Sixths trading - an EA by macman, Bob and Steve mk 2 | Page 58 | Forex Factory

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Sixths trading - an EA by macman, Bob and Steve mk 2

  • #1,141
  • Mar 19, 2011 7:34pm Mar 19, 2011 7:34pm
Hello Astral,

This week is another good example. Euro countries and the US just started bombing Libya. War and the nuclear issues from Japan will again make the markets unpredictable.

Regards,
Jeff

Quoting astral77
Hi

Azjeff suggested the sensible course of action (i.e. liqudate and do not trade till things have settled down). I would like to remind everyone that BOB says that the only thing which can damage his system (in particular the recovery) is what he calls SUPER NEWS STORIES. NUCCLEAR MELT DOWN is super news. As for the lot size as everyone knows (since I posted my reports many times) I had started with a $2000 account for this EA end of October, It has grown to $2500 by now trading 0.01 (10 cents) lots and at one point today my margin was as low...
  • #1,142
  • Mar 19, 2011 8:22pm Mar 19, 2011 8:22pm
Quoting azjeff
Hello Astral,

This week is another good example. Euro countries and the US just started bombing Libya. War and the nuclear issues from Japan will again make the markets unpredictable.

Regards,
Jeff
Cheers Jeff. This puts a different slant on my previous post.

For those unfamiliar with him, Jeff is well worthwhile taking note of when he speaks. He does so rarely.

  • #1,143
  • Mar 19, 2011 8:34pm Mar 19, 2011 8:34pm
Did recent events tell us which standard hedge option is best?
Is no hedge the best option, with deletion of L1, etc.?
Opinions by seasoned traders are warmly received. For poor traders like me, I suspect that the ATR hedge will calm the beast best, but it is a guess. I had two pairs go to L4.
(Whip can hedge out of a concrete bunker.
He prefers late hedging done manually. There is likely skill and judgement which will require considerable experience to acquire.)

Glenn
  • #1,144
  • Mar 19, 2011 11:03pm Mar 19, 2011 11:03pm
Steve, call me dense but perhaps it is time to combine the chaserL into the original beast with option to choose which sixth indicator the EA should use?
  • #1,145
  • Mar 20, 2011 12:32am Mar 20, 2011 12:32am
Quoting obnoxious2
Steve, call me dense but perhaps it is time to combine the chaserL into the original beast with option to choose which sixth indicator the EA should use?
I like that idea.
  • #1,146
  • Edited 5:57am Mar 20, 2011 2:33am | Edited 5:57am
I think TOB needs an adjustable setting to be able to set a maximum amount of pairs to be traded at once. This way we could load TOB onto pretty much all available pairs, yet it will only open trades on a new pair up until it reaches the "max pairs allowed" setting.

This way we can set our lot sizes appropriately so if our "max allowed pairs" are all open at L4 we won't face blown account.

What are your thoughts?
  • #1,147
  • Mar 20, 2011 4:34am Mar 20, 2011 4:34am
Quoting Frodog
I think TOB needs an adjustable setting to be able to set a maximum amount of pairs to be traded and once...
Hey Frodog,
i think this is a great idea! Together with the Scoobs filter to secure your margin it could save our accounts very well, within this weeks of devastating news!

cheers
  • #1,148
  • Mar 20, 2011 6:22am Mar 20, 2011 6:22am
Hi

just read this important Post from DailyMarkets.com
It's a good advice,I'll post it here for you and on 2 other threads.

so be prudent=

Quote
The G-7 Forex Intervention Is A Perfect Example Of How Manipulated The Global Currency Market Really Is

By Michael Snyder on March 20, 2011


What do governments and central banks do when they don’t like what is happening in the financial markets?...
Account deleted
  • #1,149
  • Mar 20, 2011 6:36am Mar 20, 2011 6:36am
Quoting Frodog
I think TOB needs an adjustable setting to be able to set a maximum amount of pairs to be traded at once. This way we could load TOB onto pretty much all available pairs, yet it will only open trades on a new pair up until it reaches the "max pairs allowed" setting.

This way we can set our lot sizes appropriately so if our "max allowed pairs" are all open at L4 we won't face blown account.

What are your thoughts?
Excellent idea that I shall code into TOB.

I have already coded the maximum spread thingy.

  • #1,150
  • Mar 20, 2011 7:43am Mar 20, 2011 7:43am
Definietly agree there. Steve hit hte nail ont he head. As Macman said there is no such thing as a set and forget EA. There is however a set, monitor and manage EA where the trader needs to take a view on the markets and decide how they want the EA to run and manage trades. TOB made it through the week very well. I left one version of TOB and BEASTIE on demo and the sixths failed to recalc and left big levels. As simple reload of the template fixed the issues though. Steve, any ideas wat could of caused this. The purple thick line and dotted lines were like 300+ pips apart, and sometimes all the sixths lines were completely outside of where price was.

In events like this where there is mass quick market movement its definitely best to switch off TOB auto trade, when TOB brings up a manual alert, see where price is in relation to a major level of support or resistance, check the daily/monthly charts to see these levels. Another thing to watch closesly in perdios like this is VSA, see where volume spikes are taking place where brokers and banks are soaking up orders. If this coincides then consider getting into a trade manually anad managing it manually based on your account risk tolerance. I did this and managed to pick up some very very nice retracement trades on thurs and fri So thankyou Steve for an amazing tool/

My thoughts on future similar events, after event has happened close ALL positions ie after you hear about these events on the news and markets have already moved on the back of this, (they can easily go either way) as the order books are very thin. I was watching my dealer platform and there were no bids, everyone was just pushing markets lower to get out. Then you have 2 choices:

1) Use TOB as a manual trader, take posiions only IF the signals fall on major support,resistance levels. If those levels break, then get out pronto as the markets can continue on its way. If experienced enough in these volatile conditions, scalp away off major levels and pattern breakouts or even consider spread/flow trading. I managed to pick up over 1000 pips this week scalping.

2) Keep the EA switched off until YOU feel that the market has started to consolidate. Only you will be able to decide as every person perceives the market differently. How i view consolidation is if the order books have good levels of bids and offers in place and when price does not flip madly.

There is no doubt that the fact that TOB and Beastie are very profitable EAs but knowing how to manage these EAs in turbulant periods will make the EA even better. I hope that newbie traders learnt a lot through this period as you had both the natural disaster as well as JPY interverntion in the same period.


Quoting SteveHopwood
Well, what a week that was.

It started fantastically - I posted the number of pips I had made by Monday night.

At the end of the week: +445 pips, so me a happy bunny. That cadjpy Recovery group reduced the pips profit but boosted the cash profit; nice.

In between was the fun bit. Boy, but I was glad to be awake during the wild hour on Wednesday (or was it Tuesday - doesn't really matter) when every trade I had taken out was heading hot-foot towards L4 and the margin level was down to 800%. No problem there, but I dread to think...
The Kamakazi
  • #1,151
  • Mar 20, 2011 3:20pm Mar 20, 2011 3:20pm
Latest update in post 1.

I have only coded the maximum spread thingy so far - I shall do the maximum pairs to trade tomorrow.

Watch the default input; I have coded this so you enter it as the criminal displays it.

  • #1,152
  • Mar 20, 2011 3:23pm Mar 20, 2011 3:23pm
Quoting SteveHopwood
Excellent idea that I shall code into TOB.

I have already coded the maximum spread thingy.


Hello Steve,

that would be perfect, just one more idea:

I am trading the NB5.2 manually and my risk reduction is to not trade one currency more than 3 times in parallel. So for example if three trades are open with JPY, I do never open another JPY one.

Would that be possible?

br
Bambo0
  • #1,153
  • Mar 20, 2011 3:31pm Mar 20, 2011 3:31pm
Quoting winsteadglenn
Did recent events tell us which standard hedge option is best?
Is no hedge the best option, with deletion of L1, etc.?
Opinions by seasoned traders are warmly received. For poor traders like me, I suspect that the ATR hedge will calm the beast best, but it is a guess. I had two pairs go to L4.
(Whip can hedge out of a concrete bunker.
He prefers late hedging done manually. There is likely skill and judgement which will require considerable experience to acquire.)

Glenn

Hello Glenn,

I donīt have the answer, but can post some exerience from this week.
I have had hedging disabled for all pairs except one, the USDCHF this week. I survived with 43 pips in profit.

Here is my USDCHF hedging result:

(hedging true, at loss pips 500, HedgeLotsMilttiplier 2.0)

Attached Image (click to enlarge)
Click to Enlarge Name: hedge.png Size: 21 KB


br Bambo0
  • #1,154
  • Mar 20, 2011 5:09pm Mar 20, 2011 5:09pm
Quoting Bambo0
Hello Steve,

that would be perfect, just one more idea:

I am trading the NB5.2 manually and my risk reduction is to not trade one currency more than 3 times in parallel. So for example if three trades are open with JPY, I do never open another JPY one.

Would that be possible?

br
Bambo0
No. Sorry. This is beyond my capability to construct.

  • #1,155
  • Mar 20, 2011 5:12pm Mar 20, 2011 5:12pm
Quoting winsteadglenn
(Whip can hedge out of a concrete bunker.
He prefers late hedging done manually. There is likely skill and judgement which will require considerable experience to acquire.)

Glenn
I agree. Whip uses hedging successfully. It makes me look a total prat. I suspect that hedging is far harder to use than it appears on the surface.

Actually, I know this to be true.

  • #1,156
  • Mar 20, 2011 5:55pm Mar 20, 2011 5:55pm
Quoting SteveHopwood
I agree. Whip uses hedging successfully. It makes me look a total prat. I suspect that hedging is far harder to use than it appears on the surface.

Actually, I know this to be true.

OMG Steve,
Pippo may have this right....You only hedge when you are in dire straits.....Maybe the fact that I can't trade keeps me in dire straits all the time....So I've had to practice hard at hedging

whip
  • #1,157
  • Mar 20, 2011 7:03pm Mar 20, 2011 7:03pm
Quoting hiredwhip
OMG Steve,
Pippo may have this right....You only hedge when you are in dire straits.....Maybe the fact that I can't trade keeps me in dire straits all the time....So I've had to practice hard at hedging

whip
I know how you feel.

  • #1,158
  • Mar 20, 2011 7:26pm Mar 20, 2011 7:26pm
The start of a new trading week. Good luck everyone.

FWIW, I am sitting out the start of the week. I have trades in approx 10% of drawdown, so there is no hurry. I can happily wait for this to reduce.

I shall reinstate TOB when I have coded the maximum pairs thingy.

  • #1,159
  • Mar 20, 2011 7:40pm Mar 20, 2011 7:40pm
Quoting Frodog
I think TOB needs an adjustable setting to be able to set a maximum amount of pairs to be traded at once. This way we could load TOB onto pretty much all available pairs, yet it will only open trades on a new pair up until it reaches the "max pairs allowed" setting.

This way we can set our lot sizes appropriately so if our "max allowed pairs" are all open at L4 we won't face blown account.

What are your thoughts?
Steve:

Does this pending addition to TOB mean that after "max allowed pairs" is reached, will recovery trades for these pairs be allowed, or would recovery trades be considered an additional pair? The difference is critical. I would welcome this option, as long as you could code it: true/false - "allow recovery trades for max open pairs".

Here is to a great trading week for all of us.

Pete
  • #1,160
  • Mar 20, 2011 7:50pm Mar 20, 2011 7:50pm
Quoting ForexPete
Steve:

Does this pending addition to TOB mean that after "max allowed pairs" is reached, will recovery trades for these pairs be allowed, or would recovery trades be considered an additional pair? The difference is critical. I would welcome this option, as long as you could code it: true/false - "allow recovery trades for max open pairs".

Here is to a great trading week for all of us.

Pete
What a daft question. Tell you what. I will let you answer that for yourself then blush quietly in a corner afterwards.

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