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Simple H1 GBPUSD EA

  • #2,921
  • May 20, 2010 2:44am May 20, 2010 2:44am
buys on the v7adx gbpusd. so far, still trading at a loss.
  • #2,922
  • May 20, 2010 2:54am May 20, 2010 2:54am
On another note, Geoff, 2 points I would like to make if Iam allowed.

1) Have you had time to look into the beast version?
2) I think we have entered unchartered waters yesterday. Apart from me booking a 270 points s/l in EURUSD v7 my feeling is somehow mixed.

With the 197 down the ea will only go long USD (no matter in EUR/USD or GBP/USD) for still some considerable time. ECB, SNB are doing their best to defend the EUR and make it's decline somehow orderly. They hate unorderly markets. That said we perhaps need to think about shorten the average duration of a trade position, i.e. reduce t/p, reduce profitability but reduce as well the risk of dragging the deal into european session and risk running into ECB intervention time zone.

This intervention risk will not abade until EUR has reached the point at which it belongs.
  • #2,923
  • May 20, 2010 3:08am May 20, 2010 3:08am
Quoting Haishang
On another note, Geoff, 2 points I would like to make if Iam allowed.

1) Have you had time to look into the beast version?
2) I think we have entered unchartered waters yesterday. Apart from me booking a 270 points s/l in EURUSD v7 my feeling is somehow mixed.

With the 197 down the ea will only go long USD (no matter in EUR/USD or GBP/USD) for still some considerable time. ECB, SNB are doing their best to defend the EUR and make it's decline somehow orderly. They hate unorderly markets. That said we perhaps need to think about shorten the average...
I have not had chance to investigate further "the beast" for now I am still concentrating on GBPUSD.
Similarly with the EURUSD, I won't pretent to understand fundamentals and the EA will only trade what it sees on the chart, maybe it would be better to stay out of the EURGBP while these conditions prevail.
Your input is very much appreciated!
Geoff
  • #2,924
  • May 20, 2010 3:20am May 20, 2010 3:20am
Quoting geoffb65
I have not had chance to investigate further "the beast" for now I am still concentrating on GBPUSD.
Similarly with the EURUSD, I won't pretent to understand fundamentals and the EA will only trade what it sees on the chart, maybe it would be better to stay out of the EURGBP while these conditions prevail.
Your input is very much appreciated!
Geoff
Well, I know the test results from EURUSD are everything else than watertight, in no way comparable to the ones of GBP/USD. The initial idea behind adding EUR/USD to GBP/USD was more the idea of diversification away from a pure Cable risk. I hoped having been able to diversify towards different start times as well, to no avail so far. The vol indicator worked for myself to some point unspectacular, proven by little to no echo from others.

So, in my view, we are facing the following dilemma.
We have a great ea for GBPUSD starting 23:00. This is to 100% all your input.

All my testing towards different currency pairs and different start times to bring the combined drawdown of the strategies down were so far fruitless if there was not that glimmer of hope with gbp/jpy and eur/jpy which happen to be even in different time zones.

Additionally we are facing fundamentally a new situation. My prediction is, that we need to put work into stabilizing the performance under current situation. Easier said than done....
  • #2,925
  • May 20, 2010 3:27am May 20, 2010 3:27am
Thanks for the quick and clear answer.
My further questions below

Quoting geoffb65
Hi ertorque

1. V7a uses both 10 SMA and 197 SMA, some more experienced members use v5b which only uses 10 SMA to generate a trade but there is more chance of a loss with that strategy.
I prefer v7a as the safer option and I will only give support on the latest versions.
As I read further into the thread, it makes sense why SMA(197) isn't mentioned earlier. It was only available in V7 which was not available in Page 90s when I made my post and Post 1 was updated only since then with V7..

Quote
2. The EA has to use indicators that are available to it, in this case fractals on M15 and M5 are used but manual traders usually have their own methods for finding an entry point.

Sorry but I would trouble you for the methodology with the fractals. For a LONG trade, I believe you explained in Page 100 or so in your reply to Elovv that the EA first identify an 15m UP FRACTAL and thereon look for a 5m DOWN FRACTAL for entry. Shouldn't the 5m fractal be an UP FRACTAL as well because I would pressume by the time this UP FRACTAL is locked the price must have gone down a little (only then the UP FRACTAL is validated) and would be a better entry point since we are long (lower price the better)?
The reason I asked is I would like to use the exact EA criterion in my manual trade.


Quote
3. As the EA uses 2 moving averages that must agree, there is no chance of the EA trying to produce a buy and a sell in the same bar.
Also, the EA cannot produce more than one order within a 1 hour bar.
Hedging is not prevented in this EA, if a trade is not closed within the day a new order could be produced in the opposite direction next day.
I would recommend that you do not use US based brokers as I have no intention to make the EA to comply with FDA rules.

I am aware of the EA's capability with hedging. Do you know what will happen if it is used with IBFX broker which is anti-hedging? Is there a warning message or something should a buy trade be triggered when a sell is still running or vice-versa (when using US IBFX)?

Appreciate your comments.

CY
  • #2,926
  • May 20, 2010 3:32am May 20, 2010 3:32am
V4 : 1 LONG, V6 : 2 LONG.. Possible loss after many winning trade .. -ve value around 60pips++

Should i leave these trade or should i close.. It gets hard thinking of this situation..

Any suggestion..?? Geoff??
  • #2,927
  • May 20, 2010 3:43am May 20, 2010 3:43am
Quoting bee7244
V4 : 1 LONG, V6 : 2 LONG.. Possible loss after many winning trade .. -ve value around 60pips++

Should i leave these trade or should i close.. It gets hard thinking of this situation..

Any suggestion..?? Geoff??
My BAD.. its not the V4, its the V5..
  • #2,928
  • May 20, 2010 3:44am May 20, 2010 3:44am
Change to v7a, its more save.
  • #2,929
  • May 20, 2010 3:51am May 20, 2010 3:51am
Quoting ertorque
Thanks for the quick and clear answer.
My further questions below


As I read further into the thread, it makes sense why SMA(197) isn't mentioned earlier. It was only available in V7 which was not available in Page 90s when I made my post and Post 1 was updated only since then with V7..
Sorry but I would trouble you for the methodology with the fractals. For a LONG trade, I believe you explained in Page 100 or so in your reply to Elovv that the EA first identify an 15m UP FRACTAL and thereon look for a 5m DOWN FRACTAL for entry. Shouldn't...
The M15 fractal is in the opposite direction because at the time of day when the trade is taken fractals are close together, often within 2 or 3 bars, if we wait for a locked fractal in the right direction it would be too late.
We then look for the reversal from the M15 fractal on the M5 chart where we have more bars to play with.
Apart from the theory, this was the method that worked and I am a pragmatist!
I don't really care what will happen on an anti-hedging broker account and neither should you if you are trading manually, you would not try to place a hedge order!
If the EA will not work on US broker accounts, use non US brokers!
  • #2,930
  • May 20, 2010 4:01am May 20, 2010 4:01am
Quoting bee7244
My BAD.. its not the V4, its the V5..
I think the GBPUSD is ranging but is being pushed around by the EURUSD at the moment.

Why not close 1 order and wait a bit longer before making a decision on the second order?

I would only use v7a to be honest!
  • #2,931
  • May 20, 2010 4:01am May 20, 2010 4:01am
Quoting mirgi
Change to v7a, its more save.
  • #2,932
  • May 20, 2010 4:37am May 20, 2010 4:37am
Hi Geoff,

I want to thank you very much for this EA. I tried it live this week on my very small micro account with Alpari US and I had 2 nights of very successful trades. Thanks for your kindness in sharing this great EA. I see in an earlier post that you thought this EA might have trouble with US brokers. Please tell me what you mean. I may want to switch to another broker if you forsee possible problems. Also, is there other users of this EA that are using a US broker and what are your experiences? Any guidance in the manner would be greatly appreciated. Thanks!
  • #2,933
  • May 20, 2010 5:22am May 20, 2010 5:22am
Quoting TallCoolOne
Hi Geoff,

I want to thank you very much for this EA. I tried it live this week on my very small micro account with Alpari US and I had 2 nights of very successful trades....
The rules for US brokers do not allow hedging and orders are closed in a first in first out basis which does not suit our EA.

However, many US brokers are getting round these problems by opening offices elsewhere in the world so don't completely write them off!
  • #2,934
  • May 20, 2010 6:12am May 20, 2010 6:12am
Quoting geoffb65
However, many US brokers are getting round these problems by opening offices elsewhere in the world so don't completely write them off!
Brokers just lazy as it's easy to go around this: For Example, those who want to

hedge should open 2 accounts let's say 2.5k/2.5k each and first trade

triggers from 1 of the accounts and, if appositive trade triggers, execute

it from another account using join margin, all it needs just

MT4 modification.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #2,935
  • May 20, 2010 6:16am May 20, 2010 6:16am
Quoting calstock
This one was a breakout of the trendline red line...

It maybe possible to code a EA to trade trendline breaks....May have to think about that one..
I remember seeing one somewhere which traded demark trendlines
  • #2,936
  • May 20, 2010 6:26am May 20, 2010 6:26am
Quoting geoffb65
I think the GBPUSD is ranging but is being pushed around by the EURUSD at the moment.

Why not close 1 order and wait a bit longer before making a decision on the second order?

I would only use v7a to be honest!
At last..my biggest loss ever..closed 3 trades manually for a total of 336pips.. THATS BIG!!.. All the profit b4 goes down the drain.. the V5 and V6 traded excellently last 3 week.. WITHOUT LOSS.. My My.. Motivate me someone..
  • #2,937
  • May 20, 2010 6:36am May 20, 2010 6:36am
Quoting microsuck_36
FXDD V5 buy triggered 1.4413
What the result ? plus or minus, thanks
  • #2,938
  • May 20, 2010 6:45am May 20, 2010 6:45am
Quoting geoffb65
I think the GBPUSD is ranging but is being pushed around by the EURUSD at the moment.

Why not close 1 order and wait a bit longer before making a decision on the second order?

I would only use v7a to be honest!
v7a?? ONLY??

There are other versions :
V4, V5, V5b, V6, V7, V7 ADX

What about other versions mentioned??

Enlighten me..
  • #2,939
  • May 20, 2010 6:57am May 20, 2010 6:57am
Quoting bee7244
v7a?? ONLY??

There are other versions :
V4, V5, V5b, V6, V7, V7 ADX

What about other versions mentioned??

Enlighten me..
V4, v5, v5b and v6 do not use 197 SMA to filter trades.

V7 ADX is nothing to do with this thread.

V7 and V7a use 197 SMA filter and as a result did not trade yesterday, V7a is the latest version and the safest!
  • #2,940
  • May 20, 2010 6:59am May 20, 2010 6:59am
Quoting bee7244
v7a?? ONLY??

There are other versions :
V4, V5, V5b, V6, V7, V7 ADX

What about other versions mentioned??

Enlighten me..
I had the same thing happen maybe three weeks ago on v6 and I know it's difficult. I lost half of my acct. After that I went to v7 and no losses since. There's not as much action but it only took one big loss for me and I realized Geoff knew what he was talking about. Now I only do v7a and 3 Order v which is the v7 with an extra order. I know it hurts but it will pass. Please switch. It's the best.
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