i am a bit confused cause you guys use m5 for testing.
isnt it designed for m15? should i use for live trading m5 or m15 chart?
I know that outside of this last week or so, it's been really effective. I'm sure things will settle down for the cable but with the massive sell off, it's been really trending hard.
I know ppl use it for the GBPJPY as well and have had great success with it, it'd be awesome to get this EA performing like manual trading.
The hard part is setting correct stop loss and take profits.
Stop loss is supposed to be the last swing high or swing low. I know that TRO_SupResHH has auto fib calculations based on last swing high and or swing low, perhaps thats a starting point.
Funyoo, can you add this to the EA?
Also as far as take profit, can you adjust to automatically pick the closest 00 or 50 as long as those some adjustable setting like 20 pips?
Attached is the TRO_SupResHH indicator I mentioned.
I'm planning on testing with M15 as the original method calls for. I think M5 is much noise and subject to whipsaws.
Other thing to note is that this system doesn't produce many trades. During a daily session there may be only 1 or 2 valid opportunites but they are normally pretty good trades.
I think the goal is to find 1-2 solid trades per day of 20-30 pips on GU & GY respectively.
Nice work on using an AUTO STOP loss feature!!!!!!!!!
If I understand correctly, the Auto Stop loss function is using the stop loss as some sort of swing low. Well, while backtesting this against the GBP/USD it looks as though its setting the SL at the low of the last 5 hours! Is there anyway to make the Auto Stop Loss at the low of the last candle?
"No one ever went broke by taking a profit"
Am I missing something obvious? I am familiar with backtesting EAs.
Also it is worth noting that the results for Cowabunga are improved by setting the SL at the low of the signal candle (assuming a buy). I have manually backtested that on GBPUSD. So don't spend time trying to write code to set the stop-loss at the last swing because that is not the optimum strategy.
The EA is using MACD, but in MT4 you need to use OsMA (the MQL function is called iOsMA) to match the Cowabunga system. This is a quirk in MT4 - remember that in MT4 you use iOsMA to get a proper MACD histogram value. Simply replace the iMACD function call with an iOsMA call in the code. This is how the same change that I made to the infamous Cowabunga Indicator to get it working properly.
Looks like some good work has been done here. Kind regards,