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Is This My Holy Grail EA :D

  • #1,101
  • Oct 5, 2008 6:12am Oct 5, 2008 6:12am
Can you explain what you mean by,"Don't turn your EA on until afterwards. Do you mean wait until gaps fill in.That could take several hours. How many hours after market opens would you wait. Thanks
  • #1,102
  • Oct 5, 2008 6:40am Oct 5, 2008 6:40am
Has anyone tried this approach to trading this EA? Instead of taking small profits or losses once or twice a day, let EA run all week with a hard stop. For example with a $3000 account, set a hard stop of say $100-$200 (set Account Money Protection-true and Acc. Money Protection Value at -$100-$200) and leter run all week. This would keep us out of big trouble but would also give the EA room to breath. This approach may let us sleep a little easier at night. I realize the negative to this approach is you're not waiting for a retrace and getting out possibly near break-even when you've gone to levels 6-8. You could still take a nice profit if you see it during the day. Maybe play around with the optimum hard stop where a shutdown would more times than not,get you on the right side of the 2MA again. Just some thoughts.
  • #1,103
  • Oct 5, 2008 8:00am Oct 5, 2008 8:00am
I keep a close eye on support and reistance areas and either close or leave open the ea for each pair depending on where price is and how it reacts to these areas. I think bob does this too. I also at times do not let the ea decide the trend because I see the ea will jump on what I perceive to be the end of a large counter trend, especially in volatile pairs like cable. In any event, if you watch s and r areas, I think you can assess when to take your loss or wait for a retrace, as bob suggested I think.
  • #1,104
  • Edited 3:33pm Oct 5, 2008 3:17pm | Edited 3:33pm
Quoting Toothman
Can you explain what you mean by,"Don't turn your EA on until afterwards. Do you mean wait until gaps fill in.That could take several hours. How many hours after market opens would you wait. Thanks
I will wait until before the Euro if there are big gaps, if not I will start at the beginning of the jpy session. There are some big gaps today so I will wait until 1 or 2 am EST to start the EA. I go to work in 30 minutes so I set the EA for a 1am start. I will let the market settle before entering. You can start anytime you see you are inside S1 and R1 but I dont overthink the EA, I just enter.

I see the market is retracing quickly from the gaps so it may not be that much trouble today.
  • #1,105
  • Oct 5, 2008 3:23pm Oct 5, 2008 3:23pm
Quoting nonlinear
I keep a close eye on support and reistance areas and either close or leave open the ea for each pair depending on where price is and how it reacts to these areas. I think bob does this too. I also at times do not let the ea decide the trend because I see the ea will jump on what I perceive to be the end of a large counter trend, especially in volatile pairs like cable. In any event, if you watch s and r areas, I think you can assess when to take your loss or wait for a retrace, as bob suggested I think.
Yes that is it. If in doubt, wait until they are inside R1 and S1, near the pivot line. This EA has tremendous range so its not that critical. The only reason for caution is because of the big news stories floating right now, but only a small group of currencies will send it out of range. If you want to be really cautious you can drop the gbp/jpy, gbp/chf, eur/jpy, aud/jpy and eur/aud. The rest rarely go past 400 points if ever. So far I have dropped gbp/jpy and eur/jpy but the rest are in play.
  • #1,106
  • Oct 5, 2008 3:27pm Oct 5, 2008 3:27pm
Quoting Toothman
Has anyone tried this approach to trading this EA? Instead of taking small profits or losses once or twice a day, let EA run all week with a hard stop. For example with a $3000 account, set a hard stop of say $100-$200 (set Account Money Protection-true and Acc. Money Protection Value at -$100-$200) and leter run all week. This would keep us out of big trouble but would also give the EA room to breath. This approach may let us sleep a little easier at night. I realize the negative to this approach is you're not waiting for a retrace and getting out possibly near break-even when you've gone to levels 6-8. You could still take a nice profit if you see it during the day. Maybe play around with the optimum hard stop where a shutdown would more times than not,get you on the right side of the 2MA again. Just some thoughts.
yeah you get stopped out a lot and lose money. If you dont use retracements to get out you dont make much money. Quit being afraid of the range, this is not traditional thinking for trading. You look for retracements they always happen.
  • #1,107
  • Oct 5, 2008 3:46pm Oct 5, 2008 3:46pm
Here is a news item:

Various European governments were forced to intervene to shore up their troubled banking system and the US dollar saw its biggest ever weekly advance against the euro. It was a bad week for the European currency across the board: the euro also saw its biggest weekly fall against the yen and it even lost ground to its troubled neighbor pound."

This EA is surviving some of the biggest moves ever.
  • #1,108
  • Oct 5, 2008 4:22pm Oct 5, 2008 4:22pm
I see most of the gaps recovered so I went ahead and turned my EA on just before the JPY open like I normally do. I will be back in 10 hours, I go to work now.
  • #1,109
  • Oct 5, 2008 8:49pm Oct 5, 2008 8:49pm
My results for the past 5 trading days were pretty good... The account is up 11% trading 5 cent lots on a $5,000 mini account on IBFX (+$553)... Max negative balance during the period was -$200 but the account balance was never pulled down by that and it recovered nicely... It is sitting in positive territory in the profit column... largest negative trade is - 73 pips right now so I am just letting it run for now.... I did close down Friday afternoon and restart tonight around 6 pm EDT.

I am using the 100 40 1.5X EA

I think 1 cent lots per $1,000 account balance is a nice safe place to trade from... all the while keeping an eye on things as they get into the 300 + negative pip range... Good luck everyone this week...
  • #1,110
  • Oct 6, 2008 7:31am Oct 6, 2008 7:31am
I hope everyone was on the right side today. The ea is doing great for me ...I can"t get the smile off my face... I hope it continues, Just keep your eye on things today.
Good luck to all!
  • #1,111
  • Oct 6, 2008 7:51am Oct 6, 2008 7:51am
Made $193 today before turning it off. I'm back in the positive for the month and loving it. Why id I shut it down for the day? Well, in the past hour, there was a HUGE drop in the value of the EUR which made me some money, but also a little too much of a price swing for my taste. I could have easily been on the wrong side of that swing and I don't doubt that I may end up on the wrong side later today. I'll let it calm down for now. I'll take my pips and be happy. I won't cry over spilt pips
  • #1,112
  • Oct 6, 2008 7:56am Oct 6, 2008 7:56am
I am out. What did the Aussies ever do to anyone anyway. SHeesh.

Aud/CAD 673 points
Aud/nzd 489
Aud/jpy 1089
Aud/USA 726
Eur/aud 1669
CHF/jpy 500
Eur/jpy 944

NZD/JPY 733
nzd/usd 433
gbj/jpy 1186

My EA was not designed for this kind of action. I am gonna sit on the sidelines for a while. These are all records and I did not include the gaps so some of them would be even worse. I saw the Eur/aud move over 400 points in 30 minutes. Well good night folds. I was a winner across the board until the Eur/aud. Well, I never have seen anything like this. I hope the financial markets arent collapsing. What is really scary is it is not even 11 am yet, what is going to happen next.
  • #1,113
  • Oct 6, 2008 8:23am Oct 6, 2008 8:23am
Nanningbob and others,

I have just finished reading this wonderful and revolutionary thread.And my heart can only mutter THANK YOU ONE MILLION TIMES!!.

It may well turn out to be the eldorado my heart has been searching for.

May Goodness be with you all.


Charles.
  • #1,114
  • Oct 6, 2008 8:56am Oct 6, 2008 8:56am
The markets are still reacting over the recent mortgage (et al) meltdown. Looks as if the Asian boys, European boys and Western boys don't agree on which way things should be going. If only they could keep their disagreements to about 100 pips, we would all be fine

I'm glad I made my money for the day and I'm glad I jumped out. Now I have more time to worry about working on my other indicator. Again, thanks bob for this EA.
  • #1,115
  • Oct 6, 2008 9:37am Oct 6, 2008 9:37am
I left the 100/40 on just the seven majors and all are looking fine except usdchf (five levels deep). About 35 winners in less than 12 hours -- that is some serious movement.
  • #1,116
  • Oct 6, 2008 10:02am Oct 6, 2008 10:02am
Nanningbob,

I am relatively new to this thread and would like to thank you for your generosity. This system is great and has been performing great on demo so far. However, right now the markets are in a state of unrest never seen before so I think we should wait it out or only use this system on non-volatile pairs for the time being. Here is an interesting article I found on yahoo...

http://biz.yahoo.com/ap/081006/wall_street.html
  • #1,117
  • Oct 6, 2008 10:23am Oct 6, 2008 10:23am
Quoting toyoproxo
Nanningbob,

I am relatively new to this thread and would like to thank you for your generosity. This system is great and has been performing great on demo so far. However, right now the markets are in a state of unrest never seen before so I think we should wait it out or only use this system on non-volatile pairs for the time being. Here is an interesting article I found on yahoo...

http://biz.yahoo.com/ap/081006/wall_street.html

Thanks for the link. I'm eyeing the stocks that I sold off a few months ago. I can buy many of my tech stocks for less than half of what I sold them for. I can't wait to buy these thing on the cheap!
  • #1,118
  • Oct 6, 2008 1:34pm Oct 6, 2008 1:34pm
Hi Bob,

Could you,or anyone else,please guide me on how to execute the CloseAll script.I cant seem to get it to close all the open orders.I am a newbie.

Many thanks.

Charles
  • #1,119
  • Oct 6, 2008 2:27pm Oct 6, 2008 2:27pm
I use this close all ea. just make sure to turn the expert adviser tab off when it's done closing all the trades or it will open new trades again.
Attached File(s)
File Type: mq4 CloseAll.mq4   6 KB | 300 downloads
  • #1,120
  • Oct 6, 2008 8:26pm Oct 6, 2008 8:26pm
Quoting FrostCall
Made $193 today before turning it off. I'm back in the positive for the month and loving it. Why id I shut it down for the day? Well, in the past hour, there was a HUGE drop in the value of the EUR which made me some money, but also a little too much of a price swing for my taste. I could have easily been on the wrong side of that swing and I don't doubt that I may end up on the wrong side later today. I'll let it calm down for now. I'll take my pips and be happy. I won't cry over spilt pips
This was an amazing day... My account handled it beautifully... Around 3:30 pm, I noticed things were starting to go haywire in the main moves for the day so I closed everything down as a precaution, locking in another 10% account balance just today... Let's see what tomorrow may bring....

I am grateful for the the open, sharing and helpful community this thread represents... Thanks Bob for keeping the level of this forum at a high level due to your tireless and patient responses to all.
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