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Welcome to the stellar world of Epsilon Megastar.
The name of this trading robot arose in one of my earlier threads. We were laughing about the way in which EA's are presented for sale on the www, and I came up with a spoof robot that I described with similar hyperbole. This has cropped up from time to time and gained instant acceptance as the name for this robot, when I announced it would be coming in the swing trading thread.
I shall be very, very disappointed if this robot does not turn out to be a winner. Yes, there are loosing trades but the trading system uses pure price action to time both trade entry and exit.
There is an old adage in forex trading: 'cut your losers short and let your profits run'. The first part of this is easy – stop losses do that for us. The second part is much, much harder. We are all familiar with the market powering through our take profit and carrying on into the stratosphere – irritating, to put it mildly. The strategy that this robot trades takes care of letting profits run. This is the most simple and direct trading strategy I have come across. Miguel sent it to me, and we are in his debt for this.
In the 'TradingStrategy-QuantumGlobeInc.zip file attached to this post is the trading strategy document, 'TradingStrategy-QuantumGlobeInc.pdf'. This doc looks daunting at first but is actually easy to read, and well over half of it is taken up with trading examples.
To understand what is going on here, having studied the strategy pdf you need to be able to explain ICWR to someone who has never come across it. Read the pdf, study a chart, and take an imaginary person through the information needed to understand ICWR. If you cannot do this, then your best interests are served by reading the pdf again, and again if necessary until you can do this 'teaching' exercise.
Newbie traders, you need to understand these concepts:
- 'swing high' or 'swing low'
- trending markets
- retracements
- ranging markets
There is another doc in the zip for you if you are in doubt about any of these concepts – 'Basic Stuff.pdf'. If you are new to Fibonacci support and resistance levels, then view the video at http://myspace.vtap.com/topic.html?d...e&usrn=BoBokus for the simplest fib trading method and explanation I have ever seen.
Read the user guide to find out how to set up your charts, fibs, and the robot. This one is already trading on my live account. There should not be any bugs as I took time over its coding and have not released it until I am happy that it will work 'out of the box'.
There are a few 'tweaks' to the method, with regard to trade entry and exit; read about them in the user guide.
Future development will come from:
- Looking at sending trend-direction pending trades during the corrective wave, at the 50 or 61.8 (falling trend) and 38.2 (rising trend)
- Hedging losers instead of using a hard stop
These will be matters for discussion as our use of the robot develops.
Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and blanche at the recollection of some of the questions you asked. I do. http://cdn.forexfactory.com/images/s..._the_floor.gif Go to your profile page; there is a link to the FF page that describes the voucher process.
Traders with experience who have not yet been vouched for, can get around this restriction be being added to my 'buddy' list; all you have to do is pm me to ask me to do this.
For new/confused traders, I have set up a partner thread to this one where you can ask your questions - http://www.forexfactory.com/showthre...89#post3727389
A note to coders
I retain the copyright to this code, but that is a de-facto state of law. So far as I am concerned, it is open source. Coders should feel free to adapt it, pinch it, use it in their own robots. Please just respect the spirit of FF and refrain from using it in a commercial product.
Updates section.
The user guide is up to date.
The robot now has the ability to draw two higher time frame fibs as an aid to manual traders.