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the biggest problem with GU is its large intraday movements --- that leads to to setting sl's near 130 pips on volitile days, and at that setting, it costs a lot if you get stopped out !
BUT, now for a reality lesson for the rookies ---- for two plus days GU has been determidly DROPPING (and while anyone knows what goes down, comes back up) the fed rate cut WAS EXPECTED AND KNOWN by the banks.
they were driving the price DOWN, so when the news was released they could take advantage of the lower price for a good LONG position (which was what -- 200 pips overnite ????) OBVIOUSLY, word LEAKED during the Asian session that there would be an early release of the cut, and the rest is "history !"
BUT for those who "think" the market is random and not understandable, I always try to point out that its VERY understandable --- its based on PROFIT and one has to think like a shark, swim like a shark and keep their teeth sharp !
two days of massive downside moves should ALWAYS point out that something is happening, AND is the reason i dont use them stoplosses --- i made a few mistakes during the downside run, BUT every single mistake (LONG SIDE TRADES) are GONE, exited overnite because of the tremendous upside run !
It works for me, and is an idea more than worth looking at for yourselves as NOTHING loses money as fast as a stoploss that is hit, while the original trade was just fine, but had a drawdown !
on my part maybe its experience, maybe its stupidity or the "hope that beats eternal . . . ", but you see my trades, you see NO SL's and its hard to argue with doubling an account in two days !
I was, as usual, not smart enough to understand why what was happening was happening, which is something Im trying to correct (can one actually correct being "dumb" !) although in retrospect, what was happening was as plain as the dots on your chart !
ANYONE GOT AN EA THAT TURNS "RETROSPECT" INTO PRIOR ACTION ??
btw, be careful today as its gonna be the wild and wolly west out there !
mp
Very Nice
This system seems to be very nice... the only problem is that the Trend Histo indicator is SOOOOOOOOOOOO slow... is there a replacement for this indicator or a way to make it faster?...
Regards
btw. if anyone notices, the settings for the overlays and indicators on the charts are set for the HIGHER timeframes and not the lower, which should be able to be changed.
as a reminder, BEFORE the H1 or H4 timeframe is "attended" to, the currency will go thru MANY moves on the one minute, 5 minute and 15 minute timeframes, throwing your H1 or H4 into numerous ups and downs ---- what I am seeing though is IF THE H1 or H4 shows a trend, then by golly THAT is the trend, and you will get ups and downs, but in the end, you will end up having finished that trend.
I use the support and resistance areas to estimate a TP point, usually at a conservative 50% fib extension or retracement, tuck my chart in for the nite with a warm and soft pillow, and turn the lights off softly --- next day, like chickens, I have a decent breakfast !
all I can say is it works, just dont let drawdowns scare you into giving away your shares and your money, cause THAT will leave you graveyard dead !
mp, the happy hobbit ---
Simple EA
Do you have an EA for this? Seems simple enough...
Ross,
Hi, I'm just learning to write MQL4, so the following code might just do the trick. Lots is the amount of lots you want to trade, TimeToOpen is your broker time equivalent to 8pm EST. For example for InterbankFX this time will be 1, for Alpari this will be 2, and so on.
This EA is very simple (I'm just learning), so it could work or it could not. Give it a try and let me know.
extern double Lots = 1;
extern int TimeToOpen = 1;
extern int Magic = 54288;
if (OrdersTotal()==0 && Hour()==TimeToOpen)
{
OrderSend(Symbol(),OP_BUY,Lots,Ask,5,0,Ask+10*Point,"mp6140",Magic,0,Blue);
OrderSend(Symbol(),OP_SELL,Lots,Ask,5,0,Ask+10*Point,"mp6140",Magic,0,Red);
}
UPDATE: The EA can be found on post #109, page 11.
mp6140 Expert Advsior
Here's a working EA. This EA is still under testing so DON'T GO LIVE. Test it on Demo until you understand how it works, especially identifying it's weaknesses.
As a guide, open a Demo account with USD 500 and set Lots=0.1. That will give the hedge enough room to move without wiping the account or having the broker to do a margin call.
UPDATE: The EA can be found on page 11, post #109
This system seems to be very nice... the only problem is that the Trend Histo indicator is SOOOOOOOOOOOO slow... is there a replacement for this indicator or a way to make it faster?... Regards
===================================================
knowing the boss is off making a few million here and there, ill give you my opinion.
while I have a very nice replacement for the histo that ive been using for a few years which is a combo ma cross and modified MACD divergence which prophesizes upcoming movements, im not sure i really understand the question --- if one is working the H1 or H4 as complete movement can take a day or more, then movement WILL be very slow but you will find it much faster on the shorter timeframes as they simply move faster. Lets say youre working the 15 min chart --- normally thats a two hour move from entrance to exit (varies of course, but on average !)
my opinion
mp
just was pm'ng a member who had backtested and found a fail on a day I had a successful trade with the 10 pip hedge, and i suggested testing it now with a 5 pip hedge.
while 10 pips total sounds silly, if it tests and proves to work all the time, using 4 lots or more per side (assuming you can do that safely) should assure you the same to more income, with a whole lot more safety.
just an idea for those who have been "cringing" over no sl's and flying with no net.
test it and see
mp
just was pm'ng a member who had backtested and found a fail on a day I had a successful trade with the 10 pip hedge, and i suggested testing it now with a 5 pip hedge.
while 10 pips total sounds silly, if it tests and proves to work all the time, using 4 lots or more per side (assuming you can do that safely) should assure you the same to more income, with a whole lot more safety.
just an idea for those who have been "cringing" over no sl's and flying with no net.
test it and see
mpI am referingto MPs Hedge idea and my question will sound really dumb and un-math-wiz-like
BUT, I have gotta ask this. Lets say the long position ends after an hour and now the short is in negative (-10 + spread).
What do you do? Let it run till it makes TP or close it and double the sell lot tomorrow?
Thanks
I am referingto MPs Hedge idea and my question will sound really dumb and un-math-wiz-like
What do you do? Let it run till it makes TP or close it and double the sell lot tomorrow?
Thanks=========================================
well, not to make it sound like a martingale, but if one position from the prior day is still open the following day at the time to take the trade, I simply take another hedge trade.
in my experience, the two usually come home to roost about the same time.
did you notice that i think lowering the number of pips for tp to 5 each way would be a better way to introduce yourself to this trade and if it works, simply increase your lot size to produce the same results !