I believe that higher timeframe always shows the trend of the market
Profitable Settings and Backtesting?
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mjkidd27
Member
Agreed.
So which timeframe do you use to determine trend? In other words, what timeframe determines when and if you switch strategies between up & down trend settings?
Daniel Portugal
Member
Well, i trade both directions. for example ..GOLD (XAUUSD) usually have trends of at least 15 days and this means that you can go long for sometime and then short also for some time. For this year for example, it is predicted that gold will go to 2180 or more...the question in ..when...it was going down until USA launched attack on houties...but that is life...a box of surprises.
Also depends on the broker...for example, i use a broker that does not charge swaps or any other fee if we go shot on commodities and that implies that short positions are less riskier and more profitable for me.
asakuradracula
New member
i run 2 trades , seems also counter trend , i using M15 and M30 for the trade
I wonder should i try M1 and use 9/9 instead?
I wonder should i try M1 and use 9/9 instead?
if you are a conservstive trader then use hogher timeframe like m15 and m30
Daniel Portugal
Member
dependo of the size of account and lots you use
You still have the M5Daniel Portugal
Member
depends on the strategy that you choose. For me ...swing trade...Once or twice a week....scalping...1 or twice a day...also depends on the risk you are willing to take
mjkidd27
Member
Thanks for the reply @Daniel Portugal . So if you're swing trading on the H1 for example, is it fair to assume you are checking the pair on higher timeframes to determine overall up/down trend and then making the necessary tweaks on your trading timeframe? Can you give me an example of your techniques? Much appreciated!
Daniel Portugal
Member
Personally i dont use H1 and yes..probably would check H4. if i used it.
In general, i look more for news than immediate ranges and trends...example...at this moment all analists indicate that gold will reach 2200 untill the end of Q2..but what about now? well...analists indicate that goes 1977 at least...silver is at lows also, platinum also..palladium also...oil is rising but yesterday was also ok.....so..i look at News, then ranges and the trends...
Sorry for using GOLD as example but it is easier to explain...
First step
News...
Missile hits ship ...gold rises
CPI and house permits and labour data OK...gold goes down
Second
Ranges ...
Use them as odds and not as bullet proof limits. Usually some pairs range for 2 or 4 days in a row after a big move. ..examples BTC, GOLD, etc.. On those days...galileu can give you good profits...because you can miss the trend but it will get there on the next day (inside the range)..think of them as waves...if you make the robot sell and goes up...next day..it will be down again...just dont put the TP or SL outside of the range...or your positions will not close.
Also look at limits
Silver is at lows
Palladium at lows
Platinum at low
does this means it cant go down even further?? no..but chances are that it will rebound ..and that would be a good catch
Third
trend
I use for scalping...can change twice in one day..but usually changes once... also usually around opening of NY stock market or London
I just use it as layers of security. If news say it will go down, ranges are on top but trend is up...probably at the end of the trend, will be a good time to sell.
If one is up, other is down and other...is not define...just dont gamble so to say...let the market come to you...wait...first rule...dont loose money!! second..win money
Well...this is not a bullet proof method and i just trade in part time..it is a hobby for me and a way to learn more...but i get along with this robot once you know how to work with it...took some months to find the settings for me (not for each pair ...for me and what i expected from the robot)
Hope it helps for you
mjkidd27
Member
Thank you @Daniel Portugal , I appreciate your explanation! I
Daniel Portugal
Member
Well. you are correct...this EA does not make all the work for you! If you are scalping...this is the way...if you are swinging..then you can be more relaxed..all depends of what you want from the EA and the use you want to give it.
In some days..scalping and giving attention, in M1, you can reach as far as 40% ROI in a DAY...but if you just dont want to have that amount of work or concern, ...well...maybe you can reach to 5% ?
All depends of what you want from the EA...money dont fall from the trees, put some effort on it and you will be rewarded
mjkidd27
Member
Hey @Vinitrader , Been reading up on the above thread. How is trading going for you now days? Are you still running profitable? Are you live trading? Been optimizing the EURUSD and GBPUSD and patiently working with my demo account. So far haven't seen the results to give me the confidence to switch to live account yet. Would you be willing to share your configurations? I've seen your posted results from Oct. 2023, but haven't seen anything for 2024. Cheers!
InvictusRO
Member
Totally agree with you, can i ask you a quick question? I`m trading AUDUSD, GBPUSD and Silver atm on a demo account, what settings would you recommend for M1 and if let`s say I`m monitoring it constantly when exactly should I intervene? May not exactly be a simple question but I will be forever in your debt for your opinion !
extremegrowth
New member
Guys,
There seems to be a lot of negativity about the bot in the chat. I am no expert on this. I think the problem is people are looking for a set and forget style and this EA needs a little work. I have set up the bot in trending markets which are showing up or down trends on longer time frame charts, and used my own settings to weight the entry for buy or sell only conditions. Now the risk percentages were pretty mad! This was a £140K demo account, but closed £58K profit in two days, I did manually close some positions and kept on eye on things, max DD was £6K, results attached from yesterday and today.
I think the answer lies in testing this one and getting more involved which might not suit everyone...
Happy weekend peeps!
There seems to be a lot of negativity about the bot in the chat. I am no expert on this. I think the problem is people are looking for a set and forget style and this EA needs a little work. I have set up the bot in trending markets which are showing up or down trends on longer time frame charts, and used my own settings to weight the entry for buy or sell only conditions. Now the risk percentages were pretty mad! This was a £140K demo account, but closed £58K profit in two days, I did manually close some positions and kept on eye on things, max DD was £6K, results attached from yesterday and today.
I think the answer lies in testing this one and getting more involved which might not suit everyone...
Happy weekend peeps!
I have identical questions to yours, and I received no support from the company
mjkidd27
Member
Not seeing your results attached herein...would love to see them. I agree with you, the EA does need tweaking (testing) and monitoring but all in all, it's proving to have serious potential. I'm still in the demo testing phase for likely another 3-4 weeks but looking good so far.Guys,
There seems to be a lot of negativity about the bot in the chat. I am no expert on this. I think the problem is people are looking for a set and forget style and this EA needs a little work. I have set up the bot in trending markets which are showing up or down trends on longer time frame charts, and used my own settings to weight the entry for buy or sell only conditions. Now the risk percentages were pretty mad! This was a £140K demo account, but closed £58K profit in two days, I did manually close some positions and kept on eye on things, max DD was £6K, results attached from yesterday and today.
I think the answer lies in testing this one and getting more involved which might not suit everyone...
Happy weekend peeps!
Did you manage to create "set-it-n-forget-it settings"?
matter2003
New member
I personally like having supply and demand/resistance and support areas drawn out as well as fib extensions/retracements to get an idea of where prices are likely going to head to. Also look at daily/weekly/monthly trends to get a longer term picture and TEMA crossovers.
Vinitrader
Member
Hi, not anymore. I blew the account, worked very good on demo. Also the broker I was using restricted the use of MT4 and EA's (hankotrade). This GalileoFX Pro isn't as "Pro" as I thought, needs attention and I don't have the time be watching it. But I keep my old one running more than 1-year like a drop of water...
