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Price Action Trading with Indicators! The Freebie System

  • #8,021
  • Apr 6, 2016 7:36am Apr 6, 2016 7:36am
UPDATE

Looking at pp22's post, where 3C supposedly closed his GBPUSD short (which was a great mover!!) I noticed that the magic number is the same for both 3C and Boloso.
So attached is an updated version that contains a different magic number.
Attached File(s)
File Type: ex4 xm7_FreebieBOLOSO_EA_v0.ex4   79 KB | 196 downloads
Our AWESOME IMAGINATION is the true holy grail!
  • #8,022
  • Apr 6, 2016 7:36am Apr 6, 2016 7:36am
Quoting xmess7
{quote} wwaluyo: Welcome. Just be aware that you may need to intervene from time to time. Let the EAs do the work of setting up/taking trades but you will need to take a peak from time to time to determine which pending orders/open orders should remain or be closed. Of course, once you get a favorable trade then u can let the EA control the break even situation and then u can determine when it is time to close with profit. I will try to give as many examples with the accounts I am working with, especially the live account. Oh, and if u can try the...
Xmess7,

Thank you for pointing that out to me.

I would love to see trades example as it will help me understand how this EAs work. I have read couple pages on this page but I just cant put up with the amount of pages on this thread lol. This also the reason why I am on demo right now.
  • #8,023
  • Apr 6, 2016 8:03am Apr 6, 2016 8:03am
Folks:
It is Wednesday about 5:50 AM PDT and I have reached my profit target, so all MT4 (with the exception of FxPro-stocks) have been closed. This week was exceptional for Boloso on the live Oanda account and demo FXCM accounts.

3C did well yesterday but since I did not close the trades the demo accounts ended up at break even. I decided to close everything once I saw profit reach my target on the live account. This is was done cause I am starting to get into my trading mode.

I tell you, just 24 hrs ago, the live Oanda account had reached 12.5% and I was about to close out and decided to leave it alone.
So today I woke up and saw the live account at 19%, again I let it go, but just now when I saw that it had fallen to 15%, I decide to stick to the rule.

The hardest thing was to let 2 runners go.
EURAUD was at +70 pips
GBPUSD was at 170 pips.
This will be my dilemma going forward. Not bad , right??? LOL.

Another thing to note. Those 2 were the only trades Boloso took on the live account this week. The FXCM demo account fared alot better with Boloso only taking one demo trade.

Later on I will post more screenshots, I think I have enough to demonstrate what was going on and why I made some choices.

The following are screen shots of the Oanda Live and FXCM demo profit standings just before I closed them out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Boloso_OANDA_profit1.jpg Size: 142 KB
Click to Enlarge Name: Boloso_FXCM_profit1.jpg Size: 114 KB
Our AWESOME IMAGINATION is the true holy grail!
  • #8,024
  • Apr 6, 2016 9:57am Apr 6, 2016 9:57am
Here is probably my first losing trade on BOLOSO. There should be a zigzag indi going up from the last green dot, but the zz has not shown up yet. So there needs to be some more upwards movement. Hopefully that happens before the SL is reached. Since the overall trend should be down from the Yellow dot I am leaving this trade alone and letting it take its' course. Since this is on the 4HR time frame it looks as if it will take more than a day to complete.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 33 KB
  • #8,025
  • Apr 6, 2016 10:31am Apr 6, 2016 10:31am
Quoting keysharp
Here is probably my first losing trade on BOLOSO. There should be a zigzag indi going up from the last green dot, but the zz has not shown up yet. So there needs to be some more upwards movement. Hopefully that happens before the SL is reached. Since the overall trend should be down from the Yellow dot I am leaving this trade alone and letting it take its' course. Since this is on the 4HR time frame it looks as if it will take more than a day to complete. {image}

John: In my case I am bias long on EURUSD. If you notice the short retraces have not shown anything impulsive and at the 15min level the pair is ranging. I have a pending buy stop just below your stoploss at the green pivot line. Next week I plan to leave that pending order alone. At the moment I think EURUSD will break the 15min range sometime middle or late next week and head up some more. I am also going to do some reading on fundamentals to see if those give a clue to the sentiment of EURUSD. Last I read Draghi was trying to avoid the EUROs rise but due to some of the other circumstances the currency has no choice but to move up, at least for the moment.

From a technical point I would of closed the trade:
1. Price reached the half way point between entry and stop loss. When I see this I let it do it's thing to see if it reacts in my favor in a couple of hours, if not I take loss and move on.
2. Even though Zero Lag is still showing slope down on H4, if candle closes as is, then we will have a bullish engulfment. In addition the slop may change on next candle as well.
3. I see the EURUSD breaking the 15min range and heading higher sometime next week.

Hey, just using my eyes and recognizing some patterns that happen many times, nothing complicated...
Our AWESOME IMAGINATION is the true holy grail!
  • #8,026
  • Apr 6, 2016 11:15am Apr 6, 2016 11:15am
Jess, you are probably correct. I am going to let the ea handle this, since it is a demo.
  • #8,027
  • Apr 6, 2016 1:41pm Apr 6, 2016 1:41pm
Quoting keysharp
Jess, you are probably correct. I am going to let the ea handle this, since it is a demo.
keysharp: Just my observation buddy. I also thought of the other direction, that if the trade turns around and heads south, then I would remain and look at H4 for signs to continue. Then my bias might be changed only if I saw larger candles on the short side.
Our AWESOME IMAGINATION is the true holy grail!
  • #8,028
  • Apr 6, 2016 2:09pm Apr 6, 2016 2:09pm
Quoting wwaluyo
{quote} Xmess7, Thank you for pointing that out to me. I would love to see trades example as it will help me understand how this EAs work. I have read couple pages on this page but I just cant put up with the amount of pages on this thread lol. This also the reason why I am on demo right now.
William:
More than likely I try to explain after a trade is taken what I plan to do. Like I mentioned, I am getting into the trading mode and leaving the programming mode. So now, I just let the EA take the trades or set the pending orders. I don't worry about that part. I just take peaks and make assessments as to what needs to be done.



However, with Boloso it can be a little different in that you are able to see some possibilities ahead of time due to the orders of the pending nature. I can gauge what the scenario may be when or if price hits that pending order. This week even though I had only 2 trades on the Oanda Live account I had many canceled pending orders and as you can imagine I was make choices. So with Boloso you get a chance to work on both sides.


One thing I have seen in the last 3 weeks is that you can never discount a pending order. For example the EURAUD buy pending order last week was about 130 pips away and EURAUD was diving down. Well, I left the pending order alone and low an behold the EURAUD turned around and hit it. Last week I actually had 2 boloso buy entries that were at a better position than this weeks. When the 1st buy pending order was hit I closed it when I saw it dip down to -30 pips. This was right before I had considered using the zeroLag as a guide on H4. The EA then setup another buy pending order at a slightly higher level. Again... EURAUD took a dive down and went up and filled my 2nd pending order and again when I saw it, the trade was down -20 pips. This time I looked at the zeroLag on H4 and also looked at the overall direction of EURAUD and decide to let it ride. Last Friday, I woke up to see EURAUD at +60pips. Closed at +30 pips. Then comes Monday, the EA again setups a long pending order, once again higher than the previous two. Yesterday morning at around 5AM NY time the EURAUD buy was at about +135 pips. So when again I saw it down at +60 pips...I thought "too volatile, got to close it". Besides I had surpassed my goal of 13% for the week so that was the end of this deal and since I was in trader mode, I closed down all open MT4 orders, done with all the suckers and forget of FX trading till next Sunday nite. Well now that trader mode is over.. programmer mode is on again LOL....

With that said, I am going to make a couple of more adjustments to the EAs. Got to make this EA a lot more selective. That should help especially with risk.
Our AWESOME IMAGINATION is the true holy grail!
  • #8,029
  • Apr 6, 2016 11:39pm Apr 6, 2016 11:39pm
Quoting xmess7
UPDATE Looking at pp22's post, where 3C supposedly closed his GBPUSD short (which was a great mover!!) I noticed that the magic number is the same for both 3C and Boloso. So attached is an updated version that contains a different magic number. {file}
Thanks for the update, not sure, but I think the trade comment is for freebie. Also, can you make it user defined, please?


Thanks again.
  • #8,030
  • Edited 1:00am Apr 7, 2016 12:43am | Edited 1:00am
FRACK!!!!!!!
LOL.... what a dumbASS I AM LOL

Guys I made a dumb ASS mistake LOL. Sure I closed all the MT4 terminal, right???@?@ But I didn't close the pending Boloso orders LOL!!
And guess what!!! FRACKEN ORDERS WERE FILLED!! LOL..

Well at the least they are going in the direction I expected. Hmm ok... here we go. See attached charts with comments on how I am handling these trades.
First two charts: EURAUD 15 then EURAUD H4
Charts 3 and 4: EURUSD 15 then EURUSD H4

EDIT: Nevermind... LOL. I closed them for a total +30 pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Boloso_OANDA_EURAUD_trade.jpg Size: 380 KB
Click to Enlarge Name: EURAUD H4.jpg Size: 176 KB
Click to Enlarge Name: EURUSD 15 .jpg Size: 376 KB
Click to Enlarge Name: EURUSD H4.jpg Size: 180 KB
Our AWESOME IMAGINATION is the true holy grail!
  • #8,031
  • Apr 7, 2016 9:06am Apr 7, 2016 9:06am
Xmess7,

thank you for your very detail explanation.

I will keep doing more test and practice till I get very comfortable with these EAs.

May I know what is the name and the place to get the indicator that you use on bottom right corner that shows the number of pips gained?
  • #8,032
  • Apr 7, 2016 12:30pm Apr 7, 2016 12:30pm
Well I guess its time to close the GBPJPY, hitting that range low that dredding talked about. But wow what a start for the BOSOLO 600 pips lol
Second trade was erroneously closed for +50
I am currently in 6 other BOSOLO trades, 1 is a runner up +160, 1 is down -60 and the other 4 are hovering around BE (although one of those was down -100 but came back)
Nice to be on the side of being able to absorb a couple losers and still be up cause of that first trade.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH4.png Size: 33 KB
  • #8,033
  • Apr 7, 2016 12:48pm Apr 7, 2016 12:48pm
Quoting pp22
Well I guess its time to close the GBPJPY, hitting that range low that dredding talked about. But wow what a start for the BOSOLO 600 pips lol Second trade was erroneously closed for +50 I am currently in 6 other BOSOLO trades, 1 is a runner up +160, 1 is down -60 and the other 4 are hovering around BE (although one of those was down -100 but came back) Nice to be on the side of being able to absorb a couple losers and still be up cause of that first trade. {image}

Congrats pp22, you are on an exciting venture of discovery. Question, what, if anything, did u do when the pending orders where placed. In other words did u just let the EA do it's thing and walk away? Or did u determine that, for example, the GBPJPY pending sell order was appropriate cause you SAW that by the time the order was filled that the pair would be in full fall and in addition that it still had room to move to the major support (I think there is one down below somewhere... I think I saw one).

Please do tell
Our AWESOME IMAGINATION is the true holy grail!
  • #8,034
  • Apr 7, 2016 1:08pm Apr 7, 2016 1:08pm
Quoting xmess7
{quote} Congrats pp22, you are on an exciting venture of discovery. Question, what, if anything, did u do when the pending orders where placed. In other words did u just let the EA do it's thing and walk away? Or did u determine that, for example, the GBPJPY pending sell order was appropriate cause you SAW that by the time the order was filled that the pair would be in full fall and in addition that it still had room to move to the major support (I think there is one down below somewhere... I think I saw one). Please do tell
Hey jess
I just let the EA do its thing. I try to take all emotions and thinking out of it lol. Which is why im able to let them run for so long. But sometimes ill let them run too long and give back all the profits. I need to learn to recognize and take profits more often. Sometimes to refresh things ill close all the pending orders and wait for the next candle to open a new batch of pending orders. Since I trade only H1 and H4 ill do it right before the new H4 candle. Although I am biased long on EURUSD for the past 3 or 4 months so I adjust the EA to only take longs on that pair. (ive got longs from 1.08 looking to hit 1.18 that arent freebie trades).

Lets see if I can close the week with another winner or two.
  • #8,035
  • Apr 7, 2016 1:10pm Apr 7, 2016 1:10pm
Quoting pp22
{quote} Hey jess I just let the EA do its thing. I try to take all emotions and thinking out of it lol. Which is why im able to let them run for so long. But sometimes ill let them run too long and give back all the profits. I need to learn to recognize and take profits more often. Sometimes to refresh things ill close all the pending orders and wait for the next candle to open a new batch of pending orders. Since I trade only H1 and H4 ill do it right before the new H4 candle. Although I am biased long on EURUSD for the past 3 or 4 months so I...
Just to add in this particular case of the GBPJPY what influenced me to stay in so long was your zerolag and dredding`s range low
  • #8,036
  • Apr 7, 2016 1:15pm Apr 7, 2016 1:15pm
Quoting pp22
... Nice to be on the side of being able to absorb a couple losers and still be up cause of that first trade...
Now this is a good example of letting the EA take the trades and the trader having time to intervene. Notice that on pp22's GBPJPY chart the pending order was placed last week. So it basically took a week for the order to get filled. This give you a lot of time to make a decision of whether or not to keep the pending order.
So in effect its a 15min approach that lends itself to becoming a long term trade that hauls in big pips.

Let the EA take care of setting up a trade then you at your leisure can take a peak and make a determination (intervene).
This can easily work for folks that have little time as well.

In addition if you look at the equity charts that were produced with this EA you can see that in general if left alone the EA can be profitable. That provides further confidence for allowing the EA to do what it was programmed to do.
http://www.forexfactory.com/showthre...72#post8811172
http://www.forexfactory.com/showthre...10#post8811210

I like, for many reason, what this version is providing but for those that are interested I will be making updates to include the other part of Dreddings' rule and also add to add a trailing pending order. Although, if I had had the pending training order on this week's trades I would not have accumulated the profit I did. This is because the pending order would of interfered with the continuation of the movements. In order for the trailing order to be more effective we would need to see a price movement just like what we see on pp22's GBPJPY chart. Anyway, testing will help determine the best settings.
Our AWESOME IMAGINATION is the true holy grail!
  • #8,037
  • Edited 4:03pm Apr 7, 2016 2:42pm | Edited 4:03pm
Looks as if I will be staying with 3C. The Boloso has had 3 losses in a row and is working on the fourth. So I am in the hole this week so far. The 3C is up 8%and this will be the third week in a row that it has shown profit. It was 4.3, 9.9, and 8.4 so far. I expect profit will be over 10% by tomorrow evening. That is the plan.

I have to admit that the Boloso is being traded with a too large lot, which has been reduced. But the main problem is that I don't really understand it to circumvent problems that arise, much less know if there is a problem. So I suppose it's back to page one. Lol
  • #8,038
  • Apr 7, 2016 4:05pm Apr 7, 2016 4:05pm
Quoting keysharp
Looks as if I will be staying with 3C. The Boloso has had 3 losses in a row and is working on the fourth. So I am in the hole this week so far. The 3C is up 8%and this will be the third week in a row that it has shown profit. It was 4.3, 9.9, and 8.4 so far. I expect profit will be over 10% by tomorrow evening. That is the plan. I have to admit that the Boloso is being traded with a too large lot, which has been reduced. But the main problem is that I don't really understand it to circumvent problems that arise, much less know if there is a problem....
John when u get an opportunity please post the charts... I want to see what you were dealing with.
Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #8,039
  • Apr 7, 2016 4:27pm Apr 7, 2016 4:27pm
Jess, here is a screen shot of the only trade I have open.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 28 KB
  • #8,040
  • Apr 7, 2016 11:46pm Apr 7, 2016 11:46pm
Quoting keysharp
Jess, here is a screen shot of the only trade I have open. {image}
John:
Actually I wanted to see the ones that failed so as to analyze the them.
Our AWESOME IMAGINATION is the true holy grail!
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