Simone Guy's 'Simple and Consistent Fibonacci Method'

Last week Simone was alive and kicking,

This week the dreaded "130" error. Anyone still using This EA?

i have the same problem!!

Simone makes no check that the stops and tp's are within the criminals acceptable bounds when trying to send a trade. When they are not, then the error occurs.

If people do not stop grumbling about this and instead get a grip on the concept, I will release a version trumpeting "All order send errors solved. Worry about this no more. There are no more order send errors. Your Genius Coder Steve has solved them all."

All I will have done is removed all possible error reporting so that users will not know that an order send has failed. This is what commercial ea sellers do.

Clearly not having read even my own recent posts here, I see some idiot is still asking if anyone here is still using this ea.

YES YOU CRETIN. ME. READ BACK A COUPLE OF POSTS.

Ahh, sorry sundog, I have read back a couple of posts and see that it was you asking if anyone here is still using this ea. Had I realised it was you, I would not have been quite so rude.

So, yes, someone here is indeed still using this eal.

Me.

Live.

That is not on demo.

That is live.

Real cash.

Real actual cash.

On a real live actual cash account.

Not a demo account.

A real live actual cash account.

She didn't take any trades last week. Conditions were not right for trading according to the robot's rules.

Hey Steve,

obviously I didn't read back... I just did... sorry bout that chief.

If you are using IBFX for a broker you should check their new regulations concerning Market Execution orders and EA's. SL/TP's have to be added subsequently to the execution of the order-therefore most EA's in their present state will give send order errors. There may be fixes but the best fix for me will probably be to go to another broker.

It anybody still trading with any of these US criminals?

ibfx users can probably get around this by setting CriminalIsEcn to true. Whether you should or not is a different matter. They do not want anybody to trade with them. Not sure why they have simply not shut up shop.

Steve,

I heard the FBI just moved Gain and IBFX upto Number 1 and 2 on the most wanted list. They were spotted heading towards afganistan. The drones are closing in though.

Regards,
Jeff

Guess where that drone is heading.

Just to let everyone know, I have abandoned Simone as an auto-trader. I found she would give one week, then take back the next. I have not lost, but neither have I gained, and other systems are proving more profitable.

Oh well, Steve,
'Simone giveth and Simone taketh away'. Remember that.

Hello Steve,

I have been back-testing Simone on various currency pairs and time scales and have found something you may find interesting, while using a larger Fib as a trade filter rather than RSI.

Rather than take both short and long trades it is better to trade only in one direction. This is decided by looking at a larger timescale than 15M - say a daily chart.

Use a fib extension on the last sig high/low and see if the price has broken though the .618 level and has hit or is very close to the 1.000 level.

You will find that price very often will retrace back from this 1.000 level in the direction of the previous .618 before continuing on its journey long or short.

Simone is then only traded in the direction of this retrace move back from 1.000 to .618.

For example, price is in a downtrend and there is a double bottom. The second thrust down is at least .618 of the first thrust.

Price now starts to rally and it is possible to put a Fib Extension on the double bottom projecting a future .618(x) level and 1.000(y) level.

Wait for price to break through the x and (ideally) hit y level or at least cross the 80.1 of the (y minus x). It should now start heading back down to the previous x level.

Simone is now programmed to ONLY take short trades until price falls back to x level again or reaches the 19.1 level of (y minus x).

I have found this improves the accuracy and profitability of Simone but needs a quick look at longer time scale charts to confirm trend direction before setting her up for one direction trading.

I am still playing with various stoplosses/take profit levels to try and optimize further.

May I have your thoughts on this concept?

Thanks

Greeting Sir Hopwood, Readers/Contibutors:

This is an open request, for a working version of Simone {places trade regularly} and the settings you have been able to use, to take trades. The concept for the SFM is superb; being able to bag 100+ pips per day is welcome by most day traders.

This can be done repeatedly, manually. The trouble is there are a lot more inputs into the (manual)decision making process than can be or is currently coded into the EA, so in fairness trading the method manually, has I wider library of decision rules that the EA. Two things have bee of concern

(a) There is a secondary pilot Fib that I use to guide exit and it has the following:
Trace back to the start of this latest minor or medium trend
Fib from there using the expansion tool (towards where the market currently is, so where we are coming from is the start A and where we are is B, slighly opposite to the Bobocus, at the heart of the Simone)

#retracements for 0.382 to 0.618 are project to go to 1.618 or there abouts
#retracements for 0.786 mapped to the 1.27
#retracements for 0.86 mapped onto the 1.18 destination
## Retracements to the 0.00 (A, where we started fibbing from) or beyond means we are experiencing U-turn, change of direction etc (Please see bisque fibs on the attached image).

For the u-turn we just fib again according to the forgoing starting from the first identifiable High-low (between fractals in the new direction => “A”). Until we u-turn again, for as long as the market moves. This latter, if there are too many (u-turns within 8-12 M15 candles) needs of cater for/limit the u-turns traded in some a set period. Frequent u-tuns means we then we are in consolidation and we can choose to wait out the next hour or two then try again. The idea is, if there is a trend then we have no problems but on M15, if there is a range of less than 60 pips there are problems to profit there from, save for strict trading support and resistance of this range, anything else will leach the account.

So there is Simone and the decision making process that is currently coded, then on top of that there is the above sentry or pilot fib, we take profit if Simone targets (T (-34, 055, 134, 155) are met OR if The Pilot fib targets(118127168%) are in sights (hit or within 5-10 pips) then we move to protect the trade to at least 15-10 pips ahead of entry (to cater for spreads commissions etc)

I have been trying to match the performance of the EA (version and settings attached) with manually performing the same and realized that the EA often take trades that I'd seek confirmation on first.

USED as an indicator, no Trades it (Simone) is excellent as all the various fibs are there on the same chart, but on trade placement I am not getting the entries to match the signals. So I have three instance, (i) I Draw the Fibs manually and trade that (ii) EA set to give signals, buy or sell (iii) one set to trade, but the trade has nor be placing much trades even when there are signals coming from the one set just to alert. Both EA's have otherwise identical settings.

My aim is to get the EA to better approximate the manual, hence the forgoing. Have you got a version and settings that are placing trades? do share {EA Simone, Settings file & Simone Stuff file please; mine attached}.

Two final issues with the versions I have on the Trading times & the re-drawing of the breach fibs (a) I have to remove and replace the EA to get the Breach Fibs to redraw, the others work fine (b) the interpretation of the trading time? Is it GMT, Local time or something else? IMHO the safest bet is to use local time in 24Hrs and allow the user to match their time back to say NY (7:00 am in my case). (c) When the session ends the breach fibs are redrawn, could this be done using the following, if I start at midnight (05:00 London) then the breach fibs are scribe for the period (00:00 to 03:00 am when London opens)? So if I set this and it is now 1:00 am I would not see any breach fibs. If I want to see breach fibs it has to be set to start 3 hour ahead of my current time, based off the manual method? The morning & evening time are fine, just needs to be flexible to the users definition thereof.

Happy to note that the interest is still there. We would not want to give up just before we could have succeeded, would we? As I have often said, I can’t code but testing I can do until the voice says no more. Glad you spared the time; let’s see If we can train our pip cruncher to align her timing and direction with that of the market.

Bless

Thank you for your comments Pathumracled, most kind.

I think using a fib on a larger time scale as a trade filter is the way forward with Simone.

Unfortunately I am not a programmer - another todo on an ever growing list.. but I am happy to backtest till the cows come home.

May I add an inverse twist to your previous Fib projection method?

Using the same Fib projection as yourself and on a daily or possibly weekly chart to ascertain overall temp direction. Then in an uptrend trading Simone between levels down and in a downtrend trading her between levels up.

For example,

Double bottom scenario again with price then moving up the fibs.

Selling can be done from price hitting .785 until it retraces back to .618.
Also from .886 until it retraces back to .785.
Again from 1.000 until retrace back to .886
And finally 1.272 retracing to 1.000.
Above 1.272 to 1.618 and beyond is too risky except for 2.618 retracing to 2.000 which has made many a pip for me and is a high prob trade IMO.

If a person looks at 100 fib charts on the larger timescales at least 80% of those will have a retrace between at least one of these levels, often two levels before price continues.

Not to say that price will not continue to rise, just that it will stall between levels then continue or not - either way, here Simone would be waiting in the wings to capture the pips and then get out once the level below is hit.

Once we have these levels in place THEN the fib extension can be placed to further filter between these levels and give a confluence level wherever the ext 1.000 level happens to fall.

The fib ext 1.000 level is traded down to the fib ext .618 level on a longer term daily chart. THIS IS THE MAIN TRADE THAT SIMONE TAKES. The fib retracements levels are there to ONLY CONFIRM where the 1.000 level is and give confluence to it while also providing an interim target (lower fib retracement level) that we have to be aware of.

This is then traded down to the fib ext .618 OR the nearest fib retracment level on the way down.

I have traded this way, without the use of Simone or any other indicator except trend lines, for a few years now and it works well and is consistently profitable in nearly all market conditions and over all pairs. It also works for Spot Gold and Spot Silver very nicely.

The one thing I found that vastly improved this system is also using price as a secondary filter. The move between 0.000 and 1.000 on any fib drawn on the daily chart has to be at least 70 pips. This helps to filter whipsaw action but reduces trading opportunities. Using a 45pip filter has more trades at the risk of being whipped to death on the wrong day.

My risk:reward is at least 1:2 and is often much better. Most month end sees the pip count up in the hundreds :-)

If I could program this I would and gladly share. I believe it stands on its own merits as a good trading system.

Adding it to Simone would be Bombastic!

May I add that I think Simone seems have less attention that she merits - the system is one of the best I have encountered in over a decade on the quest for holy grail. Its just that elusive last ingredient thats missing..

Most welcome kDBurga:

As captioned, seeking a version of simone that trades. The 1.20 that is posted above when set to alert not trade does so , but when set to trade, has not returned one for a while ven thoug, the GBP test pair has offersed several opportuiies via the ,amual method.

Just need a version that currently places trades, to slap on my current settings and resume tweaking away (till EA is trained)

Bless!