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"The Pip Nailer". Any time frame, any pair

  • #161
  • Jan 17, 2008 7:56am Jan 17, 2008 7:56am
Quoting dovgr
The reason for the problem with the EA might came from the fact that few brokers allow only 1/10 steps of lot size.
In this case if the calculation will give 0.12 lot the order will be denied.
Maybe the code should be changed a little to have an 'Account Type' option which maybe set to 1 tells the EA that the account only trades in 0.1 min lot sizes and 2 for IBFX that trades min of 0.01 lot sizes.
Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #162
  • Jan 17, 2008 2:53pm Jan 17, 2008 2:53pm
Today there was a classic set up on the Eur/Jpy.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_nailed_17jan.gif Size: 30 KB
  • #163
  • Jan 17, 2008 4:08pm Jan 17, 2008 4:08pm
Quoting dovgr
The reason for the problem with the EA might came from the fact that few brokers allow only 1/10 steps of lot size.
In this case if the calculation will give 0.12 lot the order will be denied.
Hi dovgr,

No, that's not it. The EA will properly handle that situation. Thanks for your suggestion though.
  • #164
  • Jan 17, 2008 4:40pm Jan 17, 2008 4:40pm
Quoting pip_bagger
Have been trading 15 minute charts - manually, not with the EA.

As Ash said (and this applies to many systems, really), the problem with the shorter time frames is that the spread eats into your profits.

The 4H and daily TFs are great, but you can certainly make money on the 5M and 15M, in my opinion.
I would say 5M is the LOWEST one should go. And only then when there's volatility, but not during news.

If you wanna scalp the M1 charts, then in all honesty, I haven't really tested the system rigorously, to the extent where I can say, you'll make money on one min charts.
  • #165
  • Jan 17, 2008 4:58pm Jan 17, 2008 4:58pm
New Version 1.2:

* You can now set a fixed lot size
* EA will find ticket in case of power loss, etc.

You can trade all of the currencies and time frames you want.
I hope you'll enjoy these new features.

Best,
Flying Fish
Attached File(s)
File Type: mq4 Pip Nailer 1.2 - Flying Fish.mq4   5 KB | 1,528 downloads
  • #166
  • Jan 17, 2008 5:08pm Jan 17, 2008 5:08pm
Quoting Flying Fish
New Version 1.2:

* You can now set a fixed lot size
* EA will find ticket in case of power loss, etc.

You can trade all of the currencies and time frames you want.
I hope you'll enjoy these new features.

Best,
Flying Fish
Flying Fish, what can I say? You are one very generous person.

Thanks again. Let's hope this helps our trading!
  • #167
  • Jan 17, 2008 5:24pm Jan 17, 2008 5:24pm
Quoting Flying Fish
New Version 1.2:

* You can now set a fixed lot size
* EA will find ticket in case of power loss, etc.

You can trade all of the currencies and time frames you want.
I hope you'll enjoy these new features.

Best,
Flying Fish
Flying Fish -

Is it possible to have the version that will continue with the 2% allocation per trade and automatic ticket finder in case of power loss? I do not want to be stuck with the fixed lot size because the stop loss are varied for each trade. It is in my opinion if we stick with the 2% rule, we can make more money than the fixed lot size strategy.
  • #168
  • Jan 17, 2008 5:29pm Jan 17, 2008 5:29pm
Quoting FXHOUND
Flying Fish -

Is it possible to have the version that will continue with the 2% allocation per trade and automatic ticket finder in case of power loss? I do not want to be stuck with the fixed lot size because the stop loss are varied for each trade. It is in my opinion if we stick with the 2% rule, we can make more money than the fixed lot size strategy.
FXHound my friend, the EA has the option for both.
  • #169
  • Jan 17, 2008 5:29pm Jan 17, 2008 5:29pm
Quoting Flying Fish
New Version 1.2:

* You can now set a fixed lot size
* EA will find ticket in case of power loss, etc.

You can trade all of the currencies and time frames you want.
I hope you'll enjoy these new features.

Best,
Flying Fish
Thank you
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #170
  • Jan 17, 2008 5:30pm Jan 17, 2008 5:30pm
Quoting FXHOUND
Flying Fish -

Is it possible to have the version that will continue with the 2% allocation per trade and automatic ticket finder in case of power loss? I do not want to be stuck with the fixed lot size because the stop loss are varied for each trade. It is in my opinion if we stick with the 2% rule, we can make more money than the fixed lot size strategy.
If you don't want Fixed Lots, use;
useFixedLot = false
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #171
  • Jan 17, 2008 5:47pm Jan 17, 2008 5:47pm
Quoting forexmoments
FXHound my friend, the EA has the option for both.

Excellent... thanks for your assistance!
  • #172
  • Jan 17, 2008 7:19pm Jan 17, 2008 7:19pm
Quoting pip_bagger
Have been trading 15 minute charts - manually, not with the EA.

As Ash said (and this applies to many systems, really), the problem with the shorter time frames is that the spread eats into your profits.

The 4H and daily TFs are great, but you can certainly make money on the 5M and 15M, in my opinion.

I just started putting the charts up and noticed on the daily for the EURUSD on 1/17/08 a short signal appeared. now, its 30 pips into the trade. Please confirm if I have identified the trade entry correctly. If so, would this be too late and cosidered chasing it? Also, what kind of stop loss would one use with the daily chart? the signal came after a long candle.


Trader4life
  • #173
  • Jan 17, 2008 8:51pm Jan 17, 2008 8:51pm
Just found a way to use the strategy tester today... ran test on all major pairs on various time frames like H4, H1, M15, etc... on Flying Fish's EA for the past 12 months (Jan 1, 2007 to Jan 17, 2008) Most results are below 40% win ratio and net loss. I was wondering if the strategy tester can be wrong or what? If not, why would we keep trading this method? I must be missing something. Please advise...
  • #174
  • Jan 17, 2008 9:32pm Jan 17, 2008 9:32pm
I've been following this strategy and I must say that so far it has been great. I do, however, recommend that you trade with this strategy until when the london and US markets are open. During low volatility it does not do so great, but that's more because of the slow movements rather than the strategy. I think if you could do a back test simply during those hours you might see more profitable results rather than all the time.

Thanks,
  • #175
  • Jan 18, 2008 3:09am Jan 18, 2008 3:09am
Quoting AlxCds
I've been following this strategy and I must say that so far it has been great. I do, however, recommend that you trade with this strategy until when the london and US markets are open. During low volatility it does not do so great, but that's more because of the slow movements rather than the strategy. I think if you could do a back test simply during those hours you might see more profitable results rather than all the time.

Thanks,
Yes, this is correct.

I will explain some more later on.
  • #176
  • Jan 18, 2008 4:05am Jan 18, 2008 4:05am
Quoting FXHOUND
Just found a way to use the strategy tester today... ran test on all major pairs on various time frames like H4, H1, M15, etc... on Flying Fish's EA for the past 12 months (Jan 1, 2007 to Jan 17, 2008) Most results are below 40% win ratio and net loss. I was wondering if the strategy tester can be wrong or what? If not, why would we keep trading this method? I must be missing something. Please advise...
FXhound, did you look into the performance of individual pairs and time frames? While the overall result may not be encouraging, perhaps we can all profit from this strategy on certain pairs and on certain timeframes? Also, what is the largest tf you've tested?
  • #177
  • Jan 18, 2008 4:06pm Jan 18, 2008 4:06pm
Hello everyone.
Here I go with my 1st post.

I have been following this thread with great interest, it has taught me a lot as I am a total nuub.

I'd just like to say, Ash and flying fish thank you so much for sharing this and donating your time, you are a great help.

Now I have a couple of really nuub questions that I want to ask, but you all have to promise not to point and laugh......

I don't know how to apply the mq4 file in mt4.
I know this is a little of subject so if anyone would like to PM me and help I would be eternally grateful.

Also what does EA stand for? I guess electronic automation or something like?

Thanks
Ben
  • #178
  • Jan 19, 2008 7:29am Jan 19, 2008 7:29am
Hello Ash

because stradegy doesnt do as well during low volitily, and suggested only to be used during london and NY, Maybe Flying Fish can code start and Finish time that it runs, Just an idea, worth thinking about,

great work Ask and Flying Fish on this

Thanks

Quoting forexmoments
Yes, this is correct.

I will explain some more later on.
  • #179
  • Jan 19, 2008 9:20am Jan 19, 2008 9:20am
[quote=Flying Fish;1808029]New Version 1.2:

* You can now set a fixed lot size
* EA will find ticket in case of power loss, etc.]


Flying Fish - even though I downloaded v1.2 all I have under Inputs for the EA is RiskPercent. No SL,TP, Fixed lots etc.

What am I missing?

Thanks so much for all efforts with this..............and a big Thank You Ash for sharing!

Sue
  • #180
  • Jan 19, 2008 11:48am Jan 19, 2008 11:48am
Ok, about Flying Fish's EA.

Firstly guys, do NOT trust MT4's backtester - it is a pile of doo doo; it's just not reliable. In order for you to to get a good idea of how profitable the Pip Nailer EA is, then you really need to FORWARD TEST it for a few weeks/months.

If you read through the thread, I clearly specified the dangers of taking trades during news. I strongly encourage everyone not to delve into that arena. I do not trade the system during news hours - if anything, I will actually play a low risk, safe straddle on the major reports, nothing to do with Pip Nailer. So if you're running the EA during news - DON'T. If there was a timeframe that I would say is safe to trade REGARDLESS of any news spikes or sudden fundamental announcements, then it would be the Daily and above. Anything lower and don't be surprised to see your stops being taken out by the spikes.

Also, I explained the dangers of trading the EA on the lower timeframes, anything below H1. This is because of the lack of movement, and due to the spread eating into profits.

This is why I never rely on trading exclusively with EAs, even with proven methods. They just don't work, especially if you leave them on 24/7 - they need manual intervention. So yes, by all means use the EA, but NOT during news, and NOT during a dead market. If the market aint moving, how you gonna make pips? If you wanna scalp using Pip Nailer, don't do it outside London / New York.

In addition, I also explained the importance of understanding the market, fundamentals, and especially Support and Resistance levels. Give me a naked chart and the first thing I will do is look for major support and resistance levels. It is beyond the scope of this thread outlining and detailing S&R, but suffice it to say if you don't know much about them, it would be a wise thing to get yourself educated.

Finally guys, do not expect to plug in this, or ANY other EA, sit back and make loads of cash. I mean seriously. Forex isn't that easy folks, wake up and smell the coffee. It requires hard work, dedication, knowledge, patience and money management.

Thanks.

Ash
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