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Long Term Forex Growth Strategy

  • #41
  • Dec 4, 2008 4:13pm Dec 4, 2008 4:13pm
Quoting RaR
Hi, damonl...

If u don't mind.. i have a question that you might not notice...
http://www.forexfactory.com/showpost...4&postcount=18

Thx,
RaR
Hey RaR,

The whole thing is to enter 1 pip above the bar for a long and 1 pip below the bar for a short.

Now, let's say that the bar had a high at 137.16 and a low at 136.24 and you wanted to enter long 1 pip above the high. If you entered your BS at 137.17, your trade would actually trigger 137.17 minus your spread, which means that you would actually enter the trade below the high of the bar. That is why we add the spread for a long.

For a short trade, you would put in 136.23, and that is where your trade would enter. If you added your spread to a short, it would enter much lower than the low of the bar. That is why we don't figure the spread into a short trade.

Hope this is helpful
"Keep your eyes on the helpers" - Mr. Rogers
  • #42
  • Dec 4, 2008 4:15pm Dec 4, 2008 4:15pm
Quoting smjones
I made some improvements to this EA. It now will only track the trades made by this EA, so you can run it with other other trades and this EA will not effect them. I also added a print to the screen for the largest Draw Down so far in deposit currency.
Hey smjones,

I was hoping it was programmed this way. Thanks and will put it to the test right away.

Thank you very much
"Keep your eyes on the helpers" - Mr. Rogers
  • #43
  • Edited 6:05pm Dec 4, 2008 4:47pm | Edited 6:05pm
I think this version ought to about do everything imaginable. I added some bulletproofing incase your broker rejects your trade. this will keep trying until the order is filled. It will also automatically decide if the order should be a market, stop or limit order, based on where price is when the broker fills the order. It will ALWAYS place the trade at the proper entry level according to the rules.

Also, I added a choice of using Teeth as a trigger or using Awesome Ocsillator as the trigger to place the sell or buy. I also added a display to tell you how many orders are open including the pending that are under the control of this EA.
Attached File(s)
File Type: mq4 LTFGS EA v1.4.mq4   8 KB | 316 downloads
  • #44
  • Dec 4, 2008 7:49pm Dec 4, 2008 7:49pm
Quoting damonl
Hey RaR,

The whole thing is to enter 1 pip above the bar for a long and 1 pip below the bar for a short.

Now, let's say that the bar had a high at 137.16 and a low at 136.24 and you wanted to enter long 1 pip above the high. If you entered your BS at 137.17, your trade would actually trigger 137.17 minus your spread, which means that you would actually enter the trade below the high of the bar. That is why we add the spread for a long.

For a short trade, you would put in 136.23, and that is where your trade would enter. If you added your spread...
ah,.. yes. how come i have forgotten that.. sorry for bothering you with that... and thanks for keep answering.

Regards,
RaR
  • #45
  • Dec 4, 2008 7:57pm Dec 4, 2008 7:57pm
Quoting smjones
I think this version ought to about do everything imaginable. I added some bulletproofing incase your broker rejects your trade. this will keep trying until the order is filled. It will also automatically decide if the order should be a market, stop or limit order, based on where price is when the broker fills the order. It will ALWAYS place the trade at the proper entry level according to the rules.

Also, I added a choice of using Teeth as a trigger or using Awesome Ocsillator as the trigger to place the sell or buy. I also added a display to...
This is great.

Thank you SmJones!
  • #46
  • Dec 5, 2008 3:55pm Dec 5, 2008 3:55pm
Quoting smjones
I think this version ought to about do everything imaginable. I added some bulletproofing incase your broker rejects your trade. this will keep trying until the order is filled. It will also automatically decide if the order should be a market, stop or limit order, based on where price is when the broker fills the order. It will ALWAYS place the trade at the proper entry level according to the rules.

Also, I added a choice of using Teeth as a trigger or using Awesome Ocsillator as the trigger to place the sell or buy. I also added a display to...
Hi smjones....

Thank you for the new version. Using the AO, which I like very much. I will also have to test that one out as well. Your help is really appreciated. I will put this one to the test on Monday. Your last version worked perfectly my friend...just perfectly. With the new features on here, this should be really fantastic.

Peace out my friend....damonl

P.S. .....one last request....

If leave pending=true, then cancel all pending orders older than x hours.

much obliged......
"Keep your eyes on the helpers" - Mr. Rogers
  • #47
  • Dec 5, 2008 3:58pm Dec 5, 2008 3:58pm
Hello...we have finished our first week of testing this system. We have had 4 winners and no losers. This is very good.

Next week, with the help of smjones' EA, I will leave the EA to trade continuously. That will be the big test.

Have a good weekend everyone....damonl
"Keep your eyes on the helpers" - Mr. Rogers
  • #48
  • Edited 6:52pm Dec 5, 2008 5:33pm | Edited 6:52pm
Quoting damonl
Hi smjones....

Thank you for the new version. Using the AO, which I like very much. I will also have to test that one out as well. Your help is really appreciated. I will put this one to the test on Monday. Your last version worked perfectly my friend...just perfectly. With the new features on here, this should be really fantastic.

Peace out my friend....damonl

P.S. .....one last request....

If leave pending=true, then cancel all pending orders older than x hours.

much obliged......
OK this will ask for a expiry from the time the order is placed. It will accept hours and minutes. The Default is 24 hours 0 minutes. The expiry will be sent with each order at the time the order is placed and will delete when the expiration time is reached. This does not effect open orders, only pending.

I also added 2 fail safe commands at the top of the input window. One when requested as true will close all the pending orders immediately, The other will close all orders (open and pending) immediately. Then the EA will wait until you set the Close command back false.


EDIT

I found a bug. I will fix it and the uplaod the indicator again
DO NOT USE VERSION 1.4 IT WILL LOCK UP AND STOP TRADING. I found the problem and fixed it in version 1.5 Here is the new version.

I tested it on tester to make sure everything works and the pendings expire when they should.
Attached File(s)
File Type: mq4 LTFGS EA v1.5.mq4   9 KB | 328 downloads
  • #49
  • Dec 7, 2008 5:46pm Dec 7, 2008 5:46pm
Quoting smjones
OK this will ask for a expiry from the time the order is placed. It will accept hours and minutes. The Default is 24 hours...
Hey smjones....thank you for this new version. I am putting it to the trading all the time test here on a demo account. I will keep you up to date as to how things are going.

much obliged .....damonl

bro....i love that closeallnow function....very nice
"Keep your eyes on the helpers" - Mr. Rogers
  • #50
  • Dec 7, 2008 7:34pm Dec 7, 2008 7:34pm
I am using Alpari UK and GJ price has 6 digits like 136.851. When the low of a sell signal bar is, for example, 136.851, the EA Smjones created puts sell stop order @ 136.850 whereas it should be 136.841. Can someone tell me what to do to solve this problem which will be an issue with brokers offering 6-digit price quotations?

Thanks.
  • #51
  • Dec 7, 2008 8:33pm Dec 7, 2008 8:33pm
I don't know how to fix your digit problem. I made this for the OP and he is using IBFX so do I, so I did not concern myself with the extra digit some brokers tack on. I don't even know why they do this. Perhaps someone else knows. I put the ordering in a seperate function so it is easy to see the logic.

on another note, I found a small bug in the failsafe close pending reutine and have fixed in this version 1.6.

The bug does not effect the way the EA operates, with the exception of using the closePendingNow. this version takes care of that.
Attached File(s)
File Type: mq4 LTFGS EA v1.6.mq4   10 KB | 398 downloads
  • #52
  • Dec 7, 2008 8:36pm Dec 7, 2008 8:36pm
I think I am going to bow out now. I am very busy with my trading and other things. I am sorry I could not have been of more help. Have a great time trading and make lots of money..

Scott
  • #53
  • Dec 7, 2008 9:03pm Dec 7, 2008 9:03pm
Quoting smjones
I don't know how to fix your digit problem. I made this for the OP and he is using IBFX so do I, so I did not concern myself with the extra digit some brokers tack on. I don't even know why they do this. Perhaps someone else knows. I put the ordering in a seperate function so it is easy to see the logic.
Thanks for the reply. It seems it is better to switch to IBFX than trying to solve this extra digit problem as I have no programming experience at all.
  • #54
  • Dec 8, 2008 3:57am Dec 8, 2008 3:57am
There is something I don't understand how EA is working. The rule says

"Close all open trades when you have reached a value of 200 pips in profit combined from all open trades and then start a new cycle."

As far as I know, 0.01 lot (as a recommended trade size) = 10 cents / pip

This means 200 pips should be equal to $20.

Today EA executed a buy stop at 139.99 and closed the trade at 140.27 which gives a profit total of $2.80 by trading 0.01 lot. Today, I had 5 consecutive full-profit cycles and all open trades were closed by EA automatically when total combined profit is 20 pips for each cycle, instead of 200 pips.

It looks like EA closes all open positions when combined profit is 20 pips or $2. Did anyone else notice this or am I wrong with pip value calculations?

Thanks
  • #55
  • Dec 8, 2008 4:01am Dec 8, 2008 4:01am
So, what is the problem!????
Just add another zero for the PipProfitTarget.
Regards
forexflash
  • #56
  • Dec 8, 2008 4:28am Dec 8, 2008 4:28am
Quoting FOREXflash
So, what is the problem!????
Just add another zero for the PipProfitTarget.
Regards
There is no problem. I just wanted to confirm if the profit target is 200 pips or $2 for 0.01 trade size, and it seems damonl or smjones is the one who can confirm this.

Thanks for your reply.
  • #57
  • Dec 8, 2008 5:21am Dec 8, 2008 5:21am
Quoting Blackeagle
There is no problem. I just wanted to confirm if the profit target is 200 pips or $2 for 0.01 trade size, and it seems damonl or smjones is the one who can confirm this.

Thanks for your reply.
Damonl said in post 27 that .01 lot = $0.01 USD; so 200 pips @ $0.01 = $2.00.

Standard lot = $10 per pip on USD pairs
Mini lot = $1 per pip on USD pairs
Micro lot = $0.10 per pip on USD pairs
Nano lots = $0.01 per pip on USD pairs

as I understand it. With $100 to $200 beginning acct bal, nano lots would be about all you could trade.
  • #58
  • Dec 8, 2008 5:23am Dec 8, 2008 5:23am
Quoting smjones
I think I am going to bow out now. I am very busy with my trading and other things. I am sorry I could not have been of more help. Have a great time trading and make lots of money..

Scott
Thanks SMJ, your EA will make it a lot easier to forward test this system.
  • #59
  • Dec 8, 2008 5:24am Dec 8, 2008 5:24am
interesting
If everyone believes it, it will work.
  • #60
  • Dec 8, 2008 5:27am Dec 8, 2008 5:27am
Quoting Blackeagle
There is something I don't understand how EA is working. The rule says

"Close all open trades when you have reached a value of 200 pips in profit combined from all open trades and then start a new cycle."

As far as I know, 0.01 lot (as a recommended trade size) = 10 cents / pip

This means 200 pips should be equal to $20.

Today EA executed a buy stop at 139.99 and closed the trade at 140.27 which gives a profit total of $2.80 by trading 0.01 lot. Today, I had 5 consecutive full-profit cycles and all open trades were closed by EA automatically...
I see a screen print of the pipvalue per selected lot. what is your pipvalue listed there. How about you just post a chart, so we can see what it is doing
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