ONLY place BUY orders when the RED MA line (10) is BELOW the BLUE RSI line (14).
ONLY place SELL orders when the RED MA line (10 is ABOVE the BLUE RSI line (14).
Set the indicator to either the M30 or H1 chart.
I like your suggestion, but I wonder if to further reduce risk, your criteria could be used to close ALL trades if the market starts trending heavily against us instead of temp stopping trading?
This might stop us out all too often though and put us in regular losses..
What do you think?
I think it will stop us out too often. Better to keep risk relatively low to start. I like the idea of adding only when indicator tells us because it keeps us out of trendy times and only places multiple orders in rangy environment. This is where Marts shine anyhow. The only thing that kills Marts is trending.
I've been using the Piplite V1.0 Indicator on FXDD (live account) for testing purposes. Deposited $200 into the account on Monday the 1st of December, and today my account is sitting on $303.22 I do not stop trades manually, i just let the ea run and make pips. It's currently buying 0.01 lots, how do I change the EA so that it can buy/sell 0.02 lots?
Keep up the great work and happy pippin!
I ran V1.0 and was up to 185 pips profit then when the stock market took a major downturn, my balance in one day ended at 3 pips profit. The Piplite cannot handle a major trend. It is good for a ranging market, but not a trending market.
Is there an Indicator? I downloaded a bunch of em' but none were named v1.0?..there is a v1.5 EA on the opening post however...
V1.0 refers to the Piplite V1.0 EA.
is there an indicator to put both (RSI and MA) in the same window?
My idea is this: Before Piplite places an order, it must confirm using a combined RSI and MA indicators.
My idea is simple:
This helps reduce Draw Down during trending like we are seeing now.
All other rules stay the same.
You will notice by the screen shot that this would have reduced down greatly the number of orders and DD.
Please, read this: Secrets of the MetaTrader 4 Client Terminal: Indicators - MQL4 Articles
Hi Dave, just curious, were you trading Piplite on multiple pairs as suggested in the portion control section of Irons document?
And was the max loss % set? The system should have stopped you out at say 50% depending on the setting.
Yes I suspect that would probably be the case.. I'm curious to see how your suggestions would alter the retracements/profit taking.
I think I'll look at adding them into my EA (based on Pipmaker not Piplite but has much of the same idea Iron suggested) and see what happens or maybe into Piplite if Iron does not object?