Simple H1 GBPUSD EA

True, will let the EA run to see what happens.

PeeJay

Carry on Goofing Emanuele!

(Sounds like the title for a movie!)

Wow, another 2 winners on Alpari UK live last night with +22 and +13.7!

Thats +112 since staring this live 3 days ago - well done Geoff!

Yes, I do understand the risk!

There is no compulsion to use this EA, it is up to you!

Hi gunlebada
"so you target 22 pips and risk 140?isn't that too risky?what happens if you lose two trades back to back?do you know how many trades u will have to take to get those back?i'm not so confident to keep my account that exposed on a daily basis.do you have other styles other than this?"

Risky – yes. No guarantees in this game. But if you take the stats of roughly 1 losing day per month, say 1 out of 20 or 5%, two losing days in a row would calculate out to odds of 1 in 400 (5% X 5%). If you are risking 10% per trade (many would recommend only 2% risk per trade), you would have a ¼% risk of losing 10% + 10% in a 2 days loss in a row scenario, or 1 in 160,000 odds of 4 days in a row of losses – 10% + 10% + 10% + 10% = 40%. To put this in perspective, the odds of your being killed by Earthquake and Other Earth Movements is 1 in 153,597 in the U.S., according to the National Safety Council.

Great ea geoff - absolutely a masterpiece!

112 in 3 days, that is good going!

I thought it would be about time to give something back. Here's the best backtrace I achived with 96.1% of success for v5.

With these settings on Alpari UK:

TP1 22
TP2 200
SL 140
Trailing 22
RiskPercent 2
FastEma 10
GMTOffset 2
Start Time 23

Cheers, Geoff.

That looks very good!

I have been having some thoughts about reducing the SL and I am thinking in terms of closing the second order much earlier if the trade goes against us and perhaps replacing it with a hedge trade.

Have you any thoughts on this?

Regarding the large stoploss, I have a demo account that uses 3 different EA's that also use quite big stoploss values and you can see the result here:

http://geoffb65.mt4live.com/

We had a large loss on the 26th April but it has been recouped in 4 days.

I started this demo on the 12th April and despite having suffered one of these large losses the account is still $976 in profit to date.

While I would certainly like to get rid of the large SL it would appear that provided the EA is profitable the losses are not a total disaster.

Live account took one trade last night whilst my demo took two. All closed in profit. What a great week. Thanks

?? if i did that it will open orders like 0.16 etc right? my account minimum lot order is 0.1 lot, each increase is 0.1 also.

thought that is what a mini lot is, so set miniorders to true and micro orders to false, but getting the invalid lot error so asking about it here.

Wow, thank you!

I'm impressed, all those numbers, respect!

Yes, my live account only placed one order and my demo none!

As you say, a good week all round!

All the while, hedging looks ugly to me. It just keeps you in deeper trouble. However, if you do hedging the Jacko (he calls it anti-hedge) way, it makes more sense to me.

Just my thoughts.

Hi camcvoo, where can I find this info?

In my backtraces reducing stoploss caused a huge drop. I would keep the ratio that way and open an additional order to catch those negative swings.

I watched the EA carefully and most of the times the trades started negative and turned positive. I was tempted to close them manually or to hedge them somehow. I wanted even to open an additional trade in same direction of the EA to double the collected pips! I simply refrained from doing so, since I'm a crappy trader and know for sure I would only mess things around.

this is a basic question on money management, but useful in this context. traling stoploss. what does it actually mean ? how it is actually implented ? each broker has his own definition ? how is it related to initial stoploss ?

take an example: buy at 1.2345, trailing stop 22 pips. sl 50 pips. i didnt specify tp

now lets say it starts going up, when it moves 22 points up, the tsl is be ? when it moves 40 points, tsl is +18 ?

when it goes down, which one comes first ? sl or tsl ? if it loses 22 pips, tsl shouldnt come into picture as i am not trailing it. i would expect trade to be closed only at 50 pips loss, not 22 pips loss.

Simple H1 GBPUSD EA v6

In this latest version there is no change to the trading method
however, there are some changes to the EA to make it work better.

1. Added multiple re-tries to the SendOrder() function.
if an order is rejected for re-quote etc the function will re-try up to 10 times.
(Thanks to kijkij for his help with this.)

2. The Broker time and GMT are shown on the chart.
Subtract GMT from the Broker time to find your GMT offset.
(This may be automatic in the future but I need to find out that this code works in all cases first.)

3. The magic number can be changed by the user and is fixed, it will not be
adjusted for different pairs or time frames.

4. The trade comment can be changed by the user.

5. The start time is fixed at 23:00 GMT so there is no need for it to be set by the user.

In Jacko's words:

“Hedging ” to me is simply hiding a loss under another opposite trade…and sooner or later, when the hedge comes off, there is an ugly loss exposed…I don’t like that concept !!! (However, to those who use them, I say, different strokes for different folks…that is, its a personal choice).
Currently, this is what seems to happen to some Traders…
1. you put a trade on and you put a stop loss of around 40- 50 pips
2. the market goes against you (horrors….I was wwwwwrong !! )
3. let the market continue…it will probably go say another 30 - 100 pips past your stop…who knows ???
4. FINALLY, the market comes back around and starts to head in the opposite direction
5. by now you are totally hacked off with the market and you let it go
The solution that that I found is a pretty simple one but one that has to be executed without fail…
Scenario 2
That strategy is:
1. you put a trade on and you put a stop loss of around 40- 50 pips
2. the market goes against you (horrors….I was wwwwwrong !! )
3. let the market continue…it will probably go say another 30 - 100 pips past your stop…who knows ???
4. PUT AN ORDER IN AT THE EXACT SAME FIGURE AS YOUR STOP LOSS (if you were originally “short” then place a “short” order) This ensures that when the market comes back, as it invariably does, you have a DEFINATE order in place to put you back in the market where you were originally…and you are now in the same direction as the market is moving..
5. FINALLY, the market comes back around and starts to head in the opposite direction
6. The market picks you back up on its new direction
7. THE ADVANTAGES OF THIS (THEORETICAL) STRATEGY IS THAT
a. IT HAS AN EFFECTIVE AND DISCIPLINED COURSE OF ACTION
b. IT GIVES YOU A SPECIFIC “ENTRY” POINT
c. IT REDUCES LARGE DRAWDOWNS
d. IT PUTS YOU BACK IN THE MARKET EXACTLY WHERE YOU GOT OUT
I know that there are DISADVANTAGES with this strategy, buy I think that the overall effect of the advantages outweigh the disadvantages.
I also think that this strategy is more appealing to my business sense of minimizing risk than the original concept of “hedging” that initially set me off to discover an alternative strategy to hedging.
I have now been using this strategy for a couple of months and it is working brilliantly.
PLEASE NOTE: I am a medium to long term trend trader. The above method works best on those time frames. It works less well on short term time frames because of the volatile “noise” in the market.
When a stop loss has been triggered, I allow it to go past my SL by a minimum of 50 pips before I set the new order.
When the market has turned and is coming down in the “trend” direction, my order is then opened.
Try it…you will be surprised how good it is.
The key advantage is that you are not tempted to “hang on” to a losing trade….and therefore your drawdowns are minimized.
However this is a “default” trade. It is NOT the prime strategy to use.
DO NOT LOSE SIGHT THAT the prime strategy is to trade medium/ long term and trade with the trend, with a trailing stop."

You can also find more info in the thread "Jacko's Forex House Of Pain" in Forex Factory. Only the initial pages you will find his ideas. Do not find yourself into pages of more than 10 because after that are just "noises".

NOTE: I DO NOT ENDORSE WAYNE JACKSON'S METHOD OR PAID MEMBERSHIP PROGRAMME. IT'S JUST THAT I FIND THAT HIS ANTI-HEDGE METHOD MAKES A LOT OF SENSE.

Victor V

Geoff,
For the first time last night I ran this on two accts. Forex.com and Alpari UK. Demo's. Took two trades on each. The only setting I changed was MM in Forex.

Forex booked two .06 lots @ 1.5339 with a total profit of 43.80 1:10am
Alpari booked two .10 lots @ 1.53536with a total profit of 36.80 1:20am

I'm amazed at the difference in profit and considering the lot size. Of course it was the timing. But Forex was considerably higher that Alpari.

Just an observance. I love this thing. It's so good to me.