Multi 10:4 Trader EA

[MrLong]

Another way to reduce drawdown, could be to not set STOP orders, but enter the market where a break of the pivots and a closed bar.

[forextra]

I downloaded the one from the website shown on page 1

You need to download the dll, from here: http://www.mt4gui.com/download/ - 82kb

It was working fine last week - hm!

[MrLong]

I downloaded the one from the website shown on page 1

You need to download the dll, from here: http://www.mt4gui.com/download/ - 82kb

It was working fine last week - hm!

You can click on your Empty4 folder, right click, select properties, select the tab at the top that says Previous Versions, select the one that was working and press the restore button.

ONLY DO THIS IF YOU ARE TRADING A DEMO ACCOUNT.

[forextra]

You can click on your Empty4 folder, right click, select properties, select the tab at the top that says Previous Versions, select the one that was working and press the restore button.

ONLY DO THIS IF YOU ARE TRADING A DEMO ACCOUNT.

Thanks Andy - will try that.

Keep up the great work.

[bubo]

Another way to reduce drawdown, could be to not set STOP orders, but enter the market where a break of the pivots and a closed bar.

Interesting idea, not sure if it would work because we may be late entering a good move. The advantage of setting a pending order ahead at a line is that you are ignoring noise in the beginning (only enter when there is a good move i the right direction, but if that happens you are in early).

Another thing I noticed that may help reducing DD is the exact way of how we set/remove pending orders. I noticed before how a GBPUSD trade was placed against RSI, and saw that again with XAUUSD this weekend.

I think the issue is that often the RSI will not reach the opposite threshold but will instead reverse back. If that happens, it looks like we are still placing pending orders, even if the RSI is moving against your trading direction. Manually, I would not place pending orders anymore when RSI returns to where it came from. i would remove pending orders and wait until RSI reaches the previous threshold again, and then place pending orders.

The big question is when exactly do we stop placing pending orders, and when do we remove them. I think NanningBob will close open orders and remove pending orders when the RSI drops back into the AO. Are we doing the same with the current EA? Another possibility to reduce DD could be that we only place pending orders when the RSI leaves oversold/overbought and then stop doing it when we enter the opposite half of the panel, or give a second set of thresholds when to turn of pending orders (e.g. not 98/2 but 70/30 or 50/50).

[glabbeek]

Another way to reduce drawdown, could be to not set STOP orders, but enter the market where a break of the pivots and a closed bar.

Interesting idea, not sure if it would work because we may be late entering a good move. The advantage of setting a pending order ahead at a line is that you are ignoring noise in the beginning (only enter when there is a good move i the right direction, but if that happens you are in early).

Another thing I noticed that may help reducing DD is the exact way of how we set/remove pending orders. I noticed before how a GBPUSD trade was placed against RSI, and saw that again with XAUUSD this weekend.

I think the issue is that often the RSI will not reach the opposite threshold but will instead reverse back. If that happens, it looks like we are still placing pending orders, even if the RSI is moving against your trading direction. Manually, I would not place pending orders anymore when RSI returns to where it came from. i would remove pending orders and wait until RSI reaches the previous threshold again, and then place pending orders.

The big question is when exactly do we stop placing pending orders, and when do we remove them. I think NanningBob will close open orders and remove pending orders when the RSI drops back into the AO. Are we doing the same with the current EA? Another possibility to reduce DD could be that we only place pending orders when the RSI leaves oversold/overbought and then stop doing it when we enter the opposite half of the panel, or give a second set of thresholds when to turn of pending orders (e.g. not 98/2 but 70/30 or 50/50).

I think that you are right about RSI retracting back below the threshold. How I understand Bob's 10.4, those pending orders should be cancelled.

What do you think Andy?

[simplex]

I downloaded the one from the website shown on page 1

You need to download the dll, from here: http://www.mt4gui.com/download/ - 82kb

It was working fine last week - hm!

forextra,

I'm pretty sure that you have an outdated or corrupt dll version. Should be around 3 MB size - see pic.

simplex

[MrLong]

Another way to reduce drawdown, could be to not set STOP orders, but enter the market where a break of the pivots and a closed bar.

Interesting idea, not sure if it would work because we may be late entering a good move. The advantage of setting a pending order ahead at a line is that you are ignoring noise in the beginning (only enter when there is a good move i the right direction, but if that happens you are in early).

Another thing I noticed that may help reducing DD is the exact way of how we set/remove pending orders. I noticed before how a GBPUSD trade was placed against RSI, and saw that again with XAUUSD this weekend.

I think the issue is that often the RSI will not reach the opposite threshold but will instead reverse back. If that happens, it looks like we are still placing pending orders, even if the RSI is moving against your trading direction. Manually, I would not place pending orders anymore when RSI returns to where it came from. i would remove pending orders and wait until RSI reaches the previous threshold again, and then place pending orders.

The big question is when exactly do we stop placing pending orders, and when do we remove them. I think NanningBob will close open orders and remove pending orders when the RSI drops back into the AO. Are we doing the same with the current EA? Another possibility to reduce DD could be that we only place pending orders when the RSI leaves oversold/overbought and then stop doing it when we enter the opposite half of the panel, or give a second set of thresholds when to turn of pending orders (e.g. not 98/2 but 70/30 or 50/50).

I think that you are right about RSI retracting back below the threshold. How I understand Bob's 10.4, those pending orders should be cancelled.

What do you think Andy?

Hi,

The EA should only start placing orders if we have the RSI above/below 98/2 or the AO higher/lower than the zero line, we can delete the orders when the RSI retracting back below the threshold, but if I'm understanding what you saying, thats a point where the EA will start to lay the STOP orders.

We could look at only laying the stops when we have a 123 setup, price breaks the pivot, moves back for the drawdown we could lay the stops at this point.

Just my thoughts, we know the strategy does work, we just need to get the drawdown under control.


Andy

[forextra]

forextra,

I'm pretty sure that you have an outdated or corrupt dll version. Should be around 3 MB size - see pic.

simplex

Thanks Simplex - you are dead right. I uploaded the previous dll. Appreciate all the help that you and everyone on this forum freely give.
Allan

[rosst]

The NZDJPY has 3 open trades on 2 different platforms but 2 of them seem very close - is this according to Bob's rules?

Another thing Bob has mentioned about time is that he will close his positions if in profit:
"I take almost all my profits at: (you probably have heard this before)
Halfway into the Euro session before the USA open
Halfway through the USA session around the Euro close
Between the close of the USA session and Open of JPY session
2-3 hours into the JPY session.

That is usually when a move will hit its peak. By then it has usually moved 1 or 2 lines. I TP and decide if I want to set more pendings, The only time I really do this though is before the USA open, sometimes after the Euro close, especially during a hard move. So be time conscious of these times. In USA EST that is JPY session 10-11 PM EURO 6-7 am USA 10-11 AM and before JPY open 6-7 PM. I never miss those times. Seldom miss the close near a line.