Is This My Holy Grail EA :D

Quoting steveshutts

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Hey Bob,

I am going to start a 40/50 EA running, and i was wondering how you dealt with this EA? I am going to initiate the EA at the beginning of the Asian session the same as the 40/100. When are you closing out the trades with this EA?

Steve

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Quoting Toothman

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Are we still running nanningbob's tp 100+40 version on a 4hr chart or a daily chart? Thank you.

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Quoting Toothman

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I'm forward testing EA on a demo with default settings . Last night trades weren't kicking in until the close of the 4hr bar. Should it trade as soon as price crosses the 2MA or at the close of bar? Also , price moved down 49 pips from a buy entry on the EUR/CAD (1.5486-1.5437) and didn't initiate a second level trade. Is the EA waiting for price to close 40 pips below entry or should it reenter any time price drops 40 pips? Should my settings be changed to allow the second level trade? Maximum trades is set at (5) and pips set at (40). thanks again.

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Quoting PistolDave

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My first report from testing the system following the rules outlined in Post #652, Page 44.

1. The rules of this test are very specific and do not allow for any manual intervention. To understand what I am testing, please read that post carefully.
2. I will edit this post until the test is finished with updated results.
3. Test started 00:00 GMT Aug 20 2008.
4. The results shown are the gains/losses at for each account at 17:00 GMT each day, which is the latest time all postions are closed and EA is restarted for the next day's trading period.
5. I will not be modifying the rules until this test is over. Any changes will be noted here.

Results Week #1:

Date Acct#1 Acct#2 Acct#3

Aug 20: -$9.75 -$34.99 -$51.74
Aug 21: -$82.54 -$433.23 -$25.74
Aug 22: -600.21 -271.11 -$512.32

All rules have been followed properly each day.

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Changes to post:

Date Acct#1 Acct#2 Acct#3

Aug 25: +$1.86 +$80.43 -$6.50

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Note: No matter what the end result is, this test will not show that this is a good system, bad system, or that you can or cannot profit from it...

... because the time when the positions are entered/exited is important to the profitability to this system, IMHO.

If you do things differently, you could have dramatically different results.

Determining when and how to do that effectively would seem to be the key to this system. That's what I am trying to learn.

This test is simply to try to determine whether this one specific method of opening/closing all trades at these specific times without manual intervention is going to be profitable or not.

However, this will be exact, specific data that can be used to make an informed decision without guesswork. If we can learn to use this system more effectively it will be worth it.

I hope nanningbob is not offended by me posting my results here.

PD

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Quoting nanningbob

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As you know, the GBP/USD took a big drop Friday. The trade did stay within the boundries of the EA. On the 100/40, it retraced and I closed it out at a loss on Monday, however, the loss was small enough that the entire account did make 13.13 profit for the day. So we escaped a potential bad trade and still profited.

The 50/40 took profit on that trade because price retraced over 50 points, so both systems did work.

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Quoting PistolDave

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Excellent trading, Bob

I am looking carefully at the time the EA enters a trade, and which direction it chooses to go.

I have noticed several times that the EA enters in the wrong direction when you first start it. In other words, since it enters long or short depending on where the price is in relation to the 1MA on the daily chart, it can easily enter in the wrong direction. For instance, there have been a few times where the price has broken major resistance and proceeded to move several hundred pips against you right after the EA has entered in the wrong direction. Again, discretion would have warned you to wait to enter until the trend made itself clear again.

In other cases it has entered long after a few days of downtrending price action with no end in sight, simply because there was small retracement where the price closed above the 1MA. Then naturally, the next day was another huge move down, leaving a trail of buy orders in its wake. At that point, price runs into resistance and starts ranging.

It seems it would be more practical to manually enter short or long on each individual pair at a certain time of day after you have evaluated the price action from the previous day. It looks like that would help you avoid some of the cases of being on the wrong side of a trade sometimes.

I know you have developed a 100X40 BUY ONLY and 100X40 SELL ONLY, EA. I assume you tested this strategy at some point. If not, I think we should explore this because there would seem to be a better chance of staying on the right side of the trend if you could choose your direction based on what you can see on the chart.

What do you think? Have you tried anything along these lines?

Thanks,
PD

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Quoting Toothman

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Don't know if this has been addressed but I don't recall anyone mentioning it. When you zoom in or out on a chart, the value of the gold line(Macd with signal only) changes. If you're waiting for this line(along with red, white and blue lines) to cross the 15 or 85, aren't you going to be turning EA's on at different times depending on what size chart you're looking at? Thanks much.

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Quoting nanningbob

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We did about 5 pages of entering off of a 4H chart and taking cues from it. Worked great until a big move. The whole purpose of this EA was to have a range that would almost never be beat on a daily basis, to monitor it and then get out if you didnt like it. If I could consistently enter trades in the right direction, I wouldnt have developed an EA that would cover whatever a market would do. Despite all the faults my 50/40 and 100/40 keep chugging along making money. I have one EA in trouble because I didnt keep my eye on a NZD/USD trade. It is now way out of range and doesnt look good. If I had closed it Friday I wouldnt have been in trouble with it. My solution to all the problems is to close all my trades periodically, doesnt have to be everyday, and start fresh. I only get into trouble if I hang in there for several days or all week especially when the market is moving. The ones I close every day or every other day, I simply dont get into serious trouble. The demo account I closed out Friday is in no trouble. I watched the GBP/USD get out of trouble Monday but that was pretty safe bet with the holiday and bouncing off a major resistance. What I missed was the NZD one. So the accounts I started new on Monday are in great shape, the accounts I kept over the weekend are not. Once again I have confirmed to myself that closing out every Friday is the best way to go, even though I would have done better if I had not missed the NZD trade.

The bottom line is this. You may think you are getting into a better position by entering it yourself. I find out I miss the long runs if I do that and then I am still on the wrong end of the trade. This is my bet in the forex market. In every 400 point move there is always a 50+ point reversal. I either am with the move to take constant profit or I get my reversal and get a profit or I get out with a small loss. That is what my system is about. I like those odds compared with any other system I have seen. Here is a picture of my system. The white lines are 350 pips above and below the 1MA. I believe in any one day all currencies will never break those white lines. It is a very extreme event that happens very rarely. If it does happen I still believe there will be a retracement in it to get me out of trouble. If I am with the move, happy days.

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Quoting PistolDave

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It is all becoming more clear to me now. The basic principle would be to let all the trades run as much as possible with the EAs handling the trades, but be watchful and intervene in any individual trade that seems to be getting out of control.

I know you explained that some time ago, but being a little hard headed I want to prove things to myself as I learn. To make it "my own" if you know what I mean.

Maybe I have heard so much "bull crap" on the forums that I am just naturally careful.

Since the problems seem to occur at the point where a pair is down 300-400 pips, have you considered including an alert that would let you know when that happens so you don't miss it and let it get out of control?

It also seems clear that just closing and opening all trades as I am doing in the test is not profitable. Your way is definitely better. But I will keep testing for at least a total of 10 days to get definite results.

Thanks again,
PD

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Quoting nanningbob

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Here is the 50/40 trading .02 after 3 weeks and the 100/40 trading .10 after one week. I like what the 50/40 does and the 100/40 is reliable as ever. It has successfully traded live since Feb. THESE ARE NOT BACKTESTS.

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Quoting funyoo

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Hello nanningbob,

Thanks to share your EAs and statements,

Can you post your presets for "50/40 trading .02 after 3 weeks and the 100/40 trading .10 after one week".

I have forward tested the "1D 1H 1W 100-40.ex4" expert with the default settings, I have made 6594$ of profit with 10k of deposit and in two weeks. But few days ago the equity was 2500$ only, now it is 16000$. A quite big drawdown...

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