Slopey Graeme: another pipEasy-inspired trend trading EA

[MichaelM]

Thanks, but the Rsi used in trend detection detects the trend. The filter in LookForTradingOpps uses the extra filter to avoid chop. The change you describe is unnecessary.

Gotchya

[MichaelM]

BTW, I have tested that last fix I suggested on fresh charts and it's working great.
So now it doesn't matter what TF you're on, you'll get accurate next High/Low Round Numbers.

[OldTrader]

How is yours going Steve? sounded like you started off strong, just curious whether it still is? Mine is struggling to get back to breakeven after a week

[MichaelM]

Excerpt from the post Steve asked everyone on this thread to read, pipEasy says:

Im definitely not pleased to share this entry system as you will have drawdowns as you are letting the market either hit the +100 of one position or losing both at -200.

Your accuracy will improve however your reward will be smaller in a sense and your drawdowns will be large.

We need to work on the following, if we want to make anything out of this

Perhaps you can think of ways to minimize your drawdowns, you will be surprised at related discoveries.

Steve has already thought of and programmed in the first step into minimizing DD with the 100 pip JSL, effectively making a winner into another leg on your millipede

[SteveHopwood]

How is yours going Steve? sounded like you started off strong, just curious whether it still is? Mine is struggling to get back to breakeven after a week

Yep, taken a bath this week - first time since starting the bot's development several weeks ago.

I am fairly sure this is because I am using the Rsi trend detection. This does not have a check on the direction of rsi movement, only if it is >55 or <45. It will identify, say, an uptrend if rsi >55, even though it might be falling. This means that the falling market has closed all the buy trades, then a brief rally will trigger another buy at the next round number, which will then retreat to sl as the downward correction resumes.

I shall add extra code to test the direction of Rsi as well as the value. Others using one of the other trend-detection routines might not be experiencing this.

[SteveHopwood]

Steve has already thought of and programmed in the first step into minimizing DD with the 100 pip JSL, effectively making a winner into another leg on your millipede

I am wondering if this is the best way to go. The JSL bunches the successful trades together and they are taken out at the same time by a sufficient retrace.

I am thinking that perhaps the stops should move candle by candle instead. Take a basket of buy trades in a rising market; with each new candle, the stop of each trade moves to the low of the next candle along.

Pros: a 100 pip does not take out all of the trades. After a retrace, some are left to continue accruing profits. Given that these are long-standing trades, the profits will be large.

Cons: 1) A full retrace that takes out all the trades will reduce the profits on the older ones. 2) No idea how to code this.

Any thoughts?

[MichaelM]

I was actually thinking of combining the RN entry pipEasy describes with Joe's FB entry in line with the Monthly trend (pipEasy suggests that Monthly is the main trend for him), perhaps a stronger signal?

This can be a way of minimizing DD as we are not overtrading because we are taking trades on fewer signals.

[SteveHopwood]

I was actually thinking of combining the RN entry pipEasy describes with Joe's FB entry in line with the Monthly trend (pipEasy suggests that Monthly is the main trend for him), perhaps a stronger signal?

This can be a way of minimizing DD as we are not overtrading because we are taking trades on fewer signals.

All the trend-detection routines have the ability to use the monthly to identify the trend; also, we have the ability to set this manually. Plus, you are a coder and can make your own tweaks, so go for it.

[MichaelM]

Already on it. Was just thinking out loud

[cla4ss]

Hi Steve. Thank you for the EA. Get this error all the time while testing "Graeme EURUSD,H1: OrderModify error 130". Can you plese fix it?