TCO Trader EA | Page 43 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

A beginner trader vs pro trader 15 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: TCO Trader EA
Exit Attachments

TCO Trader EA

  • #841
  • Jun 28, 2013 10:32am Jun 28, 2013 10:32am
Quoting rexio
{quote} 1) W%R second chart . 2) xSupertrend(10,3) from S3signals. You can find more information about this indicator at : http://www.xaphod.com/supertrend-ind...etatrader-mt4/ ignore the arrows. They do not belong to this system or EA.

I am familiar with xSuperTrend, (good indicator) but what indicator is giving you the arrows?
Gary
  • #842
  • Jun 28, 2013 11:18am Jun 28, 2013 11:18am
Quoting alpine4133
My Trader Explorer for 4hr EMS 1440 / 240 http://www.forexfactory.com/alpine4133 the chart is called: TCO-Day-4hr EMS and ICH
Thanks for this. Looks like it is doing well for the first two days, but we'll need to see it run a lot longer before drawing any conclusions on its performance versus the hourly. Being a turtle, I've always been a big fan of the longer timeframes. Incidentally, what are your stoploss settings? Any different?

TF
Prices are never too high to begin buying or too low to begin selling.
  • #843
  • Jun 28, 2013 4:36pm Jun 28, 2013 4:36pm
So far which strategy are you inclined to believe will lead the pack? I am favoring EMA, but according to the Trader Explorer it looks like MacD is setting the pace, or am I reading it wrong?
Gary
  • #844
  • Jun 28, 2013 9:58pm Jun 28, 2013 9:58pm
Quoting s3 signals
{quote} Totally correct. However, I tend to determine whether trend is up or down based upon the MACD ribbon on the hourly. I don't know if this correct, but seems to give a good approximation to the bigger picture on which to base my trade, rather than go to the daily each time which is a pain. If you were really smart, you could optimise the parameters on the supertrend to get the best outcomes. That, however, is probably the subject of another thread and another way to waste one's life. For example, if you reduce the multiple from...
S3,

To carry on with the SuperTrend conversation, (hope TCO is still cool with this?), why not go all out and determine the Daily Trend from SuperTrend also?

Case in point, the GBP-AUD example as used previously, trend changed on Daily on 5 April 2013 and we should look for entries on 1 Hour chart ever since.

I have studied SuperTrend indicator a lot also, mainly on 4 Hour, and have noticed this point on ALL time frames - it often allows a second chance entry at the same level of the break after a retracement

See the charts, first for April change and then yesterday's 1 Hour chart, so I didn't have to look far to find this price action; you can look at your own charts and see this very easily.

So, looks to me SuperTrend would keep us out of the recent pullback on Daily candles, but still give great & safe entry signal on 1 Hour chart yesterday - very interesting.

I am with you about using an EA to take SuperTrend trades but I go more for the break, not the pullback method you mention, you would have missed out yesterday on this chart.

Regards, E.

PS: TCO, can you see a v1.5 coming in the future?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 0047.png Size: 113 KB
Click to Enlarge Name: 0048.png Size: 33 KB
It takes a lot for me to IGNORE you, but you can try.
  • #845
  • Jun 28, 2013 10:19pm Jun 28, 2013 10:19pm
A few more charts to elaborate the SuperTrend possibilities

Work from Daily to 1 hour chart, checking for set ups
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 0049.png Size: 38 KB
Click to Enlarge Name: 0051.png Size: 71 KB
Click to Enlarge Name: 0050.png Size: 63 KB
It takes a lot for me to IGNORE you, but you can try.
  • #846
  • Jun 28, 2013 10:29pm Jun 28, 2013 10:29pm
Quoting Erebus
A few more charts to elaborate the SuperTrend possibilities Work from Daily to 1 hour chart, checking for set ups {image} {image} {image}
You trying to complicate things busman! Hey have a look at GBP/JPY on the 60 min - the chart looks a bit messy but its in consolidation ready for a break. When this thing goes it can be fun. Good luck!
  • #847
  • Jun 28, 2013 10:42pm Jun 28, 2013 10:42pm
Quoting claudia1
{quote} You trying to complicate things busman! Hey have a look at GBP/JPY on the 60 min - the chart looks a bit messy but its in consolidation ready for a break. When this thing goes it can be fun. Good luck!
No, this is way too easy!

I have been looking at all the charts, yes, GBP-JPY has been confusing both MACD & 20/50 EMA methods due to messy up & down action (ranging)

On daily it is RED, so perhaps something will be clear next week, watch for it, nice round number 150

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: 0052.png Size: 31 KB
It takes a lot for me to IGNORE you, but you can try.
  • #848
  • Jun 28, 2013 11:27pm Jun 28, 2013 11:27pm
Quote
Erebus
S3,

To carry on with the SuperTrend conversation, (hope TCO is still cool with this?), why not go all out and determine the Daily Trend from SuperTrend also?

Erebus

Interesting take on determining the daily trend. However, I think we should be careful about changing the essence of this thread, or hi-jacking it. TCO's EA is great; all I was looking to do was to refine an entry point without Williams %.

Also, your suggestion to take a second bite at the trade after a break would miss a lot of trades where the supertrend line is touched but not breached(I'll try to post charts later today) . I would say that in my experience, the best, best trades arise from a bounce where the price action dips past the line but doesn't close in breach. Your suggestion would miss these. yes, the example you quote was missed, but there will another place higher up later to get on board (hopefully that doesn't lose!).

Thanks for your efforts. I feel a separate thread coming on sometime!
John
  • #849
  • Jun 29, 2013 12:00am Jun 29, 2013 12:00am
I think we are now in setp 10 the life of a system in forexfactory.


"10. It’s just that little thing left to do! After a while, noticing that a large number of people posting in the thread get mixed or even bad results, someone has an epiphany. All we need to make the system really great is an indicator or something to tell us if the market is trending or ranging. But not yesterday or last week or last hour. What is it GOING to do next?"

http://www.forexfactory.com/showthread.php?t=347075
  • #850
  • Jun 29, 2013 12:07am Jun 29, 2013 12:07am
Quoting Golum
I think we are now in setp 10 the life of a system in forexfactory. "10. It’s just that little thing left to do! After a while, noticing that a large number of people posting in the thread get mixed or even bad results, someone has an epiphany. All we need to make the system really great is an indicator or something to tell us if the market is trending or ranging. But not yesterday or last week or last hour. What is it GOING to do next?" http://www.forexfactory.com/showthread.php?t=347075
Yes, that's right!

For me it is because: I have time on my hands, I am great with MT4, it is raining out, it is week end, and stuff

Plus my real account, while being UP 13% per week for the previous 3 weeks was pegged at 0% last week, so there is my bad result

So, yes, maybe doubt the system

Anyway, no a big deal to screen all trend determination methods is it?

After all, if traders could agree on definition of trend, this trading would be so easy!

It takes a lot for me to IGNORE you, but you can try.
  • #851
  • Jun 29, 2013 12:22am Jun 29, 2013 12:22am
Quoting s3 signals
{quote} Erebus Interesting take on determining the daily trend. However, I think we should be careful about changing the essence of this thread, or hi-jacking it. TCO's EA is great; all I was looking to do was to refine an entry point without Williams %. Also, your suggestion to take a second bite at the trade after a break would miss a lot of trades where the supertrend line is touched but not breached(I'll try to post charts later today) . I would say that in my experience, the best, best trades arise from a bounce where the price action dips...
I really would like to see some trade entries as you suggest because I can't see them.

Now, first thing, I am not saying to take second bite, I am just observing the price action, it moves in waves and does often retrace back to the recently broken SuperTrend line......... so IF you missed the opportunity and felt the risk was right, then, understanding the price action, a nimble trader could enter if he wanted. Also, the retracement entry is what we look for and in the cases shown, it is definitely a confirmation of trend continuation.

Second, I don't understand where you say I would miss a trade when line touched but not breached? If the line was in the direction of the main trend, trade entered, line not breached, then price must reverse and take out the stop loss - how is that missing a trade?

This is why I need your chart examples, take the GBP-NZD, for me that should be entry now as Daily is Green for long, SuperTrend is hit on 1 Hour chart, you say to wait now for retrace back to lower SuperTrend 150 pips for entry?

I guess that plays in with my retracement observation, so if it doesn't get your entry, take the original break entry on the way past with stop order.

We see what happens next week
Attached Image (click to enlarge)
Click to Enlarge Name: 0053.png Size: 23 KB
It takes a lot for me to IGNORE you, but you can try.
  • #852
  • Edited 1:37am Jun 29, 2013 1:24am | Edited 1:37am
Quoting Erebus
{quote} I really would like to see some trade entries as you suggest because I can't see them. Now, first thing, I am not saying to take second bite, I am just observing the price action, it moves in waves and does often retrace back to the recently broken SuperTrend line......... so IF you missed the opportunity and felt the risk was right, then, understanding the price action, a nimble trader could enter if he wanted. Also, the retracement entry is what we look for and in the cases shown, it is definitely a confirmation of trend continuation....
I've had a chance to look at the Xsupertrend on various charts and can see it as a possible addition to the HTF trend. Though, I would hesitate to incorporate it's use on the lower TF to pull the trigger. The result is not as efficient as my current usage of stochastics as the trigger. Of course, unless you want to use supertrend on the lower TF to trigger trades on breakout in the direction of the HTF trend. In this case it would just be another trading strategy altogether. I also didn't see much in a way of difference when comparing it's use to the daily 20/50 EMA method. I'll post a pic of an example of E/A daily chart below.

This is making the system a little too complicated for me. Let's K.I.S.S.
Attached Image (click to enlarge)
Click to Enlarge Name: E-A Daily.jpg Size: 78 KB
  • #853
  • Jun 29, 2013 2:02am Jun 29, 2013 2:02am
Quoting MKFXTrader
{quote} I've had a chance to look at the Xsupertrend on various charts and can see it as a possible addition to the HTF trend. Though, I would hesitate to incorporate it's use on the lower TF to pull the trigger. The result is not as efficient as my current usage of stochastics as the trigger. Of course, unless you want to use supertrend on the lower TF to trigger trades on breakout in the direction of the HTF trend. In this case it would just be another trading strategy altogether. I also didn't see much in a way of difference when comparing it's...
Agree - the original 20/50 works for me. If it works why change it. Like all systems/strategies you will get bad times but......... I dunno leave it as it is lol.
  • #854
  • Jun 29, 2013 3:42am Jun 29, 2013 3:42am
Quote
Erebus
I really would like to see some trade entries as you suggest because I can't see them.

I have two charts covering all trades on GBPNZD in June. I use larger stops for GBP and EUR crosses against the kiwi and aussie dollar, as ATR is usually much greater than other currencies I track. I use 110 pips, but you might want to make it 125 pips or more. My target is generally 2.5 times my risk, or 275 pips in this case, and I tend to move stop to break even after 110 pips. All other pairs can usually live with 80 pip stops, depending on volatility. It is crucial for me to get my stops down to the leanest I can live with without hampering results, as it allows me to make targets lower, and enables me to get more out of my initial risk. I tend to risk 1% per trade, so I would rather enter a trade knowing that I can lose 1% over 100 pips, than to place half the stake size risking 200 pips and have the trade potentially tied up for longer. For such a large stop loss on an hourly chart to be hit might denote a change in trend and if not, then I should still be able to get in at a better price after taking the loss. Everyone's approach is different. C'est la vie....

In summary, there were 7 trades. 3 winners, 3 losers, 1 break even. That equates to a return of 4.5% for June from this pair. Much fewer trades than using the Williams % I agree so probably a lower return, but then I haven't tied up anywhere the same amount of capital. So, like for like, I consider it less stressy when things are turning against me. If I could achieve just 1% a month from each of 12 pairs, then I am would be over the moon.

I have uploaded 2 charts. Not done this before so hoping it works. If it doesn't, hopefully someone will educate me.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpnzdh1- june2013 (1).png Size: 54 KB
Click to Enlarge Name: gbpnzdh1- june2013 (2).png Size: 59 KB
John
  • #855
  • Jun 29, 2013 4:00am Jun 29, 2013 4:00am
Quote
Erebus
I really would like to see some trade entries as you suggest because I can't see them.

Erebus

Sorry, forgot to add that 2 out of the 3 winning trades in June would have been missed if you waited for a breach of the supertrend line. In contrast, you might have escaped one of the losses. The bounce from the supertrend line tends to give good trades and if your stop loss is at a sensible distance then it should give you enough leeway to buy at the line.

Hope this helps.

Perhaps if discussion continues, should start own thread. However, I firmly believe in what TCO has created here in a fantastic EA that I now use. It is that that has started me thinking on refinements that might make it even stronger, rather than to create something else.

Good weekend to all.
John
  • #856
  • Jun 29, 2013 4:34am Jun 29, 2013 4:34am
Quoting MKFXTrader
{quote} I've had a chance to look at the Xsupertrend on various charts and can see it as a possible addition to the HTF trend. Though, I would hesitate to incorporate it's use on the lower TF to pull the trigger. The result is not as efficient as my current usage of stochastics as the trigger. Of course, unless you want to use supertrend on the lower TF to trigger trades on breakout in the direction of the HTF trend. In this case it would just be another trading strategy altogether. I also didn't see much in a way of difference when comparing it's...
There is no trend definition that will always be the best. Personally above/below D 50 RSI level has been a good rule of thumb. The legendary EA writer Steve Hopwood (now gone elsewhere) always wrote that into his lower TF EA's as a standard filter. Almost sorry I brought that into the discussion.

In the example you give with the supertrend entry, there would have been significant drawdown (most likely hitting stops) compared to when the 20/50 buy signals kicked in. So 20/50 would have been better there. Daily MACD cross is often quicker than above below the 20/50 ema's and of course those trades often work out fine. Though not always, if I recall D MACD on EURAUD is signalling sells and of course we are still happily buying above the emas.

Use another strategy whilst waiting for your preferred trend method to kick in. All you can hope for is to have something that gives you an edge and wait for it to kick in. You can back test and find numerous examples when 1 trend definition beats the other, you'll probably drive yourself trying to figure it out. Like I said no 1 trend definition will always give the best returns IMHO.
  • #857
  • Edited 5:43am Jun 29, 2013 4:49am | Edited 5:43am
A quick observation.......the entries are pretty close to the trend indicator.....if it can be programmed to close the trade once the bar closes on the other side of the trend indi......then this can be a great r:r system.......according to this pic....we would have to investigate it deeper with other pairs of course in case it is just this pic that looks good......

4x

Quoting s3 signals
{quote} I have two charts covering all trades on GBPNZD in June. I use larger stops for GBP and EUR crosses against the kiwi and aussie dollar, as ATR is usually much greater than other currencies I track. I use 110 pips, but you might want to make it 125 pips or more. My target is generally 2.5 times my risk, or 275 pips in this case, and I tend to move stop to break even after 110 pips. All other pairs can usually live with 80 pip stops, depending on volatility. It is crucial for me to get my stops down to the leanest I can live with without hampering...
  • #858
  • Jun 29, 2013 5:06am Jun 29, 2013 5:06am
Thanks so much to everyone (especially 100pips, TCO and Erebus) for their work and contributions with regards to all these related strategies. I'm currently setting up my own VPS demo account to start trading on Monday.

1. I would like to get your comments/recommendations with regards to the "Close trades on opposite signal" setting, not sure which will work out best (or worked the best in the past). I have tried some backtests with Strategy Tester but it is incredibly slow. I'm a bit scared by it opening and closing many losing trades in ranging conditions. I believe 100pips just leave trades open until they hit TP/SL and just ignore opposite signals but would like to get your thoughts?

2. I'm a bit stumped with money management , (one of the reasons I will just demo this, would prefer less than 30% drawdown) - do you think this is reasonable: $5000 account, 20 pairs, max 4 trades each, 12h delay, 0.01 lots, leverage 50:1 (max on my Oanda demo acc)?

Will appreciate any comments/advice.
  • #859
  • Jun 29, 2013 5:24am Jun 29, 2013 5:24am
Quote
4xPIPAHOLIC

A quick observation.......the entries are pretty close to the trend indicator.....if it can be programmed to close the trade once the bar closes on the other side of the trend indi......then this can be a great r:r system.......according to this pic....we would have to investigate it deeper with other pairs of course in case it is just this pic that looks good......

I still think you would have missed 2 of the 3 winning trades in June if you waited for the line to be breached. However, on the flip side, the first loss would have been avoided and replaced with a win. So still better to be buying at the line I would think. Needs a bit of testing and chart-searching. There will always be examples of winners and losers with any system. For example, with the TCO EA, it is often a better entry if you enter when the first candle closes in OB/OS, rather than when the indi closes after it has pulled out of OB/OS. Probably the same with supertrend, I don't know. Placing limit orders at given levels is simple and works for me.

My main point here (with suggesting supertrend) was to investigate an indicator change that would still give us the winners, as the TCO EA does with Williams %, but to AVOID the large drawdowns that will inevitably come with Williams % (as we have seen earlier this week). It seemed to me this week we were adding more weight to the boat whilst trying to row out against an incoming tide. Will end up on the rocks at some point with more losses, rather than manning the boat with just a couple of oarsmen and, hopefully, catching the turn.

Erebus was up over 52% at one point in his Trade Explorer and now is at 15%. Still great figures, but if you had pushed the boat out for the first time when at 52%, you would be currently down 37% (I know he has high risk stake sizes but it is still relative to whatever risk you take). If that was you, you would not only be bailing out your boat big-time, but you'd be bailing out of this system and, sadly, be moving on to yet another imaginary 'holy grail' system somewhere.....the curse of failed traders everywhere. Losses are inevitable, but to give back two thirds of what was made is the true potential cost of this system as it stands. Even if you were trying to make 10% a month and set your stake sizes much lower than Erebus, you might be down 6% - 7% already, and your belief in the system would be severely challenged. When, actually, I think it is nearly a fantastically successful system.

Two cents from a boring Saturday.
John
  • #860
  • Edited 6:44am Jun 29, 2013 5:43am | Edited 6:44am
** UPDATE UPDATE UPDATE UPDATE **

Hi Team, I have posted version 1.4 in post 1 along with an updated instructions, template and settings files. The external parameters have changed. So please verify your settings when using the updated EA. Thanks for your patience. Please ask questions, report issues, bugs and post your results. Thanks!

TCO Trader v1.4
- Added Turtle Trend Method - indicator not necessary for EA, only for the template if you want it.
- Allow 1-4 automated trend methods to be selected
- Added Stochastic Lower TF trade signal that be selected instead of WPR
- Added Bar Countdown to Screen Display from last open order and closed order
- Added Activate EA status to Screen Display
- Added Order Send/Modify delay to avoid 141 errors - Thanks to darkgsg(ck) for the coding
- For Ichi and EMA previous day close used for PA
- Added weekly filter to MACD
- Added EMA cross option
- Order Delay after closed trades added
- Clear objects on screen when EA removed - Thanks to Rexio for the coding
- Alerts added for opening orders and closing orders(close all on opposite signal or close all on profit/loss %)
1 trader viewing now