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Is there a link to an EA or do you have one ? Can you post the link or the EA itself ?
Thanks
Humble.
There is an EA in Forex Factory, but it is slightly different from OzFx's methodology and the Stochastic signal setting is not correct.
I am currently writing an EA from scratch. So far it looks good. Last night, it scoops a massive 544 pips from the 4th Febuary signal. I'm forward-testing it to see if there is any bugs. Give me until the end of this week and I will post the EA here.
There is an EA in Forex Factory, but it is slightly different from OzFx's methodology and the Stochastic signal setting is not correct.
I am currently writing an EA from scratch. So far it looks good. Last night, it scoops a massive 544 pips from the 4th Febuary signal. I'm forward-testing it to see if there is any bugs. Give me until the end of this week and I will post the EA here.
First lot of EUR/JPY closed for +50. Move SL to BE.
OzFx,
I have an idea about the moving SL, and would like your thoughts whether this is more profitable:
Once we got a signal, open the usual five trades, each with their own TP values of 50 pips distance from each other, except the fifth trade, of course.
Once the first TP is hit, move the remaining four's SL to BE.
If the second TP is hit, move the remaining three's SL up by 50 pips.
Do this until the first four TP hits. The last trade will let loose until the next signal emerge.
Effectively we are making a trailing stop.
Have you tried this before? Will this be more profitable than the original method? If you like, I can incorporate this into the new EA.
I have an idea about the moving SL, and would like your thoughts whether this is more profitable:
Once we got a signal, open the usual five trades, each with their own TP values of 50 pips distance from each other, except the fifth trade, of course.
Once the first TP is hit, move the remaining four's SL to BE.
If the second TP is hit, move the remaining three's SL up by 50 pips.
Do this until the first four TP hits. The last trade will let loose until the next signal emerge.
Effectively we are making a trailing stop.
Have you tried this before? Will this be more profitable than the original method? If you like, I can incorporate this into the new EA.
Regards,
Azmel.
Hi Azmel,
Thats a great suggestion. The only hurdle I can think of is the volatility with carry trades. They move up and down a lot and simply can close us out prematurely.
It will also create overhead of monitoring the trades more if you are not trading on MT4 with such an EA. Resulting in spending more time in front of PC.
I would say if it would be nice to have such an option on the EA, perhaps several MMs, and user can simply select which one to choose depending on pair and price movement that day.
There is an EA in Forex Factory, but it is slightly different from OzFx's methodology and the Stochastic signal setting is not correct.
I am currently writing an EA from scratch. So far it looks good. Last night, it scoops a massive 544 pips from the 4th Febuary signal. I'm forward-testing it to see if there is any bugs. Give me until the end of this week and I will post the EA here.
I understand that some of us are quite enthusiastic to get their hands on the EA I’m currently writing. Please be patient. This EA is a slow trader – it opens a trade every one week or two, and it can take several days before the whole group closes. Because of this, I cannot rush the job until I know everything is working. For tests, I’m using a smaller timeframe just to check everything is working. I hope to post it here by this weekend.
So far the EA has done everything it should do: it opened up five trades upon receiving a trade signal. It moved the SL to BE as expected. Now I am waiting for the next signal for it to close the fifth trade, followed by opening a new group of five. Once this is achieved, then I can safely say the EA is ready for use.
I also added a feature called MoneyManagement (not to confused with OzFx’s definition of Money Management) where the amount of lots to open are calculated automatically by the EA based on the available account balance and the risk level of that the user is comfortable with. With this feature added, the profit gained from this EA will grow in proportional with the account size.
Once this EA is ready, I was thinking of optimising it. The reason for this is that I have done some manual backtesting on the charts and I have to say, the signals are not 100% foolproof. There are times when the signals got it wrong and the market decide to move to the other direction. If this happens, we loose 500 pips – which is quite a lot. I was thinking if different Stochastic levels (50/50, 60/40, 70/30 or 80/20?) that fxbs mentioned on page 2 could help minimise these “false signals”.
Anyone who have experience on Stochastic, please do share your thoughts on this.
The 200SMA filter that OzFx uses could also help, but I haven't used it yet. What is the success rate of using this filter to isolate the "false signals", OzFx?
Linear Mode
