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TAME THE BEAST - Free EA & Indicators

I have tested a martingale strategy successful for two months now on a demo account. I'm combining it with Pivot support/resistance to decrease the risk of blowing up the account. Using Average True Range is also an option. I've limited my orders to 7, placing the first orders on the R1 (sell) and S1 (buy) and the 7th order on the R3 and S1. Starting with 0.1 lot ending with 6.4. Stoploss at the next order, takeprofit the pivot line. If order is not closed before the end of the day, I move the takeprofit to the next days pivot line.

This has worked well for me the last two months, even with the runaways we had on 30 Jul, 7 Aug and 19 Aug.

Is there someone out there that can create an EA for me.

Thanks

Very interesting. Have you tried multipliers other than 2?
The acid test for me is getting something to survive a backtest for the entire year of '08 and '09. I have been able
to do it with Blessing, but only with a select number of pairs and a lot of tweaking.

Rob

Hi Rob

I'm not sure what your asking about the multipliers?

The pairs I used was EURUSD. GBPUSD's range too high. Could work with a bigger account or micro account on GBP. When I use the ATR, I look for the last 5 days average. If it's less than 200, I would place my Buy and Sell limit orders just before the London session open.

Last month I tested on a demo account with $5000.00. At the end of the month my account balance was $8331.67. But I only used a 20 grid, without the pivot support and resistance. The risk are still high for blowing up the account, so I combined it with the pivot on one demo account and the ATR on another account.

I'l post the end results next month.

Your implementation is "doubling down," meaning the
multiplier is 2. With Blessing, I have never been able to
get any pair to survive backtests with multipliers higher
than 1.5. In fact, I have only been able to find two or three pairs that can survive '08 and '09, and that is with a multiplier of 1.4.

Rob

Interesting to see this thread jump alive again after so long. I had pretty much given up on any martingale strategy, don't have the stomach to withstand the potential huge draw downs.

There must be a way to tame this completely random market to some form of exploitation right?

I'm afraid martingale is probably out as a reasonable solution.

I think you're giving up too early. With good money management and combining the martingale with support/resistance indicators, and ATR this can be successful in the long run. I've restricted my orders to 7. After that I'm out before blowing up the whole account. My first oder only starts at the S1 or R1 and my 7th order ends at the S3 or R3. You can use the ATR as guide for limits.

Even if you're 7th order is a loss. That's ok. In the long run you still profit.

I view the 1-7 orders as one trade.

Enjoy trading.

I forgot to add ... I don't trade if the daily range is higher than 200.

Hey Wolfe can you explain what a martingale EA is and how it works?

I have been trading a Martingale for several months in a live account. There are many horror stories about this strategy and all I can say is that I have had some scary days, it comes down to how deep your pockets are.

One major issue that I have with this EA is that I HAVE TO choose which direction I want to trade (Long or Short) what I want is for the EA to enter a trade based on current trend (hourly). Once all of my trades close I want the robot to open in the direction of the current trend if it has changed.

Has anyone seen anything like this?

Thank you!