A new expert I created - page 2
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Thats how I take it, yes.
I coded the strategy - seemed promising but just more wasted effort unfortunately....
Hi Omlette - if using original strategy rules shouldn't it be backtested on daily timeframe ? Am sure the system has potential..
forward testing
I have been forward testing WealthBuilderV1 and have been watching how the EA trades.
There has been comment on the fact that it needs a Stop loss instead of the current Trailing Stop. It would appear that is the case since the TS retreats with the price and although it was showing +60 pips with a trailing stop of 30 pips as the price receded so did the TS and dropped down as far as the actual opening price.
So now I have the first trade with no Stop Loss indicated and the second trade that will close if the price recedes to the starting price. Clearly it would have been more satisfactory it the TS remained at the highest price without reduction and would have closed by now with 30 pips profit.
John
Hi Omlette - if using original strategy rules shouldn't it be backtested on daily timeframe ? Am sure the system has potential..
Yes, I used the original rules. I also tried multiple SL/TP variations - no joy! You can use any suitable timeframe if you use iClose, iTime etc.
This definitely has potential but is still a bit buggy. In my back testing it is only opening trades in the first week of each month. (but is still profitable) this is with trailing stop off, max open trades 1 and SL 30.
It doesn't seem to be doing the reentry orders right either. If for example, the Friday close was 1.9500 the buy/sell stops should be 1.9550 & 1.9450 (plus and minus the spreads respectively) after 1st order is hit the other order should be moved to the friday close of 1.9500 all these orders should have a 30 pip Fixed Stoploss. If SL is hit reentry should remain at the original entry price and at last weeks close for entry on the other side. These orders should remain in effect through out the week. There should be no TP or TS just close on Friday.
Some trading manually have done well to move SL to breakeven after 50 pips and locking in 50 after 100 or scaling out. I want to experiment with these two methods as well as the size of the straddle and the day of entry but this shouldn't be done until the orders are getting placed right in the first place.
Thanks so much for the effort!!! I think this could be one of the GREATS with a little more work.
Good Luck! and Thanks Again!
J.P.