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Understanding the algorithms behind Galileo FX trading bot

David

Founder & CEO @ Galileo FX
Staff member
Let's take a comprehensive look at the sophisticated trading strategy used by Galileo FX, a system that deploys a methodical approach to buying and selling based on a predetermined count of bullish or bearish signals. This method is perfect for those fascinated by technical analysis and trading automation.

At the heart of Galileo FX's strategy is an advanced robot, capable of performing real-time market scanning. It meticulously analyzes charts to pick out specific market patterns based on explicit parameters, all while taking into account the fast-paced nature of financial markets. It's all about identifying a sequence of bullish or bearish signals generated by technical indicators and using this sequence to make critical buy or sell decisions.

Let's break it down further. Suppose the parameters are set to spot five consecutive bullish signals. In this scenario, the bot is programmed to patiently wait until it detects these five signals in a row. Once these criteria are met, it springs into action, executing a sell order. This principle is symmetrically applied to bearish signals.

The cleverness of this approach lies in its inherent ability to capture and profit from market trend reversals. A large part of its philosophy hinges on the belief that a series of consecutive signals of the same nature (bullish or bearish) increases the probability of an upcoming trend reversal. This is based on the general understanding that market trends often contain inherent self-corrective mechanisms which eventually push them towards the opposite direction.

This specific strategy is quite popular among traders who are keen on implementing a systematic and rule-based approach to their technical analysis. By setting distinct parameters for the number of consecutive signals, the bot is able to carry out trades which are based on a clear, well-defined system, thereby efficiently reducing the impact of emotions and human error - two aspects that can often lead to less-than-ideal trading outcomes.

Now, let's discuss the benefits of Galileo FX's trading strategy:

  1. Automation: This strategy removes the need for constant market monitoring, saving traders time and effort.
  2. Emotionless Trading: The bot's algorithm makes rational decisions based on the defined rules, removing human emotional biases.
  3. Scalability: This strategy can be applied across multiple markets simultaneously, increasing opportunities for profit.
  4. Precision: The bot accurately identifies patterns and executes trades, reducing the chance of human error.
  5. Adaptability: Traders can customize parameters based on their risk tolerance and trading objectives.
  6. Efficiency: By spotting and acting on trend reversals quickly, the bot optimizes potential profits.

In conclusion, Galileo FX's trading strategy is an exceptional tool for traders. It is both methodical and precise, offering the advantage of automating technical analysis, whilst simultaneously benefitting from the scalability and exactness of a trading robot. It serves as an excellent example of how technology can enhance our trading capabilities and streamline our approach in financial markets.

This discussion provides just a glimpse into the depth of Galileo FX's strategy. It's crucial to continue learning and evolving as traders, just as the markets do. May this insight further enrich your trading knowledge and contribute to your future success.

Happy trading to all!
 
So in case you set 9 bullish and 2 bearish better set bot only opesn sell trades?

Thank you for your comment. Based on the trading strategy of Galileo FX I described, the robot waits for a series of either bullish or bearish signals before executing a trade. For example, if you set the bot to wait for 9 consecutive bullish signals, it will only execute a sell order after it detects these 9 signals in a row. Similarly, if you set it to spot 2 consecutive bearish signals, it will wait until it detects these signals before executing a buy order.

In your scenario, where you mention '9 bullish and 2 bearish', it would be more appropriate to set two separate parameters: one for 9 consecutive bullish signals leading to a sell order, and another for 2 consecutive bearish signals leading to a buy order. This way, the bot will execute sell trades after identifying a bullish trend and buy trades after spotting a bearish trend.

Remember, this strategy is based on the belief that after a series of consecutive signals of the same nature, the market trend is likely to reverse. Please let me know if this answers your question, or if there's anything else you'd like to discuss.
 
Thank you what you exactly means in 'it would be more appropriate to set two separate parameters: one for 9 consecutive bullish signals leading to a sell order'? You mean 2 charts?
 
I mean you set 2 chart same tf same pair, first chart bullish 9 bearish 2 with only sell order second one 9 bearish 2 bullish with only buy order?
 
I mean you set 2 chart same tf same pair, first chart bullish 9 bearish 2 with only sell order second one 9 bearish 2 bullish with only buy order?

You're correct if different take profit or stop loss levels are needed for buy and sell orders, then using two charts as described would be suitable. However, if these values are the same for both orders, you can simply use one chart. Galileo FX can track both bullish and bearish signals on a single chart, executing buy or sell orders as appropriate
 
Thank you but guess I will use 2 chart because noticed when example 9 bullish and 2 bearish still open buy orders. Will test let you know
 
Thank you but guess I will use 2 chart because noticed when example 9 bullish and 2 bearish still open buy orders. Will test let you know

In that case, you need to limit the bot so that it only opens "Short" orders and not both. It can be done from the Common tab of Galileo FX. When you select "Long Only", the bot, only in that specific chart, will open long orders only. Same with "Short Only".

@Chris can explain better.
 
thank you last question to run 2 EA same account just need change magic number?
Hey there,

1:You only change the Magic Number if you run Galileo in parallel with another trading robot or software.If you run Galileo on 2 accounts (1 Live and 1 Demo) you don't need to change the Magic Number.
2:As Davide said,if you want to experiment with different settings on the same currency pair yes you can have 2 charts opened to test them out and select Only Short for one and Only Long for the other for example.
You can also reach out to me at support@galileofx.com if there's any other questions :)
 
Thank you what you exactly means in 'it would be more appropriate to set two separate parameters: one for 9 consecutive bullish signals leading to a sell order'? You mean 2 charts?
basically its one chart if you click the the galileo fx ea you can configure the parameters with in it its an algorithm that if it sees a series of bullish candle it executes trades same as for the bearish candle.
 
The trading bot has only blown accounts for me, even the settings which I purchased online do not work. my funded trading account has been blown two times
hello sir good day to you I am uploading every week a backtest with define presets you can try it for the incoming weeks trade . here are the links of parameters preset myfxbook link with settings you will find pairs here with good profits just always remember to do your own risk management since you are dealing with prof firm account
 
Hi David, one doubt. in some presets there are some blank (empty) bullish or bearish, in this case I should put 0 in the settings respectively and is it necessary to switch to long only or short only option as in the settings or I can keep to long and short option enabled.
 
Hi David, one doubt. in some presets there are some blank (empty) bullish or bearish, in this case I should put 0 in the settings respectively and is it necessary to switch to long only or short only option as in the settings or I can keep to long and short option enabled.
If you see 0, it indicates a bug. Have you tried opening the .set file with a Text Editor? Doing so will allow you to see the exact settings. In some versions of MetaTrader, the presets are not imported correctly. However, this is not a bug inherent to Galileo FX; if it were, we would have resolved it already. It's actually a bug within MetaTrader itself.
 
Hi David, one doubt. in some presets there are some blank (empty) bullish or bearish, in this case I should put 0 in the settings respectively and is it necessary to switch to long only or short only option as in the settings or I can keep to long and short option enabled.
Hi David, one doubt. in some presets there are some blank (empty) bullish or bearish, in this case I should put 0 in the settings respectively and is it necessary to switch to long only or short only option as in the settings or I can keep to long and short option enabled.
hello Sunjay let me answer for you in behalf of Davide , those presets I uploaded blank, I intentionally do it since those time frames and presets I supposed to use didnt render the result as I expected , they are still profitable yet compare to others timeframe with presets, it has a lesser probability of winrates that is why intentionally leave it blank. I only put those preset with higher probability of winrates . I do hope this answer your question.
 
i was saying about this timeframe. for ex. if you see gbpjpy m15 bullish is 5 and bearish is blank, if I use this setting for GJ..PRESETS.png
 
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