Louisetano » Fri Jan 23, 2015 12:18 pm wrote:Hi Matt,
That does sound like a good idea. Do you use one of the scripts from HGI for setting pending orders? Do you use JS with this?

taggie11 » Fri Jan 23, 2015 12:24 pm wrote:Hi Matt

Great idea - but why not leave the first trade alone - that will capture the buggest move on the original PM trade (whatever your settings for that were i.e. TP 3xATR; SL 150; JS50 etc). Then the pendings are incremental bonus for each one reached and closed. The only issue would be retraces - these could hit multiple 20 pip trades depending on your SL for these?.

Doc

matt_32 » Fri Jan 23, 2015 9:43 am wrote:Hi all,

I've been using Pipmasher (PM) for a while now with extremely positive results. In my quest to try and improve PM (a very difficult task, since it is already a killer strategy) I've developed a new version (ie Gama version) that can generate a lot more cash than PM. Now this method is basically PM coupled with multiple pending orders, like the ones that Bob uses in HGI.
The idea here is that instead of placing just one pending order under the last daily candle, we place a series of pending orders 20 or so pips apart from each other with a TP of 20 or 30 pips. The number of pendings depends on my TP. Mostly a SL of 1x Daily ATR and a TP of 3 x Daily ATR, so If my TP is 300 pips away from my entry then I would place 15 pending orders 20 pips apart from each other, and each one with a TP of 20 or 30 pips
In order to maximize my profits I use the idea of letting my profits run by removing the TP on the first pending in the series. This leaves me with only one open order (after all the other pending’s have hit TP) that closes last thus maximizing profits.
If the daily candle gives us another entry opportunity we delete all pendings left on the table and repeat the same process by placing new pendings up to our new TP. The open trades that are still active are left on the table.
At the end of the week I go through the charts and decide which trades to keep and which trades to close. I usually close all trades that are in a retrace and hope to catch them again next week.

Hope you enjoy it
Matt
:hi: :youknow:

KingOfCoolville » Fri Jan 23, 2015 1:14 pm wrote:
Matt,

Do you set the SL and TP's yourself? As I don't see any options in the EA to set ATR SL's or TP's.

Also what would be the benefit of your approach over just increasing your lot size?
If the trade triggered then went straight against you, you would be increasing your loses - but in your scenario, if your additional pending triggered then went against you in a retrace and stopped out you would also be increasing your loses. Not sure if one approach has much advantage over the other?

I have only started using the bot this week, so early days (I know you have much more experience with this system) - already successful, especially today. Seems to me that the strength of the strategy is in it's simplicity. Whenever you try and introduce 'more reward' it comes with 'more risk' - I think I will just increase my lot size if the account continues to grow (fingers crossed).

Just thinking out loud.

Cheers

Gertje » Fri Jan 23, 2015 3:21 pm wrote:Who needs improvements?


Beside PPM, I re-enter with pendings at the high/ low of a candle after a stopout when trade still looks good. Seeing that it again gives a 100 SL, it might be better to use a 100 JS instead of 50 JS.

Results attached.


.

pipcruiser » Fri Jan 23, 2015 1:23 pm wrote:
Fantastic Gertje

PC

Gertje » Fri Jan 23, 2015 1:21 pm wrote:Who needs improvements?


Beside PPM, I re-enter with pendings at the high/ low of a candle after a stopout when trade still looks good. Seeing that it again gives a 100 SL, it might be better to use a 100 JS instead of 50 JS.

Results attached.


.