Richard Donchian EA | Forex Factory

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Richard Donchian EA

  • #1
  • First Post: Edited Jul 22, 2009 12:03am Jul 21, 2009 10:28pm | Edited Jul 22, 2009 12:03am
The Richard Donchian method....some if not most of you have heard of it I'm sure. Anyhow....here are 2 ea's that virtually mimmick The R Donchian method.

Very simple......you buy at the 4 week high + 10 pips and you sell at the 4 week low - 10 pips.

I have programmed a 400 pip stop loss so micro/nano accounts are needed for many. There is absolutely no take profit with this system nor do I recommend using a trailing stop. Let the trade roll until the 2nd weekend after the trade commences. Then you simply close the trade and the ea will then take over once again.

Lot size is up to you.

If you are losing in this game of forex....this is about as tough of a match that you will give the bad guys. It's not for the impatient. I recommend IBFX as they will allow 1 cent pips. Anyone know of any other mt4 regulated broker that will allow nano pips?

For currency pairs...I recommend the following

Eur/usd usd/cad aud/usd nzd/usd gbp/jpy usd/chf eur/gbp

Be patient....when this market eventually breaks out...you will be with the trend my friend.

Check out the article....

http://www.articlesbase.com/currency...al-760010.html
Attached File(s)
File Type: ex4 4week_HiLoBUY.ex4   24 KB | 3,518 downloads
File Type: ex4 4week_HiLoSELL.ex4   24 KB | 2,876 downloads
  • #2
  • Aug 16, 2009 9:48am Aug 16, 2009 9:48am
Hi 60minman

I am at the moment learning the donchian methods, but am unable to code. If you have time would you kindly code this indicator for me.

Using a candle chart on either D1 - W1 - MN - timeframes

Using white for up bars and black for down bars.

When four consecutive white or black bars have been made, the forth bar (only) when closed repaints itself from either white to green, or black to red.

Once this bar has been identified the indicator then looks for the next forth consecutive bar either up or down.

Thank you.
  • #3
  • Aug 17, 2009 12:39am Aug 17, 2009 12:39am
unfortunatly...I cannot help you with that. I am not a programmer....I just happen to know how to modify the code of a previous ea that was written by somebody else.

Sorry I could not help you.
  • #4
  • Aug 17, 2009 6:46am Aug 17, 2009 6:46am
Hi 60minman

Thanks anyway for reading my post.
  • #5
  • Aug 17, 2009 8:52am Aug 17, 2009 8:52am
Quoting 60minman
The Richard Donchian method....some if not most of you have heard of it I'm sure. Anyhow....here are 2 ea's that virtually mimmick The R Donchian method.

Very simple......you buy at the 4 week high + 10 pips and you sell at the 4 week low - 10 pips.

I have programmed a 400 pip stop loss so micro/nano accounts are needed for many. There is absolutely no take profit with this system nor do I recommend using a trailing stop. Let the trade roll until the 2nd weekend after the trade commences. Then you simply close the trade and the ea will then...
Interesting. Are you currently running these scripts with success?

Thanks very much.
  • #6
  • Aug 17, 2009 9:57am Aug 17, 2009 9:57am
Thanks for sharing 60MM, would be great if you could keep this thread alive with some charts now and again when you have time, also thanks for your help loading the EA.

Moxie.
  • #7
  • Aug 18, 2009 2:50am Aug 18, 2009 2:50am
Quoting enewbold
Interesting. Are you currently running these scripts with success?

Thanks very much.
I was having some success until the dollar reversed. Got stopped out on the usd/cad pair and took small losses in others.

Its a long term project. I've only been doing it since the beginning of May.

Until a real breakout occurs...I am not likely to turn a profit.

Still though....I am optimisitic. This is about as easy of a trading style that one can find. When a breakout occurs(the us dollar might be getting ready to do just that?)....thats when you will make the money.
  • #8
  • Aug 18, 2009 3:15am Aug 18, 2009 3:15am
The "Richard donchian" aka turtle system didn't use 4 week stop, it used 1 week stop. You really should try it - it works. (also the initial stop should be a variation of atr and they had a specific MM system that they used)

google for "turtle rules pdf" (it's written by one of the original turtles)
  • #9
  • Aug 18, 2009 3:23am Aug 18, 2009 3:23am
Would the take profit be when you reverse your position when the opposite 4 week is hit? For example you went long the 4 week high, you would stay long until the 4 week low then reverse the go short.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #10
  • Aug 18, 2009 8:01am Aug 18, 2009 8:01am
Quoting mikkom
google for "turtle rules pdf" (it's written by one of the original turtles)
Thanks for the tip. I found it, and it makes for very interesting reading! It would have been really great to have been included in the Turtle Study. I sure wish one of the greats would try it again in these modern times.
  • #11
  • Aug 18, 2009 8:09am Aug 18, 2009 8:09am
HI my Trader Friends.

I just read about thise thread .and it was intersting for me.But when i saw that the system for intraday trading it was strange for me.Becouse i know that He was one of the long term trader and also his system was for using on daily chart.In that is why it is interesting for me what kind of result we need to expect.Becouse in day trading if you will take all siqnal of the system i am sure that the result will be not good one.
Best Regards
  • #12
  • Aug 18, 2009 8:26am Aug 18, 2009 8:26am
Quoting Tofig
I just read about thise thread .and it was intersting for me.But when i saw that the system for intraday trading it was strange for me.Becouse i know that He was one of the long term trader and also his system was for using on daily chart.In that is why it is interesting for me what kind of result we need to expect.Becouse in day trading if you will take all siqnal of the system i am sure that the result will be not good one.
Hello. Yes, I agree that Donchian was long-term trader, but that should actually read long-term trend trader. He admits that a large number of his trades are loosers, but acknowledges that the really good trends are where he makes more than enough profit to cover his losses.

Thanks very much,
Ed
  • #13
  • Aug 18, 2009 9:05am Aug 18, 2009 9:05am
Quoting 60minman
Here are 2 ea's that virtually mimmick The R Donchian method. ... Very simple......you buy at the 4 week high + 10 pips and you sell at the 4 week low - 10 pips.
I presume you use a weekly chart for these transactions, right? Looking for the highest and lowest prices recorded during the past four weeks? The week begins on Sunday evening ? (I live in the US).

Thanks very much.
  • #14
  • Aug 18, 2009 6:37pm Aug 18, 2009 6:37pm
Quoting enewbold
I presume you use a weekly chart for these transactions, right? Looking for the highest and lowest prices recorded during the past four weeks? The week begins on Sunday evening ? (I live in the US).

Thanks very much.

Actually....i have the ea modified to go back a certain numer of daily candles and that in turn nearly equates to a constant 4 week high and low. It renews its calculation at the inputted utc time everyday. When a trade starts...I let it run until the second friday morning and then I manually close it. The ea will then establish a new high and low at 1800 utc or whatever you have it set to.

Currently....there are no working trades. Although if the dollar starts to take off...I just might capture some of those losses from the last round when it reversed. I just don't want to see a double reverse. Ouch!
  • #15
  • Jan 25, 2010 11:50pm Jan 25, 2010 11:50pm
Hello everyone.. I have attached the original turtle trading rules. It specifies rules for entry, stop loss, exit, position sizing and scale in technique used by the original turtles. Hope someone finds it useful.

I am currently testing Donchian channels on intraday charts. The results are not very good for the moment.. .

If anyone else in interested in Donchian Channels trading maybe we can share some thoughts, results, ideas etc..
Attached File(s)
File Type: pdf turtlerules.pdf   271 KB | 2,913 downloads
  • #16
  • Feb 22, 2010 7:40am Feb 22, 2010 7:40am
Hi everybody. could you pls tell me where i can find channel midpoint indicator (the middle line not the channel)?

btw your strategy was tested in 'currency trading' magazine...not very successful...
  • #17
  • Mar 11, 2010 6:43am Mar 11, 2010 6:43am
Just attached your ea to an ibfx demo account. Upper left message "Waiting on the first tic..." Is the ea active? Hope it works, looking forward to your answer.
  • #18
  • Mar 23, 2010 9:51am Mar 23, 2010 9:51am
When you first drag the ea and load it....it should say "waiting for the first tick". Then it should show you your entry price as soon as the price changes.
  • #19
  • Mar 24, 2010 3:02pm Mar 24, 2010 3:02pm
Sorry, mine stays on next tic....doesn't work
  • #20
  • Mar 24, 2010 11:48pm Mar 24, 2010 11:48pm
Hello drg...

I'm sorry that the ea is not working. I retested it and it works just fine for me.

The problem may be that your inputs are not set correctly.

Hit the F7 key which will bring up the inputs on the screen. make sure you check
all the boxes to the far left...then leave the others blank.

Let me know if this helps.
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