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Gamblers Dream 1.4 (By FXScotty )

The user has deleted this system.

Gamblers Dream 1.4 Discussion

ForexScotty
FXScotty
Aug 27 2016 at 20:08
93 posts
RSI and Trending manual trading strategy with Averaging Down Grid Recovery. 20-30% Maximum Risk of Account Equity.

4 Grid levels with increasing lot size of 1.7 times the lot size of initial order.

10-30 Trades per day depending on pair price movement.

.01 Base Lot size per $300 of account balance

The trick in using any averaging down (Martingale) strategy is knowing when NOT to enter trades. I use multiple indicators that have found on Forex Factory. Many thanks to those developers. The EA I designed myself. When I feel the market is favorable, I will start the EA and it will trade in the direction of the trand as shown by the Trend indicator (Green Lines).

Indicators used: Starting Ea when all are in alignment) and Conditions not over bought or over sold.

Trend indicator (Forex Factory)
Heikan Ashi (MT4)
Hitman RSI (forex Factory)
TIPU RSI (MQL 5 Market)
Bressert Double Smoothed Stochastic (Forex Factory)

8/16/2016 - Stopped trading USDJPY as all draw downs occur on that pair. Without that pair, things have been going very well. Wish me luck!
ForexScotty
FXScotty
Aug 27 2016 at 20:10
93 posts


When conditions match up I load the EA.






ForexScotty
FXScotty
Aug 27 2016 at 20:16
93 posts
When conditions match up I load the EA. Then all I have to do is press the start button. It will open first order at market price with 3 pending orders 40 pips equidistant grid in the event of a reversal. EA starts a 2 pip trailing stop at 8 pips of profit. If order closes in profit and conditions remain good, the EA will open a new position with new set of pending orders. This will continue as long as the trend continues or I hit the STOP button. In the event the price reverses and any of the pending orders is utilized, when the set of orders is in profit, the EA will close all orders and stop trading altogether until the START button is pushed again. This should keep run away martingales away. Also, there is a 30% stop loss to prevent an account being blown.
ForexScotty
FXScotty
Aug 27 2016 at 20:45
93 posts
MyFXBook account verification should update when market opens this week.
ForexScotty
FXScotty
Aug 27 2016 at 21:12
93 posts
ForexScotty
FXScotty
Aug 27 2016 at 22:00
93 posts
Tips for trading any martingale system.

Don't trade prior to major news events
Don't trade against the trend.
Don't trade after large market movements - let it stabilize into a trend
Don't trade while over bought or over sold conditions exist - high likelihood of a strong reversal.

The beauty of having an EA that you have to tell when to start may keep the martingale monster at bay. The human mind is the most important part of any trading/gambling strategy or system.
ForexScotty
FXScotty
Aug 27 2016 at 23:49
93 posts
Adjusted chart analysis time frame to begin after I stopped trading USDJPY pair as indicators did not work well on that pair.
ForexScotty
FXScotty
Aug 28 2016 at 00:55
93 posts
In the event this algorithm pans out for all to benefit from, I have created a signal from the MQL5 website. You can see the complete history including the 3 lost trades on USDJPY.

https://www.mql5.com/en/signals/217060
 
I will also setup trade copier from the myfxbook site when the time is right.
ForexScotty
FXScotty
Aug 28 2016 at 12:46
93 posts
ForexScotty
FXScotty
Aug 28 2016 at 23:14
93 posts
EURJPY - First trade of the week.



ForexScotty
FXScotty
Aug 29 2016 at 02:32
93 posts
Was able to get a couple of winning trades of EURJPY. Shut down the EA when the RSI reached over bought levels.



ForexScotty
FXScotty
Aug 29 2016 at 03:38
93 posts
i removed the custom start date so that over time, fellow traders and gamblers like me can see the overall pattern of the martingale and the benefit of limiting the levels of the strategy. I do not like the way myfxbook calculates draw down and gain as I have recovered the USDJPY losses and absolute gain (real profit) is back in positive territory.
ForexScotty
FXScotty
Aug 29 2016 at 03:44
93 posts
https://www.signalstart.com/analysis/gamblers-dream/10374

MYFXBOOK Signals added. I welcome all subscribers, but recommend watching a couple more months before subscribing. I find it interesting that MQL5, myfxbook and signalstart each interpret the same data differently.
ForexScotty
FXScotty
Aug 29 2016 at 03:57
93 posts
Transparency is the basis that people can decide whether to subscribe to a signal or not. I am hoping folks can learn from my efforts and maybe I will learn something in return.
ForexScotty
FXScotty
Aug 29 2016 at 12:46
93 posts
RSI indicator proved correct


ForexScotty
FXScotty
Aug 29 2016 at 18:29
93 posts
Price is moving counter to trend on most pairs. EURJPY appears to be a good bet.
ForexScotty
FXScotty
Aug 29 2016 at 19:43
93 posts
Re-entered the EURJPY pair. Notice the grid covers the trend channel as well as the recent swing low providing a number of potential reversal points that can work in our favor.



ForexScotty
FXScotty
Aug 29 2016 at 20:14
93 posts
Going to play on the USDCAD long. News event from last week caused an elongated channel, but still plenty of room for the grid to cover a minor reversal if it should occur but the uptrend is strong to August 1st swing high.





ForexScotty
FXScotty
Aug 30 2016 at 11:54
93 posts
Caught 2 winning trades over night on USDCAD. Still in 3rd. Same with EURJPY.



ForexScotty
FXScotty
Aug 30 2016 at 14:58
93 posts
Caught quite a few trades on USDCAD. Trading stopped manually as RSI reaching over bought levels.



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