Scoobs and squalou: what a combo

[Panamamike]

Steve,

With the new trade stacker EA and scripts having been added to the mix, I would like to describe how I am using all of these tools to see if it is correct.

When the trade is trending as per RSI, apply the daily S&R levels indi with the appropriate look back days to get the trigger levels.

Use the Waiting to Buy/Sell EAs to trigger the trade. Once the trade has triggered, and the EA goes into suspension, remove the EA from the chart.

Then apply the stacking script. Manually adjust the lines to coincide with the next S/R levels as per the indi. Apply the stacker EA to trade those levels.

[SteveHopwood]

Steve,

With the new trade stacker EA and scripts having been added to the mix, I would like to describe how I am using all of these tools to see if it is correct.

When the trade is trending as per RSI, apply the daily S&R levels indi with the appropriate look back days to get the trigger levels.

Use the Waiting to Buy/Sell EAs to trigger the trade. Once the trade has triggered, and the EA goes into suspension, remove the EA from the chart.

Then apply the stacking script. Manually adjust the lines to coincide with the next S/R levels as per the indi. Apply the stacker EA to trade those levels.

Yes. Or use the stacker instead of the waiting ea.

[Panamamike]

Steve,

This is a good approach. However, I would also build in the following or create another EA if it doesnt already exist in your weaponary....

BUY or Go Long.
1. If the Trend is UP based on 20 Day RSI i.e. > 55
2. H1 breaks S1, S2 or S3

SELL or Go Short.
1. If the Trend is DOWN based on 20 Day RSI i.e. < 45.
2. H1 breaks R1, R2 or R3.

....also, build in recovery module or fixed SL. However, fixed TP/SL is a NONO as each pair has a specific range. Big clue there!!!!!!!!!!!!!!!!!

Scoobs.

The problem with having an always-on EA here is reading sq's indi. Signals generated by his indi are based on the user's DaysBack input. sq does not store values in buffers (I think). The indi is a visual thingy and represents s/r by drawing fib lines. What is relevant is the next/previous s/r, not R1, R2, R3 etc

That is why I do not think I can automate my idea - and if I cannot automate it, then who can?

Thanks for your thoughts, even so. Please keep them coming. Pleeeaaasssseeee. Lots f us depend upon them.

What about having the levels as a user input into the Ea itself? These daily S&R levels do not change very frequently. Sure it would be up to the user to ensure that he/she updates the levels, but if a person can not do that, should they be trading in the first place? I think your current approach including stacking, combined with Scoobs idea above, could prove to be very powerful. You would be entering S/R breaks in the direction of the prevailing trend, in addition to pullbacks within the trend. The daily S/R levels themselves can be entered by the User into the perameters based on their own configuration of squalou's indicator. If Scoobs is talking about the "normal" S/R daily levels calculated by the previous day's O/H/L/C, the EA can either do this internally or get these levels for the pull back trades from a standard indicator (I can send you one if you do not have it, which you probably do)
Just my .02 which is probably all the thought is worth. HAHAHAHA.

[SteveHopwood]

Demo account this week.

One loser closed at the sl I set below a resistance when it looked as though the market had turned against it. A few more closed when Rsi retreated into the ranging boundaries. I feel a trade manager coming on, that will close trades when Rsi does this.

[SteveHopwood]

And, on my live account; closed trades this week right at the bottom of this post.

The market opened on Sunday night with a large gap. I could have shut down the entire GJ position and rid myself of that trade from April of last year with an overall profit of about $40.

I decided to hang on in and see what happened. The market retraced and took out my stops, so I started again. Still outstanding at the end of what turned into a quiet week are the original trade plus three others, two of which have profits locked in just in case the market reverses further.

It is fascinating to view the attached picture of the W1 GJ.

The solid yellow line at the base is the all-time low the market reached September last year, followed by a rally, then another fall back to the same level in January. The upper dashed line is the price I took the buy and the horizontal line the candle before I took the trade. Ignore the Buy trade - the pic is from my demo account and is for illustration only.

In the wondrous beauty of hindsight, that trade was ludicrous. The market was clearly trending down. In fact, pull the chart out a bit further, and the damn market was trending downwards since 2006. Some variant of The Beast left me stuck with this. At one stage it was about -2,300 pips, but on another occasion the market would have cooperated and closed out the trade with some nifty Recovery footwork.

Those -2,300 pips were not all losers. On the way down, I did some substantial hedging that added a lot to the account balance. Did bugger-all for the equity, but life is never perfect.

So, why is all this significant? Because the mix of scoobs/sq has given me the tools to follow the GJ recovery and profit from it. If the recovery continues, then I shall eventually be able to close this pesky trade having made huge profits (in percentage terms) from having kept it open and responding to the events as they unfolded.

And if the market collapses again, this time I have the tools to profit on the way down.

Lurvely.

[spotdespot]

Any Japanese pairs running now....??

Sitting with >500 pips floating. Loving the trade stacker Steve. I just need to get my MM sorted out as it obviously can't cater for that and my attempts so far to set SL and trail at the "optimum" levels need serious tweaking.

Many thanks for your work - this really is fantastic when things start moving - the key is being patient when nothing is moving.

[spotdespot]

I have been thinking about the current trades as it looks like the JPY pairs might be reversing (Edit - or not ). Is there anything out there that will close all trades of a particular pair once a SL of any of the pair's trades has been hit? e.g. I had 2 CADJPY trades, the first in significant profit and the second slightly in the red. I have a trailing stop that reduces over time (using Kenny's compuforex trailing stop). When price reverses the trade that has been running for a while, and is well in profit, has it's stop hit first. At that point ideally I would want all trades for that "trade stacked" pair to be closed.

I think this would be very useful for your Trade Stacker method Steve as it would lock in profits and protect against a full stop loss (or multiple full stop losses) being hit in the event of a reversal where a trade or trades had recently been triggered.

Obviously you would have to make sure you weren't trailing too tight stops otherwise you would lose plenty of profit BUT if you had the trade stacker in place you would get back in the trade at the next stacked trade position in the event that it was a sharp retracement followed by price continuing in the trend direction.

[SteveHopwood]

I have no plans for now to add management functions to the stacker EA.

One of the thingies I am considering is adding a breakeven feature, so that the stop of the previous trade is moved to be when stacker sends the next trade, but only considering. This is a trend-trading system, so getting used to wide market movements is one of the features that users have to get used to.

No reason why others should not experiment and I welcome all of your contributions.

[spotdespot]

I have no plans for now to add management functions to the stacker EA.

One of the thingies I am considering is adding a breakeven feature, so that the stop of the previous trade is moved to be when stacker sends the next trade, but only considering. This is a trend-trading system, so getting used to wide market movements is one of the features that users have to get used to.

No reason why others should not experiment and I welcome all of your contributions.

Fairy snuff.

I will do some more searching to see if I can find something that does it - if I find something I will post links here. I was a coder in a previous life - long time ago - IBM PL/I - a bit far removed from MQL!! Maybe I will start learning once I have a reasonable understanding of the forex world.

I have the trailing stop EA working when I am not at my PC and when I am I set the S/L to trail manually by moving them (in an up trend) below the last crossed (and closed above) squalou generated S/R "band" (obviously with a bit of discretion). This means if markets reverse and it is only a quick retracement I lose little profit as I place a new trade stacker BUY above the S/R band (assuming all criteria are still met).

Yesterday's details below. This was bay far my best day and I am actually only about break even since starting to use this method BUT I am learning all the time. I made many mistakes when I started using it. This is just demo btw and I am using small lot sizes - roughly equates to 0.25% risk per trade (these can stack of course so 0.25% per part trade). EDIT: Yesterday gave me >5.5% equity increase.

[SteveHopwood]

Took a bath last week on demo.

Too many buy xxxJPY trades. Great a couple of weeks ago, not so good when JPY does not cooperate.

So, not to myself. Remember the principle of balanced trading.

Live, some small profits buying GBPJPY. Not much, but profit is profit.