Dislikedsure, setfile is nothing too out of the ordinary {image} {file} {quote}Ignored
- #449
- Jun 27, 2018 7:12pm Jun 27, 2018 7:12pm
- Joined Nov 2008 | Status: Trader | 50,193 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Hello Jans, Sorry, I do not know how to make out, by looking at the chart, whether it is MEME trades or not (appreciate if you please explain it). Please see the screenshot of the page here. Probably you can find out from there. Thanks, Mohanan {image}
EA working as expected, you should read the posts! 
MeMe stands for Multiple Entries Multiple Exits... When you enter a position and PA goes against you, it will prepare a MeMe trade at ADR/2 pips, then recalculate your exit to exit at Break even + small profit. This is a good tool to recovery from a bad trade but has a lot of risk as I think it should be improved in a way it takes the MeMe trade with a little bit more of common sense than blindly at ADR/2. However the EA is working as expected as I said
Anyway MeMe used with standard EA trades is working great as you always trade with the short term trend and long term trend which make a 3 step MeMe trade unlikelly to happen.
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- #458
- Edited 2:38pm Jun 28, 2018 2:18pm | Edited 2:38pm
{quote} Hello Jans, Sorry, I do not know how to make out, by looking at the chart, whether it is MEME trades or not (appreciate if you please explain it). Please see the screenshot of the page here. Probably you can find out from there. Thanks, Mohanan {image}
The first order is the original order. All the orders added by the EA are MEME trades. They are always the same size and same direction as the original trade.
The theory (and many examples) of MEME trading is explained in the TMS thread (https://www.forexfactory.com/showthread.php?t=291622).
In this thread I focus on implementing this strategy. Not so much if it is a good strategy or not. I leave that discussion to the TMS thread.
Having said that, let's look at your original trade on the H4 chart.
You entered manually with a SELL, although the price had been going down for a while. In this case the price was already at the lowest that we could expect. This becomes clear when we look at the D1 chart (with support and resistance lines).
So, for manual trading, you chose a bad entry position. (Trading made Simple turns out not to be so simple after all).
The EA tries to correct your bad trade by adding better entry points. This has a major advantage: It avarages your entry point up (the sum of entry prices divided by the number of trades). So collectively your position has now a better entry point. Same goes for the take-profit which is taken as the average entry-price + a few pips. Hopefully, the price will now start going down again and eventually hit the take-profit.
When you look at the monthly you can see that the price is not in a strong trend at the moment. So you have to go for the swings.
This MEME-thing can appear counter intuitive, but as it turns out it nearly always saves the day. However, sometimes it doesn't work and the whole trade goes to pot.
Therefore, only add a new trade (on a different pair) after your first position is in profit. And if you do a bad trade, consider to exit it early, or hope that MEME will solve the problem.
MEME is intended for getting a better entry-point in cases where you chose the direction of the trade correct, but you just went in to early.
When you chose the direction wrong, 6 MEME orders are usually enough to ride the swing. The EA makes the same mistake sometimes.
Cheers...
. I am testing it already.