Proposed Pro-Gen Pivot V1 proposal for the Eurozone Trading System - General

Den 2006.04.13 21:25 #521

So what time zone is it using. I am on pacific time GMT-8 and european seccion starts at 2300 when program goes to sleep and new york session starts at 0500 when program is still asleep. Is there way to modify that or take it out completly.

EA only trade New GMT Help DayTrading3

novafx99 2006.04.14 01:03 #522

Improvement Proposal

Pro-Gen Pivot V1.0 -- 1 Hour timeframe only.

Ok, Here's the proposal. Entry rules will remain the same as current Pro-Gen. There will be some powerful filters proposed to reduce bad entries and use more logic in profit taking. There will also be some hard coded changes which will prevent contradicting positions from being taken. Pairs traded will be EUR/GBP/CHF versus the dollar only. The filters will allow minimal risk and maximum profit in all volatilty levels.

1. "Pairs Traded" Pair 1 will be Eur/Usd, Pair 2 will be Gbp/Usd, Pair 3 will be Usd/Chf.

Check boxes will be provided under the heading "pairs traded". User will check any combination of 1,2,3. The TP, SL, TS levels will be available for modification by opening the EA in metaeditor. The Trailing Stop will have a true/false setting under the inputs tab. Please refer to the EA Hans123Trader_v8m_1_1R to see how they provided the internal levels for TP, SL, TS. Anyone should be able to modify it unless they have issues with software use in general.

2. "Signal Pair" Three check boxes will be provided under the heading Signal Pair. Only one box can be checked at a time. You choose pair 1, 2, or 3 to provide the signal.

Only 1 pair will provide the signal for a trade. If you have all three boxes checked under pairs traded then the signal pair will open 1 position simultaneously for all pairs checked. So, if we have all pairs checked and use pair one check box as the signal, then the Eur/Usd will provide the signal at which point all pairs checked would take a position.

Rules: Eur and Gbp cannot trade against each other. Chf must always take opposite position of Eur and Gbp. You can choose to trade 1,2, or 3 pairs. You can decide which currency provides the signal but you can only choose 1 signaling pair. Once trades are opened under this scenario, the preset TP,SL, and TS if chosen dictate trading results.

At this point we basically have the normal Pro-gen EA with the above changes. Now for the filters.

*******************************************************************************

Filters:

Filter 1: 50 period LWMA. Options - True/False. Inputs - if true then input a level. Default will be 10. Rules: If true then trade can only be opened if the signal is given and we are X pips above/below the 50LWMA. X is input by the user. Default is 10. This will prevent us from opening positions which may be blocked by the 50 LWMA on the 1 HR chart.

Filter 2: Fibopiv_v2 indicator. There will be 4 options presented for using this indicator.

"pivot power" true/false. If true then input a level. (all levels of this indicator will be referred to as "pivot" in this document regardless of whether they are S/R levels or the actual pivot level) Default will be 10. Rules: If true then position can only be opened if the signal is given and we are X pips above/below the nearest pivot. This will prevent us from trading into pivots and if used with filter 1 will also prevent us from trading between 50 LWMA and pivots and keep us on the right side of the market more often than not. So, an input of 10 would mean that price must be at least 10 pips above/below the closest pivot at the moment the entry conditions are met.

"headroom" true/false. If true then input a level. Default will be 20. If true then position can only be opened if the headroom between our signal and the next pivot is at least 20 pips. If used with filter 1 and pivot power we will not open trades in too narrow of a range. A quick look at the fibopiv indicator on the 1 hr chart should give a clear and easy indication of where pivot power and headroom should be set on any given day. Another rule is that if we are at the top or bottom pivot of the range, long and short trades should be prevented accordingly. This will prevent us from trading into the top/bottom of the range. So, for headroom to allow a trade, it must "see" a pivot level to be reached.

"Trade Pivots" true/false. This feature and it's proposed options will allow us to truly automate an institutional trading logic and trade in step with the big guys. If true then all TP/TS settings are completely overidden. If true then input a level. 1min - 3max Rules: If true then our TP is the pivot 1, 2, or 3 levels away, determined by our input level. An input box for initial SL should be provided for the user, default 30. If a level above 1 is chosen for trade pivots then once level 1 is touched, our SL is automatically moved to break even. If level 2 is chosen and price rises 20 pips above level 1 but has not yet reached level 2 then SL will be moved from break even to level 1. If level 3 was chosen then SL will be moved to pivot 2 when price has risen 20 points above level 2 but not yet taken profit at level 3. If a level of 1 is chosen then we instantly TP when pivot 1 is touched.

"Drop Lots" true/false. To be used when trading mutiple lots with the trade pivots strategy. For example if trade pivots is set to three and we are trading 3 lots then we would set drop lots to true and it would take profit on one lot at level 1, another lot profit at level 2 and finally the third at level 3. Or if trade pivots is set to two, we would trade an even number of lots and it would unload half at level 1 and the other half at level 2. In conjunction with the auto SL moving this would be great money management for a pivot strategy.

The whole pivot power package will be dictated by the signaling pair which initiated the trades. If trading more than one pair, the other pairs will buy and sell simultaneously with the signaling pair which initiated the trades. The pivot levels will not be a consideration for the "tag along" pairs. They will just follow the leader and buy/sell when the leader does.

3. The final filter is time. It would be great if we could choose two time frames a day to let the program generate signals instead of 1. Time will be an important filter for pivot trading. 7-10 and 13-16 GMT would be a good initial setting.

I'm sure you can see the potential in this strategy. Using a trade pivot level 3 and drop lots set true with three lots can make a killing during news. In this case, to limit risk, just trade one pair instead of 3. Also, during normal trading and good trending hours, a trade pivots set to 1 and trading 3 pairs should make consistent profits. Just look at the charts, you'll see it all day long. Plus it would prevent us from buying/selling at the top/bottom of the daily range which is statistically a terrible thing to do. It will also keep us from buying/selling into S/R and prevent us from getting trapped between the 50 LWMA and a pivot and trading into the 50 LWMA. I think this strategy will solve a very large percent of the bad trades that Pro-Gen is taking now.

Hopefully, Nich will want to try and program these rules.

Universal MA Cross EA Daily Range Stops FreedomRocks IntraDay Method

Shahzadfx 2006.04.14 01:08 #523

novafx99:
Pro-Gen Pivot V1.0 -- 1 Hour timeframe only.