So,if you set AutoMartingale=true you can't use MaxRisk option
Is there any error in the journal?
Ignored
AutoMartingale is set FALSE. I've read that also. I've read everything in the book, and I cannot find solution for my problem. Have anyone from you tried already using MaxRisk option? Does it work well for you?
AutoMartingale is set FALSE. I've read that also. I've read everything in the book, and I cannot find solution for my problem. Have anyone from you tried already using MaxRisk option? Does it work well for you?
Ignored
For me everything working fine...don't know how to help you sorry
If you wish I can attach my EA settings
Maybe the problem is in broker
it could be the broker i use 3 lots when it gets to target to it trails up to target 1 it oesnt exit for me as soon as it hits target 1 the first lot, if anyone can figure this out please post if its specific to my dealer alpari us if anyone can confirm please let me know...
Happy New Year to everyone who is still viewing this thread. I wanted to stop in to let everyone know that I've adopted a few changes to the strategy regarding a different way to close out trades and how long to hold open trades.
I was a little concerned about losing pips on trades that would barely miss Target 1 and then eventually close for a loss the next day. What I've started doing is closing all trades at the "SessionEndTime", whether in profit or not. Now, we will obviously cut short some sequences that would have ran a little farther, but we have also made more pips where we normally wouldn't have and cut down on some of those losses on the reversals.
What I is I visually divide the indicator into 2 zones:
Zone 1- The tan area between Target 1 and the opposite side of the box (which is our normal stop).
Zone 2- The green area between Target 1 and Target 5.
What I do is enter all trades like normal and let the price run it's course until we get to the "SessionEndTime". You may have a sequence close before this time, which means we don't need to do any more unless a new sequence of trades are made before the session ends. Once we get to this point, 1 of 2 things will happen:
A- If price is in Zone 1, we close out any open trades, whether in profit or not. If in profit, we wait til the next day for new trades. If in a loss, we would increase our multiplier like normal.
B- If price is in Zone 2, we move the stops on all open trades to Target 1 and let the trade run its course until the next day's "SessionEndTime", where we close any remaining opens trade if there are any. During this time we will move our stops at each Target level as we normally would.
***Before I explain my example, I am using a 'Start Time" of 07:00, an "End Time" of 10:14, and a "SessionEndTime" of 00:30 in this example. I've also changed my TPFactor 1, 3, & 5 to 1.618, 3.618, and 5.472 respectively. I am also opening 5 trades per sequence using Go Markets if you would like to download their platform and follow along.***
A good example we had was on Tuesday, December 28th. We initially had short sequence reverse and stopped us out, then a long sequence which was stopped out, and then another new short sequence. Now if you are using the multipliers, we are now using a multiplier of 5 in this sequence. Now we wait for the 00:30 candle to close before we close our trades. As we can see, price never made it to our Target 1 at 1.53303. The candle closed at 1.53582 which gives usroughly +69 pips from our entry point. Instead of letting this sequence run as we would in the original strategy, we will now close all 5 trades at this time for +1725 pips (5 trades x 69 pips x a multiplier of 5). Take into account the -900 pips we lost in the first two sequences, we still ended up with +825 pips for the day. And if you look at the next day, we would've been stopped out again for a -1500 pip loss which means another increase in the multiplier again, increasing the risk.
This next example, which happened the next day, is the same scenario except we actually have hit Target 1 first. In this case, we follow the same rules as the original strategy and we close out 1 trade for +79 pips and move all stops on the 4 remaining trades to BE +1. Again, as we reach our "SessionEndTime", price has closed within Zone 1 at 1.54843 giving us roughly +73 pips each giving us +371 pips for the day (1 trade @ +79 pips and 4 trades @ +73 pips).
The next example is a little trickier as we have the price now closing within Zone 2 at our "SessionEndTime". We initially had a long entry reverse on us for a stop out of -250 pips (5 x 50 pips). Our new short sequence runs down to our Target 1 and we close out 1 trade for +160 pips (1 trade x +80 pips x a multiplier of 2). As we get to our "SessionEndTime", price has now closed @1.57660 which is within our Zone 2 (again, between Target 1 and Target 5). Now we move our stops to Target 1 and let the trade run. Looking at the chart, we never were stopped out and hit all of our remaining targets before the end of the next day's session ended. If you have any open trades when the next session begins, start any new sequences fresh with no multipliers.
We ended up with +1530 pips total (+890 pips x a multiplier of 2 minus our earlier -250 pip loss to start the session.
I've sent sqaulou an e-mail to see if I can get him to modify the EA and send me a new version with these changes, but it might take a while unless someone else wants to step up to the plate.
I've sent sqaulou an e-mail to see if I can get him to modify the EA and send me a new version with these changes, but it might take a while unless someone else wants to step up to the plate.
Ignored
Good stuff Mer, this is a great system and kudos to you for doing this.
Not a problem, I've been so busy with other projects, not only with trading but also with our locksmith business, that I wanted to try and address the concerns people have had with opening and closing trades and to try and eliminate the larger drawdowns. I hope these changes may help. I will try and put up some examples during the week to make sure everyone understands the changes and can get more comfortable with trading the strategy.
Mer, very interesting journal. Thanks for all the analysis. I learn best with visual aids!. Best of luck in the new year, and hope to see a picture of your ferrari on here by years end, because you're making some serious pips my friend!.
The next example is a little trickier as we have the price now closing within Zone 2 at our "SessionEndTime". We initially had a long entry reverse on us for a stop out of -250 pips (5 x 50 pips). Our new short sequence runs down to our Target 1 and we close out 1 trade for +160 pips (1 trade x +80 pips x a multiplier of 2). As we get to our [color=darkslateblue]"SessionEndTime", price has now closed @1.57660 which is within our Zone...
Ignored
I still need to read the whole journal, but I have a question.
How did you make 160 pips on two lots, if you got stopped out for 5?..was your original short for 7 lots?..if not, where was the entry for those 2 lots that you covered for the 160?... hope that makes sense.
I still need to read the whole journal, but I have a question.
Yes, it is probably best to read the whole thread first. I use a martingale sequence or "multiplier" when I incur a loss. When we had the reversal for the -250 pip loss to start the night (5 trades x 50 pips), we immediately enter 5new trades multiplying the original lot size by 2. The multiplier's sequence I use is 1, 2, 5, 13, 34, 89, 233, 610, etc... If you take 160 pips x .01 lots or 80 pips x .02 lots, you get the same result. Because everyone may use different lot sizes to start with, I multiply the pip total by the multiplier because it is uniform and everyone can understand because it doesn't matter what your starting lot size is, the 80 pips stays the same.
Now, in the example you're referring to, when we hit our first target of +80 pips, you must multiply that by the current multiplier you are using, which in this case is 2, and so we get +160 pips, see? There are several on FF that do not use the multipliers, and that is their choice, but I use it for all my examples.
Does any one that has been trading this system for at least a month or 2 have any result statistics they can share? Through backtesting it looks like a very good system, however I'm curious how it has actually performed. Thank you!
