Sixths trading - an EA by macman, Bob and Steve mk 2 | Page 72 | Forex Factory

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

  • #1,421
  • Apr 1, 2011 5:42pm Apr 1, 2011 5:42pm
Talking about Recovery, here is a deeply unloved experience today.

I have a GJ L4 trade that was at +$10 yesterday (IBFX Ausie, 0.08 lots). I did consider adding a be sl to this trade but decided to leave it and let Recovery do its thing. As a rule, I find that interfering with Recovery merely means that the process takes longer.

So, courtesy of NFP, this blasted trade is now -$46, or -243 pips. Some change around, or what?

I have a similar thing going with gchf, so this time I have locked in a be +10 just in case.

This makes me wonder. Given that L3 and L4 trades are starting to ratchet up the lot sizes, should we be locking in profit at be plus a few when they are in profit?


Ideas and thoughts, guys?

  • #1,422
  • Apr 1, 2011 6:01pm Apr 1, 2011 6:01pm
I may as well post this whilst I am thinking about it.

Live results for the week:
$11.88 profit taking my account balance to a princely $1631.02.
+165 pips
0.73% increase on the balance at the start of the week

Not much, but there is no such thing as bad profit. Recovery trades from The Big Event a couple of weeks ago have gradually worked their way through; ECad from 14th/15th March bit the dust at a decent profit today. Others worked their way through earlier in the week.

Of course, I am still left with a shed-load of Recovery trades; they are simply a different lot to those I started the week with. Hey ho.

Also on the plus side, I took Marisa (a student) to take her Grade 6 piano exam today. She passed, so this represents a good day. I love watching kids succeed. Best sight in the world.

  • #1,423
  • Apr 1, 2011 6:05pm Apr 1, 2011 6:05pm
Quoting SteveHopwood
Talking about Recovery, here is a deeply unloved experience today.

I have a GJ L4 trade that was at +$10 yesterday (IBFX Ausie, 0.08 lots). I did consider adding a be sl to this trade but decided to leave it and let Recovery do its thing. As a rule, I find that interfering with Recovery merely means that the process takes longer.

So, courtesy of NFP, this blasted trade is now -$46, or -243 pips. Some change around, or what?

I have a similar thing going with gchf, so this time I have locked in a be +10 just in case.

This makes me wonder....
accordong to this RSI based MTF indicator (gspe) it is sideways/downward weakly on H1, and H4, but upward bound on M30. Of course, anything is possible.
Attached Image (click to enlarge)
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Vincit qui se vincit.
  • #1,424
  • Apr 1, 2011 6:09pm Apr 1, 2011 6:09pm
Quoting SteveHopwood
I may as well post this whilst I am thinking about it.

Live results for the week:
$11.88 profit taking my account balance to a princely $1631.02.
+165 pips
0.73% increase on the balance at the start of the week

Not much, but there is no such thing as bad profit. Recovery trades from The Big Event a couple of weeks ago have gradually worked their way through; ECad from 14th/15th March bit the dust at a decent profit today. Others worked their way through earlier in the week.

Of course, I am still left with a shed-load of Recovery trades; they...
the question you just asked about your G/J trade.
Vincit qui se vincit.
  • #1,425
  • Apr 1, 2011 6:12pm Apr 1, 2011 6:12pm
Quoting Pippopotamus
accordong to this RSI based MTF indicator (gspe) it is sideways/downward weakly on H1, and H4, but upward bound on M30. Of course, anything is possible.
Yes. And I am steadfastly ignoring the up-trend shown by my fav D1 RSI(20). lah lah lah lah lah

Hell fire, everything retraces eventually.

Mind, there is a new filter coming to TOB soon. If the markets have changed yet again into seriously trending markets, then we only want to be trading the end of the retrace. We shall see.

  • #1,426
  • Apr 1, 2011 6:15pm Apr 1, 2011 6:15pm
Quoting SteveHopwood
Talking about Recovery, here is a deeply unloved experience today.

I have a GJ L4 trade that was at +$10 yesterday (IBFX Ausie, 0.08 lots). I did consider adding a be sl to this trade but decided to leave it and let Recovery do its thing. As a rule, I find that interfering with Recovery merely means that the process takes longer.

So, courtesy of NFP, this blasted trade is now -$46, or -243 pips. Some change around, or what?

I have a similar thing going with gchf, so this time I have locked in a be +10 just in case.

This makes me wonder. Given...
Hi Steve,
This idea or something similar was talked up by either pipstrumpf or jcs I believe awhile back on the FTLR thread....While everybody thought it was a good idea, nobody thought it was worth trying because of the small trade volume of FTLR with those high TF charts.....With TOB you have high trade volume with alot of pairs in recovery and IMHO would be a neat trick over here....Nice One!

whip
  • #1,427
  • Apr 1, 2011 6:23pm Apr 1, 2011 6:23pm
Steve

I was sitting in the Wharf having a bud today when a lightbulb lit above me.

We all know the following about TOB:

a) TOB is a great piece of art in both execution and recovery
b) As Macman mentioned there is no such thing as a set and forget bot
c) As Scooby mentioned you must apply correct trade size based on your account size and the number of pairs you are going to trade.

So heres a thought i had. Why not have a semi automated TOB.
Everyone views levels of support and resistance differently, what i say is a strong support someone may laugh at me. By analysing levels it gives the trader a good idea of the market and have a feel for whether they have the conviction in that level being a good reversal point.

So lets say, rather than using sixths/chaser indicator to calculate levels, what about having an option for the user to put in their own levels into the EA. ie have a box on top left of chart stating upper level and lower level. How i have been testing TOB recently is comparing TOB entrys executed by sixths on one demo and the other taking ONLY sixths entrys that tie up to my own levels. The latter produced much much better results and much less trades in drawdown. As an example this week TOB has -2000 pips in drawdown, the level based TOB is +56 in drawdown. Banked results were also much greater in the level TOB. EG EJ this week killed test 1 and in test 2 i had no clear conviction to sell on a strong upmove and thus saved that big recovery trade thats currently in L3.

So by having the option to put in levels to overwrite Sixths/chaser we can take advantage of BIG daily/weekly/monthly/psychological levels. Not only that but it also forces the user to learn the markets and feel the flow to understand why and when markets turn. Newbies who solely rely on an ea to make money is kidding themselves thinking they dont need to do any prior research or learning. We all learn and to apply that learning to the work of art TOB is a match made in heaven. It also encourages the user to really understand how TOB really works which is also a adde bonus.

So back to the thought, the user will literally have the option to place their own key levels, but the bot will then work as it normally does - utilise the standard entrys, ie price goes to level (equiv of dotted line) touches solid line (auto calculated based on X pips) then TOB places pending order and the rest manages the same way inc recovery.

By doing this we will miss out on some trades, BUT we will be in on the big levels which can actually win more longer term. Traders who are brave can also place in shorter timeframe levels to use TOB to scalp of them as well Also, means that users can utilise TOB to trade how they want it to trade manually but without being glued to the screen. Then coupled with MPTM, the options are endless...

Those that are also brave could even use TOB as a Breakout trader ie use TOB to trade the counter, BUT if price reverses and carrys on in the orignal trending direction HEDGE would kick in or something along these lines.

All food for thought and if anyone has any thoughts on how the above can be perfected even further then all good good good good.

If Steve does decide to code this, then i will go into further discussions on how i get my levels.

Have a good night all

Bob
The Kamakazi
  • #1,428
  • Apr 1, 2011 6:27pm Apr 1, 2011 6:27pm
Quoting hiredwhip
Hi Steve,
This idea or something similar was talked up by either pipstrumpf or jcs I believe awhile back on the FTLR thread....While everybody thought it was a good idea, nobody thought it was worth trying because of the small trade volume of FTLR with those high TF charts.....With TOB you have high trade volume with alot of pairs in recovery and IMHO would be a neat trick over here....Nice One!

whip
Ok. The logic of this is not easy to work out with so many Recovery systems to consider. I will take a bath in the morning and see what I can come up with.

Hehe. I wonder what the read-the-first-post-then-skip-to-the-enders will make of that.

Not that this will be the end for long.

I am starting to gibber. I hope Daddy will feed me some more high quality oil soon.

Oops. Sorry Daddy. Didn't mean to mention you. My lips are sealed. Not that I have lips.....does not compute......return to start.......out of memory.......need cheese.........mouse error 133.297........urp

  • #1,429
  • Apr 1, 2011 6:30pm Apr 1, 2011 6:30pm
Quoting SteveHopwood
Ok. The logic of this is not easy to work out with so many Recovery systems to consider. I will take a bath in the morning and see what I can come up with.

Hehe. I wonder what the read-the-first-post-then-skip-to-the-enders will make of that.

Not that this will be the end for long.

I am starting to gibber. I hope Daddy will feed me some more high quality oil soon.

Oops. Sorry Daddy. Didn't mean to mention you. My lips are sealed. Not that I have lips.....does not compute......return to start.......out of memory.......need cheese.........mouse...
Don't start fireing missiles please
  • #1,430
  • Apr 1, 2011 6:36pm Apr 1, 2011 6:36pm
Randomly open a trade on H1. Any direction. Use Recovery/Hedging to save one's arse. My bet...Recovery/Hedging Vincit Omnia. A trend is intact only up until the last candle. I will now recline and pass out. Good night.
Vincit qui se vincit.
  • #1,431
  • Apr 1, 2011 6:39pm Apr 1, 2011 6:39pm
Quoting Bl888
Steve

I was sitting in the Wharf having a bud today when a lightbulb lit above me.

We all know the following about TOB:

a) TOB is a great piece of art in both execution and recovery
b) As Macman mentioned there is no such thing as a set and forget bot
c) As Scooby mentioned you must apply correct trade size based on your account size and the number of pairs you are going to trade.

So heres a thought i had....
Fantastic. Absolutely fantastic.

This will afford users a level of control over TOB activities that does not exist at the moment. Experienced traders could turn it into an atm.

I shall code this. It will have to be via inputs. My limited understanding of mql4 is that it is a severely limited language, and that the kind of box you describe is not codable. If anyone knows differently, then please say.

Let me do the coding first, then we can get into discussing how to identify the outer levels.

Cheers

  • #1,432
  • Apr 1, 2011 6:45pm Apr 1, 2011 6:45pm
Quoting SteveHopwood
Fantastic. Absolutely fantastic.

This will afford users a level of control over TOB activities that does not exist at the moment. Experienced traders could turn it into an atm.

I shall code this. It will have to be via inputs. My limited understanding of mql4 is that it is a severely limited language, and that the kind of box you describe is not codable. If anyone knows differently, then please say.

Let me do the coding first, then we can get into discussing how to identify the outer levels.

Cheers

Excellent, should be very interesting results.

On the inputs maybe have access to input a few levels. ie i may want to place 2 levels of strong resistance, so if R1 is triggered and banked then the next level r2 is activated. So users who have less computer time can literally place a few decent levels to play. so have like R1, R2, S1 and S2.

Exciting times ahead......
The Kamakazi
  • #1,433
  • Apr 1, 2011 6:48pm Apr 1, 2011 6:48pm
Quoting Pippopotamus
Randomly open a trade on H1. Any direction. Use Recovery/Hedging to save one's arse. My bet...Recovery/Hedging Vincit Omnia. A trend is intact only up until the last candle. I will now recline and pass out. Good night.
Well, there are probably about 1,000 worse systems posited at FF. I am kind-of trying this in my Logical trading. Not quite as random, but close.


  • #1,434
  • Apr 1, 2011 6:50pm Apr 1, 2011 6:50pm
Quoting Bl888
Excellent, should be very interesting results.

On the inputs maybe have access to input a few levels. ie i may want to place 2 levels of strong resistance, so if R1 is triggered and banked then the next level r2 is activated. So users who have less computer time can literally place a few decent levels to play. so have like R1, R2, S1 and S2.

Exciting times ahead......
I believe Steve needs to hurry on this one.....Please

whip
  • #1,435
  • Apr 1, 2011 6:54pm Apr 1, 2011 6:54pm
Quoting Bl888
Excellent, should be very interesting results.

On the inputs maybe have access to input a few levels. ie i may want to place 2 levels of strong resistance, so if R1 is triggered and banked then the next level r2 is activated. So users who have less computer time can literally place a few decent levels to play. so have like R1, R2, S1 and S2.

Exciting times ahead......
Hehe. Which bit of, "My limited understanding of mql4 is that it is a severely limited language" is causing difficulty here?

When you have got your head around the above try getting it around this: I am a pianist, not a programmer.

One step at a time, ok? Preferably in increments of 0.01 of a step. I am not a great coder. I am a prolific coder, There is a difference.

  • #1,436
  • Apr 1, 2011 6:55pm Apr 1, 2011 6:55pm
Quoting hiredwhip
I believe Steve needs to hurry on this one.....Please

whip
You mentioned missiles?

  • #1,437
  • Apr 1, 2011 6:57pm Apr 1, 2011 6:57pm
Quoting SteveHopwood
You mentioned missiles?

Just in passing since I have my fence fixed.....
  • #1,438
  • Apr 1, 2011 7:02pm Apr 1, 2011 7:02pm
Quoting hiredwhip
Just in passing since I have my fence fixed.....
Don't count on it remaining fixed.

  • #1,439
  • Apr 1, 2011 7:19pm Apr 1, 2011 7:19pm
I still need someone to update the user guide. Either that of I write caveat emptor in damn great letters at the start of post 1 of the thread.

There is only one of me, guys. If all I do is make an update to TOB and post it in a post, this takes seconds. If I have to update a user guide then go through the faff of updating post 1 with both user guide and ea, this takes roughly 4 times as long as it does to make the update in the first place - sometimes longer.

Several of you have already shown your inability to keep up with such updates, yet this is only a temporary thingy. Imagine if this were permanent - my life would be much easier. Much, much easier.

Is there really nobody out there ready and able to update the ug for the newbies?

  • #1,440
  • Apr 1, 2011 7:31pm Apr 1, 2011 7:31pm
Quoting SteveHopwood
I still need someone to update the user guide. Either that of I write caveat emptor in damn great letters at the start of post 1 of the thread.

There is only one of me, guys. If all I do is make an update to TOB and post it in a post, this takes seconds. If I have to update a user guide then go through the faff of updating post 1 with both user guide and ea, this takes roughly 4 times as long as it does to make the update in the first place - sometimes longer.

Several of you have already shown your inability to keep up with such updates,...
If you can stand it Steve I'll take a shot at it......Now I have to go to work...Clean-out man just drove in....Long night tonight

whip
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