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Looser Trading System (Version 0.01-1/3)

  • #421
  • Aug 23, 2010 7:04am Aug 23, 2010 7:04am
Don't bet too much on currency correlation, cause correlation

does change. In one thread earlier we made great effort trying

make some kind of a system trading correlated pairs,

at the end it's all fail.

For example as for now JPY and CHF at their highest levels

and further correlation of those pairs won't stay the same for long.

But of course for short term trades it could be useful.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #422
  • Aug 23, 2010 8:38am Aug 23, 2010 8:38am
im also with a 5 digit broker and the EA won't open trades. it mentions that it is opening a trade, but there's nothing in the journal (good or errors). i did change the slippage and s/l to 300. what else could be wrong?
  • #423
  • Aug 23, 2010 9:03am Aug 23, 2010 9:03am
In this thread only I got some link for Currency Ring... and I found it very interesting.... I am just posting some text from that link....
____________________________________________________________

Each ring consists of 3 pairs. Each ring consists of 3 currencies. For example, if we take the following ring:

GBP/JPY
GBP/CHF
CHF/JPY

We can see that we have 3 currencies present in this ring namely GBP, CHF and JPY. Now when we are buying the GBP/CHF and the GBP/JPY, we are infact also buying the cross pair CHF/JPY as well.. So, we have to actually also open a buy position on the CHF/JPY pair as well to stabilise the account.

For example:

1. You buy 1 lot GBP/JPY
2. You buy 1 lot GBP/CHF
3. You also have to buy 0.8 lots of CHF/JPY in order to stabilise the accounts

After we have done this, we wait for the currencies to move and when we decide to take some profits, we close all the orders altogether. The aim is not to make profits from each individual trades, but to make an overall profit from all the 3 trades together...

You should use the ADR, Average Daily Range indicator to know how much the pair has already moved before entering into the trades. You dont want to trade a currency ring when all the 3 pairs has already move beyond their 75% daily range... The best spot is when the currencies has moves 25% of the daily range, then you open your trades and wait for the currencies to reach the 50%-75% daily range before closing your trades... You should not be waiting for a fixed profit level to be reached, you should just be satisfied with whatever you are getting and get out of the trades.

You can use an equity trailing EA which will trail the overall profits on the account. Trailing the entire account profit is better than trailing individual orders separately.

The best currency ring to trade are those that has the most activity is the GBP/USD, USD/JPY and GBP/JPY. As you can see, all the 3 currencies present in this ring are the Big Movers of the market.

It is advised that you trade only 1 currency ring per account as this will decrease undue drawdown that your balance can suffer with these type of strategies. It is also better in the sense that you will be able to study the behaviour of each ring separately and may better assess their performance.

You should always start with very small lots initially... for example, if you have a 10,000usd account, you can start with 0.10 lots and then increase it as your balance increases. Compounding your earnings is among the best ways to increase your profits and grow your account.
____________________________________________________________

Is there any EA present for such currency ring trading?
Anybody tested this strategy?
  • #424
  • Edited 9:31am Aug 23, 2010 9:16am | Edited 9:31am
Quoting ido370
im also with a 5 digit broker and the EA won't open trades. it mentions that it is opening a trade, but there's nothing in the journal (good or errors). i did change the slippage and s/l to 300. what else could be wrong?
I also trade with a 5 digit broker and the EA works fine. No need to change SL or slippage - the EA recognizes and compensates for the digit difference. If you are testing the 04 version, I believe it waits for specific conditions to be met before opening the trades. My 04 demo also has not opened any trades for that reason. Another possible reason for not opening trades could be that all the traded pairs are not showing in the Market Watch window. Siince the EA is attached to only 1 chart, the other pairs must be in the Market Watch window for the EA to obtain the prices. Just right click in the window and select Show All.
Frazer
  • #425
  • Aug 23, 2010 9:36am Aug 23, 2010 9:36am
Quoting frazerd
I also trade with a 5 digit broker and the EA works fine. No need to change SL or slippage - the EA recognizes and compensates for the digit difference. If you are testing the 04 version, I believe it waits for specific conditions to be met before opening the trades. My 04 demo also has not opened any trades for that reason. Another possible reason for not opening trades could be that all the traded pairs are not showing in the Market Watch window. Siince the EA is attached to only 1 chart, the other pairs must be in the Market Watch window for...
where can i find 0.4 or 0.5? im using 0.3 right now
  • #426
  • Aug 23, 2010 9:53am Aug 23, 2010 9:53am
Quoting vikasone23
In this thread only I got some link for Currency Ring... and I found it very interesting.... I am just posting some text from that link....
____________________________________________________________

Each ring consists of 3 pairs. Each ring consists of 3 currencies. For example, if we take the following ring:

GBP/JPY
GBP/CHF
CHF/JPY
...
____________________________________________________________

Is there any EA present for such currency ring trading?
Anybody tested this strategy?
I don't know if there's an EA for it but one could be coded easily enough. Have you tested this strategy?

I question the lot sizing and pair selection.

What if GBP experiences a severe weakness? We bought 2 lots of GBP. Buying 0.8 lot of CHFJPY won't prevent a potential severe drawdown.
Open to new approaches.
  • #427
  • Aug 23, 2010 10:16am Aug 23, 2010 10:16am
Quoting ido370
where can i find 0.4 or 0.5? im using 0.3 right now
Post 384, page 26
Frazer
  • #428
  • Aug 23, 2010 1:02pm Aug 23, 2010 1:02pm
Quoting frazerd
Post 384, page 26
im using 03 right now, but it doesn't open anything, version 04 doesnt either. i do have all pairs visible in the market watch window. do i need to attach it to a chart with specific timeframe (i thought not?). and where is version 05, which is mentioned at first page?
  • #429
  • Edited 3:46pm Aug 23, 2010 2:38pm | Edited 3:46pm
Correlations and confirmations are quite different.

Correlation in my mind is how two pairs move similarly (or not), taking any inverse relationship into account. For example, EURUSD and USDCHF are often strongly correlated (we take an inverse relationship into account in this case). Some traders watch for when pairs are more or less correlated and try to predict future expected adjustments they can take advantage of.

Confirmation to me is seeing a single currency get strong or weak not against just one other currency, but against more than one. For example if GBPUSD, GBPJPY and GBPCHF all fall together, it means GBP weakness is confirmed across three currencies (USD, JPY and CHF).
Open to new approaches.
  • #430
  • Aug 23, 2010 3:09pm Aug 23, 2010 3:09pm
Quoting ido370
im using 03 right now, but it doesn't open anything, version 04 doesnt either. i do have all pairs visible in the market watch window. do i need to attach it to a chart with specific timeframe (i thought not?). and where is version 05, which is mentioned at first page?
There is not yet an 05 to my knowledge. If you downloaded 03 from MetaCoder's first post, you need to re download it from post 384 - he corrected some coding errors. That may be your problem. Otherwise, I don't know how to help you. The time frame of the chart makes no difference. I am using H1 only because that's the one that comes up by default.

One last thing to check is the setting for MinMiniEquity and MinStdEquity. The default for mini is 500 and for std is 10,000. If you are trading a standard account with only 5000 balance/equity the EA will not open trades due to low equity level. I trade a $5000 standard account so I have changed it to 500.
Frazer
  • #431
  • Aug 23, 2010 3:40pm Aug 23, 2010 3:40pm
Quoting ido370
im using 03 right now, but it doesn't open anything, version 04 doesnt either. i do have all pairs visible in the market watch window. do i need to attach it to a chart with specific timeframe (i thought not?). and where is version 05, which is mentioned at first page?
Forgot to address version 04. That version uses some combination of 24 hour highs/lows, which I don't fully understand, to determine when and in what direction to open trades. My 04 demo has also not opened any trades, I presume because the conditions have not been met.

My 03 version is working very well. It opened the 6 trades and 2 pairs have hit their first SL and reopened in the opposite direction. Now all trades are positive and equity is $70 above LastFlatEquity so the trailing stop should be in effect. We should soon see what the outcome will be.
Frazer
  • #432
  • Aug 23, 2010 3:47pm Aug 23, 2010 3:47pm
And remember, you can always close trades manually at your discretion. If you do, I recommend disabling the EA first just to make absolutely certain it won't open new trades as you close them all.
Open to new approaches.
  • #433
  • Aug 24, 2010 1:26am Aug 24, 2010 1:26am
Quoting frazerd
Forgot to address version 04. That version uses some combination of 24 hour highs/lows, which I don't fully understand, to determine when and in what direction to open trades. My 04 demo has also not opened any trades, I presume because the conditions have not been met.

My 03 version is working very well. It opened the 6 trades and 2 pairs have hit their first SL and reopened in the opposite direction. Now all trades are positive and equity is $70 above LastFlatEquity so the trailing stop should be in effect. We should soon see what the outcome...
Hi frazerd
Could you post your set with 03 and a standard account $ 5 000 ?
No trades for me ....
  • #434
  • Edited 8:14am Aug 24, 2010 8:01am | Edited 8:14am
Long Trade Date 24/08/2010
The long trade for today:
Entry: long 6pairs before London Open
Exit: 5 hours later

eurusd: SL 2x !
audusd: SL
usdjpy: SL
The loss was at that time: -989 EUR !
After lunch time everyting came back in profit !
Gross Profit:... +1573.58 EUR
Gross Loss:..... -1143.61 EUR
Total Net Profit: +429.97 EUR

Summary:
Deposit:............. +10000.00 EUR
Closed Trade P/L:.. +3352.63 EUR
Balance:............ +13352.63 EUR
Profit(%):................ +33.53 %

Figure 1: Transactions24082010
Figure 2: Summary24082010

Trading days: Aug 11,12,13,17,18,20, 24
See also postings #83, #92, #140, #219, #236, #264, #300, #312, #334, #371, #434

eTrader,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Transactions24082010.JPG Size: 194 KB
Click to Enlarge Name: Summary24082010.JPG Size: 90 KB
  • #435
  • Aug 24, 2010 8:04am Aug 24, 2010 8:04am
Quoting eTrader
Long Trade Date 24/08/2010
The long trade for today:
Entry: long 6pairs before London Open
Exit: 5 hours later

eurusd: SL 2x !
audusd: SL
usdjpy: SL
The loss was at that time: -989 EUR !
After lunch time everyting came back in profit !
Gross Profit:... +1573.58 EUR
Gross Loss:..... -1143.61 EUR
Total Net Profit: +429.97 EUR

Summary:
Deposit:............. +10000.00 EUR
Closed Trade P/L:.. [color=seagreen][b]+3352.63...
Mr. eTrader can you please share your secrete of success?
  • #436
  • Aug 24, 2010 8:06am Aug 24, 2010 8:06am
Quoting MetaCoder
I don't know if there's an EA for it but one could be coded easily enough. Have you tested this strategy?

I question the lot sizing and pair selection.

What if GBP experiences a severe weakness? We bought 2 lots of GBP. Buying 0.8 lot of CHFJPY won't prevent a potential severe drawdown.
Hey i am testing this strategy...
  • #437
  • Aug 24, 2010 9:13am Aug 24, 2010 9:13am
eTrader you are really a genuine trader !!!!!

No Words for you !!!



The HolyGrail is within your BRAIN ... Activate that Indicator !!!
  • #438
  • Aug 24, 2010 9:32am Aug 24, 2010 9:32am
Quoting madscalp
Hi frazerd
Could you post your set with 03 and a standard account $ 5 000 ?
No trades for me ....
I use all the default settings except for MinStdEquity is 500 rather than 10000 and I currently have OpenHour set to 13 and CloseHour set to 17. I am opening short with BiasShort true and BiasLong false. I had a lot of activity yesterday and more this morning, but have not had time to analyze the results. Will report results later today.
Frazer
  • #439
  • Edited 5:18pm Aug 24, 2010 10:27am | Edited 5:18pm
Ver 05 is the same as ver 04 but with no time criteria for entries and exits.

Also see ver 06. Same as version 05 except: No minimum equity needed to trade. No trailing stop. Back to only updating last flat balance/equity on increases. Profit will be taken if EA profit is 1.0% above last flat equity. LongBiasCount and ShortBiasCount compared to 2, not 3 -- we are looking for some prevailing directional action, not much, before we open any trades. No time basis for opening and closing (as with version 05).
Attached File(s)
File Type: mq4 LooserKissMe_05.mq4   32 KB | 386 downloads
File Type: mq4 LooserKissMe_06.mq4   31 KB | 455 downloads
Open to new approaches.
  • #440
  • Aug 24, 2010 1:07pm Aug 24, 2010 1:07pm
Quoting frazerd
I use all the default settings except for MinStdEquity is 500 rather than 10000 and I currently have OpenHour set to 13 and CloseHour set to 17. I am opening short with BiasShort true and BiasLong false. I had a lot of activity yesterday and more this morning, but have not had time to analyze the results. Will report results later today.
Forgot to add that I trade at 500:1 leverage with GoMarkets, so I change MaxMarginToUse to 0.2 rather than the default 1.0
Frazer
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