Understanding the algorithms behind Galileo FX trading bot

[sanjay]

ohh that was a mistake of mine that has supposed no entry

Do you mean I should not use M15, but it shows good profitability ratio?

 

[Vinz]

Do you mean I should not use M15, but it shows good profitability ratio?

only for gbpjpy since it has no entry

 

[cryptofab1971]

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

Hello did some test for now but not open any trades with 2 chart as we mention do you think is normal no trades in 2 days?

 

[cryptofab1971]

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

Hello i did test with 9 bullish and 2 bearish, bot can open long and short trades, but the problem is open only LONG trade, do iI miss something?

 

[David]

Hello i did test with 9 bullish and 2 bearish, bot can open long and short trades, but the problem is open only LONG trade, do iI miss something?

In this case you need to wait, because with 9 bullish, the bot will make fewer LONG trades.

 

[cryptofab1971]

Sorry in this case but shouldn't open only SELL trades? Or with just 2 bearish signal will start open buy trades?

 

[TommyJW]

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.

David, help me understand the inner workings a little better. Apparently my logic is backwards from what you described above.

You mentioned above "wait for 9 consecutive bullish signals, it will only execute a sell". My logic would say 9 cons bullish signals would indicate an upward trend (bull) and to execute a *buy* order. Same with the 2 consecutive bearish signals would execute a buy, my logic would say *sell*. Please advise the proper way to look at this.

 

[Ronald]

Hi Tommy! Thanks for your question.
As stated, 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 take time to check this section as well:

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

Thanks!

 

[NoobFXtrader]

ohh that was a mistake of mine that has supposed no entry

hi Vinz! , it is posible to work Galelio FX on 2 or more MT4/5 accounts ? or just one account only ? thanks for replying..

 

[Iqbal]

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.

When I tried , but I am getting message in the "Experts" tab - That said
Buy order failed! longs are not allowed in the expert properties retry...
Sell order failed! shorts are not allowed in the expert properties retry...

Why am I getting this messages? and it is not executing my trades. Please advise.

 

[Chris]

When I tried , but I am getting message in the "Experts" tab - That said
Buy order failed! longs are not allowed in the expert properties retry...
Sell order failed! shorts are not allowed in the expert properties retry...

Why am I getting this messages? and it is not executing my trades. Please advise.

Hi there,

Send me an email over at support@galileofx.com and we can take a better look

 

[Chris]

hi Vinz! , it is posible to work Galelio FX on 2 or more MT4/5 accounts ? or just one account only ? thanks for replying..

Hi there,

Per GalileoFX license you can use it on ONE Live account however you can use it on multiple Demo accounts

 

[NoobFXtrader]

Hi there,

Per GalileoFX license you can use it on ONE Live account however you can use it on multiple Demo accounts

thanks for the reply sir.. this is noted..

 

[Scout66]

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!

What are those signals that it sees, how does it determine bullish or bearish?

 

[Scout66]

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

How do you select to execute long or short trades only from the bot using MT5? It's an option in MT4 but I cannot see it in MT5.

 

[sh1bu]

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 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.

So David : Is my understanding of the above correct: Consecutive Bullish signals (Overbought) is for a SELL ENTRY and Consecutive Bearish (Oversold) signals is for a BUY ENTRY. Please confirm whether this is correct. Thank you.
i.e. in the example above 9/2

 

[Scout66]

So David : Is my understanding of the above correct: Consecutive Bullish signals (Overbought) is for a SELL ENTRY and Consecutive Bearish (Oversold) signals is for a BUY ENTRY. Please confirm whether this is correct. Thank you.
i.e. in the example above 9/2

Of interest, what then is a zero setting and how does that produce trades?

 

[sh1bu]

Of interest, what then is a zero setting and how does that produce trades?

I simply don't understand what logics they are using and they are not being clear.....I'm struggling to get any consistency over these settings....if any one can help pls reply.....my email is sh1bu@me.com.

 

[matter2003]

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.

What constitutes a "bullish" or "bearish" signal? Is it the candlestick patterns, moving average indicators, RSI, OBV, Parabolic SARs, a combination of different things?

Perhaps marking these on the chart would help see how it is using these signals to trade for us so it would give us a better understanding of how to configure it properly?

That being said, if it using AI, it should be much better at "self-configuring" itself than it is. That is something that should be worked on for the next update.

 

[mjkidd27]

ohh that was a mistake of mine that has supposed no entry

Hey @Vinz I have been trying to get a hold of David to review several posts of mine and they still remain under review for weeks on end. They are simply tracking the great results I've been seeing and sharing my thoughts and recommendations with the forum; I'm not sure why they would not be approved. Thank you for pushing this up to David to review.