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Magic 5 - five pips only

  • #241
  • Dec 5, 2014 4:48am Dec 5, 2014 4:48am
hello Dave,

thanks for providing this great ea, one question though, do you know why after i install the ea and waited for 4 hours but it doesn't trigger any trade?
i try' to change tradealert from 0 to 2 but it doesnt work as well, i had enable auto trading, etc

appreciate your help here

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 163 KB
  • #242
  • Dec 5, 2014 6:00am Dec 5, 2014 6:00am
First trade on today a long UC. Price broke the consolidation area marked by the grey rectangle with the set-up candle. I entered on the 2nd green HA candle, which had all body above 5MA. Not happy with the RSI, but noticing the temp bullish momentum I took the trade anyway.
5p TP hit in a matter of seconds.

TK5, I got a question for you if I may. The below pic contains also my 5MA settings. Wondering which option from the 'Apply To' drop down menu you use. Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 54 KB
  • #243
  • Dec 5, 2014 6:29am Dec 5, 2014 6:29am
Quoting gigicualex
First trade on today a long UC. Price broke the consolidation area marked by the grey rectangle with the set-up candle. I entered on the 2nd green HA candle, which had all body above 5MA. Not happy with the RSI, but noticing the temp bullish momentum I took the trade anyway. 5p TP hit in a matter of seconds. TK5, I got a question for you if I may. The below pic contains also my 5MA settings. Wondering which option from the 'Apply To' drop down menu you use. Thanks {image}
Close, of course.

guys dont trade until NFP news today.
always draw trendlines
  • #244
  • Dec 5, 2014 8:45am Dec 5, 2014 8:45am
Quoting stanvy
hello Dave, thanks for providing this great ea, one question though, do you know why after i install the ea and waited for 4 hours but it doesn't trigger any trade? i try' to change tradealert from 0 to 2 but it doesnt work as well, i had enable auto trading, etc appreciate your help here {image}
I'm sorry to those who have had problems with the latest EA

The problem was in these 2 lines

if (Trade0Alert1Both2 == 1 || Trade0Alert1Both2 == 2) CheckForModify();
if (Trade0Alert1Both2 == 1 || Trade0Alert1Both2 == 2) CheckForClose();

I have amended them to

if (Trade0Alert1Both2 == 0 || Trade0Alert1Both2 == 2) CheckForModify();
if (Trade0Alert1Both2 == 0 || Trade0Alert1Both2 == 2) CheckForClose();

in other words check for trade modify and close only when trading is enabled not when in alert mode.

With a quick look at optimizing the EURUSD 15 min chart and without altering Take Profit or the moving averages, the following results were produced.
These figures can be improved if you alter some of the other parameters.
Attached Image

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD15Graph.JPG Size: 79 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD15Report.JPG Size: 69 KB
Attached File(s)
File Type: mq4 5 Pips System.mq4   13 KB | 498 downloads
  • #245
  • Dec 5, 2014 9:07am Dec 5, 2014 9:07am
hi guys, if someone need a good app for his smartphone or tablet look for tradeinterceptor this is unlimited and has heikin charts, because mt4 app has no heikin charts, it works for me very well, but better at the tablet because the charts are bigger

greets and many pips
  • #246
  • Dec 5, 2014 9:14am Dec 5, 2014 9:14am
I'd say that any future(today) buy on GU and EU are not trade-able as we'd be against the 200MA rule. Am i right?
  • #247
  • Edited 10:36am Dec 5, 2014 9:45am | Edited 10:36am
Quoting stanvy
hello Dave, thanks for providing this great ea, one question though, do you know why after i install the ea and waited for 4 hours but it doesn't trigger any trade? i try' to change tradealert from 0 to 2 but it doesnt work as well, i had enable auto trading, etc appreciate your help here {image}
I had a look at the GBPNZD 15 min chart and there were no trade setups today and that is why you didn't get any trades.

The cross up earlier in the day was not supported by the RSI
The crosses down later were not supported by the 200 EMA

I suspect that your chart does not have the correct MA's and RSI being plotted.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD15.JPG Size: 89 KB
  • #248
  • Dec 5, 2014 9:49am Dec 5, 2014 9:49am
Quoting Edlich
Loser for me this AM too, looks to me like it was within the OP rules unless anyone else can point out something I've missed. The only thing I can think of that should have kept me out of this trade is an old phrase I heard on here called a 'Frankie fakeout' where the price appears to set off on the European open, only to stall and reverse in London. This particularly effects the European currencies and I should probably avoid signals on those until after the LO. {image}
This exact trade, to me, exemplifies why an EA may not work so well for this. There are "gray area" considerations that the human brain must consider before taking a trade. I've lost on this exact setup before, and what I've done since is implement a "trend rule" -- if the market has just made a series of higher highs and higher lows, I won't take a short even if the other conditions are met. The same goes for lower lows and lower highs on potential long trades. Don't do it. Also, I tend to avoid trading when price is getting near the 200. I think there are better setups when there is a larger gap between the 5 and 200. Just some food for thought.
  • #249
  • Edited 10:15am Dec 5, 2014 10:01am | Edited 10:15am
Quoting Nico1359
{quote} This exact trade, to me, exemplifies why an EA may not work so well for this. There are "gray area" considerations that the human brain must consider before taking a trade. I've lost on this exact setup before, and what I've done since is implement a "trend rule" -- if the market has just made a series of higher highs and higher lows, I won't take a short even if the other conditions are met. The same goes for lower lows and lower highs on potential long trades. Don't do it. Also, I tend to avoid trading when price is getting near the 200....
On looking at that chart, my feeling is that from a purely technical point of view, I would agree with you and I will talk to tk5 with a view to implementing some code within the EA to avoid such trades. The Average Trading Range is also low and this may be a factor to be considered. With the optimization I ran above, this trade would have been filtered out because of the ATR. I believe tk5 mentions ATR in an earlier post and thats why I added it into the EA.
  • #250
  • Dec 5, 2014 10:26am Dec 5, 2014 10:26am
Quoting Dave_C
{quote} On looking at that chart, my feeling is that from a purely technical point of view, I would agree with you and I will talk to tk5 with a view to implementing some code within the EA to avoid such trades. The Average Trading Range is also low and this may be a factor to be considered. With the optimization I ran above, this trade would have been filtered out because of the ATR. I believe tk5 mentions ATR in an earlier post and thats why I added it into the EA.
Fair enough. Admittedly, I don't know a lot about EAs and what optimizations may or may not mitigate this kind of scenario.
  • #251
  • Dec 5, 2014 10:31am Dec 5, 2014 10:31am
Great strategy ( i donŽt call it system because you still have to use your own judgement a lot).

I traded it now for 3 weeks. Been a very nice income.

Even though Op does not want this in his thread, but:

I exit differently. Put SL at recent high/low of HA wick. And close trade when either RSI hit extreme zone (30 on short positions, 70 on long positions) or RSI PL (of the TDI indicator) hit extreme zone of 32/69), whichever happens first. Managed to get 8.44 times the amount of pips compared to exit with only the TP of 5 pips. YouŽll get stopped out more but once the trend goes your way, you cash big time. Like the old saying ...

Thanks for this OP. Nice and easy to use.
  • #252
  • Dec 5, 2014 5:32pm Dec 5, 2014 5:32pm
Quoting Edlich
Loser for me this AM too, looks to me like it was within the OP rules unless anyone else can point out something I've missed. The only thing I can think of that should have kept me out of this trade is an old phrase I heard on here called a 'Frankie fakeout' where the price appears to set off on the European open, only to stall and reverse in London. This particularly effects the European currencies and I should probably avoid signals on those until after the LO. {image}
I think this one falls into an earlier posting about "feel" of the market. Look at the price action prior to your signal. It is way too flat and ranging. I would not have taken this trade until price had already moved one way or another. To me this reeks of not enough volume or support for any movement either direction. In other words, buyers and sellers are both happy to have the price where it is for a while. You need to be jumping into moves not trying to predict when they happen. As much as some traders would disagree with this.
Winners add to winning trades!
  • #253
  • Dec 5, 2014 5:35pm Dec 5, 2014 5:35pm
Quoting gigicualex
Preparing for the 1st trade of today. Watching GU for a short opportunity, need a clear rejection of 200MA. RSI already overbought, we've also got a bearish divergence. I'd like to see a nice 15M red HA closing under 5MA and if possible without top wick {image}
Yes good set up. Keep watching.
Winners add to winning trades!
  • #254
  • Dec 5, 2014 5:48pm Dec 5, 2014 5:48pm
Quoting SeaTheStars
Great strategy ( i donŽt call it system because you still have to use your own judgement a lot). I traded it now for 3 weeks. Been a very nice income. Even though Op does not want this in his thread, but: I exit differently. Put SL at recent high/low of HA wick. And close trade when either RSI hit extreme zone (30 on short positions, 70 on long positions) or RSI PL (of the TDI indicator) hit extreme zone of 32/69), whichever happens first. Managed to get 8.44 times the amount of pips compared to exit with only the TP of 5 pips. YouŽll get stopped...
SeaThe Stars can you please tell me the meaning of OP, regularly reading for months FF but dont know why up till now have not come across such meaning. Thanks in advance.
  • #255
  • Dec 5, 2014 7:26pm Dec 5, 2014 7:26pm
Quoting jops
{quote} SeaThe Stars can you please tell me the meaning of OP, regularly reading for months FF but dont know why up till now have not come across such meaning. Thanks in advance.
OP = Original Post or Original Poster
Winners add to winning trades!
  • #256
  • Dec 5, 2014 8:13pm Dec 5, 2014 8:13pm
Quoting Dave_C
{quote} I'm sorry to those who have had problems with the latest EA The problem was in these 2 lines if (Trade0Alert1Both2 == 1 || Trade0Alert1Both2 == 2) CheckForModify(); if (Trade0Alert1Both2 == 1 || Trade0Alert1Both2 == 2) CheckForClose(); I have amended them to if (Trade0Alert1Both2 == 0 || Trade0Alert1Both2 == 2) CheckForModify(); if (Trade0Alert1Both2 == 0 || Trade0Alert1Both2 == 2) CheckForClose(); in other words check for trade modify and close only when trading is enabled not when in alert mode. With a quick look at optimizing the EURUSD...
thanks Dave,

is working now, does this compatible with 5 decimal broker, i tried to change StopWin = 70, it set tp to 300 instead of 70 pipette

appreciate your reply here
  • #257
  • Dec 5, 2014 8:50pm Dec 5, 2014 8:50pm
The EA is compatible with 5 digit brokers.

StopWin of 70 of a Buy Order means an increase 70 pips

ie. Buy at 1.2300 Take Profit at 1.2370

Your $ profit is dependant on number of lots.
  • #258
  • Dec 5, 2014 11:34pm Dec 5, 2014 11:34pm
Quoting Dave_C
The EA is compatible with 5 digit brokers. StopWin of 70 of a Buy Order means an increase 70 pips ie. Buy at 1.2300 Take Profit at 1.2370 Your $ profit is dependant on number of lots.

Thanks Dave, should i change atr = 50 as below?

ATRLookback = 50
MinATRPips = 50
  • #259
  • Dec 6, 2014 12:18am Dec 6, 2014 12:18am
Quoting marshalmax
{quote} OP = Original Post or Original Poster
thanks mate, copied. have a nice weekend.
  • #260
  • Edited Dec 7, 2014 9:29pm Dec 6, 2014 11:04pm | Edited Dec 7, 2014 9:29pm
Quoting stanvy
{quote} Thanks Dave, should i change atr = 50 as below? ATRLookback = 50 MinATRPips = 50
That would mean that the average price range would have to be half a cent ie. 50 pips over the last 50 periods ie 12.5 hours on 15 min chart.

For example:- The backtest optimization I ran on the 15m EURUSD for this year gave values of ATRLookback = 8 and MinATRPips = 13
(an average trading range of 13 pips over the previous 2 hours). Post 244 refers.

I have run a further optimization where I extended the end values of ATRLookback and MinATRPips out to 100 and also optimized the start trading and end trading times and the results are below. The best figures were for an average of 5 pips per bar over 75 periods ie. 18 hrs. 45min.

I've made some small changes to the EA and I enclosed the latest update.
Attached Image (click to enlarge)
Click to Enlarge Name: Magic 5 Pips Inputs.JPG Size: 84 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Magic 5 Pips Chart.JPG Size: 73 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Magic 5 Pips Report.JPG Size: 66 KB
Attached File(s)
File Type: mq4 5 Pips System.mq4   14 KB | 373 downloads
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