Is This My Holy Grail EA :D

I am in the IBFX contest. I have not closed any trades yet but I am in 978th place at -12%. They count what your entire account is at not your closed trades so that will change when my trades move to the profit side. But starting near the bottom and see if I move up. I noticed some guys have wiped out their account already after one day. I always find that interesting. How could you not get out of a bad trade (s) and keep yourself alive?? If everyone of my trades goes bad, I trade such small amounts and will not let it go much past level 8, I always stay for another trading day.

These are my positions starting the open Sunday night (USA EST). Some of these positions I am in some I have my EA on waiting for the entrance. I am no deeper than level 3 at any of them.

Buys: AUD/CAD, AUD/NZD, AUD/JPY, AUD/USD, CHF/JPY, NZD/JPY, NZD/USD
SELLS: EUR/AUD

All other currencies my positions are closed. Last week was profitable week for me but not much. Had some nice currency runs especially eur/cad 200+ gbp/usd 100+ and made profits on eur/chf, usd/chf, usd/jpy, eur/usd, aud/usd, gpb/chf. The only thing that ruined my week was closing those trades just before the beginning of the contest so I would not go under the 250 starting spot. However, if I hadnt I would be at levels 6,7,8 on most of them and sweating it out. They would be sitting on big wins or big losses.

As you can see I am heavy into the AUD and NZD currencies. As you trade my system you will see when a currency is about to make a major move. They all line up, so barring the very unusual, I am looking forward to a good start. The last time I had this many currencies line up I had my first 500 pip day. Lets see what happens this time.

Most of the trades are looking good for the week

I am adding these buys: gbp/usd and aud/nzd

sells: usd/chf?? is bouncing off of a major resistance line. It looks good for now. You can enter but if it doesnt go south you can get out quickly if it goes north past resistance.

closed AUD/CAD +52, AUD/JPY + 32, AUD/USD -6, CHF/JPY +75, NZD/JPY +100, NZD/USD + 11 TOTAL 274

OPEN POSITIONS:

BUY: GBP/USD, AUD/NZD, CHF/JPY,

SELL: EUR/AUD, USD/CAD, USD/CHF

[quote=nanningbob;2143267] I noticed some guys have wiped out their account already after one day. I always find that interesting. How could you not get out of a bad trade (s) and keep yourself alive??
quote]


Bob,

I have been in the contest the last two months, and one of things I have noticed is that within 1-3 days of the beginning. There are always a couple of individuals that will have 500%, 600% and there was one that was 700% - 800% of their account balance. Not to mention those that just blew their accounts. What I think they did was just bet it all on a couple of pairs and let it ride.

What I figure is they have the money to burn, and put in just enough to cover the entry fee. They make their bets and let it ride. IF they are right, they can when big, and make an easy $3K. Otherwise they have not lost much.

I am kind of surprised that this month so far the bigger winner is only 62% up. There might be a chance to get in the top 10 this month.

ken

Good observation, the big percentage are also EAs that have big deficits to them. They look impressive at first but once you total all the trades and close them they come down quickly. I have noticed people with big percentage gains just disappear at the end of the contest when they are forced to close all their trades. I know how that game can be played. I once wrote an EA that won 100% of the time. Then it would run out of margin and collapse. I like my EA but I dont now if it wins big enough gains to win a contest though. We will see. Also price action has been slow lately so it is hard to have big gains. It is good to hear from you again. Havent seen you in a while. Keep in touch.

I’m still here, been lurking a bit, listening to the thread and trying to apply what I am learning. Though at the moment, on my demo, I am not doing so hot. But that is what a demo account is for.

You have put a lot of work into this system. Keeping it as simple as possible, and thus profitable as well. Your insight on the Death Trade is worth the price of admission. I’ll keep plugging along.

Ever think about opening this to your own thread?

I am thinking of opening a new thread and teaching this but with out the EA. You would manually phase in the trade. I am testing it now using dimes on a demo. I am up almost 600 dollars after 10 days. The principle is the same but how you reenter is a little different. If I am successful after 4 weeks I will do that. The problem for me though is my job. I may not be around to do the proper reenters. You reenter based on ranges not a specific number like the EA. Just a thought.

Turned my EA on for the following pairs

BUYS: AUD/USD (AGAIN)
SELLS: EUR/CAD, EUR/GBP, USD/CAD ( yes I am a glutton for punishment)

All the gbp crosses are overbought or oversold. Time to get onboard

Bob,

I remember you saying in the thread, that you close postion daily. At least I think I remember that. I like you don't like to hold postions during the weekend, but I am tryin to figure out when a good time would be to close certain postion that I have open. Do you use a formula, a time of day, or just let them ride till Friday?

Ken

No formula, but you definitely dont want to keep gbp/chf and gbp/jpy. They often gap 100 points or more on weekends. I closed my positions daily when I used the 100/40 as a combined EA. When I have separated them I do not do that. The problem is I have talked about two different EAs and the confusion of the two. One is one EA that buys and sells. The other is two separate EAs one buys and one sells. The rules on how to use them are different a little. I dont know how to alleviate this problem??

zzzzzzzzzzzzzzzzzz Watching the forex for the last two days is like watching paint dry. SHeeeeeeeesh.

closed the following: chf/jpy +56, eur/cad +28, eur/gbp +41, eur/usd -7, gbp/chf +69, gbp/jpy +250

gbp/usd facing the death trade at level 7, not much room left if it decides to keep going down. I am looking for my best escape which means any 40-60 point retracement and I am out and that will minimize my loss. I only have 80-100 points of room left if it continues to head south. Seeing the gbp/chf and gbp/jpy go up and not the gbp/usd shows how much in trouble this trade is. If I get to the EUR open and I dont have my retracement I will take the bigger loss to prevent the wiping out of my account. This is a good example of how to bail out of a potential death trade. I hate to see it but it gives you a good example of recognizing it. Also shows why I like trading many currencies. The others give you clues when there is a problem. The JPY is a slow session and should give me the retracement I am looking for.

open positions: usd/chf, usd/cad, usd/jpy, aud/cad, aud/nzd, aud/usd, nzd/usd, eur/cad all of these are safe and looking good, except aud/nzd. I may bail on that one soon too, red line went up but the other lines have stayed around the 15 line.

Hi Bob:

What is your nic name in the Interbankfx contest?

Ricardo

Nightmare trade. I finally bailed out of the gbp/usd trade. I was at level 7 and saw this. The 1H chart had all 4 lines above the 85, the 4H chart had all the lines below the 15 and price was at dead center, the pivot line. You talk about not knowing which direction price was going next. So I closed out the GBP/USD. I got the 50 point retracement I was looking for so the damage was not too bad. I live to trade another day.

Hey Bob!

Good you bailed out of this one in time and only a few scars! I am living through a divorce (surprise) right now and find little time to post here. I only wanted to let you know I am still around and I will find more time in the near future.

See you soon!
Ciao!
Matt

ROFL

Thanks for the laugh, needed it.....same here

Me and my big mouth about watching paint dry. Did you see them moves? Well, a 250 dollar account cant handle that so I am done for the contest. I have kept my account alive but dont have enough to use the EA anymore. So the bottom line is 250 bucks is not enough to use this system on whether I have the EA together as a buy/sell or separate it into two EAs one buy and one sell and try to pick my spots. Thats why we use pennies folks, to test these things.

My 3000 demo is handling it though so we will see if it can push it over the edge. If it survives these moves then I will have to go live with a large amount. My friend and I are willing to go 3000 dollars, the only thing is choosing the amount. Right now .05 trades are able to survive these moves up to 8 levels but probably not much higher. The .02 account is a breeze and is not sweating these moves at all. This weekend I will post the best working EA I have from my tests. I can already tell you the ones that work best are the ones that follow the daily trend. It is the only one that has not gotten into any serious trouble, however 250 dollars is not enough to run it. I already know 3000 is, have been testing that for almost 6 months now. So I make public my successes and failures.

Hey Gnat missed ya. Good to see you back.

Bob,
Do the Buy/Sell experts you've posted have expiration dates on them? They're not entering trades for me now. Last couple weeks I'd drag them onto my 4h charts and if the price was on the right side of the 2ma they'd immediatally enter a trade. That doesn't happen this week?

I noticed in the settings the stoch settings and levels, and also the Time Frame of 30m default. I tried changing the settings and time frame but with no change in performance? Suggestions?

Thanks.

No they have no time settings. They are the same ones I was using. Dont know other than make sure the smiley face is on.

My 3000 demo is handling it though so we will see if it can push it over the edge. If it survives these moves then I will have to go live with a large amount. My friend and I are willing to go 3000 dollars, the only thing is choosing the amount. Right now .05 trades are able to survive these moves up to 8 levels but probably not much higher.

Hi Bob,

8 levels may not be enough protection for you... as an experiment, I was working with a roulette simulation to test a 1.4X martingale... I managed to go 11 levels with it in short order until the sim acct was blown. Even though mathematically the chances of that happening are theoretically remote, in practice it happened pretty quickly.

Thanks for all the work you are doing and sharing on this....