- #25
- May 16, 2016 9:55pm May 16, 2016 9:55pm
- Joined Nov 2015 | Status: Trader | 2,525 Posts
{quote} Hi msg, Try out this EA. Entry direction is for you to decide on whatever system you're using. Pyramid EA will handle the consecutive entries and closure based on your settings. Enjoy ! {file}
You are a generous person, all the time helping traders. Can you please code this EA for manual trading (analysis) for my following strategy?
My strategy has been making money for me as I have put my faith in medium term trend of GBP getting weaker until Brexit and JPY getting stronger until it hits 1.04.
I use this strategy only when I have accumulated profits by doing scalping.
When I have accumulated profits in my account I switch to short-term swing/position trading and with the comfort of having a buffer margin I don't use stoploss for each trade as a risk control. Instead I use dollar cost (pips) averaging in case position turns adverse.
I split one position to be traded in 4 slices.
The scaling (slicing) of the lot is done based on the volatility measured in pips of the last four weeks
I select highest of last four weekly bars as my stop loss point and then ensure enough maintenance margin is in my account to support the drawdown.
For trend-following strategy you have to bear with this kind of drawdown if we are to make substantial gains.
If I select 800 pips (or 8000 pipettes) then I will create a ladder of 200 pips (2000 pipettes) and in case of short selling, I will keep selling GBPJPY for every 200 pips up to a maximum of 4 slices. The position is killed when if hits drawdown stop.
I have always made money following this big stoploss strategy and have never lost. In fact, I have never been able to enter the fourth lot at any stage in last five months and so never have gone near the stoploss position.
But MSG1987 has shown a new way which I am sure will work far better than my method. It is fantastic money management idea. It will work for my setup.
By following Reverse Martingale my drawdown risk will be substantially controlled. If I keep 100 pips (1000 pipettes) as stop loss and scale up profits it will control risk considerably. I will be able to enter 8 times as against faced with drawdown for a few days.
Can you please programme this strategy of GBPJPY in your EA with this logic:
Enter first lot when the price is at a distance of 40/50/60 pips (selectable) from open (close bar of last bar) price of the bar or single Moving Average with a stoploss of selected pips. I trade on pullbacks and retracements and average when reversal happens.
Trade #1: Sell 1 Lots of GBPJPY @ 157.80 SP: 158.80 TP: 155.80 total Risk: 100 pips Potential Profit: 200 pips
Trade #2: Sell 2 Lots of GBPJPY @ 155.80 SP: 156.80 TP: 153.80 total Risk: 200 pips Potential Profit: 400 pips
Trade #3: Sell 4 Lots of GBPJPY @ 153. 80 SP: 154.80 TP: 151.80 Risk: 400 pips Potential Profit: 1600 pips
Thank you.
I will test it extensively in real trading and post the verified results.
Practice makes a person perfect
- #26
- May 16, 2016 10:08pm May 16, 2016 10:08pm
- Joined Nov 2015 | Status: Trader | 2,525 Posts
Practice makes a person perfect
- #27
- May 16, 2016 10:43pm May 16, 2016 10:43pm
Hi Everyone! I learned this strategy recently and it is quite incredible so I thought I'd share it with you and see what you think? As we all know and have heard over and over again, our TPs must always have more pips in them than our SPs. The reverse martingale strategy is used to double our stakes in a particular direction using our profit. This way we can make a huge amount of profit without violating our risk management rules. For instance, let's imagine we identify a bull market and the price has the potential of going up 300 pips. Trade #1:...
its a cool money managment technique ... I think i can do it with my strategy based on elliot waves and line graph.
- #33
- May 17, 2016 4:33pm May 17, 2016 4:33pm
- | Joined Nov 2006 | Status: Go With The Randomness Of Price | 320 Posts
This EA Open BUY ONLY and Open 3x PO BUY only. Work only one time attach. it wont open transaction again until you Re-attach this EA on new chart. {image} {file}
Tested it and it's great
Is it possible to do one for SELL ONLY?
Thanking you in advance.
An example as per detail in my last post:
AUDJPY formed a good reversal pattern on D1 chart in December 2015. This formed at a significant resistance area, see D1chart.
A decent entry point would be at the close of the bearish engulfing D1 candle on 07/12/15.
Trade 1 entry at 89.60, SL 50 pips (90.10), TP 100 pips (88.60)
Price reached trade 1 TP on 08/12/15. D1 ATR 5 on 08/12/15 was 102 pips, so wait for a 102 pip plus retracement.
Trade 2 would have triggered about 2:30am on 10/12/2015. At this time there was major AUD employment data released which is usually quite market moving and was in this case. Trade entry (unless for long term position trades) should always be avoided at or before major news releases like this. Assuming this news spike was avoided entry could have been at the same level as indicated or after the news at a higher (better) price.
Trade 2 entry at 88.32, SL 75 pips (89.07), TP 150 pips (86.82)
Price reached trade 2 TP on 11/12/15. D1 ATR 5 on 11/12/15 was 146 pips, so wait for a 146 pip plus retracement.
Trade 3 entry at 87.98 on 15/12/15, SL 112 pips (89.10), TP 225 pips (85.73)
Trade 3 target would have been reached on 04/01/16, realising 26% profit in the sequence.
Interesting to note that in this particular case a 4th trade would have reached target also. By raising the trade sizes as above, (so trade 4 would risk 27%) a total profit on a 4 sequence win would be 80%. (Again if my maths is correct). TBO I don't know if I would be very keen to risk 27% of my account even if I had just made 26%. Note that all risk percentages used for each trade should be based on account equity at the beginning of the sequence otherwise results would be skewed.
AUDJPY formed a good reversal pattern on D1 chart in December 2015. This formed at a significant resistance area, see D1chart.
A decent entry point would be at the close of the bearish engulfing D1 candle on 07/12/15.
Trade 1 entry at 89.60, SL 50 pips (90.10), TP 100 pips (88.60)
Price reached trade 1 TP on 08/12/15. D1 ATR 5 on 08/12/15 was 102 pips, so wait for a 102 pip plus retracement.
Trade 2 would have triggered about 2:30am on 10/12/2015. At this time there was major AUD employment data released which is usually quite market moving and was in this case. Trade entry (unless for long term position trades) should always be avoided at or before major news releases like this. Assuming this news spike was avoided entry could have been at the same level as indicated or after the news at a higher (better) price.
Trade 2 entry at 88.32, SL 75 pips (89.07), TP 150 pips (86.82)
Price reached trade 2 TP on 11/12/15. D1 ATR 5 on 11/12/15 was 146 pips, so wait for a 146 pip plus retracement.
Trade 3 entry at 87.98 on 15/12/15, SL 112 pips (89.10), TP 225 pips (85.73)
Trade 3 target would have been reached on 04/01/16, realising 26% profit in the sequence.
Interesting to note that in this particular case a 4th trade would have reached target also. By raising the trade sizes as above, (so trade 4 would risk 27%) a total profit on a 4 sequence win would be 80%. (Again if my maths is correct). TBO I don't know if I would be very keen to risk 27% of my account even if I had just made 26%. Note that all risk percentages used for each trade should be based on account equity at the beginning of the sequence otherwise results would be skewed.
Everything will be okay in the end. If it's not okay, it's not the end.
{quote} kalawe, Tested it and it's great
{quote} Thanks. Can you share the source code for it? If not, can you set up a parameter that would set the direction to either Buy or Sell instead of just Buy?
sory my limited knowledge about coding.
