Pipcruiser's Pipmasher

[Vlokkies]

Thanks for the suggestion trader689. I think I'll close up shop an hour before nfp and then try the 75 pip jumping stop on the next batch of trades.

[pips400]

Thanks PC, I'll give that a try. I've noticed a key element (as with all systems) is knowing when to close out the profits.

I completely agree with this. It's one of the areas I have the most difficulty with.
I haven't mastered my fear yet and subsequently run through the same old questions again and again. "Should I take my profits before they disappear?" "should I cut my losses before they get bigger?" "am I taking profit to soon and not giving it room to run?" "will this losing trade turn around if I try not to panic and give it time?"
You get the idea.

I'm currently sitting with ~650 pips floating in the green and am considering closing out just before nfp to lock in the profit.
How do the more experienced traders handle it? Do you close out? And if so, how long before the news hits? Do you use a tighter stop? Or do you just ride it out and see what happens?

Hi Vlokkies, a lot of this comes down to personal preference, and if I were in your positions with that amount of pips floating I'd bank the lot and wait until after NFP before considering any new positions (that's live of course - demo it always worth answering the what if question)

I find it helpful to know my edge and reasons for entry and exit before I enter a position and if I'm disciplined enough (which often I'm not and is why I'm now coding my trading decisions) to avoid that kind of emotional/mental deliberations. In fact it's so easy to start second guessing once in a live trade. I find that's a really bad habit, and why you need to know your edge and stick to it. After all, it's about multiple trades over time, and not just the one trade, so you start a habit for one, and you're get drained. Let me put it another way, suppose you decide to leave a losing trade open in the hope that it turns around, and then it does turn around, and it seemed like the right decision, then equally you could find yourself in the position x number of trades later so you decide to leave it open again, and this time it works against you and you loose more than the first trade made profit. What I'm saying is that I think the "good" calls will either match the "bad" calls or worse, so why go through the agony in the first place on one individual trade, better to trade multiple times and have rules that you stick to. Presuming you've done your analysis, back testing, forward testing etc, to come up with your trading plan, then why change it during a live trade, trust in what you worked out previously and stick with it.

Having said all that, it's really a personal preference, but the above is what I decided about my own trading decisions a long time ago

All the best

Pips400

[spotdespot]

My view on this is would be similar to pips400. You have to make a clear choice as to how you run this EA imo. You either run it as a weekly trader and bank the profits at some point during the week when you think you might have reached max equity, in which case then not banking before NFP Is pure gambling.

OR you run it as a long term trader rolling the green over and manually adjusting SL etc. This is the route I have chosen and it's doing well BUT that certainly doesn't mean it's the best route. In this case then I will check trades prior to NFP (at some point this morning GMT) and close anything that is at imminent risk of being taken out by a big spike, but I will leave the majority of trades in place. I have 2000 or so pips floating and seem to maintain around this level most of the time, even when things have been flat the previous 2 weeks or so (prior to his week). I am looking at the longer term view and NFP really has little impact at that level.

If NFP is a huge shocker, one way or another, and is the start of a trend change then I will have to rethink.

Cheers,
Dave.

[pipcruiser]

My view on this is would be similar to pips400. You have to make a clear choice as to how you run this EA imo. You either run it as a weekly trader and bank the profits at some point during the week when you think you might have reached max equity, in which case then not banking before NFP Is pure gambling.

OR you run it as a long term trader rolling the green over and manually adjusting SL etc. This is the route I have chosen and it's doing well BUT that certainly doesn't mean it's the best route. In this case then I will check trades prior to NFP (at some point this morning GMT) and close anything that is at imminent risk of being taken out by a big spike, but I will leave the majority of trades in place. I have 2000 or so pips floating and seem to maintain around this level most of the time, even when things have been flat the previous 2 weeks or so (prior to his week). I am looking at the longer term view and NFP really has little impact at that level.

If NFP is a huge shocker, one way or another, and is the start of a trend change then I will have to rethink.

Cheers,
Dave.

Or just run it totally hands-off with a 50 pip jumping stop.....http://www.myfxbook.com/members/xfactor ... 32/1044669



PC

[spotdespot]

Or just run it totally hands-off with a 50 pip jumping stop.....http://www.myfxbook.com/members/xfactor ... 32/1044669



PC

Mmmmm.... that would do!!

And would make things simpler.... So you have no TP etc just let the trades take themselves out?

Gotta love this EA.



Cheers,
Dave.

[casapips]

hi PC

great result, bravo!

just jumping ? or 200 pips BE first then 50 jumping ?

merci

[pipcruiser]

Or just run it totally hands-off with a 50 pip jumping stop.....http://www.myfxbook.com/members/xfactor ... 32/1044669



PC

Mmmmm.... that would do!!

And would make things simpler.... So you have no TP etc just let the trades take themselves out?

Gotta love this EA.



Cheers,
Dave.

The demo is run by xfactornos, look back in the thread, its all here....

Choose a jumping stop (ie. 50) a SL (ie. 100) and a TP (ie. 500) and dont touch it.

Pipmasher is made for catching a good long confirmed trend, with as little hands-on as possible.

The markets have been good to the EA so far, lets see if we get 3 months of chop, surely it will be less good, but time will tell if this one is a keeper

PC

PS: Please don't PM me more for settings, its all here guys....

[spotdespot]

The demo is run by xfactornos, look back in the thread, its all here....

Choose a jumping stop (ie. 50) a SL (ie. 100) and a TP (ie. 500) and dont touch it.

Pipmasher is made for catching a good long confirmed trend, with as little hands-on as possible.

The markets have been good to the EA so far, lets see if we get 3 months of chop, surely it will be less good, but time will tell if this one is a keeper

PC

PS: Please don't PM me more for settings, its all here guys....

Interesting - I might have to set up yet another demo....

I think it is possible to avoid a lot of the chop because of the way you designed the EA. Well, a lot more than other EAs anyway

Cheers,
Dave.

[Vlokkies]

Thanks for the advice Pips400, Dave & PC.
You've given me valuable insight and it makes so much sense. :hi:

I'm still learning & relatively new to forex so it's easy to second guess myself. That's why I think it'll be better for me to go with a more mechanical approach and remove as much of my own judgement from the equation.
So this weekend is strategizing time. Drawing up a plan/set of rules and sticking with it. Come hell or high water!

[spotdespot]

Also I doubt that anybody here has sunday candles at all, but if you do, you should go to line 3690 and replace this

Code: Select all

   if (BrokerHasSundayCandle)
      if (TradingTF == PERIOD_D1)
         shift = 2;

with this

Code: Select all

   if (BrokerHasSundayCandle)
      if (TradingTF == PERIOD_D1)
         if(TimeDayOfWeek(iTime(NULL,PERIOD_D1,0))==1)
            shift = 2;

Cheers.

I was just looking in to an issue for someone yesterday and now re-reading the thread - this is the best solution. This part of KapguHaJI's post re. Sunday Candles is very important if you do use FXCM etc that have them as otherwise the EA won't work.

Nice one KapguHaJI.

Cheers,
Dave.