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Simple Daily Trend Reversal Trading System

  • #841
  • Dec 6, 2017 12:46pm Dec 6, 2017 12:46pm
Quoting mbrown
Hi mrdfx After reading the opening page I didn't notice any profit taking guidance. I have used the EA today with a lot of success (so thank you for your hard work and share) however since it is early days I am not sure if it is best to leave the position to run it's course (which I guess would be an opposing entry) or whether it is best to set a fixed profit target. Of course answers to these questions will emerge after I've tested the EA for longer but I wonder if you could provide me with guidance...
With any strategy having a solid exit strategy is key to locking in good profits. The exit strategy is also a personal preference as everyone has a different way of handling take profit, this is why I said its a personal choice. Some will use pivot levels, some S&R, some will use Fibonacci, and you say you will use Andrew's Pitchfork. I have my way, but that does't mean it's the best option. I say use which ever exit strategy you prefer, and if you think you found a good one, then share it for others to try.
Truth is like poetry. And most people f*cking hate poetry.
  • #842
  • Dec 6, 2017 12:54pm Dec 6, 2017 12:54pm
Quoting mrdfx
{quote} With any strategy having a solid exit strategy is key to locking in good profits. The exit strategy is also a personal preference as everyone has a different way of handling take profit, this is why I said its a personal choice. Some will use pivot levels, some S&R, some will use Fibonacci, and you say you will use Andrew's Pitchfork. I have my way, but that does't mean it's the best option. I say use which ever exit strategy you prefer, and if you think you found a good one, then share it for others to try.

Thank you.

I will share whatever I discover.

Now 18 closed trades, 67% winning percentage and PF 1.85.
  • #843
  • Dec 6, 2017 1:18pm Dec 6, 2017 1:18pm
Quoting mbrown
{quote} How are you deciding to take profits on these moves? Is it according to a specific system rule or do you have external rules for closing in profit?
Hi,
I just have a 1/2 risk return target (e.g. 50pip stop loss = 100pip target) that I base on a stop loss that I set roughly around the latest high or low, usually near the latest red or green arrow from the 4 hour.

If that stop seems to big or the x2 target seems unreasonable I just reduce it So my max stop risk is no more than 4% of my account or the target seems more reasonable. If the trade looks dodgy then i dont take it and move on to the next one. There seems to be loads of signals each day so it easy to be selective. If price gets near my target but hits resistance and stalls then I usually just close it out in fear of a retrace.

So far I have only traded this system manually.
  • #844
  • Dec 6, 2017 1:42pm Dec 6, 2017 1:42pm
So strange...... the EA(VERSION 112) did'nt pick 2 trades on my platform; CADCHF AND AUDCAD!
  • #845
  • Dec 6, 2017 1:45pm Dec 6, 2017 1:45pm
Quoting timidave
So strange...... the EA did'nt pick 2 trades on my platform; CADCHF AND AUDCAD!
Which time frame are you using the EA?
Truth is like poetry. And most people f*cking hate poetry.
  • #846
  • Dec 6, 2017 1:52pm Dec 6, 2017 1:52pm
Quoting ebeckers
Version v1.13 Whats new : - The EA will now show a list of open orders it is currently managing, together with the # pips in profit/loss and the (virtual) stoploss reached so far. - The EA will now close an order if a new opposite zigzag arrow appears. So if you have an open buy order and an sell arrow appears then it will close the buy order - Fixed a bug that after a restart the SL was always placed at the OrderHiddenSL and not at the zigzagarrow. When starting up the EA will now look back to find the last zigzagarrow and when stopLossAtZigZagArrow=true...
Amazing stuff man. Just a few questions...

- when a new arrow is formed does it close it regardless of the direction or only closes when an opposite directional arrow is formed ?
- Also the directional arrow may be wrong... can the EA wait till a new opposite ( complete ) signal is confirmed before getting out of the current trade ?
- Lastly does it then enter the new trade after getting out of the old one ?

Your help is much appreciated and one again brilliant stuff man
  • #847
  • Dec 6, 2017 1:57pm Dec 6, 2017 1:57pm
Quoting mrdfx
{quote} Which time frame are you using the EA?
H4, or is that not a valid signal?
  • #848
  • Dec 6, 2017 2:26pm Dec 6, 2017 2:26pm
Quoting timidave
{quote} H4, or is that not a valid signal?
AUDCAD is not valid as the MBFX was not in overbought zone, it was overbought before the zig zag arrow.

CADCHF was not picked up as the MBFX was on the 30% line and not below. ebeckers is making a fix as this should be valid.
Truth is like poetry. And most people f*cking hate poetry.
  • #849
  • Dec 6, 2017 2:35pm Dec 6, 2017 2:35pm
Version 1.14

Just a small fix. EA sometimes did not pick up a signal when MBFX appeared on same bar as the zigzag arrow
Attached File(s)
File Type: ex4 SimpleDailyTrendReversal_v114.ex4   157 KB | 507 downloads
  • #850
  • Dec 6, 2017 3:07pm Dec 6, 2017 3:07pm
Quoting mrdfx
{quote} AUDCAD is not valid as the MBFX was not in overbought zone, it was overbought before the zig zag arrow. CADCHF was not picked up as the MBFX was on the 30% line and not below. ebeckers is making a fix as this should be valid.
Okay, many thanks.
  • #851
  • Dec 6, 2017 3:14pm Dec 6, 2017 3:14pm
Quoting ebeckers
Version 1.14 Just a small fix. EA sometimes did not pick up a signal when MBFX appeared on same bar as the zigzag arrow {file}
Many thanks.
  • #852
  • Dec 6, 2017 3:15pm Dec 6, 2017 3:15pm
EA should be put on chart with timeframe 4h or 1d?

Thx!
  • #853
  • Dec 6, 2017 3:15pm Dec 6, 2017 3:15pm
Quoting ebeckers
Version 1.14 Just a small fix. EA sometimes did not pick up a signal when MBFX appeared on same bar as the zigzag arrow {file}
Just a suggestion, could the ea wait in the trade till it has a full confirmed opposite signal before getting out ?

also is there a way to have a MTF signal like if 1H is trending down, only look for shorts on the 5 mins ?
  • #854
  • Dec 6, 2017 3:32pm Dec 6, 2017 3:32pm
Quoting masterchief
{quote} Just a suggestion, could the ea wait in the trade till it has a full confirmed opposite signal before getting out ? also is there a way to have a MTF signal like if 1H is trending down, only look for shorts on the 5 mins ?
Interesting idea, but how would you determine if a trend is happening on H1 and if its down ?
  • #855
  • Dec 6, 2017 3:44pm Dec 6, 2017 3:44pm
Quoting lorecavoli
EA should be put on chart with timeframe 4h or 1d? Thx!
when you put it on D1 then you are one laizy person
  • #856
  • Dec 6, 2017 3:47pm Dec 6, 2017 3:47pm
I haven't thought this request thru all the way, but here goes...
I love the idea of hidden SL/TP, but as I try to make adjustments to using this on different timeframes, obviously the range of those would be different from the defaults.
During AutoTrading, is there a way to place horizontal lines on the chart for both the SL & TP when the EA has placed a trade?
If I employ the trailing stop function, it would be cool if a PSAR-type indicator could also be shown so that you have an idea it is working properly as well.
If would be comforting to know where they actually are since the MT4 Terminal shows zeros during those trades.
  • #857
  • Dec 6, 2017 3:52pm Dec 6, 2017 3:52pm
Quoting lctrader11
I haven't thought this request thru all the way, but here goes... I love the idea of hidden SL/TP, but as I try to make adjustments to using this on different timeframes, obviously the range of those would be different from the defaults. During AutoTrading, is there a way to place horizontal lines on the chart for both the SL & TP when the EA has placed a trade? If I employ the trailing stop function, it would be cool if a PSAR-type indicator could also be shown so that you have an idea it is working properly as well. If would be comforting to know...
i think that in general an ea is not alloed to draw on other charts ? it can only draw on the chart its opened on
  • #858
  • Dec 6, 2017 3:59pm Dec 6, 2017 3:59pm
Quoting ebeckers
{quote} i think that in general an ea is not alloed to draw on other charts ? it can only draw on the chart its opened on
OK, this thread is moving so fast...and Beckers is doing a great in responding I actually missed the v113 additions which basically accomplishes the same thing.
BTW, I'm only able to trade when I get home from work. So far, I'm at 12 trades; 9 winners, 2 losses, 1 BE....YEEHAW!
  • #859
  • Dec 6, 2017 4:07pm Dec 6, 2017 4:07pm
Quoting lorecavoli
EA should be put on chart with timeframe 4h or 1d? Thx!
You choose which time frame you want to trade the EA on. I use H4 according to my strategy but if you want to use another that's your choice.
Truth is like poetry. And most people f*cking hate poetry.
  • #860
  • Dec 6, 2017 4:09pm Dec 6, 2017 4:09pm
Quoting ebeckers
{quote} Interesting idea, but how would you determine if a trend is happening on H1 and if its down ?
Simple, the same way we determine how to get into a trade...
- The higher time frame zigzag or the mbfx timing or the slope direction ...
although think those will be later in having MTF signals

my most promising idea is when the ea should exit... manually trading on can be careful and know when a zigzag signal is false. Thats why i think for it to exit a trade, it should only have an opposite zigzag signal...as this indicator repaints, but it should have a complete counter directional signal ticking all the boxes
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