How about this excellent ea? | Forex Factory

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How about this excellent ea?

  • #1
  • First Post: Jun 8, 2009 9:56am Jun 8, 2009 9:56am
Hello Guys,
I came to discover this magnificent idea about an EA that will just blow up you account. Its actually a Trading strategy that i found. If anybody can create sucessfully this EA i am about to describe i guarantee you will never be disappointed.
DESCRIPTION
The EA will be based on channels, but this time not channel breakouts but on the principle that price tends to bouce back from the boundaries of the channel before it finally breaks out.
(1) FIRST the EA will calculate the width of the channel and enter at a long and short position simultaenously at the middle of the channel. and take profits at about 3 pips away from the channel boundaries.
(2) Price is bound to bounce back the boundaries for some time before it finally breaks out. This EA will work very well in less Volatile markets like the markets on fridays of before the opening of some sessions
(3) When Price finally breaks out by 10 to 15 pips, the will then close all trades against the breakout and live those in favour of it.
EXTRA TIP

for 5 digit Brokers the Default take profit can be 10 pips which will equal 1 pip for 4 digit brokers while the Take profit for 4 digit brokers will be equal to 1 pip.

if the channel prolongs. the sum of the various 1 pip scalp trades will then yield to a total profit of about 50-150 pips and a probable loss of ten pips.


TRY THIS GUYS IT WILL SURELY WORK. I HAVE TRIED IT ON A EA BUT I HAD TO MANUALLY FOLLOW THE ABOVE PRINCIPLES AND IT DOUBLED A $250 DEMO ACCOUNT IN 2 DAYS
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  • #2
  • Jun 8, 2009 10:00am Jun 8, 2009 10:00am
Duuude, that is some serious business. My mind - blown.
I don't know what time it is at your place, but right here it's 4:20.
  • #3
  • Jun 8, 2009 10:06am Jun 8, 2009 10:06am
The price dont behave as cleanly as in the picture attached. From my limited experience the price often "tires" to cross the middle line of the channel before deciding where to go next. It's more like those MA x-over indi's where you have a cross sometimes in a single bar or sometimes it takes hours to days and trading MA x-overs during that time is bad

my 2 cents...
If it floats, flies, or f%^ks, rent it, it's cheaper.
  • #4
  • Jun 8, 2009 10:17am Jun 8, 2009 10:17am
It can work but it's allmost impossible to define a channel before it appears so you are allready too late.

This might work at night on pair like EURCHF but FAP does this but if you can create an EA that does the same job for free, why not
  • #5
  • Jun 8, 2009 10:51am Jun 8, 2009 10:51am
Are you suggesting to take a trade in both directions at once?

Because NFA has banned hedging right now.
  • #6
  • Jun 8, 2009 2:02pm Jun 8, 2009 2:02pm
Many of you have doubts about this EA. But i have been using this strategy to continously blow up my demo acct. i am yet to take it to my live account.
if the EA can draw a trend line of the repeating price tops and bottoms, it can detect the channel. As for the hedging, Even though the NFA banned Hedging, trades can still be opened almost at thesame time but the spreads will separate the entries apart. Try this strategy with any EA that goes long and short almost simultaenously and use this strategy. you will see it works very well.
  • #7
  • Jun 8, 2009 5:05pm Jun 8, 2009 5:05pm
Quoting Toukika
Are you suggesting to take a trade in both directions at once?

Because NFA has banned hedging right now.
This is a non-issue. It's possible to replicate any hedged position without hedging (or even using a second account). This is because every possible scenario ultimately amounts to being either net long, net short, or out of the market.
e.g.
1. Hedged trader hedges (1 long, 1 short) = net zero. Non-hedger replicates this by simply being out of the market.
2. Hedger closes his long position. Non-hedger simply opens a short. Now both are net short. Same net position, same pips will be collected, same margin usage, same exposure to risk.
3. Hedger now re-hedges by opening an offsetting long position. Non-hedger replicates by simply closing his short. Now both are net zero again...... back to step 1.

The same concept can be used, no matter how complex the 'hedging' scenario might appear. And the non-hedger ultimately pays less spread (because he has less positions open) and less swap interest (because if the hedger has offestting positions open at 1700 EST, the broker will charge more interest on one position than he pays out on the other).

It is just as easy to write an EA to play out the non-hedged approach as the hedged one.
  • #8
  • Jun 9, 2009 2:05am Jun 9, 2009 2:05am
We love naija with dignity,
We pledge to hold on with integrity,
This is my dream for the beautiful city,
& to make it with our pips crazy mentality...
  • #9
  • Jun 9, 2009 10:14pm Jun 9, 2009 10:14pm
It would come down to how you define your channel. The middle would be easy to find at that point... You have not stated how that is to work.
sounds to me you would get your head kicked in on a trend but not sure. channells are very tough if you are in a trend.

also hedged positons banned? non - sense ...only if you keep your cash in the usa.... although you can write an ea to get around the hedging problems...its kind of tricky...its easier and more effeceient to open 2 trades at once....
  • #10
  • Jun 9, 2009 11:02pm Jun 9, 2009 11:02pm
Quoting hanover
This is a non-issue. It's possible to replicate any hedged position without hedging (or even using a second account). This is because every possible scenario ultimately amounts to being either net long, net short, or out of the market.
e.g.
1. Hedged trader hedges (1 long, 1 short) = net zero. Non-hedger replicates this by simply being out of the market.
2. Hedger closes his long position. Non-hedger simply opens a short. Now both are net short. Same net position, same pips will be collected, same margin usage, same exposure to risk.
3. Hedger...
You have the patience of a saint.
The breaking of a wave cannot explain the whole sea.
  • #11
  • Jun 10, 2009 4:24am Jun 10, 2009 4:24am
Quoting Craig
You have the patience of a saint.
LOL. Just killing time while waiting for setups. And it's pretty much all Ctrl-C/Ctrl-V.
  • #12
  • Jun 10, 2009 1:28pm Jun 10, 2009 1:28pm
Quoting hanover
LOL. Just killing time while waiting for setups. And it's pretty much all Ctrl-C/Ctrl-V.
They need your copy/paste skills over at the 'MT5 Bad' thread, the usual suspects are clattering on about how the lack of multiple positions is somehow inhibiting their trading options. It is an interesting study in human nature and how the need to feel vindicated actually being stronger than the need to be right. Happens to everybody in some way.
The breaking of a wave cannot explain the whole sea.
  • #13
  • Jun 10, 2009 1:56pm Jun 10, 2009 1:56pm
Quoting Craig
They need your copy/paste skills over at the 'MT5 Bad' thread, the usual suspects are clattering on about how the lack of multiple positions is somehow inhibiting their trading options. It is an interesting study in human nature and how the need to feel vindicated actually being stronger than the need to be right. Happens to everybody in some way.
Thanks for the invitation. Looks like I might have a job for life.

Getting off the original topic (sorry, Adewumi), but...... I haven't seen MT5 yet, but from what I've read, not all of the zillion MT4 indicators/EAs out there are going to be plug'n'play MT5-compatible. If so, there could be opportunities for programmers with both MT4/MT5 skills to make a few $$$.
  • #14
  • Jun 10, 2009 2:33pm Jun 10, 2009 2:33pm
I think you are right, though, for awhile I suspect it will be a double edged sword, given the amount of time it took to get MT4 stable. This why I went to C++ Metaquotes seem to have the 'not invented here' syndrome (which is common in IT), given the plethora of existing development tools the still feel the need to create their down complier/debugger etc, I just don't get it.
The breaking of a wave cannot explain the whole sea.
  • #15
  • May 5, 2011 1:53pm May 5, 2011 1:53pm
Guys i posted the profitability of this EA some months ago and actually traded an ea that works on this strategy the results are remarkable. In fact they are unbelievable. here is the proof. i wont say more than that. i have been trading over 2 years now and i can tell you where there is profit and where there is not.


All i need is a programmer to volunteer and i would guard him through the strategy. any lose you see in the detailed statement were closed open trades after i have achieved my desired equity.
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  • #16
  • May 5, 2011 2:10pm May 5, 2011 2:10pm
for those of you still doubting i will be posting my acct details as freq as possible
  • #17
  • May 5, 2011 4:00pm May 5, 2011 4:00pm
just opened a new demo acct today that works on this principle, here is the account details of my first trading session
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  • #18
  • May 6, 2011 1:35am May 6, 2011 1:35am
here is my report for today friday 6 may 2011. they floating loss is against the major trend. there is no need to be alarmed about that. i will close it if it reaches half of my acct
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Click to Enlarge Name: current account report of day 2.jpg Size: 77 KB
  • #19
  • May 6, 2011 6:07pm May 6, 2011 6:07pm
i thought i uploaded the conclusion of Day two's trade but i didnt. here it is

i will also like to give prospective programmers how this system really works.
Most people expects an expert advisor to be something you leave and go to bed so that you can wake and see a 10 percent increase in profits.

I personally don't believe that should be the case. i believe in guiding an expert advisor. This system works on a ranging market as you most have seen in the first post and as you must have known ranging markets often dont last long.

hence, i try to make the most from the range market especially before the opening of the london or new york session.

For interested programmers, before i can give you the details of this system, i would give you a test to do a very simple indicator and add your flavour to it. if it is impressive i would hand over the system to you for coding.
Attached Image (click to enlarge)
Click to Enlarge Name: current account report of day 2 completed trade.jpg Size: 81 KB
  • #20
  • May 7, 2011 5:24am May 7, 2011 5:24am
Quoting Adewumi
i thought i uploaded the conclusion of Day two's trade but i didnt. here it is

i will also like to give prospective programmers how this system really works.
Most people expects an expert advisor to be something you leave and go to bed so that you can wake and see a 10 percent increase in profits.

I personally don't believe that should be the case. i believe in guiding an expert advisor. This system works on a ranging market as you most have seen in the first post and as you must have known ranging markets often dont last long.

hence, i try...
Count me in, send me the details for the indicator and i'll see what i can make of it
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