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Firebird EA, please test this one, it is one of the greats 1,228 replies

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Firebird EA - fixed version -

  • #1,821
  • Nov 30, 2006 11:23am Nov 30, 2006 11:23am
Quoting MoneyMa$ter
teamfri,
Recognizing full well that FireBird is a counter-trend system, we would force-feed the Bird, so to speak, to only allow shorts or alternatively establish a hedge, until we confirm the bear trend. Once confirmed (based on x number of candles) shorts are allowed and the hedge cancels the long.
I've been following trends with Firebird in my live account since mid October. Given today's price action, I hope everyone has been applying some kind of trend analysis to this EA. It's not rocket science (i think I've said that before...). Just pick a few of your favorite MA's and make a decision when they cross.

There has been a comment or two that "force feeding" (props to Monema$ter for the term) Firebird might result in too few trades opening to cover the inevitable losses when a trend changes direction. My information indicates otherwise. For example, I don't think anyone would disagree that the USD/CHF has been in a bear trend since October. I began trading the pair in my live Firebird account on 11/6 with the EA set to "only short". Since then, 17 USD/CHF trades have closed for profit. No losses and no trades currently open on that pair. So, it seems that pullbacks during a trend are sufficient to trigger a reasonable number of profitable trades.
  • #1,822
  • Nov 30, 2006 11:30am Nov 30, 2006 11:30am
Quoting sm31
....For example, I don't think anyone would disagree that the USD/CHF has been in a bear trend since October. I began trading the pair in my live Firebird account on 11/6 with the EA set to "only short". Since then, 17 USD/CHF trades have closed for profit. No losses and no trades currently open on that pair. So, it seems that pullbacks during a trend are sufficient to trigger a reasonable number of profitable trades.
Nice to know. Now next steps are :
1 - Are we able to detect the trend by programming ?
2 - If yes, can we modify the code to execute FB only in BUY or SELL during the trend and return to FB original when the market is range...

Any ideas ?
  • #1,823
  • Edited 12:48pm Nov 30, 2006 12:17pm | Edited 12:48pm
Currently my Firebirds are resting, after getting their feathers knocked off for the last 2-3 weeks. But "force feeding" them to trade the small retracements of the trends sounds promising, But what time frame for the trend, and how to define it in code? That is the issue! With the holidays comming up, and work, I am bogged down a little, and will probably just manually trade a little, and if I see the right moment I'll put firebird back on a pair, just to see how this will work. But right now I am just regrouping.

Rusty

ON EDIT: We may need a significantly smaller SL, so that if a trend develops while we have open trades, FB can close the trades, or wait till SL. Then open the trade in the correct direction.

Does anyone know if this could still be considered Firebird??
  • #1,824
  • Nov 30, 2006 12:44pm Nov 30, 2006 12:44pm
Quoting rusty105
But "force feeding" them to trade the small retracements of the trends sounds promising, But what time frame for the trend, and how to define it in code? That is the issue!
I'm currently defining trends based on the 1H chart, but I don't know whether that is the best timeframe to use. I think I'll continue with the 1H charts for awhile... at least long enough to see all the different market conditions for sustained periods. I'm no programmer so I have no idea how to add this functionality to Firebird.
  • #1,825
  • Nov 30, 2006 1:03pm Nov 30, 2006 1:03pm
Quoting rusty105
...
ON EDIT: We may need a significantly smaller SL, so that if a trend develops while we have open trades, FB can close the trades, or wait till SL. Then open the trade in the correct direction.

Does anyone know if this could still be considered Firebird??

Great initiative!
  • #1,826
  • Nov 30, 2006 2:04pm Nov 30, 2006 2:04pm
oK,

Homework for all the long time Firebird handlers. We need 3 different modes: Trend up, Trend Down, and Ranging. Using the same envelope parameters, whiten what +slope and -slopes will Firebird, as it stands now, work effectively (in pips over minutes, eg 50 pip rise, or drop in 120 minutes maybe too steep, but maybe 5 in 120 minutes and Firebird still works well. hopefully we can take this slope over a longer period of time, maybe 8-10 hours. I hope I explained this correctly, I am just shooting of the top of my head while I am still at my day job.
Rusty
  • #1,827
  • Edited 3:42pm Dec 1, 2006 3:02am | Edited 3:42pm
Attached is Firebird-v3.0.

In an attempt to minimize bad effect of strong up or down market movements, I have coded a new Firebird to use iFXAnalyzer as an up and down strong trend indicator. The EA will not place trades during strong up or down trends indicated by chart message "Market Trending up" or "Market Trending Down". I added a Hedge function option to place reverse trade when PipStep trade is triggered. Hedge orders have ability to increase lot size. I cleaned up the EA and now there are no warnings when compiled in MetaEditor. Other added functions are described below.

  1. UseEquityProtection -if true, close all orders when negative Float is excessvie.
  2. FloatPercent –percent of balance for equity protection.
  3. UseMM-money management.
  4. Risk-pecent of account equity to risk per trade.
  5. MaxOpenOrders-sets maximum number of open trades at same time.
  6. MinMarginLevel-below minimum Margin Level percent % trading stops.
  7. CloseDays-number of days trade is open before auto closing.
  8. LossLevel-loss amount before auto closing after Closedays.
  9. UseHedge-if true, places reverse order with PipStep order.
  10. HedgeLotFactor-hedge order Lots will be increased by this factor.
  11. HedgeTakeProfit-
  12. HedgeStopLoss-
  13. AutoCal-if true, iRSI() calculation of TakeProfit, StopLoss and PipStep. (not hedge orders)

This Firebird, as well as most other versions, is very slow in backtest. I can assure the added EA functions work. In backtest with default settings, it performed well on eurusd. gbpusd backtest was a bit shakey, but still in profit. I have not tested other pairs. I hope it performs well in Demo and Live accounts. I found better profits when HedgeLotFactor is set between 2-4.

Warning: The success or failure of this Expert Advisor is the exclusive responsibility of the Enduser.

Wackena

Attached File(s)
File Type: mq4 Firebird v3.0.mq4   26 KB | 685 downloads
  • #1,828
  • Dec 1, 2006 4:26am Dec 1, 2006 4:26am
These two months, October and November are the best opportunities to test Firebird. With such a huge north trend in place it was.
  • #1,829
  • Dec 1, 2006 4:52am Dec 1, 2006 4:52am
wackena,

Thanks very much for paying attention and responding to trader comments on the trend issues with the Bird.

Question: The code reference in v3 for "CloseDays = 10" includes a comment regarding "number of hours order is open":


extern int CloseDays = 10; // Number of hours order is open before auto closing.
extern int LossLevel = 250; // Loss amount before auto closing after CloseDays.

Does the numerical value for "closedays" represent hours or is that literally 10 days? Another way to ask is whether the comment should say "number of days order is open".
  • #1,830
  • Dec 1, 2006 5:27am Dec 1, 2006 5:27am
Quoting MoneyMa$ter
wackena,

Thanks very much for paying attention and responding to trader comments on the trend issues with the Bird.

Question: The code reference in v3 for "CloseDays = 10" includes a comment regarding "number of hours order is open":


extern int CloseDays = 10; // Number of hours order is open before auto closing.
extern int LossLevel = 250; // Loss amount before auto closing after CloseDays.

Does the numerical value for "closedays" represent hours or is that literally 10 days? Another way to ask is whether the comment should say "number of days order is open".
MoneyMa$ter,
Thanks, good eyeball. It should be days.

Wackena
  • #1,831
  • Dec 1, 2006 7:18am Dec 1, 2006 7:18am
After re-reading your initial post, "days" seemed obvious. Thanks for the quick reply.
  • #1,832
  • Dec 1, 2006 8:02am Dec 1, 2006 8:02am
Cable sideways, perhaps awaiting ISM report at 10:00 am est? FireBird returned four positive trades and 50 pips as currencies are ranging. This will probably end at 10:00.
  • #1,833
  • Dec 1, 2006 8:50am Dec 1, 2006 8:50am
Quoting accrete
Since the Pip Boxer ea was mentioned in a couple of above posts, i'll chime in and say for my demo testing the ea has been averaging +500 pips each week since it's release, with rarely over -30 to -40 pips float at any given time after close of a given day/week. The other reason i "switched" was it works on breakout patterns which is how i trade manualy so it makes sense to me.

. . . now back to our regularly scheduled program . . .
What to do with a great EA (FB) that gets its butt kicked once there is any sign of a trend? That question has been asked since day one of this thread and still no solution found that i've seen/read.

: ) Thom
Which pairs do you trade with Pip Boxer?

Thanks and Happy Pipping!
Fx Diva
Fx Diva
  • #1,834
  • Dec 1, 2006 10:46am Dec 1, 2006 10:46am
This is a copy of recent Post.

<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">Originally Posted by Wackena

US Institute of Supply Management (ISM) reported manufacturing supply purchases were less then projected and inflation was up on what was purchased. This the reason for the Dollar spanking today and most likely could carry on next week.

This is today's Forex comment for eurusd from Mizuho Bank.

Comment: The strongest monthly close since December 2004 with November’s strong rally taking many by surprise after the stagnation of the previous six months. The Euro is overbought but less so than it has been over the last week and bullish momentum is very strong. Our first upside target at 1.3200 has been met and there is a chance of touching 1.3400 this month if we hold above 1.3000.

If we could only have an EA retrieve trade formation such as this daily trade strategy for Dec 1 from Mizuho. Then use the data to calculate trade entry and exit points. I don't say they are always correct, but most times they are because they make big money by being mostly correct for their clients.

Strategy: Possibly attempt small longs at 1.3250, adding to 1.3200; stop below 1.3100. Short term target 1.3300/1.3330 and then 1.3400.

Wackena

</TD></TR></TBODY></TABLE>
This is another briefing for gbpusd from Mizuho Bank. It indicates that it is probably not a good time to trade cable right now.

Comment: The strongest monthly close since August 1992 and above two standard deviations of the mean since 2004. Scary stuff especially for those who remember Sterling exit from the ERM. This time it is a bit different as it is nearly all down to the US dollar rather then something specifically British. No wonder implied volatility has exploded from very low levels. Expect big price swings and lots of hype. Do as little as possible.

Strategy: If you really have to: possibly attempt tiny longs at 1.9750/1.9700; stop below 1.9540. Short term target 1.9875.

Wackena<!-- / message --><!-- / message -->
  • #1,835
  • Dec 1, 2006 11:30am Dec 1, 2006 11:30am
Quoting MoneyMa$ter
Bagovino is a great trend strategy, again confirmed by many testimonials, live and demo yada, yada, yada. Using bags last week, you would have made hundreds of pips on the cable uptick. It's a simple ma cross confirmed by rsi(14), although Bagovino enthusiasts may insist on rsi(21) with fibs and retracements...kewl. In any event, it works in trending markets..
I just HAD to bring in this quote from bags himself, posted today December 1st!!!!

Quoting bagovino
It's funny, but I just learned that RSI 14 may do a better job at getting us in a bit quicker. I'd like to change the 21 setting to 14. Look back on your charts and see what a better job it does...

The more people use something, the better it works!
B.
Adapt. Improvise. Dominate.
  • #1,836
  • Dec 1, 2006 2:07pm Dec 1, 2006 2:07pm
Does anyone know who originally wrote the iFXAnalyzer portion of Firebird??


Rusty
  • #1,837
  • Dec 1, 2006 2:30pm Dec 1, 2006 2:30pm
Quoting rusty105
Does anyone know who originally wrote the iFXAnalyzer portion of Firebird??


Rusty
Code only says "made local function by MrPip". This probably a question for TraderSeven.
Wackena
  • #1,838
  • Dec 1, 2006 2:37pm Dec 1, 2006 2:37pm
with FB version 3...how do you reduce the amount of lots it opens...

I loaded it and it opened 7 lots on the euro...

Glenn
  • #1,839
  • Dec 1, 2006 2:56pm Dec 1, 2006 2:56pm
I 've been following goblin closely for quite a few days, and the discussion there really made me think a lot.

Personally, I think goblin is still not a real trend following system, but very much an EA with martingale method playing the main role, and I made a suggestion to transform it into a true trend following system with martingale method playing a supporting role.

I think for firebird, it would also be good to transform it into a daily trend following system. We could let it follow the daily trend by using whatever indicator we feel comfortable with. We only buy in an uptrend and sell in a downtrend. And in the daily trend, there must be minor trends against it, which firebird can take advantage of them by using its strength of 'buy on dip and sell on rally'.

A daily uptrend and downtrend usually lasts a few days, firebird should be good in this period. The drawdown would be the potential loss incurred at the transional period, the period market changes from bull to bear, or from bear to bull, or in the daily sideway market. Shall we cut our existing positions when there is a signal of direction change of daily trend? I think only when the averaging loss reached certain level. If we cut them too early, we might suffer in a typical sideway market. If we cut too late, we will be against a big move.

For this idea, I am really not sure about its possibility of success. Just for you guys to see if it is worth trying.
  • #1,840
  • Dec 1, 2006 3:17pm Dec 1, 2006 3:17pm
Quoting glenn5t
with FB version 3...how do you reduce the amount of lots it opens...

I loaded it and it opened 7 lots on the euro...

Glenn
Glenn,

How many orders were opened?

If UseMM=true, the lot size is a calculation based on Risk% of AccountEquity. If lot size is larger than you want, reduce Risk %.
Example:
AccountEquity = $10,000
Risk=10;
Then Lots will be 1.0 for 1st trade. 1st Hedge trade Lot size is Lots * HedgeLotFactor. In same example, if HedgeLotFactor=3, then 1st Hedge trade will have Lots = 3.0. For same lot size on both normal and Hedge, set HedgeLotFactor=1.

If UseMM=false, then you manually set the Lots variable to whatever lot size you want. Hedge lot calculation is same as above.

Wackena
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