_rdb_The Best Free EA - page 66
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Out of Session
you should use the Tokyo trade time .
My EA says "Out of Session" what does that mean? I must have a seeing wrong?
I'm not going to burst anyone's bubble here, but I will post this as a warning to people who are going to be placing sums of money on this EA.
Let this be clear, that experts that are based on indicators will and always have flaws, and only certain settings for a period of time will suffice to offset those flaws.
I will acknowledge and publicly thank RDB for his work to share.
This EA is dependent on a ranging market (as per my memory in one of RDB's posts), hence the session limitation enabled for its profitability. Depending on the the fundamental situations of the market, this session can and will change and will not remain the same forever.
If you're going to use this EA live, I suggest that you have a firm understanding of the market and the differences between sessions, and also keep in mind that this EA should be monitored on a daily basis.
yes, I already know this myself. i hope other people do. but i think that's why he gave the newer guys the start and stop times. i would only ever scalp the Asia session. too much of a trend/volatility in NY/London sessions. that would require a different style EA. if you only ever scalped this session, you would become very profitable anyways. I haven't yet seen an EA that you could let profit in all three sessions. not me, at least and not blow up an account. i think for the session to permanently change, it's going to take a new currency from Asia to emerge. but let me know when that happens! that or the market goes from 3 to 5 trillion trades a day. but your talking about 3-5 yrs for that to happen. that may do it but everything else would a temporary situation i believe.
_rdb_
I have seen lots of codes and known many coders, what makes me believe that _rdb_is a good coder and trader is that he doesn't trade indicators , he trade market conditions, and very few does that.
There are two modes in the market choppy"ranging" or trending , a trader can make money in either market depend on his setup , but very few in the market can separate choppy market from trending market, then develop a setup for trading and make money and thats exactly what _rdb_ did in his code using Fractals
EURGBP is showing more action in the past two months and this is normal as more traders started to use this pair, so its likely that more Stops will be hit , but _rdb_ have shared his code for free, his code is not important as much as the idea inside his code, so this might help someone to enhance another expert or use this approach on another pair.
_rdb_ : thank you for the idea and I wish you all the best in 2009
testing YourLucky on EurChf
(because not open on EurGbp, I don't know why, the spread is normal the time is ok but not open trade on EurGbp, ehm... maybe coz on trending condition)
I think you're underestimating the rate of change.
Things can go over night, look at the financial markets in their current state. The Japanese government has drained over 60+ billion yen out of the market, and South, North Korea and China are cooperating with one another.
If you think this will take 3-5 years down the road to happen, this can happen over night, its is the symptoms of mass psychology and the level of optimism and pessimism of the Japanese traders.
Your comments on the change of a new Asian currency leads me to believe you do not understand the concepts I am attempting to convey here. A new asian currency is not going to change the psychology of the Asian Market (Asian Session), fundamentals of intermarket analysis changes the trades of the Asian Market.
Also the use of "permanently change" also seems to be misused by your comment. Nothing in Forex is permanent, no session is permanently in a ranging and or trending motion. A sessions will and only be more LIKELY to be in a certain type of motion.
If a bank decides to move the market the way they want to, are you and the few retail traders volume going to change its direction? No, it won't and mass psychology will move the market towards where it needs to be, as bigger traders force the move to make the "stupid" money buy at the other side of their trades.
These sessions do not need "time" to change, they will change as they like, and whenever they please. 3-5 years in my perspective should more or less be dumbed down to 3-5 minutes.
yes, I already know this myself. i hope other people do. but i think that's why he gave the newer guys the start and stop times. i would only ever scalp the Asia session. too much of a trend/volatility in NY/London sessions. that would require a different style EA. if you only ever scalped this session, you would become very profitable anyways. I haven't yet seen an EA that you could let profit in all three sessions. not me, at least and not blow up an account. i think for the session to permanently change, it's going to take a new currency from Asia to emerge. but let me know when that happens! that or the market goes from 3 to 5 trillion trades a day. but your talking about 3-5 yrs for that to happen. that may do it but everything else would a temporary situation i believe.
testing YourLucky on EurChf (because not open on EurGbp, I don't know why, the spread is normal the time is ok but not open trade on EurGbp, ehm... maybe coz on trending condition)
Whats the verdict so far?
so what do you think will happen if the USD, the PESO and the CAD if they were to merge as some called it "the AMERO? I'm sure you heard that one before. what if the UK gives up the pound? and it;s all about the euro in Europe then? you're telling me that the London session wouldn't have a different style trade with 2-3 less currency and two major ones? what would banks do and think? give your thought;s on that. besides, i know that interest rates are the biggest influence on currency and banks move a market, not individual traders. they never could nor will they ever. as you can tell by now that I'm nowhere near a fundamentalist. yeah, i don't like the talking heads, but i read bloomberg or something like that once a week just to keep updated on what's going on.
Again you obviously missed my concept. I understand where you're coming from, but you need to understand I'm stating sessions will and can change their regular motion WITHOUT a need for a new currency to emerge through consolidation. A new currency will change the way sessions trade, and that again can be connected with the concept of fundamental intermarket analysis.
... " you're telling me that the London session wouldn't have a different style trade with 2-3 less currency and two major ones?" Please read my post again before attacking my statement, and NO i didn't say that.
And you're correct on the fact you're nowhere near a fundamentalist "i know that interest rates are the biggest " ... No they are not the biggest, they though are a high impact situation that will cause increased volatility for a period of time, along with appreciate and or depreciate a value of a currency, but it no ways would be considered the "biggest." Please READ MY POST Before replying, as next time I won't decipher your attempts to attack my statement. And yes, I'm aware of the >TERM< Amero, I do not need you to "remind me" because you're SURE that I've heard that before ( that was rhetorical wasn't it? ).
edit:... After reading your post the third time, I'm going to bother replying to you(again)...
so what do you think will happen if the USD, the PESO and the CAD if they were to merge as some called it "the AMERO? I'm sure you heard that one before. what if the UK gives up the pound? and it;s all about the euro in Europe then? you're telling me that the London session wouldn't have a different style trade with 2-3 less currency and two major ones? what would banks do and think? give your thought;s on that. besides, i know that interest rates are the biggest influence on currency and banks move a market, not individual traders. they never could nor will they ever. as you can tell by now that I'm nowhere near a fundamentalist. yeah, i don't like the talking heads, but i read bloomberg or something like that once a week just to keep updated on what's going on.
I have seen lots of codes and known many coders, what makes me believe that _rdb_is a good coder and trader is that he doesn't trade indicators , he trade market conditions, and very few does that.
There are two modes in the market choppy"ranging" or trending , a trader can make money in either market depend on his setup , but very few in the market can separate choppy market from trending market, then develop a setup for trading and make money and thats exactly what _rdb_ did in his code using Fractals
EURGBP is showing more action in the past two months and this is normal as more traders started to use this pair, so its likely that more Stops will be hit , but _rdb_ have shared his code for free, his code is not important as much as the idea inside his code, so this might help someone to enhance another expert or use this approach on another pair.
_rdb_ : thank you for the idea and I wish you all the best in 2009Dear MiniMe,
Thank you have a good comment for my work, your comment is a support for me to continue my work and do the best.
Dear Walander,
I strongly agree that all EA scalper absolute need for strict supervision of work and the EA's user require adequate knowledge about the fundamentals. I think no scalper EA can trade and make profit for us consistently throughout the period. Thanks, Your annotations add my insight.