SERIOUS WARNING
- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
- At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
- To trade this robot, you have to understand:
- How to use EA's.
- The Stochastic indicator.
Intro
I received this pm from Gary yesterday:
Nice one, Gary.Telac wrote:Hi Steve,
I have an idea on perhaps a better trigger for FB. If it sounds too simple or you have already tried or thought of it - please just disregard this.
I have been loading a couple of indicators on the chart and watching potential entry points and it appears to me that they are pretty brilliant. My idea would be to use the setup you already have in place with Bobs newest trend detection in determining buy or sell; then simply use either Stochs or Williams Percent as the trigger. I've been watching each of them on the H1 chart and what I am seeing looks quite good. We simply use the OB OS of either indicator (whichever is opposite to what Bobs trend detection indicates as the entry point in the direction of Bobs trend). At this point I'm not sure which (williams percent or stochs) is better - both look like they provide good entry points on H1 when combined with the trend detection.
Hopefully I've been clear enough in my description - if not, let me know. Basically we are just looking to enter at the top or bottom (depending on the trend direction) of the small counter wave within the big wave.
Cheers Steve.
Gary
I loved the idea and decided to go for Stochastic to be the trade trigger.
Trading method- determine the overall trend using Bob's 240 H4 LWMA Open Moving Average.
- market is > the MA:
- trend is long.
- look for buys when Stochastic goes oversold.
- market is < the MA:
- trend is short.
- look for sells when Stochastic goes overbought.
- pending stop orders x pips away from the market. The idea is to catch the trend resumption and not get caught in a bad trade during a long retrace. The trend is long, say, and Stoch goes oversold; set the buy stop 20 pips above the market.
- immediate market orders, taken when Stoch exits an obos level. The idea is to jump on the trend resumption as soon as it starts. The trend is long, say, and Stoch goes oversold at < 30. Take an immediate market buy when Stoch climbs back up to, say, 32.
By default, and pure guesswork:- 100 pip stop loss.
- no take profit. Instead, close profitable trades:
- when the jumping stop is hit.
- when a buy trade reaches your predetermined overbought level (CloseBuysAt), or a sell your oversold level (CloseSellsAt).
You can take immediate market trades following an exit from an obos level, or a pending stop order to catch the trend resumption. The two inputs that control these are:- SendMarketOrders: will send an immediate market order if this input is enabled.
- StochMarketBuffer: the number of points Stoch has to exit an obos band before sending the trade. For example: trend is long; you want to trade following the exit from the 10 os level; trade is sent when Stoch reaches 10 + StochMarketBuffer (12 by default). The idea is to try to avoid jumping on a trade when Stoch exits the level briefly, then shoots off again in the wrong direction.
- SendPendingOrders: will send a pending stop order if this is enabled.
- PendingBufferPips: the number of pips away from the market that you want to set the pending trade. For example: the trend is long; Stoch has entered one of the os levels; send a pending buy stop at Ask + PendingBufferPips. The idea is that a strengthening retrace will leave the pending behind and not leave us with an awkward market trade.
Trade levels
There are 3 ob and 3 os levels, so there is the potential for a deep retrace to pick up 3 trades on the trend resumption. There are inputs to allow/disable trading at each level:- Long trend:
- Buy30:
- immediate market buy if this is your trading method. Take a market buy when Stoch goes below 30, and then rises back above.
- send a pending buy stop at PendingBufferPips above the Ask if this is your trading method. Send the trade when Stoch enters the 30 - 20 level from either above or below.
- Buy20:
- immediate market buy if this is your trading method. Take a market buy when Stoch goes below 20, and then rises back above.
- send a pending buy stop at PendingBufferPips above the Ask if this is your trading method. Send the trade when Stoch enters the 20 - 10 level from either above or below.
- Buy10:
- immediate market buy if this is your trading method. Take a market buy when Stoch goes below 10, and then rises back above.
- send a pending buy stop at PendingBufferPips above the Ask if this is your trading method. Send the trade when Stoch enters the 10 - 0 level.
- Buy30:
- Short trend:
- Sell70:
- immediate market sell if this is your trading method. Take a market sell when Stoch rises above 70, and then falls back below.
- send a pending sell stop at PendingBufferPips below the bid if this is your trading method. Send the trade when Stoch enters the 70 - 80 level from either above or below
- Sell80:
- immediate market sell if this is your trading method. Take a market sell when Stoch rises above 80, and then falls back below.
- send a pending sell stop at PendingBufferPips below the bid if this is your trading method. Send the trade when Stoch enters the 80 - 90 level from either above or below.
- Sell90:
- immediate market sell if this is your trading method. Take a market sell when Stoch rises above 90, and then falls back below.
- send a pending sell stop at PendingBufferPips below the bid if this is your trading method. Send the trade when Stoch rises above 90.
- Sell70:
Trade comments
You will see there is an individual trade comment attached to each of the trade level choices. SB uses them to keep track of which level of trade is open/pending, so don't change them once SB has a market or pending order open.
Stochastic inputs
Leave these alone unless you know what you are doing. Just make sure that StochTF = TradingTimeFrame, or SB will not behave as you expect. I have included this input for the tinkerers, and will remove it if it proves to be a nuisance.
StochReadIntervalMinutes is a cpu saver. EA's reading indicators hammers your cpu, so this input tells SB how often to read Stochastic if EveryTickMode is enabled. By default, this is once a minute. Setting this to zero means SB will read the indi at every tick.
The TradingTimeFrame input
This must be the time frame you intend to trade as the EA bases all of its calculations on it. This allows you to change time frames on your chart to view different scenarios without disturbing the bot. The downside of getting this wrong is something you will discover to your cost.
Setting up your charts
Pay a quick visit to http://www.stevehopwoodforex.com/phpBB3 ... =48&t=3860 and download Art's 'Charts Into Alphabetical Order script'. This script will save you hours of faffing around; instructions for use in the post. The attached sb.tpl is a template that will set up your first chart with everything you need, including the Moving Average recalculated for each chart from H1 to MN1. Work them out for yourselves if you want lower time frames, but you may not have enough bars on your chart for them to be able to display.
Other Bob stuff
It is all there along with the usual other stuff, so read the attached user guide for details. You can combine the above with Slope, Css, RSI2 etc. Take your pick. Use different time frames and play to your hearts content.
Chart screenshots
The EA can take a picture of your chart when it opens or closes a trade. Use this to post pictures here if you suspect that the EA has not behaved as expected. There is a section of inputs just underneath the minimum pips section, with inputs to turn this feature on/ off and to adjust the height and width of the snap. Files are saved with the name "ChartScreenShot" and the ticket number, when the EA opens or closes a trade. Navigate to the files via File/Open Data Folder/MQL4/Files. Remember to delete these files from time to time to avoid clogging up your disk drive.
Keeping track with iHistory
The attached iHistory indi is the indi I use to keep track of my progress and generate the pictures I post here. Copy it in your platform's Indicators folder. Open a chart you do not trade, add the Blank template to it and drag iHistory onto the chart. It works with the information you have in your History tab. Sometimes it needs reloading before showing any information, especially at the weekends.
In conclusion
Have fun gals and galesses
Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, at the bottom of the post.
Useful utilities/EA's/scripts
list] - Multi purpose trade manager: http://www.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- Account equity analyser: http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
- Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
- My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79
