Mp6140's Hedge - page 3
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EA Bug
On the next hour, EA will reset to say "next trade will open at..."
This is fine. No bug. Disregard this message.
Thank you saintmo.I think I got it now. But the very first post mp wrote about this hedge, he said "at exactly 8pm est " place the trades, That was what confused me, but I will follow the times in the doc now.
Yes, originally mp6140 suggested to place a hedge at exactly 8pm EST. Later in his posts, he revised new times that place hedges 45 minutes before the reversal times, including the 8pm EST. I understand it can be confusing. I will modify the wordings on page 1 to clarify.
The hedging times are highlighed in red. If your broker's clock is not GMT, please adjust the times accordingly.
I placed me hedge trade on North Finance but when I tried to do it on ODL it would not allow me to place the bid. I know they are out of Britain, I don't think that would have anything to do about it.
Maybe they don't allow hedging?
But I have all the times on a sticky stuck to my puter!I'm not sure about ODL, but North Finance has a rule prohibiting any TakeProfit value of less than 10. If your TakeProfit setting is less than 10, NF will refuse it.
I suggest you open a demo account with Alpari which allow TP<10. It has a spread of 3 which is better than IBFX. However its server clock is GMT+1 so you will need to add 1 hour to every hedge times stated in the instruction sheet.
Hedging
Thanks azmel for bringing this EA to our attention.
I am using a $300 IBFX micro account in which 1 pip = 1c and only have had 3 trading times to date. Using MM activated and the Account 3 setting this EA has surprised me.
It was a little Draw Down scary at one time after the last hedged trade was closed and the floating position had moved to $60 in the red but price movement is the way this EA overcomes it's difficulties.
John
Thanks azmel for bringing this EA to our attention.
I am using a $300 IBFX micro account in which 1 pip = 1c and only have had 3 trading times to date. Using MM activated and the Account 3 setting this EA has surprised me.
It was a little Draw Down scary at one time after the last hedged trade was closed and the floating position had moved to $60 in the red but price movement is the way this EA overcomes it's difficulties.
JohnJohn,
I see that you set the TakeProfit=10. This can be a little bit scary especially for IBFX as the broker has pip spread of 4 for GBPUSD. Based on your settings, the market will need to move 14 pips either direction to hit both TP lines.
mp6140's broker only has a pip spread of 1 and he uses TakeProfit of 5. Therefore for him, the market only need to move 6 pips either direction to hit TPs.
To reduce the risk of the hedge not hitting TPs, reduce the value accordingly. To get the same risk level as mp6140's on IBFX, use TakeProfit=2. Your profits won't be as lucrative, but with seven hedges per day, that's 28 pips in the bag.
IBFX doesn't like TP = 2 pips. This is one of the reasons why MP6140 doesn't like IBFX and suggested different brokers for this type of strategy.
To get the same risk level as mp6140's on IBFX, use TakeProfit=2. Your profits won't be as lucrative, but with seven hedges per day, that's 28 pips in the bag.
Thanks MP
Yesterday when the market opened I used 2 brokers for demo, North Finance and ODL. MP, I did both of your systems and made a $1392 profit from both, $440 from this one the rest from your other system where this thread was located before moved here.
I also made $608 from OzFx.
Thanks for inviting me over here and sharing your methods with me. I hope one day to share with someone else.
mp6140's Hedge v3.2 released.
The version 3.2 of the EA has been released and can be downloaded at post #1.
Here are the new features of v3.2:
UseBreakEven. If set to true, when a trade hits its TakeProfit value, the other trade's TP will move to Break Even.
TimeToTrade. Instead of placing hours and minutes separately, now enter a four digit number which correspond to the hours and minutes of interest. For example, if you want to hedge at 2:45am, then enter 0245.
Buy & SellComments. Customisable comments that you can enter when the EA enters a trade.
Hi Azmel
Thanks for latest ea , all was working ok but I have noticed that it did not open the hedge at 1.30pm , although it did open the hedge at 10.30 am and noon.
But when it came time to open the 1.30pm hedge it did not, could this be because the sell side of the noon trade is still open and in drawdown.
Kind Regards
Geoff
PS I am allowing for 45 mins before but just wanted times to be accurate
for this post.
Thank you Azmel
I'm not sure about ODL, but North Finance has a rule prohibiting any TakeProfit value of less than 10. If your TakeProfit setting is less than 10, NF will refuse it. I suggest you open a demo account with Alpari which allow TP<10. It has a spread of 3 which is better than IBFX. However its server clock is GMT+1 so you will need to add 1 hour to every hedge times stated in the instruction sheet.
You are correct about North Finance thanks for the tip. You mentioned I need to add 1 hour to what is mentioned in the instructions if I use Alpari. Because I am on CST I have adjusted my times for that so you are saying I need to add one hour to all me times? Example; I have 6:15pm for my next hedge, which would be 7:15 EST. So if I add an hour it will make me be hedging at 7:15pm CST or 8:15 EST. Would this be correct or am I missing something?
Sorry for compounding the time issue.