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Daily95pips

  • #1,021
  • Nov 18, 2007 5:20pm Nov 18, 2007 5:20pm
Quoting mikelath
Hi all.

The attached pic illustrates my only remaining concern about the EA.

We can see that the EA doesn't calculate the new orders for the day when the current price ( the price at the time of calculating the orders) is close to the high or low. In this case it is the long orders that have not been calculated.
This is caused by the fact, that it's impossible to place stop orders close to market price. A margin is required - usually 5 pips, may differ depending on the broker.
What's the proper action in such a case? Open orders or shift stop orders?

Pr1mer
  • #1,022
  • Edited 7:12pm Nov 18, 2007 6:26pm | Edited 7:12pm
http://www.forexfactory.com/C:%5CPro...rs_nov19th.gifMike and all

The EA generated the Buy pending orders for me (which have since been filled.)

BTW I hope I did the chart thingy right....

Tim

http://www.forexfactory.com/C:%5CPro...rs_nov19th.gif
  • #1,023
  • Nov 18, 2007 8:21pm Nov 18, 2007 8:21pm
Quoting Pr1mer
This is caused by the fact, that it's impossible to place stop orders close to market price. A margin is required - usually 5 pips, may differ depending on the broker.
What's the proper action in such a case? Open orders or shift stop orders?

Pr1mer
Thanks for responding on this Pr1mer. I see what you mean about the required margin and the size of that margin varying depending on the broker....

Is it possible to add a feature to the EA so that when this scenario occurs the EA will still be able to calculate orders ?

rgs
mike
  • #1,024
  • Nov 18, 2007 11:48pm Nov 18, 2007 11:48pm
Quoting endroute
I have downloaded all the minute by minute tick data and a friend and I are setting up a system to back test this system in MS access for the past 6 six years. We will share the results when we are finished.
great....

it will be a handy guide for all of us
that way we all can see how this method survive the past six years

i hope the result will be in positive
Every moment in the market is unique
  • #1,025
  • Nov 19, 2007 3:28am Nov 19, 2007 3:28am
Quoting mikelath
Is it possible to add a feature to the EA so that when this scenario occurs the EA will still be able to calculate orders ?

The question is: should the EA open long positions (in the case you showed) or place resting stop orders a few pips higher?

Pr1mer
  • #1,026
  • Nov 19, 2007 4:07am Nov 19, 2007 4:07am
Quoting Pr1mer
The question is: should the EA open long positions (in the case you showed) or place resting stop orders a few pips higher?

Pr1mer
I'm not really sure what resting stop orders are, however if they are what it takes to get both long and short orders placed for the day then by all means please do the needful to the EA by programming this feature.

All of us with no programming experience are at the mercy of your good self in this regard, so if you can help we'll all be eternally grateful.

rgs
mike
  • #1,027
  • Nov 19, 2007 4:19am Nov 19, 2007 4:19am
Dear Pr1mer.

I just did a quick google search for resting orders...

Ok, so what I'd like to suggest is that if it is possible, we could have the EA place orders as per usual when the current price (at 5pmEST) is not too close to the high and have a backup feature so that if price IS too close the EA will place resting orders instead...say 10-15pips(or whatever you think is necessary) away from the current price.

What do you think ?

Is it feasible ?

rgs
mike
  • #1,028
  • Nov 19, 2007 7:48am Nov 19, 2007 7:48am
I really like your strategy Mike but I was wondering if you're still using it as described in post #1 or if there are any new rules added. I've read alot about people wanting to try trailing stops, moving them to break even, etc. Has any of this proved to be more effective? I would like to start trading this on a demo account but would like to make sure I'm trading it the best way possible. Also, are the EA's that people are using the same as in post #1 or have they been modified? If so, which is bringing the best results? (Although I'll be trading manually).

Thanks for your help,
Corey
  • #1,029
  • Nov 19, 2007 8:37am Nov 19, 2007 8:37am
I was also wondering if you're still closing your trades early or letting them run the full 24 hours.

Thanks again,
Corey
  • #1,030
  • Nov 19, 2007 9:17am Nov 19, 2007 9:17am
Quoting cjr4au
I really like your strategy Mike but I was wondering if you're still using it as described in post #1 or if there are any new rules added. I've read alot about people wanting to try trailing stops, moving them to break even, etc. Has any of this proved to be more effective? I would like to start trading this on a demo account but would like to make sure I'm trading it the best way possible. Also, are the EA's that people are using the same as in post #1 or have they been modified? If so, which is bringing the best results? (Although I'll be trading manually).

Thanks for your help,
Corey
Hi Corey.

The rules are as per post#1.

The EA is as per post#1.

So far, I'm personally in favour of moving the stops to BE after the 1st profit target has been reached. This may or may not be the more profitable approach. I haven't had a lot of extra pips from using the trailing stop, though theoretically it does keep open such potential.
My preferred settings for the EA are therefore UpdateToBE:15 and no trailing stop on the 3rd order.

Any open trades are let run for the full 24hrs.

rgs
mike
  • #1,031
  • Nov 19, 2007 9:25am Nov 19, 2007 9:25am
Thanks, I think thats the best idea. Although a trailing stop would help sometimes, I feel it would also stop you out too early. I read that somebody had the idea of trading more than one lot on the first order (15 pip order). Have you tried this? I wonder how often the first target is reached if the buy/sell order is executed. It would make the overall risk/reward worse but if the first target is reached 90% of the time then it would be worth it. Let me know what you think.

Thanks,
Corey
  • #1,032
  • Nov 19, 2007 9:33am Nov 19, 2007 9:33am
Hi all,

I am using the fall EA for IBFX. Last night 5pm (ET), the EA set my trades automatically. For some reason, a few of the pairs had DOUBLE trades set (not amount to trade, but 2 trades buy and sell). Why did it do this? Is this a Sunday problem? I had no issues last week. Also, this morning, when I checked the trade results, my account was down (I figured there were some losses, but the account history section of MT4 showed no loss amounts. Just closed orders. Any ideas? Thanks.
  • #1,033
  • Nov 19, 2007 9:37am Nov 19, 2007 9:37am
Quoting mikelath
Dear Pr1mer.

I just did a quick google search for resting orders...

Ok, so what I'd like to suggest is that if it is possible, we could have the EA place orders as per usual when the current price (at 5pmEST) is not too close to the high and have a backup feature so that if price IS too close the EA will place resting orders instead...say 10-15pips(or whatever you think is necessary) away from the current price.

What do you think ?

Is it feasible ?

rgs
mike
resting orders = stop orders
Ok, if it's not possible to place stop orders 5 pips above/below day high/low because current price is too close it, the EA will put them a bit further (closest possible distance dependant on the broker).

Cheers,
Pr1mer
  • #1,034
  • Nov 19, 2007 9:43am Nov 19, 2007 9:43am
Quoting bjk2801
I am using the fall EA for IBFX. Last night 5pm (ET), the EA set my trades automatically. For some reason, a few of the pairs had DOUBLE trades set (not amount to trade, but 2 trades buy and sell). Why did it do this? Is this a Sunday problem? I had no issues last week.
What do you mean by 'double'? Two buy stop orders with 15 pips TP, two bs orders with 30 TP, etc. ?

Quoting bjk2801
Also, this morning, when I checked the trade results, my account was down (I figured there were some losses, but the account history section of MT4 showed no loss amounts. Just closed orders. Any ideas? Thanks.
Maybe the orders weren't closed on Friday, stop losses were moved to break even point and swap cost was substracted from your profit? Just a guess, need more details.

Cheers,
Pr1mer
  • #1,035
  • Nov 19, 2007 9:53am Nov 19, 2007 9:53am
Yes, by double, I mean 2 buy stop orders and 2 sell stop orders for each of the 3 sets (i.e. 15pip, 30pip, 50pip). I do not know why double orders happened. I manually deleted the doubles. I had NO orders left from Friday. The EA has been doing a good job in that respect.
  • #1,036
  • Nov 19, 2007 9:55am Nov 19, 2007 9:55am
I had the EA running on two computers (same demo account). Would this have anything to do with it? I am not very computer savy.
  • #1,037
  • Nov 19, 2007 11:01am Nov 19, 2007 11:01am
Has anyone determined how accurate the Fall EA is, as opposed to entering the trades each day at 5pm manually? The EA seems to get high and low prices that are not consistent if you do it manually (sometimes). Thanks.
  • #1,038
  • Nov 19, 2007 3:33pm Nov 19, 2007 3:33pm
Mike,

I see that you no longer include the GBP/USD pair. Do you not trade this in the system anymore? Please advise. Thanks!
  • #1,039
  • Nov 19, 2007 3:38pm Nov 19, 2007 3:38pm
Quoting cjr4au
Thanks, I think thats the best idea. Although a trailing stop would help sometimes, I feel it would also stop you out too early. I read that somebody had the idea of trading more than one lot on the first order (15 pip order). Have you tried this? I wonder how often the first target is reached if the buy/sell order is executed. It would make the overall risk/reward worse but if the first target is reached 90% of the time then it would be worth it. Let me know what you think.

Thanks,
Corey
Yes, my experience with the TS is that it has been stopping out trades too early for less profit.
As of now I haven't tried 2 lots on the 1st order as suggested earlier, though I agree that it has promise...I'm apprehensive about worsening the risk:reward. I'll admit that I'm not up to speed on the stats on each scenario.

mike
  • #1,040
  • Nov 19, 2007 3:40pm Nov 19, 2007 3:40pm
Quoting bjk2801
Mike,

I see that you no longer include the GBP/USD pair. Do you not trade this in the system anymore? Please advise. Thanks!
Correct. Surprisingly, GBPUSD has not performed well within the parameters of this strategy.

mike
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