DislikedHi Longbar,
My broker server time is +5GMT. So, at 3pm EST the chart shows the 8pm candle. Your EA looks at the candle or server time? or my computer's local time?Ignored
LongBar will have to tell you about the code.
Mister ED's 4 hour Heikin Ashi system
- #1,185
- Nov 5, 2009 9:21am Nov 5, 2009 9:21am
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
After a couple of losers last night, I've decided to turn off the EA until after the NFP on Friday. Things look a bit unstable.
Anyway, I'm shutting down for the week too in anticipation of NFP. I managed to turn a very nice week into a somewhat profitable week with the late losses, but still, the demo account is up over 7% in two weeks. Not bad, considering that is complete mechanical trading using the EA.
Here's a summary of this week's results and cumulative results. See you all next week.
Greetings from Guanajuato, Mexico
- #1,187
- Nov 5, 2009 10:20am Nov 5, 2009 10:20am
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
wrenski and yen, Were you hit with losses by ongoing trades or new trades? Or are announcements simply not such a big deal at H4 level?
In regard to announcements, I think the impact is more related to the uncertainty in the market prior to the announcement, which can lead to some whipsaw trading.
All in all, it was still a profitable week, and I've got a few weeks now to plan my strategy prior to the December NFP. Good trading, all.
Greetings from Guanajuato, Mexico
- #1,188
- Nov 5, 2009 11:48am Nov 5, 2009 11:48am
I'll tackle a couple of your questions. In my case, I the losses were on new trades. All the profitable trades had already closed.
In regard to announcements, I think the impact is more related to the uncertainty in the market prior to the announcement, which can lead to some whipsaw trading.
All in all, it was still a profitable week, and I've got a few weeks now to plan my strategy prior to the December NFP. Good trading, all.
I agree with Yen44x. At the moment there is uncertainty in the market with several major releases this week. This causes many spikes and retraces. These may go for or against you, but with this kind of system it becomes a lottery if the markets do not have direction. I feel that you lose the edge and then it becomes a gamble.
The system generates trades for the rest of the month so I tend to be cautious during NFP week. I tend to take the trades that show up after the NFP signal, but am often caught out if the signal candle is large. But I have grown to not sweat over things like that and to realise that if I don't have trades open over the weekend after NFP then at least I get a break.
The timing of my candles often means that announcements come out during a candle and may have been out for a few hours before a new candle forms. This gives the market time to absorb it and therefore to decide how it wishes to react.
This is a mechanical system that is designed to produce results over the long term, there will be some great and some really bad days, that's trading!
All the best
Mister ED
- #1,191
- Nov 8, 2009 10:49am Nov 8, 2009 10:49am
Hi Mr ED,
I hope you don't mind me asking a couple of questions?
1. Do you keep track of your trades manually so you can see which times of day, days of the week are best for certain currencies or do you have some automated software. I have had a look at the Forex Control Centre software mentioned on a previous post. It displays information in an easy to read format but it doesn't allow you to filter times of day etc.
2. How do you reduce the number of bad trades. I have had some encouraging success recently but it would be great to reduce...
I keep track of all the signals that are created in an Excel file. I then have another file into which I transfer the actual trades that I am taking. Therefore I have two Excel files that I can compare showing al the trades and the optimised trades. I can therefore compare things and see how the optimisation is working, and can modify it accordingly.
I generally do not try to second guess trades. The system is automatic and should be treated that way. On many occasions things will go against you initially and so you can be spooked by things. I have looked at trying to place orders taking this retracement into consideration as if I use the same SL and TP I can increase the profit and reduce the loss, but you do sometimes miss out on some good trades. I haven't done enough testing to see how reliable this would be.
My charts are from FXDD and I believe this is GMT+2 but I could be wrong.
All the best,
Mister ED
. That pair needs to find a direction and stick with it!
- #1,199
- Nov 11, 2009 10:36am Nov 11, 2009 10:36am
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
How is everybody's week going? I am currently losing the pips I made last week.
However, the week still has time to turn around, so we'll see what happens.
Greetings from Guanajuato, Mexico
- #1,200
- Nov 11, 2009 2:32pm Nov 11, 2009 2:32pm
Wrenski . . . you know I'm not going to show you up, so I'm dedicated to losing all my profits this week as well.
However, the week still has time to turn around, so we'll see what happens.
Yes it's been a bit of a blood bath this week. Things are better if using the optimised entries but still a losing strategy this week. Hopefully things will get some more direction as everyone gets back to work later in the week.
Personally I am still recording trades but will probably be on the sideline as far as any trading is concerned until Friday at least.
This is where the money management really helps to restrict the losses.
All the best,
Mister ED
