eur/usd scalping method

OK. Where do I get FX Sniper's MA indicator?

Did it say that at the time of the trade?

I do not know why but I cannot attach my indicator. You can download it on:
http://okfx.net/indicators-fx-snipers-ma.html

Could you elaborate?


And to everyone else, do the slopedirection settings match the indicator on the chart?

I think I found out what was my mistake. I forgot to change the time frame for both indicators to 5 minutes in the ea properties. May be you have the same thing
Any way Thank you Ronald for your Ea It is working

can you Post this EA ?

I think you must change

if(CloseOnOppositeSignal && TradeTrigger == "Open Short") Order = SIGNAL_CLOSEBUY;

with

if(CloseOnOppositeSignal && (TradeTrigger == "Open Short" || TradeTrigger == "None")) Order = SIGNAL_CLOSEBUY;

and so for the shorts, becouse it enters well, but when the slope changes color, it doesn't exit...

Good catch there Salvabalza!

The entry part of this system was right. I got the exit wrong.

thank you for post
when i load it, and got a signal , i see no order opened.

Did you change any of the settings (Lot size is 0 by default)

yes i set it for 0.1 and still no order open

Obviously Ptournis is not turned on by an EA which is perfectly understandable.

Even though Ronald made the EA with ALL the good intentions in the world, I think the bottom line is that EA's do NOT work and are nothing more than a pipe dream.
The Pipe dream coming from opium smokers who are always going to get their themselves focused after one more pipe full.

Forget the pipe, put in the hard work and open up to those who are showing you the PATH to the Way. Only we can walk the path and only we can fall at the wayside and spend our lives chasing pipe dreams or chose not to chase phantoms and put in the hard work necessary to make it happen .

Ea's DON'T work.....If they did, Why would so many people be on a board such as this and why would that EA be on this board?

No offense intended towards Ronald or others for trying to create the Holy grail.

Forget Ea's and Holy Grails & do yourself a favor and use this tool with Ptourni's system and save yourself and everyone else from further turmoil. http://www.babypips.com/school/what_...ndlestick.html

PS; And for those asking , WHY an EA doesn't work, the answer is simply that EA's do not have the basic human elements (as some call them) of Fear, Hope, Greed & despair figured into them, which is the foundation of thus markets.

You are certainly entitled to your opinion however, I and many others see things differently and I feel it's only fair to have my say.

I agree that profitable set-and-forget EAs are very rare, but they do exist. They won't make you millions of pips overnight, but frankly, I'll take any amount of effortless pips. The trick here is effortless. I would rather have a 100% chance of 1 pip than a 50% chance of 1000 pips. If there is a guaranteed win every time, I can ignore moneymanagement.

That does not mean however that there are not other uses for EAs. The system is clearly defined. Ptournis has explained it clearly. The trading system is well defined as it is. The problem is that this system works best in markets which aren't choppy. This system works best in moderate swing-type trending where a move lasts 20-30 bars before reversing 20-30 bars in the other direction. With that in mind, what do I do? I turn on the EA when I see a market moving in that way. Using an EA for this system allows me to focus more on the market than the system.

I trade with 37 distinct systems in 6 different categories. Do you really think I would be able to do any amount of that manually? No. I definitely cannot. 34 of those systems are coded into EAs. Those EAs are very capable of running completely on their own, but I don't let them, because they are designed specifically to take advantage of a particular market. I wouldn't run a trending EA in a ranging market, just the same as I wouldn't run a scalping EA during news time. The EAs know exactly what a setup looks like, and will use the criteria I programmed them for to find the entry points. Sometimes, the market changes, and that's when I intervene, close the trades, and turn one group of EAs off and another group on.

The bottom line is: EAs work. But not in the way the vast majority expects them to.

Well. Good evening Ronald.

I see from your post that you are not using these Ea's without judgment and that judgment is as you say, you decide when the market is ranging or trending. If you decide it is ranging, you will use A EA or if you decide it is trending you will use B EA. That is fine but,ultimately you decide when the market is ranging or trending. So, if you decide it is trending, you may just as well jump on the trend until you deem the trend has changed. So, what is the need for an EA if you have to monitor it to decide when to let it loose or cage it?
Also are there indeed as you say, an EA that has "100% chance of 1 pip.

Isn't it ultimately you who chooses when to unleash the beast?

Please don't get me wrong, I am not trying to demean you or anyone else for that matter, I personally am going through a newbie transition in trading and Hope to come out of it with at least the common sense that I had when I entered into it and hopefully, a little more knowledge.

Yes. You're right, it still requires me to be in front of my computer. But remember, I trade with a lot of systems. I have enough trouble tracking the 3 manual systems I trade on top of checking market direction, let alone 37. The entry is mechanical and consistent, so instead of spending my brain capacity on looking for the entry point as the other systems dictate, I can focus on looking for other market opportunities. Like obvious trading setups which an EA would not find. Bull/Bear traps are perfect examples of those trading setups.

I see myself as akin to a general, and my EAs as soldiers. I've trained my soldiers very well. They know what to do. I just tell them when to do it. The EAs know what entry points they were meant for, and they trade those entry points. It's as simple as that. That frees me up to do other things. I think you'll agree on this one, the EA gets you into the trade, you just determine when to get out. Because let's face it, there is a huge disparity between entry discussion and exit discussion on FF. There are very few threads here talking about optimizing exit strategies. Or exit strategies which can make money on a coin toss. I haven't found a mechanical one yet, so my manual alternative has to do.

Also, another benefit to having multiple EAs trading one type of system? Consider a trending system. Let's say the market is on a super long trend. Let's further say that I have 12 trending EAs running. If the trend is strong enough, all 12 EAs will catch it, and I will gain plenty of compounded pips. It's like the scaling-in aspect of the turtle system, except the additional entry points are far more dynamic than '2N'. That's happened twice this year, and is the main reason why I was able to start investing in rental real estate as an accredited investor.

As for EAs with 100% chance of 1 pip. I haven't found any. I also never said one exists. The comment regarding 100% chance of 1 pip is my dream system. My best EA--coded by me and up here on forex factory--has a 92% win rate with Risk:Reward of 1:1.2 and has been running continuously since May 2008. To date it has made me 4,000 pips net, 4,400 gross.

It works.

EAs are more commonly found as tools to assist a trader. I have yet to find an EA which can replace a trader. (Neural networks included)


And regarding the edited statement. That's perfectly fine. I have no problem discussing this at all. I just ask that when responding, please don't sound like your solution/position is the only right one. That's something I learned very early on. Just about everything works (fundamentals/technical, trending/scalping, EA/Manual). I try to trade with the best from all worlds.

Well, indeed you no doubt have traded much longer than I and have been gifted with your analytical and technical skills, which I applaud you for..!

I on the other hand, am indeed at the bottom of the rung and am perhaps more philosophically minded in my approach to my learning curve in this subject.

From what I see on this board, I am simply afraid that newbies, like myself may jump on an EA and try to trade it live without the basic knowledge of mechanical trading and Blow their accounts not to mention their minds with such tools.

I personally was trying out this EA out of curiosity as to how an automated system can function in such an environment fueled by human emotions.
The results are less than favorable, and this may well be due to my lack of knowledge in setting up the EA or it whatever.

The bottom line here is, perhaps even for you an EA could possibly cloud your vision from the real deal? I sincerely hope, that is not the case and this is simply the ramblings of Boddington's Ale.

I suggest you do this:

 

1. Toss a coin, heads long, tails short
2. Manage the trade and exit when you see fit.
3. Go back to step 1.

The point is to get you more chart time. Because philosophy is great, but actual chart time is better =P

As for EAs clouding my vision, it actually does the opposite. I'm not spending time poring over charts looking for mechanical signals. I am able to focus on the chart looking for possible reversals, s/r etc.

Since we're on philosophy, consider this:

Most trading systems take advantage of consistent, repeated, inefficiencies in the market. Example, if price moves 40 pips away from the 5SMA, there is a 80% chance the price will retrace 10 pips. Thus a trading system could be programmed to take advantage of that.

That's what I'm talking about. Repeated and consistent inefficiencies. It's nice to think that greed and fear make the market random, and that's just not the case. Market has patterns. Not the easiest to predict, but they have pattern nonetheless.

I am not saying that "Fear & Greed make the market random"

I am saying that the market is random because it is based on the above human emotions. And, agreed, there are patterns in the market based on the above emotions which in turn triggers patterns of buying and selling.
However, these patterns are as you say based on the exits and not the entry.

Theoretically, a man with a 1 liter glass capacity of Boddington's beer would not go back for a refill for twice the amount of time that the man with a 500cc glass of beer would. However, the man with the 50cc glass of Boddington's beer would inevitably drink it much quicker and want more much sooner than the guy with a liter of beer.

Anyway, just why is a chap, such as yourself who is knocking out 4,000 pips with your EA's still messing around looking for a better deal?


I am off to Boddington's dreamworld.

I wish you good luck and enjoyed our discussion as much as my limited brain capacity will handle at this moment.

4,000 pips in 8 months is great, don't make me wrong. But there is no guarantee that the EA will last and continue to profit give the change coming in the Obama Administration. Thus, I need to find something which can adapt to the market and take the place of this current EA. The range is especially problematic. One month it makes 1,000 pips, another month, only 50. I'm hoping I can grab a few elements from Ptournis' system and apply it to my trading entourage.

Thanks Ptouris for sharing your system. I have been looking for a short term trading startegy that is simple and effective. I was actually playing with PSAR and 21SMA when I stumbled on your system.

Started testing it live with microlots.

So enter rules is easily understable.
agreement of both indicators on m5 and m15 After confiramtion of second candle.

Exit is when EITHER changes or only when SLOPE changes?

This is not clear.

My guess would be EITHER for conservative and SLOPE change for aggressive.

Is this assumption correct?

I want to keep the system as pure as possible. I see some guys trying to complicate the peanut butter and jelly sandwhich.

Follow the money.
Its as simple as that.