Daily95pips

Quoting SteveHopwood

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I should have left those eu trades open on my live account. They triggered on the demo and have made +45 now, with the third order still in place. The ea hasn't closed it; it should be placing my new trades in about 40 minutes, at 8.00 am London time.

I have been thinking about the losing trades - not that I have any yet.

From what I have learned, accepted wisdom is: 1) trading against the long-term trend is financial suicide; 2) the long-term trend is found by looking two time frames further on in the charts.

I have looked at the daily charts for eu (screaming upwards), uj (up but with a strong retrace) and uj (gone to hell in a handbasket). Mike, or any of the others who have been trading this system for a while, have you any idea how many of your losing trades were taken out in the opposite direction to the prevailing trend?

Fibonacci support and resistance could well be playing a part. For those of you unfamiliar with Fib s&r, it works like this. Suppose a pair is trending upwards like the eu. Eventually, it hits a Fib resistance point that traders regard as an important barrier to further progress, so they close their orders and take their profits. This causes the price to fall until it hits a certain point that traders (often the very ones who closed in the first place) consider will signal a return to the upward momentum; they will then go long again. Fib s&r points thus become self-fulfilling prophesies.

We can play with these points. There is a Fib retracement tool on the MT4 platform; look for the icon with 4 rows of dots and an F in the bottom right corner. Go to, say, the eu chart on any timeframe and look anywhere for a place where the upward movement of the last few weeks is interrupted by a downward movement. Click on the Fib icon, then on the chart at the bottom of the upward movement and drag to the top of it. You will see the Fib retrace points plotted on the chart. If you haven't done this before, you will be interested in the way certain points trigger counter-movement time and time again.

I like trading the 30 min chart for 20-30 pips; Fib 61.8 seems most important here. I love scalping for +5 on the 5 min chart, where Fib 100 is most important; once the price breaks this then making +5 is easy.

I don't know what the crucial point is on our 1H tf, but it will be one of the smaller ones; 38.2 or 23.6 are my guesses, as we are dealing with a longer time frame.

All this could affect this tradingsystem thus: a strong price retrace triggers the pending order; the retrace is at its apex, and so the price reverses back in the direction of the trend. Hey-presto, -90.

All my winning trades have been taken in the direction of the prevailing daily trend apart from the uj yesterday. Do a retrace thing on the daily, dragging from top to bottom of the previous downward movement, and you will see a retrace almost to the 38.2. I might simply have been lucky yesterday.

All of which is a long-winded way of suggesting that we cancel (ea) or do not set manually, the pending orders that are in the opposite direction to the trend as seen on the Daily chart. What do you guys think?

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Quoting GaPs

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hi all...
i wonder, is there any program or metaquote for MT4 which can cancel one of stop orders we put in? so if we put both pending buy & sell order we won't worry that both will trigerred when we do something elsewhere...
if it is available, please post it in here, i think it will be very useful...
thanks....

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Quoting mikelath

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Very interesting stuff Steve.

To answer your question, no I haven't considered the long-term trend, fibonacci or S/R levels. However, their influence on increasing the probability of a trade being a winner or loser cannot be ignored.

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Quote

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I'd like to suggest that you contact Pr1mer who has created the EA for this strategy and discuss the feasability of adding such criteria to the EA.

Quoting PipHunter196

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Hello Everyone,

In this post, and the following, you will find the EAs that I have changed to work with the following brokers:

IBFX (InterbankFx)
Alpari
FXDD
North Finance
ODL

These need to be loaded on your platform and activated PRIOR to the start of trading Sunday, or whenever the first 1H bar for your broker is formed for the week. This EA is setup to work on a 1H chart. If you attach it to any other time frame, it will not trade according to the rules set forth by Mikelath.


Each EA has been modified to the time changes for each broker that I have listed above. They also take into account if the broker has missing bars from their close on Friday and their open on Sunday.

Pr1mer wrote this EA and deserves the credit for doing so. I am just trying to help with the time issues and, thus, I have made a couple small programming changes. His instructions on how to set up the other parameters are HERE.

If we can get everyone on the same time schedule, we can start checking other aspects of this EA. If there are any changes that need to be made after we start using the Fall Versions of the EA I will let you all know.

Have A PipFull Day!

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Quoting GaPs

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Thanx mike, i've downloaded the programs, so where should i put them? in the folder expert--indicators? both? and how to use it? just click the EA in 1H timeframe? or what? i'm new here...

thanx

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Quoting bjk2801

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If you have the EA set for a demo account, will it also trigger you live account, or do you have to turn on the live account as well? Thanks much!

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Quoting bjk2801

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Hello,

Whatis a magic EA number? Mine says 156909. What does it mean, is it the WRONG setting? Also, using EA for IBFX, how do you know how much you are "putting on" each trade and can you change that number? Please forgive my stupidity, I am new to EA's. Please help! Thanks.

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Quoting gfsound

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Hey Currymonster-

Can you tell me what time your trades are opening/what broker you're using? I'm trading some of the same pairs you are but achieving much different results (i.e. my trades haven't closed today). What time are trades supposed to open? Mine are opening at 2100. I'm using ODL and the ODL fall version of the EA. Thanks a bunch for any advice/ assistance! Much appreciated!

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Quoting horizon

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i am enjoying the work of others in the interbank EA for mt4.

will i enjoy the same results as other profitable users of it if i plug it in and turn it on in the middle of the week?
if not, how can i avoid any issues with time matching up, server times and gmt. i ask b/c there seems to be alot of conern with that in the scores of pages before this one and the interbank EA has not been profitable for me yet.

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