Profit Generator EA - page 60
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
I fully agree NOVA... That is what I've been trying to say for my last 200 posts! It's obvious we need some filters here. This thing is a loose cannon without them! We dont need a ton of filters, just a simple logical one. Something like an EMA cross and we only take trades in that direction.... I dont know, but we do need something.
I feel the right filter is all we need to make this thing an ATM machine!!!!
Thanks,
Billy
I fully agree NOVA... That is what I've been trying to say for my last 200 posts! It's obvious we need some filters here. This thing is a loose cannon without them! We dont need a ton of filters, just a simple logical one. Something like an EMA cross and we only take trades in that direction.... I dont know, but we do need something.
I feel the right filter is all we need to make this thing an ATM machine!!!!
Thanks,
BillyHi... not sure if you noticed, but there is an ema filter already built in. It wasn't very successful according to mike. I urge you to try different settings as well. Please rfrce the pdf on post 1 for more info.
Ok, I will state this simple and time tested reality of the forex market which is not going away or going to change. 1st scalping is no different than any other trade except that you are taking less pips per trade. You still enter and exit the market. It is a trade. Period.
In regards to this EA isn't working on this day or that or whatever. Look, the forex does one of three things. It breaks out(this EA doesn't work), it trends in the daily range(EA works for this), or it does nothing(EA doesn't work).
So we have an EA that works in a trending market in the daily range. That's what we have right now.
I've been running the EA with two set-ups. One scalping, and one going for larger TP but only during certain hours. I only trade the EUR, GBP, and CHF. Because I only am testing three pairs, I can actually see what the thing is doing right and what it's doing wrong.
The EA traded short positions against the breakout across the board. It also opened all of these positions while price was above the 50LWMA. If we had just that ONE FILTER, IT WOULD NOT HAVE OPENED ANY OF THESE LOSING TRADES. Granted, it wouldn't have opened up longs instead and made me any money but I wouldn't have had a massive string of losers that could have been SO EASILY PREVENTED.
With the filter, when things settle back down and the new daily range is established, the EA will perform properly and I will win and make some good entries. WE NEED THE FILTERS.Can you please setup a chart and share some pics of your proposed setup? Thanks in advance!
Can you please setup a chart and share some pics of your proposed setup? Thanks in advance!
Yes, prices have broken out of the daily range, and my proposed system would have kept us out of the market. So what? Like I said, this isn't a break-out system anyway, so why try to trade it like one. However, price doesn't break out of the daily range all that often but when it does, my system would keep us out. However, when price is in the daily range, my system would filter out the bad trades.
Also, all the features I have proposed could be turned on, or turned off. So, if you don't like being out of the market and just want to generate wild trading signals all day, then you still could.
Everyone, please try this
Just 1 simple filter for example, look at how well it works.... Plot the 50 period LWMA on your 1 hour chart. Now imagine using it as a filter that would only take longs if price is above it by a pip value you decide or take shorts if price was below it by a pip value you decide. Plus, it acts as a powerful barrier against price spiking into your stoploss once you're on the right side of it. This would have prevented all losing short trades which Pro-gen took today, which for me, is all it took.
Just 1 simple filter for example, look at how well it works.... Plot the 50 period LWMA on your 1 hour chart. Now imagine using it as a filter that would only take longs if price is above it by a pip value you decide or take shorts if price was below it by a pip value you decide. Plus, it acts as a powerful barrier against price spiking into your stoploss once you're on the right side of it. This would have prevented all losing short trades which Pro-gen took today, which for me, is all it took.
Where do you place the stops... at the 50?
Not right on it
Where do you place the stops... at the 50?
Let's say you get lucky enough to be taken into a short position 10 pips below the 50. Your stoploss of 30 is now 20 pips above the 50. Most likely will never get hit except for a real price reversal happening.
Now, I realize if we enter short 50 pips below the 50 then the 50 is no longer protecting our 30 pip stoploss. However, if we use that fibopiv indicator or any pivot indicator which plots S/R in a daily range, then those levels become protective of our stoploss in the same way.
Another thing adding the 50LWMA to this EA is going to tell us very quickly is whether or not these entry rules are so great after all. If Pro-gen doesn't open longs above the 50 and shorts below the 50 then in my opinion it's entry rules are fatally flawed.
Let's say you get lucky enough to be taken into a short position 10 pips below the 50. Your stoploss of 30 is now 20 pips above the 50. Most likely will never get hit except for a real price reversal happening.
Now, I realize if we enter short 50 pips below the 50 then the 50 is no longer protecting our 30 pip stoploss. However, if we use that fibopiv indicator or any pivot indicator which plots S/R in a daily range, then those levels become protective of our stoploss in the same way.
Another thing adding the 50LWMA to this EA is going to tell us very quickly is whether or not these entry rules are so great after all. If Pro-gen doesn't open longs above the 50 and shorts below the 50 then in my opinion it's entry rules are fatally flawed.Here is a quick fix. It does not do anything to the stoploss, but it will only enter trades according to the 50. Use50maFilter=true; MApips=10;
Here is a quick fix. It does not do anything to the stoploss, but it will only enter trades according to the 50. Use50maFilter=true; MApips=10;
It is fast, Nicholishen.
Thank you,
SFX
Too fast
Are you sure you're human?