10.3 Scalper

Post Reply
User avatar
SteveHopwood
Owner
Posts: 9754
Joined: Tue Nov 15, 2011 8:43 am
Location: Misterton - an insignificant village in England. Very pleasant to live in.

10.3 Scalper

Post by SteveHopwood »

SERIOUS WARNING
  • Most Forex traders lose all their money.
  • Using the robot posted here in trading Forex does not guarantee success.
  • Trading this robot could lead to serious financial loss.
  • Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
  • This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
  • At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
  • To trade this robot, you have to understand:
    • How to use EA's. Remember to set CriminalIsECN to 'true' if your crim insists on two-stage order sending.
I am not yet trading this EA on my live account

Introduction
Gimme Your Hair is an attempt to automate Bob's latest offering at http://www.stevehopwoodforex.com/phpBB3 ... f=38&t=919. It trades thus:
  • draws the daily pivot (DP) on your chart.
  • draws the daily open price (DO) on your chart.
  • buys if DO > DP.
  • sells if the DO < DP
I have coded GYH to trade only when approaching the DO from below for a buy, and above for a sell. The input MaximumFromDailyOpenPips allows you to specify how close to the DO the market must be to allow the trade. An input of 0 would mean the market has to touch/cross the DO before GYH trades.

Trade entry strategies
Bob's strategy has advanced quickly. At all times, he has talked about maintaining at least a 1:1.5 Risk:Reward ration - and the higher the better. Early in his system's development, he was using the next level of support and resistance to set tp and sl. For example, a buy would have tp at the next resistance, and sl at the previous support. If the ration of pips in the sl to tp was < 1:1.5, he would not take the trade.

At the time I write this, Bob is talking about entering the trade with a 100 tp and 20 sl, then using the attached 10.3 TM JUMP EA to jump the stop very soon after the trade moves into profit. Read the details in the doc at http://www.stevehopwoodforex.com/phpBB3 ... 747#p28747. 10.3 TM JUMP EA is the EA I coded for him earlier in the week, renamed.

Trade entry strategies
These are based on your TakeProfit pips input:
  • To use Bob's tp = 100, sl = 20 strategy:
    • TakeProfitPips = 100
    • StopLossPips = 100
    • Load one instance of the 10.3 TMA JUMP EA onto a chart - which one is irrelevant. Remeber this is a multi-pair manager, so don't do what Shelley did and load it onto umpteen charts. Your cpu will start to smoke.
    • sit back and let the manager do its thing
  • To use the nearest support and resistance levels to select tp and allow the trade only if there is sufficient room for it:
    • TakeProfitPips = 0
    • StopLossPips = 0
    • set MinimumTakeProfitPips to the smallest tp you will accept. GYH will not take the trade if an obstructing s/r level gets in the way.
    • set your RewardToRiskRatio input to the reward you want compared to the risk you will accept. The take profit is divided by this input. For example, if the tp works out at 42 pips, then the sl will be 21 pips.
Trade exits
There are the usual thingies included - Jumping Stop etc should you want to play with them, but Bob's basic strategy takes care of trade exit.

Trading hours inputs
There are instructions for using these in the inputs window. The default is the European market where I live. Use you own local time, so that the times you enter are the times on your clock when you want to trade. Questions about this are banned and will be instantly removed from the thread. If you have got this far in life without learning to tell the time, then now is an excellent time to do so.

Other inputs
All the usual stuff is there. Go to my Shell user guide in the Coder's Hangout if there are any you do not understand. By default, balance filters are enabled and swap filters disabled.

Watch the Daily Pivot line colour. It isn't black because I hate coloured chart backgrounds, so black would not show up on my screen. I have it coloured yellow instead.

EveryTickMode defaults to 'true' so the ea can take the trade as soon as it reaches the DO. To force it to wait until the start of each new candle, set this input to 'false'.


Conclusion
Have fun. Let's see if this can develop into a trading monster.

:D


Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.

Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179

EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, at the bottom of the post.

Useful utilities/EA's/scripts
You do not have the required permissions to view the files attached to this post.
Read the effing manual, ok?

Afterprime is the official SHF broker. Read about them at https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?p=175790#p175790.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Thomas (tomele) for all the incredible work he does here.
cumquat
Trader
Posts: 18
Joined: Sun Jun 17, 2012 11:28 am
Location: A wee village in Kent

Re: 10.3 Scalper

Post by cumquat »

You don't waste any time :D
looking forward to playing with this tomorrow.

Many thanks.

Mick
Aut viam inveniam aut faciam.
Bunker

Re: 10.3 Scalper

Post by Bunker »

I knew this was coming…not that quick…but I knew.

Love the EA name. :lol: :lol:

KISS principle…I like it

I’m in!

Thanks NB and SH !!

Cheers!

Bunker
diogo
Posts: 1
Joined: Fri May 18, 2012 2:27 am

Re: 10.3 Scalper

Post by diogo »

Great steve, some backtesting on the way later tonight...
r2997790
Trader
Posts: 24
Joined: Tue Nov 15, 2011 10:31 pm

Re: 10.3 Scalper

Post by r2997790 »

Amazing. Great job Steve. This is going to be _very_ interesting.
Image
FreddyFX
Trader
Posts: 28
Joined: Sun Dec 04, 2011 6:51 pm
Location: Puerto Vallarta - Mexico

Re: 10.3 Scalper

Post by FreddyFX »

WHAUW, just came home and find the EA.

SUPER Steve !!!
Trading forex is easy, making money is simple.
It is the mental part that is difficult.
shellsnail
Trader
Posts: 39
Joined: Sun Oct 21, 2012 11:04 pm
Location: United Kingdom

Re: 10.3 Scalper

Post by shellsnail »

Can we add the weekly price > weekly pivot as the filter for long trades and vice versa?

I think this will add to the probability of a winning trade and given that we are trading so many pairs, maybe it will make more sense to use jumping stops of ten pips and have a higher target instead of using this fixed T/P and S/L.

I think it makes sense to take trades when the price returns to the daily pivot instead of just buying when it returns to the open price (higher probability)
gogo
Posts: 4
Joined: Mon Sep 24, 2012 6:25 am

Re: 10.3 Scalper

Post by gogo »

jmatheny81 wrote:If I read Bob's thread right, if red is over black it's a buy and the reverse is a sell. If I am right, that would make the EURUSD a buy for today. When I load the EA on the EURUSD, it shows short as the trading direction. Am I missing something or should it be reversed?

nope your are right as I said too...Bobs system is against main trend, which is strange to me and make no sense at all!!!???

PostPosted: Wed Oct 31, 2012 5:54 pm
thanks Bob for your system , but to me looks quite different to be true !

when market is trending strong up (or down) , the open price is almost always above daily pivot (or below), so no trade according to your system or which is even worse sell ( or buy trades) but always against trend and market is trending further and making new heights and lows !!!???? and blow us and your system away !! ???

according to me would be much better and more profitable, if we sell when open price is BELOW pivot and Long when open price is ABOVE PP, so you always trade with the trend and if market makes correction , and blow us up, we can re-enter when price breaks back PP or OP and goes with major trend again !!!

regards
gogo

ps/ GMT = 0
Last edited by gogo on Wed Oct 31, 2012 8:37 pm, edited 3 times in total.
gogo
Posts: 4
Joined: Mon Sep 24, 2012 6:25 am

Re: 10.3 Scalper

Post by gogo »

great steve as always
akara
Trader
Posts: 26
Joined: Sat Dec 03, 2011 10:34 am

Re: 10.3 Scalper

Post by akara »

Thanks to Nanningbob for another adding more simplicity to simple :D

And thanks to Steve for the automation..

I think a MULTI GYH approach should be considered to really milk the 'Shave off the Hair'
on qualifying pairs. A Muti Trading Approach to trading seems to be the trend now..

Regards
Post Reply

Return to “Automated trading systems”