This is my first thread on Forex Factory so I will try to make it a good one.
FIRST AN FOREMOST: Let me just thank Mr Remon Reffat for giving a lot of us invaluable insight on his very unique strategy on grid trading.
Without Mr Remon's thread, I would not have thought about the method of trading I have implemented in my newly created EA. Let me please give credit where credit is due and identify where Remon's ideas have influenced me and take similarity in my strategy.
- The strategy involves taking BUY & SELL positions at the same time for each grid step.
- The strategy involves closing positions both profitable and non-profitable at a net profit during periods of retracement
Without these two ideas, I would not have been able to work on what is indeed a bit of a strategy that mimics Mr Remon's but with a new twist.
Although some of the alternative "Remon EAs" as being discussed in his thread, I thought it would not be fair to do this as it indeed does not represent nor comes close to the method 1 (part 1 and/or part2) of Mr Remon nor does it follow his method 2 which is still under development.
For those who have no clue what I am talking about, I invite you to go visit his thread. The man is a genius when it comes to his grid trading strategy. It is something I have not come across in my 10+ years of trading forex.
Please visit http://www.forexfactory.com/showthread.php?t=583322 IT IS WELL WORTH IT!
PLEASE FIND THE ATTACHED EA
The settings are explained in this post's screenshot and are pretty self explanatory but feel free to ask if you are uncertain.
In essence, I have already said what the EA does.
- The strategy involves taking BUY & SELL positions at the same time for each grid step.
- The strategy involves closing positions both profitable and non-profitable at a net profit during periods of retracement
However there are numerous developments that have lead to how I got there and this is why my EA is already called v4
Variables to take in consideration.
- Round numbers set the grid size in terms of price value. (Please see screenshot for an exampled explanation)
- Variable take profit of positions
Although grid size is very important when trading, I have added a variable TP position in pips.
This I found useful and especially with my favourite pair running my EA the GBPJPY. I added this one based on one of my ideas of taking profits at the middle of the grid rather than when a new grid position opens. Main point to this was to give the Price Action of the pair a chance to turn around should it have reached an ultimate top or bottom.
Example: In a 200 pip grid, TP can be taken at 100 pips either side. If PA swings up 100 pips and down 100 pips from an open BUY/SELL position, then we have closed both positions returning equity to your bank balance for both positions that were opened.
Another experiment that I have done with TP is to set TP at 300 pips on a 200 pip grid. Although this keeps positions open all the time, bigger profits take place and closure is still possible by manually adjusting the EA settings whilst still in trade.
At the moment I have the variable profit position 10 pips away from the next grid step in order to take maximum profit when price is trending and also 10 pips away to allow another BUY/SELL position as if set to 200, one of the BUY/SELL positions will not open at the next grid step.
I GUESS THAT'S PRETTY MUCH IT!
Have fun with my new EA. I am not a coder. I have made this EA through a program called fxdreema. I like this piece of software! It is very versatile and can carry quite complex coding with it's graphical user interface that acts like a flow chart. I encourage anybody to try it. I am still on the free version but it hasn't limited me to make my EA. Feel free to discuss not only the pairs and settings you use with it, but also I am willing to make modifications to the EA IF IT'S WITHIN MY CAPABILITIES.
I am not sharing the mq4 publicly but feel free to PM me your request and what sort of modification you are thinking about. I am likely going to say yes in sharing the mq4 but I rather know what you would like to do in order to prevent lurkers from downloading and not sharing their ideas with us and this thread.
Happy Pipping!
Daniel
VERSION 4-1:
All works the same as version 4 (original).
Added Features:
Triple Trade Hours Filter (Default settings will leave this running 24 hours a day with the exception of between 23:59 - 00:00)
(Sorry, this is the only way I can program the trade hours. 1 minute a day it won't take trades.)
(Also you can change from server time to local time by replacing the word "server" with "local")
I am currently struggling with the "Close All Trades at Equity %" - HOPEFULLY SOON TO COME!
EDIT 22/04/2016
After consideration, I have decided to add the mq4 files for further development. I ask you, "Please share your developments on this thread." It is already hard enough to be an fx trader that I appeal to you decency to share with all of us what could be potentially a better EA than I have originally created.
EDIT 02/05/2016
At the request of a thread follower, this version now has a trade days as well as a trade hours filter. I got rid of the triple trade hours filter as it seems users have no use for it. Also, I have made this version a little more user friendly with the inputs. The variable constants are more defined for users to understand and as well I have managed to change the round numbers function to work in pips rather than price as per original v4 and v4-1 which eliminates complications for users and there is no need to refer to the screenshot in this post unless you are still using v4 or v4-1.
For all who use fxdreema, the mq4 files should be able to be imported directly for fxdreema block editing.
Happy Pipping!