Boys, just don't crash the entire forex market
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Dislikedi am trying to set up the system with the ea program
i have downloaded the indicators and tremplate from the wicker website
i then downloaded the two files trend following post 203 i attached the ea to 30in chart seems fine but cannot attach alert indicator
can anyone heklp with my setting up
thanksIgnored
DislikedPaul,
I've been doing a little research and have dug up Bill William's (the chaos man) trailing stop loss. This isn't in his book. It's the one he uses and teaches in his seminars.
It may be too complex to be worth programming.
Here it is anyway:
5 Simple MA, offset right by 3.
Wait for two consecutive closes above/below the MA.
Place your SL 1 pip above/below the high/low of the second bar that closed.
If it is not hit- remove it.
Example for use with a long trade-
*Two consecutive bars close under the MA.
*Place SL 1 pip below the low of the second bar.
*If price closes above the average, wait for another two closes below the average.
You can put this on a chart and have a look at it.
I just looked at the GBP 30M trade from last night.
If used on a 30M chart, this method would have given us 20 pips.
If managed on a 5M chart (after taking the trade on the 30M chart), it would have given us 94 pips.Ignored
DislikedAfter the two bars close and you set your SL when do you cancel it? If the next bar does not trigger it? Then wait for another 2 bars?
ThanksIgnored
DislikedWicker,
I would like to try your system in the futures market. Can you please tell me what the EMAs are for each of the color bands? Thanks!Ignored
DislikedYou cancel it when you set another one.
You don't set another SL until price closes outside of the MA and then again closes twice above (shorts)/below (longs) it.
Set it up on a chart and you'll see what I mean. Its an easy concept but hard to explain.Ignored
DislikedI noticed that Paul's EA only generates alerts when I use IBFX MT4. With the "native" MT4 no alerts are generated. Has anyone had the same problem?Ignored
DislikedI am using what i believe to be a bog standard version of MetaTrader downloaded from MetaQuotes. (Mig demo).
Don't know if that helps...
Ed.Ignored