(binned per thread starter’s request) FX Rogue Wave 6.0

You know, sometimes I think that I over think things. I have back test data that shows period of times with ZERO sequence losses in two years. If I just choose the pairs that have the most periods of zero losses and simply start the EA at the top of the hour that have the best results for each pair. I only need to look at my charts a couple times a day instead of staring at them looking for trade setups.



Using that theory, I have narrowed down to 6 pairs that have 0 losses in two years and with the cunning use of templates and labels, I can look at my charts twice per day and simply click the START button and watch what happens.

What's a pity..you have missed a lot...

Very nice :-)

Did not post on Friday as was stuck in a GBPJPY trade over the weekend which finally cleared this morning.

One of the challenges I have found is starting the EA when the price range is wrong for the channel setup. I am playing with the following indicator I found here on FF.

It basically shows the highs and lows of previous day.



I am thinking that if the RED/BLUE entry lines are BOTH within the previous day's range, it could lead to the trade sequence using more orders than necessary. But by waiting until one of the entry points is outside the previous day's range, it could lead to better success.

Here is a setup for USDJPY today.



BUY entry point is outside yesterday's high
SELL Target within yesterday's range

If new high is created, we win.
If price reverses to yesterday's lows, we win.

Not a bad week - hit my goal of $150.00 per week off $1000 with .01 base lot size.



https://www.myfxbook.com/members/FXScottyb/fx-rogue-wave-60/2241521

Found another indicator on the Market that may work in conjunction with the daily highs and lows. Adding Support and Resistance Lines based on Zig Zag. This is not my indicator, but I purchased it to see how well it compliments my trading with FX Rogue Wave.

https://www.mql5.com/en/market/product/17332

Let's talk about money management a little. Trading a martingale is high risk. FX Rogue Wave uses such a recovery strategy.

Assuming a worst case scenario where 8 trades are allowed in a sequence and those 8 trades all close in loss, thus completing the sequence.

 

1. In this example, using a 30 pip channel, a loss of approximately $765.00 could occur.
2. If you have $1000 in an account, that would equate to a 76% loss, or pretty close to a blown account. But in a $10,000 account, that only equates to a 7.65% loss.
3. Draw down is relative to account size, channel size used, and base lot size.

Back test shows that the EA can run for months and years before an 8 order sequence loss might occur. But know that it is inevitable, Here is my plan.

1. Start an account with the minimum required. I am using a 1:500 leverage account. So, the minimum needed is $1000.00 for an account with this leverage. We will call this the TRADING ACCOUNT.
2. Increase initial lot size of TRADING ACCOUNT in increments of .01 per $1000 until a daily or weekly income is reached that you are comfortable with in the TRADING ACCOUNT. For me, my personal goal is $10,000
3. Once that level is reached, begin making daily or weekly withdrawals into a 2nd account as a backup fund. Or SEED ACCOUNT.
4. Once SEED ACCOUNT balance is equal to TRADING ACCOUNT level ($10,000), you can then stop funding the SEED Account and begin making daily/weekly withdrawals from the TRADING ACCOUNT as INCOME.

Should there be a massive loss in the TRADING ACCOUNT, you can immediately transfer funds from the SEED ACCOUNT to the TRADING ACCOUNT, resume normal trading again, re-funding the SEED ACCOUNT until equilibrium is achieved and start making INCOME withdrawals again from the TRADING ACCOUNT. Maybe even having 2 or more SEED ACCOUNTS. If accurate trades are made each and every time, a SEED ACCOUNT should not be necessary. But, I would rather have a backup and not need it, than to need it and not have it.

Everyone trades Forex with different goals in mind. Some want to be bazzilionaires overnight, some want to replace or make their retirement. Me, I just want to make a sustainable daily or weekly income that I can budget from. And, so far, I think that is possible.

If you do not want the hassle of funding a SEED Account. When you reach the desired income level, just stop increasing your lot size at that point but continue to allow the account to grow. Once account doubles or triples again, then start withdrawing income on a daily or weekly basis.

This can work with ANY martingale system that has a verifiable history of long winning runs (year or more). Begin lowering your risk and take income and enjoy yourself.

It may be possible, but I have not seen a mega account grown using constantly increasing lot sizes with a martingale end well. They always seem to blow at some point.

If an account starts at $1000 and grows to $10,000 to $30,000 and a loss occurs. Your only real loss is the house money and the time used to grow the account. TAKE INCOME when comfortable. Whether $50 or $10,000. Profit is profit. Put it in your pocket.

Ready for the week with the new indicator.
Similar rules: Looking for flat period, wait for offset channel to form, making sure that Daily Highs/Lows and recent Support/Resistance do not get in the way of Entry Lines and Target Lines.

Well i did some tricks in the settings , and it looks nice

Thanks for looking into it!

Another one , i dont know if its going to do the same on real market !!

I left the AutoTrade section in for functional viewing for how the EA operates. Time makes it fairly random. I still prefer to use the buttons to start and stop the EA myself.

Thanks for giving us the free back test EA to see how it works

One issue I have found in live trading and only using time is that occasionally the clock will skip the start time and the EA will not trade. Usually happens when more than one pair have the same start time. But, as I mentioned,time alone looks good in back test and helps to validate the algorithm, but it was designed to start with the buttons.

You are very welcome. As the market does not offer refunds, I wanted any potential buyer the ability to test for as long as they want before investing if they chose to.

Overnight, a support line formed on USDJPY. As the support could keep the price from hitting the EA Sell Target, I may close by clicking the STOP button and pocket my pips.

Closed the USDJPY and grabbed a few pips. Looks like it was the right call.



The point I would like to make here is that just because the FX ROGUE WAVE EA was designed to create a horizontal channel and open orders, setting SL automatically; with the START and STOP buttons, you can get involved with the trades as situations change.