Phoenix 2007 (new thread) - page 28
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Hi Hendrick
Let's take it step by step:
1.Dynamic SL. I always set SL to entry price (break even) when the profit reaches 50% of TP. I think we should start this way. It has two benefits: it eliminates some loses and makes room for new trades.
2.Close trades after 48 hours no matter if the trade is in profit or in loss.
3.NEW signal. Regarding closing: I think you should leave the EA as it is. This is the basic principle of counter-trend trading: take the oposite direction of the trend and wait for reversal. We have to "wait for reversal" and NOT closethe trade.
As for the opening aditional trades I vote for it.
Same Direction: buy only if the price is lower and sell only if the price is higher (first trade is on floating loss).
Opposite direction: We could open an opposite trade and still get the profit for both trades because the SL is much bigger than the TP.
4.Currency Correlation. I was using a very good system which was based on correlation. It started to lose in the last months because correlations are geting more and more messy. Please see : http://www.dailyfx.com/story/charting_center/fx_correlations/FX_Correlations__September___How_Do_1159796740400.html.
EURUSD and GBPUSD had a 66% correlation in september. This is ridiculous. Those pairs used to be 97% correlated. I say forget the correlation. It's too risky.
I think 1,2 & 3 will improve this EA significantly. What do you think?
Good luck in the Championship!Hi Cucuru!
1 Close trades after 48 hours no matter if the trade is in profit or in loss.
3 We have to "wait for reversal" and NOT closethe trade.
It seems to me that these 2 are contradictory. Or am I missing something?
Hi Cucuru!
1 Close trades after 48 hours no matter if the trade is in profit or in loss.
3 We have to "wait for reversal" and NOT closethe trade.
It seems to me that these 2 are contradictory. Or am I missing something?I like Cucuru's No. 1 and 2 but would like to make the No 1 rule a bit stricter.
Not by waiting for a % of profit but also by making it a timing event.
Define 2 period settings:
- 1st period (a kind of grace period) after which a trade will be closed as soon as it is without a loss.
Technically by changing the TP setting to its price on entry (+spread?)
When this period has been reached, trades that are in profit will be closed immediately, trades not yet in profit,
will have time upto the next period to reach the breakeven point.
- 2nd period after which the trade will be closed, regardless of its profit or loss status.
Herbert
I like Cucuru's No. 1 and 2 but would like to make the No 1 rule a bit stricter.
Not by waiting for a % of profit but also by making it a timing event.
Define 2 period settings:
- 1st period (a kind of grace period) after which a trade will be closed as soon as it is without a loss.
Technically by changing the TP setting to its price on entry (+spread?)
When this period has been reached, trades that are in profit will be closed immediately, trades not yet in profit,
will have time upto the next period to reach the breakeven point.
- 2nd period after which the trade will be closed, regardless of its profit or loss status.
HerbertHi Herbert,
Can you work this out into a set of conditions? Something like if this then that. Well, you get the picture.
Testing Phoenix 5
Did a lot of experiments today to further developing Phoenix. I think I found a nice addition. Imagine this: as soon as the first trade (TP=42, SL=84) is a certain amount of pips in profit (say 32 pips) that will be the sign for to place a second trade in the same direction. But now with a TP of 100 and a SL of 100. I did some backward testing for this.
Phoenix_5_Pure.htm with the usual settings and Phoenix_5_Double.htm with the second trade option and with a setting that closes a trade after 62 hours. Look at the difference.
Phoenix 5
Hi Hendick,
Great results.
However looking at the transactions the 2nd trades are the big losers.
The 1st trade should be used to confirm direction for 2nd but also make us money. The 2nd trade should be a bonus trade with safe stoploss.
Maybe a trailing stop would work better on a second trade to lock in some profit.
I could see a copy of the code for this so couldnt modify it for testing.
Regards
Alan
It will come down to these 2 conditions Hendrick:
- If during Checkforclose(), (OrderOpenTime+forceperiod) > currenttime; closeorder.
- If during Checkforclose(), (OrderOpenTime+graceperiod) > currenttime AND not yet modified; modify order's TP with OpenPrice+/-spread.
----------------------------------------------
Inserted in the exsiting Phoenix code it could look something like:
external int PeriodForce = 172800; // 48Hours
..........
void CheckForClose() // Existing sub
{...
for(int i=0;i<OrdersTotal();i++)
OrderSelect()...
......
If((OrderOpenTime() + PeriodForce) > Time[0])
{
OrderClose(OrderTicket(),OrderLots(),Ask,3,Red)
break;
}
if(OrderType() == OP_BUY)
{
If((OrderOpenTime() + PeriodGrace) > Time[0] && (OrderTakeProfit > OrderOpenPrice+(ask-bid)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-Point*TrailingStop,OrderOpenPrice()+(ask-bid),0,GreenYellow);
break;
}
}
if(OrderType() == OP_SELL)
{
If((OrderOpenTime() + PeriodGrace) > Time[0] && (OrderTakeProfit > OrderOpenPrice+(ask-bid)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-Point*TrailingStop,OrderOpenPrice()-(ask-bid),0,GreenYellow);
break;
}
}
}
.....
.....
}Regards,
HerbertYou're the man Herbert! Thanks a lot. Will test this.
Period values
You're the man Herbert! Thanks a lot. Will test this.
On 2nd thought Hendrick, maybe it's more practical to specify these periods in Hours instead of Seconds. Internally multiplying by 3600 will prevent the headache when doing it manually in the experts settings window.
Timed orderclose rules
Hi Herbert, Can you work this out into a set of conditions? Something like if this then that. Well, you get the picture.
It will come down to these 2 conditions Hendrick:
- If during Checkforclose(), (OrderOpenTime+forceperiod) > currenttime; closeorder.
- If during Checkforclose(), (OrderOpenTime+graceperiod) > currenttime AND not yet modified; modify order's TP with OpenPrice+/-spread.
----------------------------------------------
Inserted in the exsiting Phoenix code it could look something like:
external int PeriodForce = 172800; // 48Hours
..........
void CheckForClose() // Existing sub
{...
for(int i=0;i<OrdersTotal();i++)
OrderSelect()...
......
If((OrderOpenTime() + PeriodForce) > Time[0])
{
OrderClose(OrderTicket(),OrderLots(),Ask,3,Red)
break;
}
if(OrderType() == OP_BUY)
{
If((OrderOpenTime() + PeriodGrace) > Time[0] && (OrderTakeProfit > OrderOpenPrice+(ask-bid)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-Point*TrailingStop,OrderOpenPrice()+(ask-bid),0,GreenYellow);
break;
}
}
if(OrderType() == OP_SELL)
{
If((OrderOpenTime() + PeriodGrace) > Time[0] && (OrderTakeProfit < OrderOpenPrice-(ask-bid)))
{
OrderModify(OrderTicket(),OrderOpenPrice(),Bid-Point*TrailingStop,OrderOpenPrice()-(ask-bid),0,GreenYellow);
break;
}
}
}
.....
.....
}Regards,
Herbert
Oanda has MT4 EA function?
Hi Everyone, i have just read through the Phoenix thread and launched the EA last night about midnight. The very first trade was a loser, but have closed 2 winners and one open in profit. I am trading all the jpy crosses on an oanda platform. I will keep you posted.
HI Jwhite,
was just wondering...does Oanda has EA function? since you said you using oanda platform.
rgds,eooojj