSeven

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I was meaning to move the fence a little so all profit came from one side of the fence. And hedge when it gets out of control.

Or is this hedge trying to ride trends between the 2 bands of the envelope?

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