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Magic 5 - five pips only

  • #181
  • Dec 4, 2014 5:09am Dec 4, 2014 5:09am
You appear to be exasperated. Your wisdom is valued by this rapidly growing post, I appreciate your idea and that's why I contributed. By all means get those stupid questions referred back to the whole context of the post. Unfortunately newbies clutter the post because they do not read the whole thread. My answer to them is to do exactly that. Don't let the people who won't do their homework wast your time by replying. I invite criticism of my post. We all learnt that way and I realise that you contributed because of the others before you who played the game. Great job tk5.
  • #182
  • Dec 4, 2014 5:11am Dec 4, 2014 5:11am
Quoting shoot2scoot
{quote} On another point, some advice please. Once you enter a trade and nothing happens (just sideways) at what point do you exit because the original criteria for entering no longer apply?
in such cases, dont wait ages sth to happen. just close it on breakeven or with 1 pip gain. No need to risk the 'silence'
always draw trendlines
  • #183
  • Dec 4, 2014 5:14am Dec 4, 2014 5:14am
Loser. Market not really going anywhere.
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  • #184
  • Dec 4, 2014 5:25am Dec 4, 2014 5:25am
Hi shoot2scoot

I suspect that the answer may be that the market is ranging and that may be your answer.
  • #185
  • Dec 4, 2014 5:27am Dec 4, 2014 5:27am
I'm not a professional but I think that the EA will discover a lot of problems since this method requires a lot of "human eye and decision"

Anyway it's great what you are doing guys so if you feel good with it, keep doing it! Good luck!
  • #186
  • Dec 4, 2014 5:31am Dec 4, 2014 5:31am
Quoting alberduris
I'm not a professional but I think that the EA will discover a lot of problems since this method requires a lot of "human eye and decision" Anyway it's great what you are doing guys so if you feel good with it, keep doing it! Good luck!
You are spot in. Tk5 started this. Pass it on to people who can add constructively.
  • #187
  • Edited 5:49am Dec 4, 2014 5:38am | Edited 5:49am
Quoting Dave_C
Hi shoot2scoot I suspect that the answer may be that the market is ranging and that may be your answer.
Yes dave, I am still in the euro trade with my other broker (not EA) and I intend to get out at BE if i am lucky. The last three hours have seen a range of just 14 pips which is really tiny for london. I think I may put a limit of 'x' bars by when it must have reached sl or tp or I will halve my lot size or close if in profit? Will explore the idea for the future.

Update:

Just escaped euro at +2 pips. Net +13 pips this morning ( 4 x winners total = +23 pips, 1 x loser -10 pips) these losers really hit your profits badly
  • #188
  • Dec 4, 2014 5:42am Dec 4, 2014 5:42am
Regarding EA I also back-tested. The updated version brought less loss though. ok.

I decided that only way EA may be working is that it should not take all ema5 crosses (SL wastes trades alot) and take only setups emerged following test of RSI 70-30 levels (first immediate setup one only). thats it. no other rule.
In this way ema200 can be ignored.
always draw trendlines
  • #189
  • Dec 4, 2014 5:46am Dec 4, 2014 5:46am
The EA has a pre set of 5 periods and a 5 pip value. I am reticent to provide default values but I invite you to optimize the parameters. Tk5 offered this as a manual system. I only offer the EA as a challenge to people such as yourself to pass on your ideas.
  • #190
  • Dec 4, 2014 5:55am Dec 4, 2014 5:55am
Quoting Dave_C
The EA has a pre set of 5 periods and a 5 pip value. I am reticent to provide default values but I invite you to optimize the parameters. Tk5 offered this as a manual system. I only offer the EA as a challenge to people such as yourself to pass on your ideas.
Dave, what parameters must be modified to ensure what I said in previous post? if available parameters allow of course.
always draw trendlines
  • #191
  • Dec 4, 2014 5:58am Dec 4, 2014 5:58am
Quoting tk5
Regarding EA I also back-tested. The updated version brought less loss though. ok. I decided that only way EA may be working is that it should not take all ema5 crosses (SL wastes trades alot) and take only setups emerged following test of RSI 70-30 levels (first immediate setup one only). thats it. no other rule. In this way ema200 can be ignored.
Hi tk5
You alluded in your previous post about this the importance of RSI. Having read the thread and the apparent exuberance of people who have made a genuine profit, I am in the same boat as you. Give me guidance and I will respond. You and I have never meet but I react to your selfless sharing. Bouquets to those who are helping including constructive criticism. If you or anybody else need to PM me I will respond. That way we all benefit!
  • #192
  • Dec 4, 2014 6:02am Dec 4, 2014 6:02am
Quoting tk5
{quote} Dave, what parameters must be modified to ensure what I said in previous post? if available parameters allow of course.
ATRLookback
MinATRPips
for Average Trading Range

RSICalcPeriods
TopRSI
BottomRSI
for RSI determination
  • #193
  • Dec 4, 2014 6:22am Dec 4, 2014 6:22am
Hi dave

i made a backtest for almost 1year by your EA . not good result . i think we need to add some other option for EA .

ca you make it by this ruels ?

1- open a trade if candle cross EMA5 by 4 pips . ( if it cross ema down,it had to be 4 pips fall )
2- only and only use EMA 200 ruels . if candles is above , just buy,and if they are below,just sell .
3- do not use RSI .
4- do not use money management .
  • #194
  • Dec 4, 2014 6:39am Dec 4, 2014 6:39am
Quoting tk5
Throughout application of this method traders encounter(ed) certain irregularities which I every-time analyzed to myself and came to conclusions for corrections. They are in form of mistakes or wrong analysis. I will visually describe them upon possiblity: First one I noticed happens often is given below: Ignorance of market trend end and/or wrong p perception of directions. Picture says it all. Hope problem is clear and will be considered from now on. {image}
Fully agree with TK5 on the above post and now that he opened this topic I might bring my own comments, that could help all new comers on this thread.
Blindly following a strategy which provides u an entry based on few indis won't bring you anywhere(below statement with all my trades for this week, stands as a proof), and as tk5 mentioned u need to do some analysis before entering a trade. In my honest opinion is also a matter of feeling that some people have it and some don't. Been trading FX for more than 3y, tested dozens of strategies and came to the conclusion that there ain't bad strategies and all is resumed to the trader behind it. You need to have that 'feeling' that keeps you away from entering bad trades and keeps you in on the good ones.
Don't want to discourage anyone as this scalping strategy is one of the best I've tested so far. The hit rate is amazing the only thing I'm missing is that 7th sense which could keep me away from bad trades.
I'm not a quitter and when I test a strategy I dedicate all my energy and I spend hundreds of hours forward\ back testing it. Never got to MC in my live because I understand very well MM and leverage but my equity drops year after year so this month might be last one as a full time trader
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  • #195
  • Edited 7:10am Dec 4, 2014 6:54am | Edited 7:10am
Quoting gigicualex
{quote} Fully agree with TK5 on the above post and now that he opened this topic I might bring my own comments, that could help all new comers on this thread. Blindly following a strategy which provides u an entry based on few indis won't bring you anywhere(below statement with all my trades for this week, stands as a proof), and as tk5 mentioned u need to do some analysis before entering a trade. In my honest opinion is also a matter of feeling that some people have it and some don't. Been trading FX for more than 3y, tested dozens of strategies...
Thanks for posting your results.

I think this shows what is true of any system. If you have too many big losers & not a similar number of big winners, it's pretty hard to make up the losses with a bunch of small winners.

Of all the 3 digit trades, there were 12 losers & 2 winners.
Might have to adjust money management technique a bit & accept more small losses to avoid the big losses.
  • #196
  • Dec 4, 2014 7:02am Dec 4, 2014 7:02am
Quoting gigicualex
{quote} Fully agree with TK5 on the above post and now that he opened this topic I might bring my own comments, that could help all new comers on this thread. Blindly following a strategy which provides u an entry based on few indis won't bring you anywhere(below statement with all my trades for this week, stands as a proof), and as tk5 mentioned u need to do some analysis before entering a trade. In my honest opinion is also a matter of feeling that some people have it and some don't. Been trading FX for more than 3y, tested dozens of strategies...
good point

You did everything right (seems from entries) EXCEPT one single ONE: you took too many trades (within a day).

the thing is me as original developer and longterm user of this method wrote down the RULES after testing them, fine-tuning them. the values, levels described in post 2 are not random.

bottom line: you only violated one of the rules. if you took only 4 trades a day you'd come with positive balance believe me.
always draw trendlines
  • #197
  • Dec 4, 2014 7:30am Dec 4, 2014 7:30am
Thank you guys for your input.
As per tk5's post I'll stick with the London Open and few hours after and I'll provide a new statement next week
  • #198
  • Dec 4, 2014 8:59am Dec 4, 2014 8:59am
Quoting tk5
{quote} good point You did everything right (seems from entries) EXCEPT one single ONE: you took too many trades (within a day). the thing is me as original developer and longterm user of this method wrote down the RULES after testing them, fine-tuning them. the values, levels described in post 2 are not random. bottom line: you only violated one of the rules. if you took only 4 trades a day you'd come with positive balance believe me.
Really good point! I didn't notice that when I watch at Gigicualex's table but now, according to the rule of the 4 trades per day... If we just count the first 4 trades of the days the "new balance" is... +60.63$!!!

(Note that 60.63$ may seem a little profit but if we compare it with the real balance we have an improvement of 588,65$ )

It seems that overtrading is more dangerous than it seems In my opinion really good news for you Gigicualex
  • #199
  • Dec 4, 2014 9:12am Dec 4, 2014 9:12am
Quoting gigicualex
Thank you guys for your input. As per tk5's post I'll stick with the London Open and few hours after and I'll provide a new statement next week
Perhaps you can also disable the EA during the NEWS period. Hopefully, it can improve the performance.

well done.
  • #200
  • Dec 4, 2014 9:23am Dec 4, 2014 9:23am
cool guy tk5 you're the man great thread, works great! just nailed 3 green trades in a row..enough possibilities.clear and simple.thank you!
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