rasta420 » Tue Jul 15, 2014 1:46 am wrote:

trader689 » Tue Jul 15, 2014 8:07 am wrote:thanks charles for setting those up will watch with interest. my £2000 demo doing well 2 weeks in using the rsi7 setfile

Hi Sir,
Possible to share the myfxbook or state of yoor last 2 week.

Thx,

CharlesKiwitrader » Tue Jul 15, 2014 8:38 am wrote:HI All,
After learning how to use 'myfxbook', as quite easy really, I have attempted to attach my demo accounts for Sebgrid 1.5a. (new as of yesterday). As described by the widgets I have started one at $1k, and the other at $1.5k, as per my instructions to all of you.

In continuation of whether the equity stop is valid or just a profit chewer, we can view my widgets with interest over the next month. I have decided to alter some of the set files as the more aggressive currencies will more than likely hit my stops and I only want the equity stop loss hit in extreme moves not just a normal upward or downward movement against the trend. So, I have changed the RSI to 5 for USD currencies, lot multi to 1.25 for most, and step on the aggressive to 20. Sorry for the alterations and you can choose for yourself which combo works best for you, given that an equity stop loss of between $100-150 would be best for preserving capital as well as not swiping enormous amounts off!!!


Also, bear in mind (FYI for those who don't read too well or have not tested this EA) this EA trades the extremes of the RSI indicator, which means it opens its first trade when RSI level is penetrated, works on step levels after candle close there after and ONLY closes the basket of trades when the other EXTREME is hit. E.G. Sell series of trades start when RSI value is > 70 (4hr TF), and one or more trades only close when RSI value <30 (AT CANDLE CLOSE, or when new candle appears).
So if you are keen on watching this EA at work there is only a need to know when your 4 hr candles open/close. As different brokers have different times there is no point in telling you when my candle closes. Daylight savings stuffs this up, so beware. No point watching all time as market moves around etc, also, DON'T be tempted to close any trades prematurely as usually I have found that taking the money early is wrong, and only makes you nervous as to whether you have made the correct decision or not, so patience is key to this EA, as it DOES work. Lastly, if you choose manual invention beware EA won't trade again until an extreme is found, could be hours or even days etc.

I had a computer glitch (my son being a computer geek learning about networks), and I lost the trade station with the last two weeks, so before this was lost I was only down $13 and had 2 equity stop-outs ($300), so sorry I can't show you all this.

CharlesKiwitrader » Fri Jul 18, 2014 1:47 pm wrote:Hi Mohammed,
Thank you for your interest, and yes you are correct that this EA method of adding new trades does reduce DD.

This 250 pip thing is rather vague I agree, and probably should be ignored as this has no relevance to the EA, as EA uses RSI levels to open and close trades, and therefore no stop loss or take profit are necessary. This is a value in pips, and if used too close to price this would cause a closure of trades (maybe profitable maybe not).

My thinking along the use of this 'Take Profit' set to 250 pips is if you have a 'too good to be true' senario the EA would close trades when price hits this TP level.

But as another trader has pointed out I need to get that issue fixed so if TP is used, or somebody wanted to manually intervene, THEN the EA won't start another series until goes extreme etc.

For now, the 250 pips as part of the set should be ignored, well until we can get the 'equity stop' function' happy enough.

Hope this explains the minor problem, as when using the equity stop function set to true, the EA will start another series of trades if the TP is hit or some manual intervention.

Regards, Charles