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Nanningbob 60x90 EA

  • #3,301
  • Apr 22, 2010 11:12pm Apr 22, 2010 11:12pm
Ok cool, I will be going live with the 6th screen one on Monday and I have tweaked the 60x90 a bit and has been working great so will keep using it for a bit.

I cant wait to see what the 6th screen will do for me since I am very excited at looking at the demo accounts and back test results.
  • #3,302
  • Apr 23, 2010 5:35am Apr 23, 2010 5:35am
So I decided to let those trades sit through the night while I slept, and when I woke up this morning they weren't as bad as I thought they would be. It seems some of them reversed course night and the second entries turned enough profit to counter the first entry losses. I decided to close all the trades manually and restart the system after the weekend for further testing. Here is a report for ALL trades made using this system for the week on a $300 demo account.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.GIF Size: 163 KB


Ignore those last 8 losses that I was in for less then a minute, as I forgot to turn off the EA as I was manually closing the trades and it was re-entering trades as soon as I closed them. Regardless, even counting those losses it would have been a net profit of $94 on a $300 deposit for 1 week of trading; not bad.

For those who are interested in knowing "how" I traded it, I simply opened ALL available currency pairs on IBFX. I would then once a day update the EA with the current BUY/SELL and TP/PIP Distance, usually when I first woke up in the morning. I left the EA running 24HRS on ALL pairs, I was not selective in what pairs I would or would not let it run. I traded only the "A" line (orange) on all pairs. I will be setting up a new demo account this sunday and running the test again. If this keeps showing this kind of success I may go live with it.

I would love to see the EA and INDI combined so that I dont have to keep manually updating the BUY/SELL prices and TP/PIP Distance levels. Perhaps there is a coder out there willing to make an attempt?
  • #3,303
  • Apr 23, 2010 6:05am Apr 23, 2010 6:05am
I think when you want to put the indicator into the ea, which is not that hard, you have to think about how often you would want to update the values. Is it good to update them all the time? It could also become a big mess when you resize your window.
  • #3,304
  • Edited 6:44am Apr 23, 2010 6:25am | Edited 6:44am
Quoting MorningMania
I think when you want to put the indicator into the ea, which is not that hard, you have to think about how often you would want to update the values. Is it good to update them all the time? It could also become a big mess when you resize your window.
As far as how often to update, once every new bar on a 4hr chart would seem reasonable to me. To prevent issues with window resizing the EA/Indi would have to be hard coded to check only the last 120 bars. Having taken a look at the indicators coding, it would seem to me that it should be a fairly simple matter. All the indicator is doing is taking the HIGH/LOW of the current window, dividing the difference by 6, and then rawing a line at the previous high then 4 additional lines at intervals based on the result of HIGH-LOW/6. So it "Should" be a simple matter of having it check the HIGH/LOW for the last 120 bars rather then "window"..
  • #3,305
  • Apr 23, 2010 8:00am Apr 23, 2010 8:00am
If someone is willing to tackle the coding issues (which woukld be great), I would like to request a change to the order entry for ecn/stp brokers. They require the SL and TP to be modified once the position is open and not as part of the original order entry.
  • #3,306
  • Apr 23, 2010 8:58am Apr 23, 2010 8:58am
OK, I have taken it upon myself to update the indicator to correct some of its issues. Changes include:

1. Hard coded the number of bars in history it checks to be 120 previous bars, not counting the current bar. I came to the 120 number based on the 4 wk history suggested by Nanningbob. 24/hrs a day divided by 4 (4hr chart) = 6. 6 x 5 (5 Trading Days a Week) = 30. 30 x 4 (4 Weeks of History) = 120. This change allows you scroll forward or backward through your chart, resize it, zoom in and out, etc.. without it changing the position of the bars. This change has also sped up how fast the chart updates and should remove any "delay" you may have been experiencing with earlier versions.

2. Corrected spelling mistakes in the previous indicator as well as renamed the bars to properly reflect the A B Center B A system. I also added display for the HIGH and LOW that the indicator is currently working from as well as re-worded and ordered the PIP Distance and TP levels.

3. I changed the color of the bars so that the numbers are easier to read. (IMO they are at least)

I have a few additional changes in mind that I will work on later that I think people will like. Here is a screenshot of it in action on a fully zoomed out 4HR chart so you can understand how these changes effect your display.

Attached Image (click to enlarge)
Click to Enlarge Name: screen.jpg Size: 100 KB

Attached File(s)
File Type: mq4 Sixth Screen V3.7z.mq4   4 KB | 323 downloads
  • #3,307
  • Apr 23, 2010 9:22am Apr 23, 2010 9:22am
This is a great work Zurathustra. Big thanks to You.
  • #3,308
  • Apr 23, 2010 10:20am Apr 23, 2010 10:20am
The problem we had coding an EA was this: The EA would start entering trades before the lines refreshed and that led to many false entrances. There needs to be some kind of coding that allows the lines to set first before the EA starts trading. We also had problems with the EA when ever you change screen sizes or TF. The EA would start entering because the numbers would change with the screen change or TF change. We were never able to solve those problems so we went with a manual input. If you can solve those coding issues it would be great.
  • #3,309
  • Apr 23, 2010 10:24am Apr 23, 2010 10:24am
I traded live this week with this system. My record for the week so far is; 65 wins 11 losses and only took 1, level 1 close on the 2.4.2 recovery system. Using .03 and .05 lot sizes I ended up with 59.03 in profit so far this week. When ever I had a 2 level trade near break even I would close it immediately and go back to a level 1 only trade. So I did that 10 times during the week. The one time I did not do it was on the EUR/GBP trade when I had an opportunity to close at break even. I did not and ended up taking a level 1 loss. I just closed the 3 levels for an almost break even on the last 3 levels of that trade and now have a 1 level trade going on the EUR/GBP. Other than that the rest has gone very smoothly. Here is the pic for the week. You can see the dip where I did the L1 close and then the equity line kept going up. It shows how taking that occasional loss is better than hanging on and getting into a deep hole. This is different than margtinagale thinking and much better results. You plan a spot you are going to take your loss and just take it rather than risking the big loss hoping to recover. Also with the 2.4.2 recovery you stop increasing the lot sizes so you never build up to the account bustin numbers that Martingaling does. So for you that want a clear cut SL level 4 entrances causes a level 1 close so you never carry more than 3 levels. If you do it this way you should get a steady increase of equity with occasional dips for L1 losses.
Attached Image (click to enlarge)
Click to Enlarge Name: DetailedStatement.gif Size: 6 KB
  • #3,310
  • Apr 23, 2010 10:30am Apr 23, 2010 10:30am
Quoting Zurathustra
OK, I have taken it upon myself to update the indicator to correct some of its issues. Changes include:

1. Hard coded the number of bars in history it checks to be 120 previous bars, not counting the current bar. I came to the 120 number based on the 4 wk history suggested by Nanningbob. 24/hrs a day divided by 4 (4hr chart) = 6. 6 x 5 (5 Trading Days a Week) = 30. 30 x 4 (4 Weeks of History) = 120. This change allows you scroll forward or backward through your chart, resize it, zoom in and out, etc.. without it changing the position of the bars....
Great work and thanks. You can use the 3.6 for visual back testing because it will change as you go back in time and yours for live trading so the line dont change as you check different TF and screen zooming.
  • #3,311
  • Apr 23, 2010 10:34am Apr 23, 2010 10:34am
Quoting nanningbob
I traded live this week with this system. My record for the week so far is; 65 wins 11 losses and only took 1, level 1 close on the 2.4.2 recovery system. Using .03 and .05 lot sizes I ended up with 59.03 in profit so far this week. When ever I had a 2 level trade near break even I would close it immediately and go back to a level 1 only trade. So I did that 10 times during the week. The one time I did not do it was on the EUR/GBP trade when I had an opportunity to close at break even. I did not and ended up taking a level 1 loss. I just closed...
Is there somewhere in the thread where the 2.4.2 reecovery system is explained in detail. Is it done manually or by EA as well?
  • #3,312
  • Apr 23, 2010 10:48am Apr 23, 2010 10:48am
A minor update to the Indicator I posted earlier. Now you can set your own color preference and barcount.

Attached File(s)
File Type: mq4 Sixth Screen V3.8z.mq4   4 KB | 360 downloads


I'll start looking into the EA as I feel I have already solved your issue with window resizing by simply using a barcount. I'm not gonna make any promises though, as I am NOT a very skilled Indicator/EA programmer. If you could upload the EA where you already combined the code from the indicator that would be most helpfull and save me some steps.
  • #3,313
  • Apr 23, 2010 11:40am Apr 23, 2010 11:40am
Hey Bob,
Is there something magical about 6ths? Why not 7ths or 8ths? Have you ever considered Murray Math Lines? I'm not sure how many candles back Murray Math Lines include in the calculations.

I read some things about MML that seemed to show some interesting correlations between actual reversal and retracements, kind of like Fibonacci.

Thanks,
Field
  • #3,314
  • Apr 23, 2010 2:42pm Apr 23, 2010 2:42pm
FWIW, I have had this running for 30 hrs on a demo account at IBFX. I chose 10 currency pairs. There have been 15 trades closed. 11 winners and 4 losers for a total of 679 pips. There are 4 open trades with a floating PL at even. I am using max 2 trades for each pair.

I have two goals to have implemented (either here or with my coder when he has time):

1) Edit the Order send function to account for ecn brokers. Modify the SL and TP to the position after it is open. If the system is busy make sure it retries until successful.

2) Feed the info from the indicator directly to the EA so that no manual inputs need be done. Refresh the figues every hour at the bottom of the hour so that it does not affect or update while a trade is executing.
  • #3,315
  • Apr 23, 2010 3:29pm Apr 23, 2010 3:29pm
First, I have made yet another minor change to the indicator. It will no longer show PIPS or TP's with decimal places. So you no longer have to round that 82.3337 TP down to 82, it simply shows an 82 TP.

Second, I have spent the last few hours pouring over the EA, and to my amazement I was able to make sense of it.. not only that I was able to "fix" it so now the EA automatically determines its own entries and exits and TP levels, just like the indicator does. I have backtested it on EUR/USD and GBP/USD and everything seems to work fine.

IMPORTANT!!! IT ONLY TRADES THE "A" LEVEL CURRENTLY!!! I will need more time to change the code to allow for A or B level trading.

ALSO IMPORTANT!!! The EA functions off your CURRENT timeframe, so if you start it on the 4HR timeframe, then switch to the 1 minute timeframe, IT WILL START ENTERING/EXITING ORDERS ON THE 1M!! Be warned!! Keep it on the timeframe you want it to trade!

Lastly, my backtests have shown that the "Optimal" settings are 1000 Pip SL and 5 MAX TRADES, with a multiply of 2. This means that if you run this live and a trade goes against you it is possible for you to end up sitting in a loosing trade for up to a month or more before it finally comes back around and zeros out. However if you TRUST the EA to do its thing it has shown that it will eventually turn those loosers into winners while maintaining your equity.. equity protection is where its at.

I will start forward testing this come sunday evening on multiple pairs to see how it performs over the course of the next week. In the meantime I suggest those that are interested have a go at backtesting it using the settings I suggested above so you can see how/what it does.

Attached File(s)
File Type: mq4 Sixth Screen EA v3.1z.mq4   24 KB | 339 downloads

Attached File(s)
File Type: mq4 Sixth Screen V3.9z.mq4   5 KB | 362 downloads
  • #3,316
  • Edited 5:12pm Apr 23, 2010 5:00pm | Edited 5:12pm
page 1 post 1. Follow the directions from numbers 11, 20 and 21. I give examples and more notes.

http://www.forexfactory.com/showthread.php?t=150293

Post numbers 3295,3296 and 3309, I did a 2.4.2 recovery on the eur/gbp live over the last 24 hours. I walked everyone through the trade and system. You will find that trade on the last two pages. In my 4H trading system I usually do 1-3, 2.4.2 recovery trades live online every month. Once you get the hang of using it, it takes a lot of the emotional roller coaster out of trading. I know what I am going to do no matter where price is going. It will revolutionize your trading thinking and thought processes. I recommend 3 levels max, another trader is going 5 levels. It comes down to what kind of trader you are and where your comfort level is on DD, margin, and account equity. I have proven over a 9 month period using a multi level sytem with the 2.4.2 recovery that I can be consistant and profitable. During that period of time I had one losing month and that shouldnt have happened if I had just closed out two days earlier for those Christmas runs. I will not trade the last half of December next year. Anyway if I get my book updated this weekend I will be explaining the system in detail there.
  • #3,317
  • Apr 23, 2010 6:33pm Apr 23, 2010 6:33pm
Quoting newera
Hey Bob,
Is there something magical about 6ths? Why not 7ths or 8ths? Have you ever considered Murray Math Lines? I'm not sure how many candles back Murray Math Lines include in the calculations.

I read some things about MML that seemed to show some interesting correlations between actual reversal and retracements, kind of like Fibonacci.

Thanks,
Field
I have made this indicator all the way from 3rd to 12ths. 6ths seem to be the best match up to R and S lines and seemed to give me solid TP and entrances. TP is based on 7ths.

Just a note: In my 4H Trading system I am closing in on 4000 pips in one month. We have been using the 6ths indicator there longer than here. That is a countertrend system and this is range system. Never broke 3000 before and I think I have gone over 2600 pips once. I am on a roll here folks. Dang I am having a riot this year.
  • #3,318
  • Apr 23, 2010 8:45pm Apr 23, 2010 8:45pm
Quoting jay320
1. If a trade goes that deep from the A-lines without a retrace I would have to think that some huge news story is involved, possibly one that could have been anticipated and avoided. You're talking about a currency suddenly hitting a high or low that's hundreds of pips more extreme than anything seen during the last month.
Looking at the charts I see long term trend after the losing trade is taken and not sudden spike, so I'm not really sure if this was consequence of any news...

Quoting jay320
2. Are you familiar with Bob's 2.4.2 recovery system? It abandons profit and focuses on breaking even and taking incremental losses. A three-level trade would break even, a four-level trade would be equal to the loss of the first level, etc.
Not yet, but I'll make sure to study it closely. Thanks!

Quoting jay320
Again, I feel like a buy/sell stop system rather than limit would really help here. If you place your stop gaps correctly, you're more often than not just deleting stops instead of closing orders for loss.
I'll try to code and verify this concept using EA, but looking at the charts I'm pretty sure that buy/sell stop orders would be triggered and filled anyway, because most of the time price goes up and down around the resistance before it finally breaks out.

Quoting Trade & Pray
My suggestion (and I have said this in the past), is to buy an option....
That was also my first idea Thanks for sharing.

Quoting nanningbob
Ok this is what I am doing on the EUR/GBP. Turn off the EA and close the level 1 trade, it is a losing trade. Take the EA off of the EUR/GBP screen, you will go without the EA on this pair for now. I then add a 4th level and will try to...
Thanks!
  • #3,319
  • Apr 23, 2010 9:07pm Apr 23, 2010 9:07pm
Quoting nanningbob
The problem we had coding an EA was this: The EA would start entering trades before the lines refreshed and that led to many false entrances. There needs to be some kind of coding that allows the lines to set first before the EA starts trading. We also had problems with the EA when ever you change screen sizes or TF. The EA would start entering because the numbers would change with the screen change or TF change. We were never able to solve those problems so we went with a manual input. If you can solve those coding issues it would be great.
Please find attached version that I've used for my backtesting. Levels are a little different than on your indicator (about 5%), because I've used difference between highest and lowest value in the last 120 periods, so it doesn't include "screen margin".

I'm also thinking about either making major rewrite of this EA or writing one from scratch. But I must get my head around your 2.4.2 recovery system first, because I want to make this beauty fully automated
Attached File(s)
File Type: mq4 4H sixth EA ver3.mq4   21 KB | 290 downloads
  • #3,320
  • Apr 23, 2010 9:09pm Apr 23, 2010 9:09pm
Somebody earlier had mentioned if we would use this over the weekend and worry about the gaps on sunday night/monday morning. If we use the less volatile currencies, I do not see that as a problem. If we use the real volatile currencies (ie. gbp/jpy, gbp/nzd, eur/nzd, etc.) you may want to widen your reentrances to 2-300 pips so you dont get caught with a real bad trade suddenly. That way if you do get a wild weekend move running into the hundreds of pips you dont have a bunch of new positions you are deling with and then a great space to get back to break even.

This is my theory on gaps (also news stories), dont know if I am fully right on this but I have a banker friend who smiled when I asked him. (I know thats a lousy confirmation) Anyway banks still do business over the weekend, currency exchange and deposits. When they come back online, they do all their buys first, the brokers who do business with them, their buys next and then us poor saps who put in trades over the weekend. The bank then puts a big fat sell at the top and then runs its sell orders, then lets everyone else chase price. Do the opposite with sells orders. I believe this is also done at news stories. A computer runs all the orders in one direction that come in, that hits all the SL and then the bank puts their order in on top in the opposite direction and starts processing all the other orders. Of course you are last in line. This is the infamous spike we see at news times. Obviously the only way the broker can protect himself while this all happens by computer in a couple of nanoseconds is to widen the spread so he doesnt get killed. The bank makes a ton of money and the broker gets blamed by the traders. (thats us) So now you know why I AM NOT A NEWS TRADER. Of course I could be full of ......................... but that is my theory.
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