Raylin, your idea may be too easy for the specialists here. Just as in my picture I let the EA program if no one manages here. Your idea is brilliant.
EA required using Livelli indicator made 600 pips
Good morning,
I have been reading through this thread with great interest. I am writing this to share my experiences, not to denigrate the hard work being carried out by so many in this and other threads.
For years I looked for an EA which I could use to profitably trade alongside my own manual trading. In particular one which could trade in my absence whilst I indulged in my want to travel the world. One day it hit me. I, like so many before me, was looking for the fabled holy grail of trading. So many before me, with brains and knowledge of forex far better than mine, had failed. I have EA’s. I have some with backtested profit factors of over 5 with relatively low draw downs. I have none, that’s right, none, which I trust enough going forward on a live account.
Every system has its problems. How and when to enter. How and when to exit. How to control those entries and exits to eliminate bad trades or maximise winnings. Most systems work in either trending or ranging but not both. This is a trending system. Ranging kills it. Remedies used to prevent entry in a range, by their very nature, eat away huge chunks of the profits that could have been gained in a decent trend. There is no real solution to this that can be automated unless you know what the next bar is going to do.!! If we knew that we would all be rich. Exit systems are just as bad. They are either too quick to exit at a retrace or too slow. Either way profits are eroded.
My conclusion, which hit me one day like a brick..... There are very many ways to automate an entry. Some good. Some bad. Running a trade is simple. Let the initial trade run or scale in as it goes in some way in an attempt to increase profits. Exits are a real pain to automate satisfactorily. They are either too quick or too slow.
So....take the good bits of an automated system that work and dump the bad bits. I took the entry signals and the trade running and dumped the exits. These days I have dumped the entry signals too and manually enter. I turned my prospective EA into a Trade Manager. For me it was the best solution. It gives me entries orders which I can keep or delete. It will run any trade entered on the chart the Trade Manager is placed on. It will scale in every ATR multiple or on pull backs if I want it to. It has options on stop loss trailing or not, and it has a “Close All” target level I can set if required. Other than that I close trades manually.
What I am saying is that a trade is a trade. It has a way in, a run time and a way out. Nothing, yes nothing, will ever be better than you at seeing good entries and good exits.
Looking very hard at the Livelli Indicator I would use it slightly differently.
For a short entry I would look for confirmed blue dots at a level below those of the previous level of blue dots. Exit would be at a row of red dots above the previous level of red dots.
For a long entry the opposite. Look for a level of confirmed red dots above the previous level. Exit when a level of blue dots appears below the previous level.
Scale in on pullbacks in either direction.
This method of entry may be better in times of ranging too.
I have been reading through this thread with great interest. I am writing this to share my experiences, not to denigrate the hard work being carried out by so many in this and other threads.
For years I looked for an EA which I could use to profitably trade alongside my own manual trading. In particular one which could trade in my absence whilst I indulged in my want to travel the world. One day it hit me. I, like so many before me, was looking for the fabled holy grail of trading. So many before me, with brains and knowledge of forex far better than mine, had failed. I have EA’s. I have some with backtested profit factors of over 5 with relatively low draw downs. I have none, that’s right, none, which I trust enough going forward on a live account.
Every system has its problems. How and when to enter. How and when to exit. How to control those entries and exits to eliminate bad trades or maximise winnings. Most systems work in either trending or ranging but not both. This is a trending system. Ranging kills it. Remedies used to prevent entry in a range, by their very nature, eat away huge chunks of the profits that could have been gained in a decent trend. There is no real solution to this that can be automated unless you know what the next bar is going to do.!! If we knew that we would all be rich. Exit systems are just as bad. They are either too quick to exit at a retrace or too slow. Either way profits are eroded.
My conclusion, which hit me one day like a brick..... There are very many ways to automate an entry. Some good. Some bad. Running a trade is simple. Let the initial trade run or scale in as it goes in some way in an attempt to increase profits. Exits are a real pain to automate satisfactorily. They are either too quick or too slow.
So....take the good bits of an automated system that work and dump the bad bits. I took the entry signals and the trade running and dumped the exits. These days I have dumped the entry signals too and manually enter. I turned my prospective EA into a Trade Manager. For me it was the best solution. It gives me entries orders which I can keep or delete. It will run any trade entered on the chart the Trade Manager is placed on. It will scale in every ATR multiple or on pull backs if I want it to. It has options on stop loss trailing or not, and it has a “Close All” target level I can set if required. Other than that I close trades manually.
What I am saying is that a trade is a trade. It has a way in, a run time and a way out. Nothing, yes nothing, will ever be better than you at seeing good entries and good exits.
Looking very hard at the Livelli Indicator I would use it slightly differently.
For a short entry I would look for confirmed blue dots at a level below those of the previous level of blue dots. Exit would be at a row of red dots above the previous level of red dots.
For a long entry the opposite. Look for a level of confirmed red dots above the previous level. Exit when a level of blue dots appears below the previous level.
Scale in on pullbacks in either direction.
This method of entry may be better in times of ranging too.
hello guys
1st things 1st, I dont like EA's, anyways I will try to give you my thoughts of a possible solution for your problems, btw nothing will never be perfect no HOLYGRAILS...
Ok, so this EA is a trending EA right? well then we have our market conditions defined ---> it needs to be trending.
So now we knoe what we need to look for 1st filter Treding market, nothing tracks better the trends of the market as the Moving averages, so maybe you could start by making the EA define which pairs are in a clear trend. by searching the proper conditions on 4h, 1h, and finally 1 or 5 min, if both high TF check in confirmation of trend let's watch this chart below.
Has you can see we have 1h and 4h small chart on the right side, and in order to have a clear trending situation price needs to be above all lines, although I mainly use the traced line in purple as my main trend filter. if price is above it in both 4h and 1h, then I switch my attention to the 1 or 5 min chart plotted with same MA configuration. I know MA are not here in equasion so I wont go in deep on the setting just the one we need for here the trending filter.
So as you can see 1+4 hours are trending confirmed up so the EA would immediately only assume buy orders.
Second we need entry. well that we alreaqdy have the 4\5 dots points leveli creates, simples use as SL the last identified sell point since we are only buying, all those arrows in the `1 min chart are pottential entries, as a TP you can leave it open and create a trailing stop that uses the last SELL dots on the charts.
Now the most serious opinion that I can give, it's a pain but you will need to go back to the beggining I would say erase all these past changes on the EA and use the errors made and don't repeat them keep it simple.
trending filters, entry points, Trailing SL and maybe a fixed TP ( I dont agree but...).
Now below I will show you how you can avoid major losses by just following these simple rules mentioned above.
watch next chart imagine leveli with all those filter working on thise sells. he wouoldnt got burn on the buys ....
acctually i still have an open position here
another situation...
watch the lines and then watch what in behing the red line chop chop chop after the line what we have? trend confination on 1h+4h guess what levelli would extract there activating only sells
well you got my point, I can help out as I can but I was liking this trhead until it got to the point of overcomplicating what was simple and simple is perfect for me.
BTW thats my trading setup for more then 4y and I'm happy with it.
I've consider asking a coder to code me signals according to the strict rules I have, but I gave up on that idea, I will keep catch them gives more work YES but thats how I like although I must admit with signals poping I would have catch much more but thats life we cant have it all can we?
cheers mate
1st things 1st, I dont like EA's, anyways I will try to give you my thoughts of a possible solution for your problems, btw nothing will never be perfect no HOLYGRAILS...
Ok, so this EA is a trending EA right? well then we have our market conditions defined ---> it needs to be trending.
So now we knoe what we need to look for 1st filter Treding market, nothing tracks better the trends of the market as the Moving averages, so maybe you could start by making the EA define which pairs are in a clear trend. by searching the proper conditions on 4h, 1h, and finally 1 or 5 min, if both high TF check in confirmation of trend let's watch this chart below.
Has you can see we have 1h and 4h small chart on the right side, and in order to have a clear trending situation price needs to be above all lines, although I mainly use the traced line in purple as my main trend filter. if price is above it in both 4h and 1h, then I switch my attention to the 1 or 5 min chart plotted with same MA configuration. I know MA are not here in equasion so I wont go in deep on the setting just the one we need for here the trending filter.
So as you can see 1+4 hours are trending confirmed up so the EA would immediately only assume buy orders.
Second we need entry. well that we alreaqdy have the 4\5 dots points leveli creates, simples use as SL the last identified sell point since we are only buying, all those arrows in the `1 min chart are pottential entries, as a TP you can leave it open and create a trailing stop that uses the last SELL dots on the charts.
Now the most serious opinion that I can give, it's a pain but you will need to go back to the beggining I would say erase all these past changes on the EA and use the errors made and don't repeat them keep it simple.
trending filters, entry points, Trailing SL and maybe a fixed TP ( I dont agree but...).
Now below I will show you how you can avoid major losses by just following these simple rules mentioned above.
watch next chart imagine leveli with all those filter working on thise sells. he wouoldnt got burn on the buys ....
acctually i still have an open position here
another situation...
watch the lines and then watch what in behing the red line chop chop chop after the line what we have? trend confination on 1h+4h guess what levelli would extract there activating only sells
well you got my point, I can help out as I can but I was liking this trhead until it got to the point of overcomplicating what was simple and simple is perfect for me.
BTW thats my trading setup for more then 4y and I'm happy with it.
I've consider asking a coder to code me signals according to the strict rules I have, but I gave up on that idea, I will keep catch them gives more work YES but thats how I like although I must admit with signals poping I would have catch much more but thats life we cant have it all can we?
cheers mate
hi there raylin can we have a round up of best pairs to use time frames ie and all setting on one post please for easy access i know we are just testing at moment makes it easier than reading all through the other posts. Cheers Paul
The first two days I let the robot run without any stop loss trailing stop or take profit just to ensure the
robot was trading correctly
I have now just started running it on 4 pairs pound/usd ,euro/usd, pound/yen and euro yen
I start the Ea up at the start of the European session and at the moment I am using no stops loss as the hedging of the trades will
take care of that
Trailing stop of 30 pips ,break even after 20 pips and break even pips at 1
I may increase the trailing stop to 40 while the Ea is running if I feel a certain pair is taking off
to give breathing space
What we are looking for is 150 to 250 pip moves with stacked trades and 600 pips plus profit
Another idea was to close the Ea down when the 80% of the average true range is met
Although this is an robot I want to guide it during the day