10.4 A Complete System

[pips400]

Ok thought I'd throw this into the mix. I'm not a coder but I do use FXDreema to create some EAs from time to time. I'm learning MQL4 too, but that will take time. I've put together an EA for 10.4 purely for testing purposes (DO NOT TRADE LIVE WITH ANYTHING I CREATE). I've tried as much as possible to follow Bobs rules for entry and exit, apart for the first SL at LWMA240 - instead I've used the next Pivot Level e.g. if first long trade is at WP then first SL is at S1. After that on subsequent entries the SL are moved together midway between pivot levels as my understanding of 10.4 Another main difference is not using the NT TMATrue SlopeHisto MTF with RSI(2) as I could figure out how to include this in the EA, instead I used someelses suggestion of the CCI OB/OS 100 levels instead. At the moment there's no use of the AO as entries are set already, and for Exits, either the TP level at WMR2 or WMS2, or there is a 30pip trailing stop.

This is all totally experimental of course, and I know that there are some amazing and gifted programmers on this forum who will do a far far far better job than this, I just wanted something in the meantime to help my own 10.4 journey and then thought what the heck, I'll post it here.

http://fxdreema.com/shared/rWM2jbmZc

Rather than clogging this thread, if you have any questionsor suggestions about the EA please PM me instead.

[lhDT]

There is plenty of opportunities right now ... I'm thinking wrong ?

- EURJPY Long 124.96
- EURAUD Long 1.2926 & 1.3000
- EURGBP Long 0.8622
- GBPJPY Long 144.82
- USDCAD Long 1.0037
- USDJPY Long 93.30 &
- USDNOK Short 5.4900
- AUDUSD Short 1.0343
- AUDJPY Long 96.47
- AUDCAD Short 1.0341 (already short from 1.0366)
- AUDCHF Short 0.9531
- CADJPY Long 93.36

Is this correct ?? I think that's a bit too much no ??

[MrLong]

There is plenty of opportunities right now ... I'm thinking wrong ?

- EURJPY Long 124.96
- EURAUD Long 1.2926 & 1.3000
- EURGBP Long 0.8622
- GBPJPY Long 144.82
- USDCAD Long 1.0037
- USDJPY Long 93.30 &
- USDNOK Short 5.4900
- AUDUSD Short 1.0343
- AUDJPY Long 96.47
- AUDCAD Short 1.0341 (already short from 1.0366)
- AUDCHF Short 0.9531
- CADJPY Long 93.36

Is this correct ?? I think that's a bit too much no ??

EURJPY Long 124.96
- EURAUD Long 1.2926 & 1.3000
- EURGBP Long 0.8622 << selling GBP
- GBPJPY Long 144.82 << Buying GBP
- USDCAD Long 1.0037 << Buying USD
- USDJPY Long 93.30 & << Buying USD
- USDNOK Short 5.4900 << Selling USD
- AUDUSD Short 1.0343 << Buying USD <<Selling AUD
- AUDJPY Long 96.47 <<Buying AUD
- AUDCAD Short 1.0341 (already short from 1.0366) <<Selling AUD
- AUDCHF Short 0.9531 <<Selling AUD
- CADJPY Long 93.36 <<Selling CAD


You have quite a few Long, Shorts there, you are selling and buying at the same time, like Hedging.

Best Regards
Andy

[Zool]

First: thank you Bob for this new system, and all the work you put into sharing it!

I attach some scripts to make it easier to put pending orders, and modify the stop losses take profits. These are drag'n'drop kind of scripts, that means you should drag the script onto the chart to the price level you want, and release the mouse button there.

If you drag the buy pending script above the current price it will set a buy stop order, if you drag it below the price it will open a buy limit order (opposite for the sell script).

The dragdrop_closeall script only close the orders of the chart it's dragged on.

The dragdrop_modify_TP and SL scripts will modify the stops and take profits of all orders of that pair to the level the script dragged on (easier to set the breakeven level on multiple open orders).

Please try these scripts first on a demo, if you plan to use it on a live account.

Thanks for sharing - What is the _MACOSX folder for?

You can delete that. I'm using OS X operating system, and there are some junk system files there that OS X puts in every zip file it creates. You only need the .mq4 files.

[Zool]

For everyone who desn't like the MM indi Bob included, here's an other tool. This will put 3 lines on your chart, the green is the entry level, the red is the stop loss level, the yellow is the take profit level. You can double click (or single click if you enabled it in the options menu) on those lines and drag them where you want it, and the indi will tell you the lot size (and other infos too).

[shellsnail]

There is plenty of opportunities right now ... I'm thinking wrong ?

- EURJPY Long 124.96
- EURAUD Long 1.2926 & 1.3000
- EURGBP Long 0.8622
- GBPJPY Long 144.82
- USDCAD Long 1.0037
- USDJPY Long 93.30 &
- USDNOK Short 5.4900
- AUDUSD Short 1.0343
- AUDJPY Long 96.47
- AUDCAD Short 1.0341 (already short from 1.0366)
- AUDCHF Short 0.9531
- CADJPY Long 93.36

Is this correct ?? I think that's a bit too much no ??

I would look at how far the currency has already moved. If there was an entry earlier in the week and it already completed most of the move, I'd be hesitant to get in at this stage.

Also, if the pair is running out of steam, i.e. it has completed its trend move and is rolling over (where you'll actually exit existing trades) then it's probably not a good idea to trade those pairs...

I think this strategy should be traded from Monday of each week onwards, where you track all the pairs and go for the best opportunities (i.e. if your account is too small, you can't even trade some of the pairs without risking more than 3% because they are too far away from the 240MA, in fact I don't think it's advisable to trade some of those because it might just mean that they are very far away from value... OR you can be creative and wait for the move to start first, i.e. you don't take the first entry, and then try to get in at subsequent levels, and placing stops below the low or high of the original move...)... i think there are plenty of opportunities to choose from.

Basically I noticed it's extremely powerful when you get in on a good trend, piling in at each S/R level can generate crazy profits with limited downside.

Would love to hear Bob's opinion on this issue as well.

I think the most ingenius part of this system lies in the fact that the money management strategy automatically protects you from entering too much into bad trades. Because the closer you are to 240MA, the closer you are to 'fair value' of the pair, and those are the best places to get on to the trend and you can afford to risk more lots, but the further you are from it the chance of a reversal gets higher and higher and the system protects you by reducing your lot size... Brilliant.

[theforexedge]

It would be really helpful if someone could make a RSI email alert indicator, also with a MA240 Cross as well?

JP

[WideEyed]

Thanks for all the effort you put into this, Bob.

Since you're taking newbie questions, I'll be bold and venture my first ones.

On page 13 you say:

At the bottom of the chart is a unique, one of a kind indicator designed just for 10.4. It is a
combination of 3 indicators put into one window and they make a great filter for entrances
and taking profit. I thank CMeade for showing me the RSI 2 inside the TMA slope indicators
and I added the AO awesome oscillator.

Sounds great. The start of that para suggests you've created a new indicator (called?) for 10.4. But then you go on to say, as I understand it, that three separate indicators need to be loaded. The RSI2 and TMA don't seem to be either standard Empty4 indis nor ones included in the zip file (though from your image I worked out that the TMA you are referring to may be the NT TMATrue SlopeHisto MTF ). I could Google them and download, or go through 10.3, 10.2 etc to find them, but was hoping you could confirm whether I've understood this correctly. Or is there an indicator you've created for 10.4 that I've missed?

On page 14:

Also inside these indicators is the RSI 2 (Relative Strength Index); which gives you a signal to start setting your pending orders. It looks like this and is the gold colored lines. When put
inside the slope indicators it flattens out at the top and the bottom and gives you the signal

"Inside these indicators is the RSI2" Inside which indicators? I know what the RSI is and have used it a fair bit the last few months. But I've no idea what the RSI2 is. Also, seeing I'm being a pain here, could I impose by requesting the meaning of "when you put inside the slope indicators"?

I'm sure that old timers familiar with all your previous work wouldn't have had any trouble understanding the above, but I was bold enough to read your document because it starts off saying that I "would not have to go to any other editions to understand...". I took that to mean that reasonable familiarity with Empty4 and some knowledge of TA would suffice. Am I perhaps in over my head here? You can be brutally honest!

[SWG123]

Thanks for all the effort you put into this, Bob.

Since you're taking newbie questions, I'll be bold and venture my first ones.

On page 13 you say:

At the bottom of the chart is a unique, one of a kind indicator designed just for 10.4. It is a
combination of 3 indicators put into one window and they make a great filter for entrances
and taking profit. I thank CMeade for showing me the RSI 2 inside the TMA slope indicators
and I added the AO awesome oscillator.

Sounds great. The start of that para suggests you've created a new indicator (called?) for 10.4. But then you go on to say, as I understand it, that three separate indicators need to be loaded. The RSI2 and TMA don't seem to be either standard Empty4 indis nor ones included in the zip file (NT TMATrue SlopeHisto MTF excluded as its appearance differs from what you have in your image). I could Google them and download, or go through 10.3, 10.2 etc to find them, but was hoping you could confirm whether I've understood this correctly. Or is there an indicator you've created for 10.4 that I've missed?

On page 14:

Also inside these indicators is the RSI 2 (Relative Strength Index); which gives you a signal to start setting your pending orders. It looks like this and is the gold colored lines. When put
inside the slope indicators it flattens out at the top and the bottom and gives you the signal

"Inside these indicators is the RSI2" Inside which indicators? I know what the RSI is and have used it a fair bit the last few months. But I've no idea what the RSI2 is. Also, seeing I'm being a pain here, could I impose by requesting the meaning of "when you put inside the slope indicators"?

I'm sure that old timers familiar with all your previous work wouldn't have had any trouble understanding the above, but I was bold enough to read your document because it starts off saying that I "would not have to go to any other editions to understand...". I took that to mean that reasonable familiarity with Empty4 and some knowledge of TA would suffice. Am I perhaps in over my head here? You can be brutally honest!

As Bob's travelling can I try to help ... firstly, all necessary indicators are included in the zip file and all you need to do is copy them to experts\indicators then use the supplied templates. RSI2 is just 2-period RSI applied, in this case, to the H4 timeframe and displayed in the bottom indicator window. Does that help at all?

[WideEyed]

Thanks for your quick reply, SWG123.

I tried that. My screen ends up looking like the lower image which is much different to Bob's screen with the same indis.