Experts: Elite eFibo Trader by eesfx.com
It is good to see a fibo EA, shame it isn't fully automated though and relies on discretion - that is how strategies fail. Only mechanical trading works long term - if a trader can follow rules that is. I know how fibonacci can be complex and various ways to trade fibo. I find myself being a successful trader when using fibs though. A fully automated system would take away risk of getting in too late or out too late.
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Simply buying the EUR/USD without using eFibo trader, you could gain 200+ pips from this move. With eFibo trader, you could gain as much as 2000+ pips, with only risking the spread. How is this possible? Simple mathematics
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Does this mean that s simple EA can be used fully automated in the future? I agree with what is said about the advantages of trading mathematical method. It is best not using discretion with math, just mechanical system that rarely if ever fails when not flawed.
So if I understand this correctly there is no indicator and the EA is money management for trend trading. Could come in useful. Will have to find out if it can be used in a strategy of my own.
Thanks for this. Will test it.
It is good to see a fibo EA, shame it isn't fully automated though and relies on discretion - that is how strategies fail. Only mechanical trading works long term - if a trader can follow rules that is. I know how fibonacci can be complex and various ways to trade fibo. I find myself being a successful trader when using fibs though. A fully automated system would take away risk of getting in too late or out too late.
QUOTE[]
Simply buying the EUR/USD without using eFibo trader, you could gain 200+ pips from this move. With eFibo trader, you could gain as much as 2000+ pips, with only risking the spread. How is this possible? Simple mathematics
QUOTE[]
Does this mean that s simple EA can be used fully automated in the future? I agree with what is said about the advantages of trading mathematical method. It is best not using discretion with math, just mechanical system that rarely if ever fails when not flawed.
So if I understand this correctly there is no indicator and the EA is money management for trend trading. Could come in useful. Will have to find out if it can be used in a strategy of my own.
Thanks for this. Will test it.
That is 100% incorrect - there is no known fully automated strategy that has proven to be consistently profitable in the long run. Whoever creates such will get billions of dollars, if you know of one that has a multi-year track record and real-time adaptive intelligence please post it for us to examine. In fact, the only systems that are consistent in the past few years have been semi-auto systems with manual intervention, even if it means constant optimizing and tweaking.
This EA is fully 100% automated. Set properly, you can leave it and don't touch it - but it needs to be on the right side of the market, i.e. if the pair isn't in your favor it may be positive but basically it will be flat. That is how the EA is designed, it's not a flaw - it is designed to capitalize on short term trends. For example the recent dollar slide was about 20% using no leverage (since Oct. / Nov. 2007), using eFibo you could make that in 1 trading session. It multiplies profits.
To answer your question, yes you could use this as a module combined with a trend indicator. This is not a signal EA it is a simple money management lot sizing module. Please post or email any changes made to our EA please www.eesfx.com info@eliteeservices.net Cheers
Joe Gelet
www.eliteeservices.net
This is a fantastic piece of kit if you know what the trend is.... So far I have used it three times and everytime closed in profit!!
However I have noticed that when a stoploss is hit it only takes out that trade and leaves the previous profitable trades running!!
The rest of the stop sell or stop buy orders are left in the market?? This is contrary to what it says on the label, see below...
QUOTE[] "StopLoss: Per trade stop loss. It is not only per trade stop, if stopped it will exit ALL existing positions."
Apart from that its brilliant!!! It just means that you have to keep an eye on it!!
I would be interested to find out if the developer was aware of this glitch or is it just me?? I haven't altered any settings.... Please advise Joe??
Regards....
William :-)
This is a fantastic piece of kit if you know what the trend is.... So far I have used it three times and everytime closed in profit!!
However I have noticed that when a stoploss is hit it only takes out that trade and leaves the previous profitable trades running!!
The rest of the stop sell or stop buy orders are left in the market?? This is contrary to what it says on the label, see below...
QUOTE[] "StopLoss: Per trade stop loss. It is not only per trade stop, if stopped it will exit ALL existing positions."
Apart from that its brilliant!!! It just means that you have to keep an eye on it!!
I would be interested to find out if the developer was aware of this glitch or is it just me?? I haven't altered any settings.... Please advise Joe??
Regards....
William :-)
Thanks for that, and glad it is working for you. We use it for our own trading. The reason being, this type of execution done manually is tedious and in a fast moving market is almost impossible.
There is a setting "Trade again after open profit" which should turn it off after profit target is hit. Regarding stops, it shouldn't work like that, it could be a bug or it could be some settings. If you like, we will fix it providing you provide specific information: the MT journal when it happens, screenshot, and specific example of when this problem occurs.
Cancel my last post about not doing what it says on the label... It was my fault!!!
Once the eFibo had entered a trade I switched the EA off because I didn't want it entering the market again without my consent.
Consequently it couldn't cancel all the remaining trades when I got stopped out. (For a profit may I add!)
So sorry to be a bit negative in the first post, I have since used it again today and left it switched on throughout the trade of EUR/USD and it worked like a charm!!
Thanks ELITE..
Kind Regards....
William :-)
Cancel my last post about not doing what it says on the label... It was my fault!!!
Once the eFibo had entered a trade I switched the EA off because I didn't want it entering the market again without my consent.
Consequently it couldn't cancel all the remaining trades when I got stopped out. (For a profit may I add!)
So sorry to be a bit negative in the first post, I have since used it again today and left it switched on throughout the trade of EUR/USD and it worked like a charm!!
Thanks ELITE..
Kind Regards....
William :-)
VERY good to hear you are trading positive! Let us know if we can improve the EA in any way, we appreciate your feedback. Of course, we appreciate rebates more, but we find that profitable clients are always loyal and also that you cannot sell a system that makes money consistently (because firstly no one will believe you, secondly those who buy usually have the impression that you will just click a button and start profiting). We use this EA for our own trading and hope others can use it as well - trading without an EA like this just doesn't allow for a single trade profit to multiply. With EUR/USD exploding, or other trends, it is sometimes necessary to capitalize on those trends while they exist.
We have the version 3 with RSI filter...
Just one more thing.... How do you stop eFibo re-entering the market after all trades have been stopped out without manually switching the EA off??
I see this ea as wonderful ea and going by the positive post I have been reading this must be an excellent ea. However, I am having problem running the ea. I have loaded it at the exper advisor folder but there has not been a single opening even when the pip has rising to 50+ pips. I did not change anything. I am running it at default. I loaded the ea before starting the trade. I even loaded the ea after starting a trade, either way there was no additional opening when the trade is doing well.
Could you please explain what I could have been doing wrong.
Could someone please advise me, will the EA enter the first position automatically or do I need to open a position and subsequent trades are generated by the EA?
Thank you for what sounds like a great EA.
Joel
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Elite eFibo Trader by eesfx.com:
Fibonoacci trading Expert Advisor for MetaTrader 4.
Author: eesfx