How to adjust Consecutive Signals based on market trends (scalping, day trading and swing trading)

[Vinitrader]

Hello Ellement2002,

I tried exactly the same but no trades were taken. Chart 1 is for Long and chart 2 is for short. Unfortunately, it is not executing the trades if I have 2 charts for the same currency. One for Long and the other for Short.

Any idea why it is not executing?

Try to change the Magic Number for each chart

 

[Gusbo75]

Thank you Peter!! your advice and strategy with Galileo is solid I'll set my charts up this way in my trading next week

Tested this for a week, worked really well, but next week didn’t play out the same way. I m thinking doing 2 opposite charts would cancel each other and would be like setting bull bear 3-3 on the same chart. Since every 3 bulls a sell opens and every 3 bears a buy opens in the same account/terminal, might as well do a 3-3 or 5-5 on M5 with 1-1 RR and maybe a break even with an extra tool(?).

 

[Midnightblue]

Hi Davud, why is it, a sell trade opens and value is moving down, I have to 'x' out to stop/cancel trade? I thought a sell is where I made a profit and sold at high value? It continues fluctuating down?
Thx!
Gus

This is how a short Trade is done. If the markers are going down, you sell high, and then buy low.

 

[Tech.Republi]

Try to change the Magic Number for each chart

Hi,

i dont think i understand what the Magic Number is for ?

 

[Audidood]

Hey Kendall,
You could try the following steps:
1. Increase Consecutive Signals (Galileo will make fewer trades).
2. In MT4, in the Common tab, select Long Only or Short Only, not Long & Short

in MT 5 where is the long or short only selector

 

[aasish.indarapu]

Consecutive Bullish Signals)

If you don't have this setup on MT5 , then just try on demo first, to set 0 consecutive bearish for long trade only, and vice versa, 0 consecutive bullish for short trade, I am just thinking out loud, you can try on demo, or ask on live chat administrator View attachment 535

Hi, my question is how to set up in MT5 if select "Long Only or Short Only, or Long & Short" options are not available. Can someone share screenshot

 

[aasish.indarapu]

Please clarify whether "number of consecutive bullish signals" triggers a buy or sell and vice versa. The signal explanation and the stragetgy explanation seems to indicate otherwise.

 

[Joeboy]

Please clarify whether "number of consecutive bullish signals" triggers a buy or sell and vice versa. The signal explanation and the stragetgy explanation seems to indicate otherwise.

https://galileofx.community.forum/threads/how-to-adjust-consecutive-signals-based-on-market-trends-scalping-day-trading-and-swing-trading.43/

 

[gr|dt]

Can someone please provide some insight into how consecutive bearish and bullish signals are determined by the bot?

Does the bot only trade on reversals? What about riding the trend?

 

[Chris]

The trading strategy utilized by Galileo FX is grounded in technical analysis. It operates by continuously scanning the market in real time, analyzing charts to identify patterns according to predefined parameters. Specifically, the strategy hinges on detecting consecutive bullish or bearish signals as indicated by technical indicators.

For instance, if set to react to 5 consecutive bullish signals, the robot will execute a sell order only after these signals occur consecutively, and similarly for bearish signals. This approach aims to capitalize on potential trend reversals, theorizing that multiple consecutive signals might indicate a shift in market direction.

Such strategies are popular among traders who prefer to minimize the emotional component of trading by relying on automated, rule-based decision making. While setting specific parameters can help define trading actions and potentially enhance consistency, it's important to understand that all trading involves risk. Market conditions can change rapidly, and past performance is not indicative of future results. Therefore, traders should use this strategy with an awareness of the market dynamics and their own risk tolerance.

 

[The Common Sense Investor]

Can someone please provide some insight into how consecutive bearish and bullish signals are determined by the bot?

Does the bot only trade on reversals? What about riding the trend?

You can control "riding the trend" to some degree by using a "Trailing Stop/Start" As for what determines the bot to register a buy or sell signal, no one knows. We don't know if it uses the RSI or the MACD indicators to make a bullish or bearish signal. So, in a nutshell, Galileo attempts to find the reversal based on your bullish or bearish settings. I just did a coaching call with a friend on Day 1 using Galileo here

 

[InvictusRO]

You can control "riding the trend" to some degree by using a "Trailing Stop/Start" As for what determines the bot to register a buy or sell signal, no one knows. We don't know if it uses the RSI or the MACD indicators to make a bullish or bearish signal. So, in a nutshell, Galileo attempts to find the reversal based on your bullish or bearish settings. I just did a coaching call with a friend on Day 1 using Galileo here

This is very interesting, thank you for sharing this with us. So to my understanding, let`s say on a Monday when Sanchay posts the weekly settings, let`s say I choose XAUUSD and load the settings Sanchay is giving us, then I will have to do the steps from the video above and let it run for the rest of the week without changing anything anymore? And then the following week on Monday load Sanchay`s settings again and do the steps from the video above?

 

[RoboBobAI]

No, wrong.
You must understand the bigger picture. Geopolitical, US economy. Gold is on a 10 year bull run. Avoid going short. Wait for the pullbacks and place buy order.
The bot only works excellent when you know to make it trade in the right direction.

 

[Adebayo]

Hey Kendall,
You could try the following steps:
1. Increase Consecutive Signals (Galileo will make fewer trades).
2. In MT4, in the Common tab, select Long Only or Short Only, not Long & Short

Newbie here! Thank you guys for your comments. Where do I find "Long Only" or "Short Only"
in MT5?

 

[RoboBobAI]

Just add a big number for long or short. I

 

[Adebayo]

Just add a big number for long or short. I

Thank you!

 

[Adebayo]

By integrating this technique into your trading approach and adjusting Consecutive Bullish Signals and Consecutive Bearish Signals, you can align Galileo FX with market trends and enhance its contrarian nature. This method allows you to capture market dynamics effectively.

Adjust consecutive signals based on the market trend. Monitor market conditions, change your settings by adjusting Consecutive Bullish and Bearish Signals, and use Galileo FX's contrarian approach to stay ahead of the curve.

Use this technique with confidence. Let it guide you to more success and profitability with Galileo FX.

Here’s an explanation of how these signals work, along with examples from different market trends and timeframes.

1. Bullish Consecutive Signals When Galileo FX detects a set number of consecutive bullish signals, it opens a sell order. The system reads this as an indication that the upward momentum may be overextended. The number of consecutive bullish signals needed to trigger this action depends on the Consecutive Bullish Signals setting.

Example 1: On a 1-hour chart, if the Consecutive Bullish Signals setting is 3, Galileo FX opens a sell order after detecting three consecutive bullish signals. This action aims to capitalize on a potential shift from bullish to bearish momentum.

Example 2: On a daily chart, with Consecutive Bullish Signals set to 5, Galileo FX will open a sell order after five consecutive bullish signals. This strategy seeks to take advantage of a stronger potential for market reversal.

1. Bearish Consecutive Signals When Galileo FX detects a set number of consecutive bearish signals, it opens a buy order. This indicates the downward momentum may be overextended. The number of consecutive bearish signals needed to trigger this action depends on the Consecutive Bearish Signals setting.

Example 1: On a 30-minute chart, with Consecutive Bearish Signals set to 2, Galileo FX opens a buy order after detecting two consecutive bearish signals. The system anticipates a shift to bullish momentum.

Example 2: On a weekly chart, if Consecutive Bearish Signals is set to 4, Galileo FX opens a buy order after four consecutive bearish signals. The system assumes a potential upward reversal.

Using Consecutive Bullish and Bearish Signals TogetherBy adjusting both Consecutive Bullish Signals and Consecutive Bearish Signals, you get a more comprehensive view of market dynamics. For example, Galileo FX may open a sell order after detecting three consecutive bullish signals, followed by opening a buy order after two consecutive bearish signals. This combination highlights the potential market reversal and the opportunity to enter or exit the market based on price movement.

Effectiveness varies with market conditions and timeframes. Always analyze these factors carefully. Use additional indicators and maintain proper risk management to improve the reliability of this approach.

Backtest and test Galileo FX with different settings and market conditions to see how consecutive signals impact your strategy.

Let’s explore practical uses of this approach across various timeframes:

1. Scalping StrategyTimeframe: M1, M5, M15

• Strong Uptrend: Increase Consecutive Bearish Signals to 8 or 10 for strong buy order confirmation. Set Consecutive Bullish Signals to 3 or 4 to initiate sell orders in short-term trends.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 for quicker buy order actions. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Day Trading:Timeframe: H1

• Strong Uptrend: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for effective sell orders.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 to adapt to shorter-term fluctuations. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Swing Trading:Timeframe: D1, W1

• Robust Uptrends: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for smoother sell orders during longer trends.
• Weaker or Sideways Trends: Reduce Consecutive Bearish Signals to 3 or 4 to capture smaller price swings and optimize entry and exit points. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

Stay informed about market trends. Use sound risk management, and adapt your strategy as the financial markets change.

Now I am certainly confused. Another staff member posted the exact opposite. I just don't understand and need more clarity. Please see: https://forum.galileofx.com/threads/setting-bot-for-sell-or-only-buy-trades.666/

 

[RoboBobAI]

What do you want to do, trade long, short or both?

High number on bearish means go short.

High number on bullish means go long.

For example:
Long
Bearish 4
Bullish 50+

Short
Bearish 50+
Bullish 4

Mixed
Bearish 4
Bullish 4

 

[Fritzvanderlaar]

By integrating this technique into your trading approach and adjusting Consecutive Bullish Signals and Consecutive Bearish Signals, you can align Galileo FX with market trends and enhance its contrarian nature. This method allows you to capture market dynamics effectively.

Adjust consecutive signals based on the market trend. Monitor market conditions, change your settings by adjusting Consecutive Bullish and Bearish Signals, and use Galileo FX's contrarian approach to stay ahead of the curve.

Use this technique with confidence. Let it guide you to more success and profitability with Galileo FX.

Here’s an explanation of how these signals work, along with examples from different market trends and timeframes.

1. Bullish Consecutive Signals When Galileo FX detects a set number of consecutive bullish signals, it opens a sell order. The system reads this as an indication that the upward momentum may be overextended. The number of consecutive bullish signals needed to trigger this action depends on the Consecutive Bullish Signals setting.

Example 1: On a 1-hour chart, if the Consecutive Bullish Signals setting is 3, Galileo FX opens a sell order after detecting three consecutive bullish signals. This action aims to capitalize on a potential shift from bullish to bearish momentum.

Example 2: On a daily chart, with Consecutive Bullish Signals set to 5, Galileo FX will open a sell order after five consecutive bullish signals. This strategy seeks to take advantage of a stronger potential for market reversal.

1. Bearish Consecutive Signals When Galileo FX detects a set number of consecutive bearish signals, it opens a buy order. This indicates the downward momentum may be overextended. The number of consecutive bearish signals needed to trigger this action depends on the Consecutive Bearish Signals setting.

Example 1: On a 30-minute chart, with Consecutive Bearish Signals set to 2, Galileo FX opens a buy order after detecting two consecutive bearish signals. The system anticipates a shift to bullish momentum.

Example 2: On a weekly chart, if Consecutive Bearish Signals is set to 4, Galileo FX opens a buy order after four consecutive bearish signals. The system assumes a potential upward reversal.

Using Consecutive Bullish and Bearish Signals TogetherBy adjusting both Consecutive Bullish Signals and Consecutive Bearish Signals, you get a more comprehensive view of market dynamics. For example, Galileo FX may open a sell order after detecting three consecutive bullish signals, followed by opening a buy order after two consecutive bearish signals. This combination highlights the potential market reversal and the opportunity to enter or exit the market based on price movement.

Effectiveness varies with market conditions and timeframes. Always analyze these factors carefully. Use additional indicators and maintain proper risk management to improve the reliability of this approach.

Backtest and test Galileo FX with different settings and market conditions to see how consecutive signals impact your strategy.

Let’s explore practical uses of this approach across various timeframes:

1. Scalping StrategyTimeframe: M1, M5, M15

• Strong Uptrend: Increase Consecutive Bearish Signals to 8 or 10 for strong buy order confirmation. Set Consecutive Bullish Signals to 3 or 4 to initiate sell orders in short-term trends.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 for quicker buy order actions. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Day Trading:Timeframe: H1

• Strong Uptrend: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for effective sell orders.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 to adapt to shorter-term fluctuations. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Swing Trading:Timeframe: D1, W1

• Robust Uptrends: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for smoother sell orders during longer trends.
• Weaker or Sideways Trends: Reduce Consecutive Bearish Signals to 3 or 4 to capture smaller price swings and optimize entry and exit points. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

Stay informed about market trends. Use sound risk management, and adapt your strategy as the financial markets change.

Hello David,
With changing sentiment in the market (uptrend to downtrend), you recommend to alter the signals. Manually. Why not by Galileo FX if the parameters were entered?