Basic Balanced System (Expert Advisor included)

[Onyebuchim]

Hi,

Oshaban I've come to see reasons why H4 Timeframes seems to be the best. I'm through testing the H1 timeframes. The H1 timeframe seem to be noiser than the H4. But i got more trades in the H1 timeframes and some trades were badly filtered by me. I think it would be much easier to filter valid trades with the H4 timeframe. Only that one might get fewer trades with the H4 timeframe due to its nature and that means one needs to be early before the London Session begins to determine where the trend is going for the day and get in on time to make the best before the London or US session finishes.

With the H1 timeframe, Sessions dont really matters so much when compared to the H4 timeframes.

As usual its easier to tell where the market is going with a longer timeframe and when you deploy very good moving average systems that can guide and keep you in the right trend then the sky is your limit.

I think we'll do our self more good when we evaluate the market together to tell when its best to enable the EA to take trades. I wish theres a live chat system for that.

Let me be the first to evaluate the current market trend

EURUSD H4: UpTrend has been active for over 6 days and a Resistance at the Pivot R1 (1.3044). I think its a tricky one and too risky to jump in

AUDUSD H4: A definite cross determine where the trend would go or rebounce. From experience it might actually go down bcos the previous trend has lasted for over 8 - 9 days peak and the pair has been overbought through the period. I'd advise caution on the next candle

NZDUSD H4: very tricky but for very enterprising to take a shot at. Its almost the same with AUDUSD H4. Although the STOCH is in a better position for a SELL. I'd wait for the next candle to be sure

GBPUSD H4, EURCHF H4 have been heading up north for the past six days. sometimes this continues for weeks

AUDCAD H4: Looks like the economic outcome in that pair caused a drastic change in the trend. The spike slowed down after its peak since yesterday but its sluggishly keeping its pace. Its quite a dicey one to take bcos the STOCH and RSI are ok for a SELL. But if an economic outcome caused that move then i'd wait for retracements first

Well thats all i can evaluate for now. Others are pleased encouraged to help out here.

[Onyebuchim]

Hi Oshaban

I propose adding lotsize risk management that will work on multicurrency trading

Risk_Manager_for_BBS.mq4

regards kjell

Pls could you explain the benefits of the lotsize risk Mgt. tool with this strategy.

How would it help?

Thanks

[MMGold]

Hi Oshaban

Thank you for sharing your EA with us. I have downloaded EA v2 & template and installed. So far no signals generated since Monday. I open AUDUSD and GBPUSD markets and 4H TF. I raised this question because I saw buy or sell signals on your first attachment. I thought therefore v2 will do the same. Now I installed v1 as well and try to compare between version. Even if I read the above threads, I still can not get it. Appreciate it if you can spell out again how exactly these versions wor

hi there , thks for the effort on the EA. i have tried 30 mins and it works quite well on 5 digits, can you input TP 1 and TP2?]

Hi
Anybody know what '5 digits' is? I am still learning.

Regards
MMGold

[Onyebuchim]

Hi Oshaban

Thank you for sharing your EA with us. I have downloaded EA v2 & template and installed. So far no signals generated since Monday. I open AUDUSD and GBPUSD markets and 4H TF.

Oshaban at the beginning advised that the EA V2 takes lesser trades

I raised this question because I saw buy or sell signals on your first attachment. I thought therefore v2 will do the same. Now I installed v1 as well and try to compare between version. Even if I read the above threads, I still can not get it. Appreciate it if you can spell out again how exactly these versions wor

place the BBS_SMA_Filter.mq4 in your Meta Trader Expert Folder. Then Place the template file in your Meta Trader 4 template folder. You only need to place the template file in your charts. The EA in the first version is disabled from taking trades by default. If you're using the first version, then you have to monitor the chart for an entry according to the rules before you enable the EA to take further actions. After enabling the EA, it would conduct its own evaluation before taking a trade based on the rules as well. If the rules by you is met and the rules by the EA is not met, then it would not trade. Although sometimes it does but very very rarely. In otherwords your decisions before enabling it matters a lot.

The Second Version is like a set and forget EA. It does all the evaluation by itself

The important factor is to learn the rules of the moving average strategy perfectly and use the EA to complement your efforts. I've made lots of mistakes from the decisions i took while evaluating the market before allowing the EA to take the trades

hi there , thks for the effort on the EA. i have tried 30 mins and it works quite well on 5 digits, can you input TP 1 and TP2?]

Hi
Anybody know what '5 digits' is? I am still learning.

5 digits pricing is a representation of currency prices in 5 digits after the decimal unlike the usual 4 digits used by some brokers. e.g the EURUSD in a market maker broker would read 1.4001, while that of an ECN broker would read 1.40010. To some traders, the decimal digits matters a lot in indepth currency pricing and calculations. In summary there are 4 digits brokers and 5 digits brokers and its important to know this when choosing brokers or Forex Products.

Regards
MMGold

[MMGold]

by Onyebuchim » Wed Jul 28, 2010 10:56 pm

MMGold wrote:
Hi Oshaban

Thank you for sharing your EA with us. I have downloaded EA v2 & template and installed. So far no signals generated since Monday. I open AUDUSD and GBPUSD markets and 4H TF.

Oshaban at the beginning advised that the EA V2 takes lesser trades OK fair enough. Will signal be generated?Will open the position by itself(automatically)?
I raised this question because I saw buy or sell signals on your first attachment. I thought therefore v2 will do the same. Now I installed v1 as well and try to compare between version. Even if I read the above threads, I still can not get it. Appreciate it if you can spell out again how exactly these versions wor

place the BBS_SMA_Filter.mq4 in your Meta Trader Expert Folder. Then Place the template file in your Meta Trader 4 template folder. You only need to place the template file in your charts. The EA in the first version is disabled from taking trades by default. If you're using the first version, then you have to monitor the chart for an entry according to the rules before you enable the EA to take further actions. After enabling the EA, it would conduct its own evaluation before taking a trade based on the rules as well. If the rules by you is met and the rules by the EA is not met, then it would not trade. Although sometimes it does but very very rarely. In otherwords your decisions before enabling it matters a lot.
The Second Version is like a set and forget EA. It does all the evaluation by itself

As for v1, if all condition are mety by man & EA, what is the next action? Generate signal or open position? I am sorry I am still confused.
The important factor is to learn the rules of the moving average strategy perfectly and use the EA to complement your efforts. I've made lots of mistakes from the decisions i took while evaluating the market before allowing the EA to take the trades
hi there , thks for the effort on the EA. i have tried 30 mins and it works quite well on 5 digits, can you input TP 1 and TP2?]
Hi
Anybody know what '5 digits' is? I am still learning.

5 digits pricing is a representation of currency prices in 5 digits after the decimal unlike the usual 4 digits used by some brokers. e.g the EURUSD in a market maker broker would read 1.4001, while that of an ECN broker would read 1.40010. To some traders, the decimal digits matters a lot in indepth currency pricing and calculations. In summary there are 4 digits brokers and 5 digits brokers and its important to know this when choosing brokers or Forex Products.
Thank you for your explanation.

Regards
MMGold

Thank you Onyebuchim for your reply. See my query above,pl.

Regards
MMGold

[Onyebuchim]

Hi MMGold,

Looking at the design behind the V2 of the EA, its an automatic EA that trades according to the rules of the strategy AUTOMATICALLY. In otherwords, it would evaluate the market in accordance to the rules of the logic and if the rules are met, it takes the trade on its own. You can manually alter the SL, TP and TRS. Although from experience, most pairs in a fresh trend may go as far as 100 pips to 200 pips a day.

For V1 of the EA, if a trader evaluates the market and sees a possible entry and therefore enables the EA, the EA would as well perform its own evaluation (like a pre check) and place an order (open position). But the caution there is that the EA can be wrong when your evaluation is wrong or when the market reserves abruptly.

[Oshaban]

Wow ...
I'm sorry for the delay to reply. I have been busy as usual
Thanks for all of you for your excellent teamwork and healping each other.

By the way, results for yesterday where not that good. EA is still waiting for the prices to go more trendy.

My feeling, it needs a small tweak to work more better.

[Onyebuchim]

I think we'll do our self more good when we evaluate the market together to tell when its best to enable the EA to take trades. I wish theres a live chat system for that.

Twitter works well for that kind of timely communication. It is a question of interest and activity.

kjell

Hi, Oshaban

What do you think about this? Its one thing to know the original strategy so well and its another to understand how the EA works and its also important to combine Fundamentals and other techniques to harness the overall system and i think its only TEAM WORK from everyone who have the time to contribute live that would help others to benefit from this system.

I'd wish FSR had an inbuilt live chat here. It'll be much easier too.

For my personal analysis for those using V1,

There seem to be an opportunity on the EURUSD H4 for a BUY. price rebounded after the MAs passed the resistance at Pivot line 1.3048. That resistance had been there quite sometime. I'd advsied waiting for the next candle before enabling the EA and 50pips should be the mark.

Finally the AUDUSD couldnt beat its support at 0.8919 ans the Stoch is reversing up north. I'd wait for two more candles to confirm the strength of the next trend.

NZDUSD is in a dicey position. The rules seems met and the crosses are valid for a SELL but the Stoch is saying otherwise and its signaling OVERSOLD.

Made about 69 pips in GBPUSD and its still going up. I intend to place my SL at the next candle bcos i got in late

Currently enabled the EA on AUDCAD. currently at -11pips. Stochs is heading up north the RSI is at 55. It was a dicey decision but worth the try.

[Oshaban]

I have a few questions that would help me clarify my use of the EA.

1.Could you post the exact settings of the "Values" you recommend using for each "Variable" in your preferred EA. This would clarify all the changes you have made in the various posts.
I'm using the default settings.

2. Which version was Khalid using? I noticed his EA said "Basic Balanced System" in the top right hand corner of his chart, while my says "BBS_SMA_Filter". Is there a difference? Was he manually entering his trades or was the EA entering the trades? Was he using the 1 or 4 hour time frame?
He is using the first version I have posted at http://www.arabictrader.com/vb/t54838.html, Here it is,

Basic Balanced System.mq4

(5.18 KiB) Downloaded 1066 times

3. I am using the 4 hour time frame and getting very few trades in the last few days. However, the trades I did get were highly profitable. They were profitable in excess of $5000 on 1 lot standard contracts on a demo account. Too bad they were not real live accounts. Since Sunday night I only had 2 trades which resulted in $3300 of closed profit. Khalid results were many trades in a few days. Mine were 2. Why the dramatic difference?
I already attached the ea he is using. It may be will give you more trades (I wish they are profitable as he has!).

4. My results were achieved by the EA making the trades automatically, without any manual intervention on my part. I only got involved manually in help closing the trades by the use of the indicators and trailing stops. Is it safe to let the EA itself open the trades, without my manual intervention? This would of course be ideal.
Most of the time, yes, it is safe, specially if price is not too far from the last ema cross. It is more safe if entry price is close to the EMA5 (Red).

I hope I haven't taken up too much of everybody's time by this lengthy post. Finally, I would like to thank everyone who contributed to this thread and especially Osama who was so generous in bringing this EA to fruition. This appears to be the best forex contribution I have seen in a very long time.

Thank you all.

[Oshaban]

Hi,

Oshaban I've come to see reasons why H4 Timeframes seems to be the best. I'm through testing the H1 timeframes. The H1 timeframe seem to be noiser than the H4. But i got more trades in the H1 timeframes and some trades were badly filtered by me. I think it would be much easier to filter valid trades with the H4 timeframe. Only that one might get fewer trades with the H4 timeframe due to its nature and that means one needs to be early before the London Session begins to determine where the trend is going for the day and get in on time to make the best before the London or US session finishes.

With the H1 timeframe, Sessions dont really matters so much when compared to the H4 timeframes.

As usual its easier to tell where the market is going with a longer timeframe and when you deploy very good moving average systems that can guide and keep you in the right trend then the sky is your limit.

I think we'll do our self more good when we evaluate the market together to tell when its best to enable the EA to take trades. I wish theres a live chat system for that.

Let me be the first to evaluate the current market trend

EURUSD H4: UpTrend has been active for over 6 days and a Resistance at the Pivot R1 (1.3044). I think its a tricky one and too risky to jump in

AUDUSD H4: A definite cross determine where the trend would go or rebounce. From experience it might actually go down bcos the previous trend has lasted for over 8 - 9 days peak and the pair has been overbought through the period. I'd advise caution on the next candle

NZDUSD H4: very tricky but for very enterprising to take a shot at. Its almost the same with AUDUSD H4. Although the STOCH is in a better position for a SELL. I'd wait for the next candle to be sure

GBPUSD H4, EURCHF H4 have been heading up north for the past six days. sometimes this continues for weeks

AUDCAD H4: Looks like the economic outcome in that pair caused a drastic change in the trend. The spike slowed down after its peak since yesterday but its sluggishly keeping its pace. Its quite a dicey one to take bcos the STOCH and RSI are ok for a SELL. But if an economic outcome caused that move then i'd wait for retracements first

Well thats all i can evaluate for now. Others are pleased encouraged to help out here.

Onyebuchim,
You are right. One can watch support and resistance levels and watch where prices are stuck for longer periods to decide if it is worth to allow to ea to work on that pair or not.
For me, I don't go in details like yours. I just look to the EMA direction, is it a good trade or not. If it is ok, then is support or resistance levels (according to the direction) are far enough. If Yes, then I allow to ea to trade on that pair.