Trading taking a while to start....or not at all

[NJDfan1711]

I'm probably thinking about this too literally, but this morning I have Galileo on two charts, one is an H1 and another is M15. Neither chart has seen any executed trades, and the H1 has been sitting for about 30 minutes, while the M15 has been 20+ min.

When Galileo is added to a chart, does it actually need to sit and "analyze" the duration of the chart before it makes assessments and starts trading? Meaning, if you place it on an H1 chart, does it need to wait an hour before it has accumulated data/intelligence to then start acting on the patterns it's seen? Likewise for the M15....does it need to wait 15 min?

Assuming the answer is 'No' and I'm just missing something else, then I don't understand the delay. Why isn't it doing anything? Markets are open and charts are moving, so why isn't Galileo doing anything?

 

[Sanchay]

I'm probably thinking about this too literally, but this morning I have Galileo on two charts, one is an H1 and another is M15. Neither chart has seen any executed trades, and the H1 has been sitting for about 30 minutes, while the M15 has been 20+ min.

When Galileo is added to a chart, does it actually need to sit and "analyze" the duration of the chart before it makes assessments and starts trading? Meaning, if you place it on an H1 chart, does it need to wait an hour before it has accumulated data/intelligence to then start acting on the patterns it's seen? Likewise for the M15....does it need to wait 15 min?

Assuming the answer is 'No' and I'm just missing something else, then I don't understand the delay. Why isn't it doing anything? Markets are open and charts are moving, so why isn't Galileo doing anything?

Hello NJDfan1711, Thanks for reaching out.

The time GalileoFX takes before any action depends on chart timeframe, settings for 'Consecutive Bullish Signals' and 'Consecutive Bearish Singals' typically, (Higher the values, higher the time required for taking any action: BUT THIS DOES NOT MEAN THAT YOU SHOULD WORK ON LOWER VALUES). When you first start the EA depending on the timeframe it will find bullish or bearish signals for each candlestick then based on the consecutive EA settings it will take any action.

Please check out the following blogs/posts from GalileoFX Staff, to understand the working of GalileoFX and its settings in detail:

• https://forum.galileofx.com/threads/galileo-fx-tutorial-how-to-install-use-the-trading-bot.49/
• https://store.galileofx.com/blogs/instructions/galileo-fx-settings

If you still have any doubts, please feel free to reach out to us at support@galileofx.com or post in the community in any one of the appropriate sections.

Have a wonderful and profitable trading journey with the EA and thanks for the purchase.

-Sanchay Kasturey

 

[NJDfan1711]

Thanks Sanchay, that makes sense. I have a USD/JPY M5 chart with bull/bear signals set at 4 each - it's been sitting for almost an hour now with not a single trade. Surely those signals would have been reached by now....? Yesterday it was working fine with many trades placed. Not sure why it isn't today.

Are there any diagnostics in MT5 or Galileo to show how many signals it's noticed so far? Need some kind of indicator to show that it's actually working and analyzing other than Algo enabled and the graduate-cap icon in the top-right corner.

 

[Sanchay]

Thanks Sanchay, that makes sense. I have a USD/JPY M5 chart with bull/bear signals set at 4 each - it's been sitting for almost an hour now with not a single trade. Surely those signals would have been reached by now....? Yesterday it was working fine with many trades placed. Not sure why it isn't today.

Are there any diagnostics in MT5 or Galileo to show how many signals it's noticed so far? Need some kind of indicator to show that it's actually working and analyzing other than Algo enabled and the graduate-cap icon in the top-right corner.

Glad I could something for you, let me address these as well.

For diagnostic of how many signals its noticed, please follow the following steps:

1. Click on view, then click on Toolbox
2. Click on History tab on toolbox, and here you can look for all the trades with the symbol on which you have deployed GalileoFX.
3. You can analyze manually about the trades based on the Time column (all the trades after you deployed GalileoFX EA on MT5 will be displayed adhering to the Date)
4. Currently there are no automated feature for counting these signals. I will take this as a feedback and convey this to my superior.

Thanks for reaching out.

 

[NJDfan1711]

Thanks for that information. Trades are finally starting to happen, but one thing I'm noticing is that almost all of my trades seem to start out almost immediately losing money. The Profit column is negative as soon as the trade is placed and it usually continues to increase in a negative direction.... if this software as truly effective and 'smart', wouldn't most of the trades, in theory, be expected to be positive, and typically increase, since the EA identified a situation (bull or bear) that would result in profit??

I know the software is proprietary technology, but is there a list of the indicators and things that it looks for (MACD, Bollinger Bands, RSI, etc) ? In order to effectively use this software and place it on charts and time markets, it's crucial to understand what it's looking for so that I/we can then leverage from an automation standpoint.

 

[NJDfan1711]

Following up on my previous message... I'm on Day #2 of using this EA and trading in very small lot sizes (.01) while I'm still getting used to it. So far, I've lost about 5 bucks using various charts, timelines, and settings. My losing positions seem to be getting closed/stopped more frequently than my winning positions - they seem to retrace and go negative before closing out with a profit. I suppose I can adjust that with tighter Take Profit settings, but more concerning than anything is what I mentioned in my previous message where any trade that gets executed seems to almost immediately start out negative. Literally in the blink of an eye when the trade pops up in the Toolbox it's -.10 profit, or -.25, etc. Why is this? The EA literally just identified a bullish or bearish pattern.... so if anything it should be the opposite, and should be positive/profitable.

Can anyone advise/explain?

 

[Sanchay]

Dear NJDfan1711,

Thanks for sharing your issues with us, however, the trades opening at a loss might be an issue because of higher spreads offered by your broker or it can be a possibility that trades are opening during high volatility periods (because of news or opening timings). Trades increasing in negative direction can not be controlled directly as it is mostly associated with market, but it can be controlled indirectly by optimizing the settings (I have already provided the necessary links in my earlier posts).
Also my suggestion is to backtest your settings first using MetaTrader 5 and then test these setting thoroughly in a demo account. After being satisfied with the result you can choose to deploy it on live account. Since, the software is proprietary I can not disclose any details, but if you backtest thoroughly you will gain insights regarding trading with GalileoFX.
Please optimize your Stoploss and Take Profit settings in order to understand what suits you. I hope i clarified your doubts.

Thanks