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Today is bad day for this EA. Got 3 open trades since last night. first one got sl -77 pips, second trades win 10 pips and last trades still floating -30 pips. Looks like it cannot handel trending market.
Today is bad day for this EA. Got 3 open trades since last night. first one got sl -77 pips, second trades win 10 pips and last trades still floating -30 pips. Looks like it cannot handel trending market.
Well, it´s a countertreder, right... if we will foreward work with countertrend strategy the only way i see is to install following confimations... martingale strategy would be great for it because there we have a higher piprange to come in profit, something like envelopes or Bulls & Bears Power indicator, also possible... will coutinue testing to get this strategy profitable over the long run...
Also we shoud think about pairs who not sensible regrading market movers and trendeing markts...
Well, i have coding skills at all but not realy good... would be great if somebody here can code this ideas into the EA....
Thank u guy´s and keep up the great work !
mr.trader
__________________ For a 5 digit yearly income you have to work hard, for a 6 digit you only need an idea...
I running v3 on a FXDD demo H4 chart on EU and UJ. Last night both pairs started strong trends. EU trending up opened a sell and UJ trending down opened a buy. Both trends continued and both orders took full s/l loses. At end of the trend, EU had 2 sell wins on last bar before retrace. UJ had 5 buy wins on last bar before retrace. It would be nice to adjust code to avoid the loss during trends, but I'm not sure it would be an advantage to avoid all transactions during trends.
The Money Management (MM) routine, if used, will increase lot size, even faster, as AccountEquity increases, or some prefer to use AccountFreeMargin. To compensate, I'm now using a simple formula to calculate Profit value.
For EU it is: Profit=Lots*200
For UJ it is: Profit=Lots*20
The 200 for EU and 20 for UJ was established with Opimization testing. It might not be the best way to compensate, but so far it seems to be working.
In v3 & v5, order close routine in the EA is based on order profit. When using MM and as equity increases, Lot size increases and value per pip also increases. This will proportionally decrease the pip range separation from order entry to order close. Eventually, pip range will be low, such as only 1 pip separation. The beauty of this is that by maintaining constant profit closures, wins become easier because number of pips required to win is reduced as account equity increases. Also, if you tried to set a low TakeProfit (under the spead) via the OrderEntry routine, most likely would generate an order entry error. By using the order closing routine in the EA, it's like manually closing an order and low pip range profits can be had. The down side with reduced pips to close order is that potential maximum profit per order will be reduced.
im fairly new here and ive been trying out different trading systems, and im still studying how to code mq4. anyways I think magicrsi has great potential exept it loses alot of money during trending markets. I think i have a solution.
instead of opening a buy or sell position when RSI reaches the 90 or 10 level the program should open sell stop or buy stop, so if the market continues its trend the pending orders will just be left behind and we would have been able to stay neutral. but if it goes our way the pending orders would be hit and a greater possiblity for TP. we lose if it hits the order than reverses again, but the good thing with this aprouch is that we could employ tighter SL and a higher probility for TP!
we can even take this further by opening both buy stop and sell stop when market reaches critical RSI levels so when the market continues its trend we could make money or when it reverses we can still make money...
I would have written this myself but I still lack proficency of the MQL4 language...
anyways nice to be here in the forum, keep up the great work guys!
The usdcad entry in the attached report is by mistake. I was trying to test a comment line on another EA, and it placed an order that I didn't expect. I canceled the order immediately for a $ -4.41 loss.
MagicRSI v5 took some hits this AM as Dollar took another dive. Attached is gbpusd chart that shows that this EA has trouble recognizing strong trends and can repeatedly place wrong direction orders.
Possible solution to magicrsi
Linear Mode
