Dynamic Fibonacci Grid, Fx Money Map - page 18
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The smiley face should show up if you load the EA on the FXGauge indicator, and have the correct boxes checked and have the Expert Advisors section of MT4 turned on. Please let me know if that helps.
I included the FXGauge indicator file with the EA file, as well as with the moving averages file and a template file.
###FXGauge
Thanks, it worked after I removed and reloaded. I'll let you know the data and settings, it looks promising.
EA testing
Hi hifromeddie
I used the setting take partial profit at 10 pips with a 10 pip trailing stop with very good results. I would like to suggest (if possible) an option to open the trade at the 5 min L1/L2 to reduce the size of the SL. The 5 min L1 appears to hold stronger than the 1 min L1/L2. May get less trades but should eliminate bigger losses by reducing the SL.
David
Hi hifromeddie
I used the setting take partial profit at 10 pips with a 10 pip trailing stop with very good results. I would like to suggest (if possible) an option to open the trade at the 5 min L1/L2 to reduce the size of the SL. The 5 min L1 appears to hold stronger than the 1 min L1/L2. May get less trades but should eliminate bigger losses by reducing the SL.
DavidI agree, the m1 L1L2 is not strong s/r. Some of the ex mm people take trds in thedirection of the trend at m5 L2/ L1, to give themselves very good entry points. Another gr8 strategy is to take bounces off L1/L2 on the 60m.
Lets all share experiences, this indi is great at showng dynamic s/r, using both L1/L2 as well as fib bands on m1/m5.
Different Trading Setups
Thank you for the input.
Are you saying it might be better for the EA to enter a trade when M5 is above (in a buy) the other 3 lanes (M1, M15, H1).?
When that is the case that is actually a reverse vanilla setupaccording to the tutorials at MoneyMap (M5 box is in the lead when a reverse vanilla takes place).
I also noticed if M15 is in the lead, and if the two horizontal lines in H1 are spread far apart and below all the other lines, there might be a huge reverse on the way, and when the price enters between the two H1 lines it bounces between them 60 x 60.
There might be better setups then waiting for the vanilla.
According to the MoneyMap tutorials sometimes trades happen in this order (not all the time):
First there is a Vanilla trade.
The a Blue to White trade when the price starts returning from the blue area in the indicator back to the white area.
Then once the price drops back below M1 and M5 horizontal lines, and if M5 moves out in the lead, a Reverse Vanillais the result.
After reverse vanilla if the price drops and hits a wall of lines even with a H1 line, a Bounce trade results and the price bounces back up to M1 line.
After this sometimes a60 x 60 trade results which is when the two thick horizontal lines in H1 are spread apart and the price bounces back and forth between them.
There is even a bounce trade setup called the Tripod.
Then there is a preemtive vanilla setup, and then a new vanilla setup.
It does not happen this way all the time, but sometimes that is the order.
So far FXGauge can only recognize a vanilla setup, but sometimes it is too late due to the lag in MT4.
I have been studying possible pre-vanilla setup senarios so FXGauge can be programmed to enter a trade when it anticipates a vanilla setup, rather then waiting for one to actually form because by that time sometimes it is too late due to the MT4 lag:
Here are the results of my study so far (notice that M15 L1 and L2 were in the lead in the case of these pre-vanilla setups):
Possible Pre-Vanilla setup: http://ejcrivello.com/1forex/index4.html
It seems that a pre-vanilla setup might be a better time to enter a trade, but I don't know for sure.
I am trying to figure out the safest trade setup for the EA to enter since I would not be there to monitor it.
No I mean when the 1 min L1/2 is still leading. The price seems to break through the L1/2 on a pull back in most occasions and then stalls at the 5 min L1/2 where there appears to be more strength.
Therefore the 5 min would be a better entry point.
I see what you mean.
They mention that in the MoneyMap tutorials.
The L1/2 in M1 are weaker then all the other moving averages.
In fact, sometimes the price will retrace down to H1, L1/2, and then bounce up.
This you can monitor when trading manually.
But right now the EA does not go by price movement crossing L1/2.
Rather, the EA triggers a trade as soon as it detects at least one of the M1 L1/2 lines is in the lead.
Unfortunately because of the lag in MT4 sometimes the price is already 20 or 30 pips above all the L1/2 lines in every lane, and then at the new candle formation at the hour (if you are looking at the indicator on the hour chart), the L1/2 lines all shift and draw closer to the price.
Sometimes, before this happens, the M1 might not be in the lead, but the Vanilla trade already started because the price is way above everything.
Then when a new candle forms, the L1/2 finally catch up with the price, and one of the M1 L1/2 lines finally pops up in the lead.
But by that time the price might be starting to go back down...and then crosses over M1 and hits M5 - sometimes goes lower.
The vanilla was missed because of the lag in Mt4.
This is why I am currently trying to detect a pre-vanilla setup (http://ejcrivello.com/1forex/index4.html) so I can see if my programmer can program the EA to enter the trade before the vanilla forms.
I focus on m5 l1/l2 for taking the trade, i have not noticed this issue of l1/l2 not moving dynamically on the combo grid indi ( not the fx gauge one), ie they don't just change positions on the hour. Plus I use the grid on the 1 min chart.