Hi all! I want to remind everybody that tomorrow at 00:00 GMT 5/1/08 your Forex Autopilot will close all open trades. This also includes any manually entered trades. If you do not wish to have your trades closed then remove your EA until after 5/1.
The EA was made to close any floating losses/profits at the beginning of each month. I plan to allow it to close out my "hands off" demo account. On my live account my short hedge at 1.5590 is now in play and I've locked in roughly a 400 pip loss. I'm not sure whether I'll close out or wait to see if we experience an uptick in the market. The FED is meeting tomorrow and there may or may not be another quarter percent rate cut. I believe that non-action may be a very bullish sign for the dollar and it may be time to cut losses on those floating 1.5900+ longs.
Best,
Craig
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4 comments:
I closed all my positions last night.
I'm going to wait until the dust settles with regard to US rate decision and tone of FOMC rhetoric.
IMO things are just too choppy now; there is tremendous indecision. At this point it seems like a coin toss as to which side of the market to be on. My bias is short, but I'm not ready to turn the EA loose again until the market recovers from all of this volatility.
Jim
Yes, the interest rate decision is the biggest mover. Best to stay out if trading real money. Although "experts" have put a 75-85% chance of a quarter-point reduction, it's still risky. Quick spikes can drag positions and stop-losses.
For the record, had 2 buy wins:
Apr 30th 05:48 @ 1.5571. Out 08:22@ 1.5591.
Apr 30th 15:00 @ 1.5560. Out 17:09 @ 1.5580
Using Apari, which differs in chart time from Interbank. Currently it's 6 hours ahead of New York.
I also find Apari slightly different with prices, often 1 or 2pips higher for Eur/USD, in some fluctuations.
I'm no expert. I'll start with that. I have just started to delve into Forex. I've spent countless hours researching techniques and programming languages for multiple platforms. I also purchased Forex Autopilot. I made the mistake of starting with a low deposit and setting my lot size to .2 instead of .1...I lost some cash to say the least. This compelled me to learn more. After running several tests with Autopilot, I've concluded that some features/options are actually useless or disabled in the source code. I'm not sure if this is true for older versions, but version 2 ( I guess). My file was named pilot124 and has the activation key. The SpanGator, SafetyGapDemarker, and SafteyGapWPR, do nothing. I've run hours of optimizations with varying values. The 'aaa' and 'bbb' values are relative to two indicators this EA uses. 'aaa' is the period number for the DeMarker and the 'bbb' is for the Williams' Percentage. The other two indicators it uses are the Alligator and Fractals. I think the EA uses the Fractals to calculate levels of support and resistance while the Alligator determines which direction to bite in. The WPR and DeM don't seem to follow traditional rules for those indicators. It seems as long as they are moving in a certain direction, they confirm. My advise for this EA is to use in either Long or Short mode only. Do you own pre-analysis on hourly or daily charts to determine a direction, or follow advise on forexfactory.com. This way, autopilot will only trade in the direction of the prevailing trend and not against it. I have created a similar EA that I'm still tweaking that uses a similar set of indicators. I don't like fractals. Thus, I have eliminated them from my EA. If anyone has made any similar comments, I must apologize, I have not gone through all the comments to see what others have said. Hopefully this post saves someone a few hundred bucks.
Just to add to my previous comment: I would use the default settings. I also think the reason why you see more Longs is because the programming may not take the spread into account or the levels of resistance created by the fractals is not fast enough.
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