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Author Topic: Harmonics Trader EA  (Read 268876 times)

Offline LFN

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Re: Harmonics Trader EA
« Reply #30 on: December 29, 2012, 04:32:33 PM »

Update: now here are the 4 demo accounts on Armada Markets, running all pairs on M15, M30, H1 and H4. Please dont look so much at the overall growth since it currently is negative as it runs on ALL pairs and naturely some pairs will fail big time because of the high spread. Still I am running them for now to do a real "brute force" test to find the best performing pairs for the system. So rather go to "Summary" tab at MyFxBook and see which pairs are doing well and judge the system by this.

http://www.myfxbook.com/members/geektrader/harmonicstradercom-m15/448936
http://www.myfxbook.com/members/geektrader/harmonicstradercom-m30/448946
http://www.myfxbook.com/members/geektrader/harmonicstradercom-h1/448941
http://www.myfxbook.com/members/geektrader/harmonicstradercom-h4/448943

^All settings default expect trading 0.01 lots and not using BreakEven.

Do you use a separate magic number for each chart?

Offline LFN

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Re: Harmonics Trader EA
« Reply #31 on: December 29, 2012, 11:45:31 PM »
It takes forever to make a backtest (visual).
I did one month tick by tick and it took 6 hours! The result was bad on EURUSD M15 last 30 days, but I did a mistake and did not get 99% Dukascopy tick data, only metaquotes lower quality so I guess the results are pretty useless.
Is tick by tick required for the backtest? Are open prices okay?

EDIT: The vendor told me that H1 and H4 TF gives best results.
« Last Edit: December 30, 2012, 10:07:59 AM by LFN »

Offline geektrader

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Re: Harmonics Trader EA
« Reply #32 on: December 30, 2012, 03:11:54 AM »
It takes forever to make a backtest (visual).
I did one month tick by tick and it took 6 hours! The result was bad on EURUSD M15 last 30 days, but I did a mistake and did not get 99% Dukascopy tick data, only metaquotes lower quality so I guess the results are pretty useless.
Is tick by tick required for the backtest? Are open prices okay?

Tick-data is needed for this as it places pending orders that can get filled any tick in the market - so using tick-data for backtesting is definitely a good idea. And yes, it BTs very slow, finding those harmonic patterns is a very intensive task!

Offline lotusbuddha

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Re: Harmonics Trader EA
« Reply #33 on: December 31, 2012, 12:46:34 PM »
Hi Geektrader, thank you for bringing this to our notice. This EA offers  another level of choice between free tools available  and overpriced ones.
I was wondering if we could put together a list of features we would like and then request the developer to program it for us. Couple of things i noticed already:
1. Semi Automatic mode: when a pattern is formed, there is an alert (pop up and/or email) to take the trade or not. So we may combine harmonics with some discretion (pivots.divergence,higher TF confluence). I think using the using the 'ask manual confirmation' option will create too many calls.
2. Scaling in Orders: Option to scale in orders within the PRZ, right now it seems the EA places pending stop orders, so it is not entering at the best price. I understand some would prefer this as a 'safer' approach but i would like the option of scaling into better average price and achieving a higher R:R.
3. R:R Factor: A Risk:Reward calculation displayed on the chart, can be used as filter to enter trades in Auto or Semi Auto mode. So EA will only take trades if the minimum R:R ratio is met (user settable)
4. User settable options: for trailing stop, take profits, BreakEven+buffer, SL+buffer,spread filter, max open trades, max pending orders per instrument.
5. Time function: A simple 'stop trading and start trading hour,day' that can used to avoid trading during major news release affecting that instrument.

Appreciate any inputs from others, the idea is to have an EA that will reduce the manual process of entering and managing trades but at the same time is flexible enough to fit our individual trading style. I think the pricing is reasonable and i like his honest approach.Hopefully we can fine tune this to suit our needs and reward the developer for his efforts.
Has anyone found out how many live accounts can be run with one license? Maybe we can negotiate multiple accounts or a DF members discount if it is only for one account.
cheers
Happy New Year everyone!

Tradenow

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Re: Harmonics Trader EA
« Reply #34 on: December 31, 2012, 12:53:31 PM »
Happy new year everyone!

I came along this ea and it seems to be a real alternative to the very expensive HAT Ea.  :D

H1 and H4 maybe D TF seems to be the best ones for pattern trading.
Wonder if vendor has some recommendations about pairs?

best regards
Mark
 

Offline lotusbuddha

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Re: Harmonics Trader EA
« Reply #35 on: December 31, 2012, 02:27:40 PM »
Hi again, I have had a few trades now and looking at them, i am not comfortable with the default R:R the EA is using to enter trades. From my understanding of Harmonics trade entry, we aim to achieve a minimum 1:1 R:R (point B as TP1 and extreme of PRZ as SL) and best average  price by scaling in within the PRZ.
It is a double edged sword, as it maximises profits when the trade moves in our favour and the losses are minimised if trade goes against us. The EA is doing exactly the opposite with default settings.
Not the end of the world (just the year!), i am sure the developer can quickly and easily program user settable parameters for us.
 cheers

Offline LFN

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Re: Harmonics Trader EA
« Reply #36 on: December 31, 2012, 02:28:05 PM »
Happy new year everyone!

Wonder if vendor has some recommendations about pairs?

best regards
Mark
 

Not really, I asked, and he recommended H1 and H4 and EURUSD for start with.

Tradenow

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Re: Harmonics Trader EA
« Reply #37 on: December 31, 2012, 02:33:16 PM »
Not really, I asked, and he recommended H1 and H4 and EURUSD for start with.

hmmm....thanks for answer. looks realy interesting this ea.
I was playing with zup indi and harmonics pattern some months ago and considered to try the HAT ea. But it was too expensive and there are not much infos about real life results.
Seems to be that we have to wait what the demo accounts will bring and which pairs are the best.

best regards
Mark

Offline fxbabe

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Re: Harmonics Trader EA
« Reply #38 on: December 31, 2012, 08:06:43 PM »
This EA looks like a waste of time.  You can draw the conclusion on lower timeframe equity kept going down and down.  Probably a good candidate for reverse trade instead.  I bet on higher timeframe is the same if we encounter strong trend in one direction.  Looks like is another piece of junk that works on range bound market.  Since we couldn't do any backtest, it would take probably several months on higher timeframe to know whether is good or not.  But I doubt it from looking a lower timeframe.   

Offline lotusbuddha

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Re: Harmonics Trader EA
« Reply #39 on: December 31, 2012, 09:05:50 PM »
Hi again guys, for those of you that don't have a VPS and want to test drive this EA, i used the below link for a 30 day free trial of Red Palladin VPS through Vantage UK broker.
http://www.redpaladin.com/vantage-fx-30-day-free-trial/
I registered with Vantage UK and they sent me an email to access Red Palladin. (wait for the email from Vantage, do not register with Red Palladin with CC details)
Once you have access to Red Palladin, Vantage MT4 is already installed, open a demo account from within MT4. I got some error message installing EA and the installation pop up hanged but the installation was successful anyway.
I am sharing what i have done for a freebie, not reccomending the broker or VPS in anyway.
I am quite happy with Armada Markets  for their spreads and other stuff.

FXBabe, i would agree with what you say based on the EA's current default trade setting, however i am of the opinion that the EA is basically a Trade Management EA built around the ZUP engine. So if the developer can reprogram it to have user settable parameters and makes backtesting viable, i feel we might have a very useful tool to trade harmonics.

 Hoping to hear from others when they get back from the partying so we can give a list of features wanted to the developer.

GeekTrader, please cud u do the honours.
cheers

Offline fxbabe

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Re: Harmonics Trader EA
« Reply #40 on: December 31, 2012, 09:40:40 PM »
Hi again guys, for those of you that don't have a VPS and want to test drive this EA, i used the below link for a 30 day free trial of Red Palladin VPS through Vantage UK broker.
http://www.redpaladin.com/vantage-fx-30-day-free-trial/
I registered with Vantage UK and they sent me an email to access Red Palladin. (wait for the email from Vantage, do not register with Red Palladin with CC details)
Once you have access to Red Palladin, Vantage MT4 is already installed, open a demo account from within MT4. I got some error message installing EA and the installation pop up hanged but the installation was successful anyway.
I am sharing what i have done for a freebie, not reccomending the broker or VPS in anyway.
I am quite happy with Armada Markets  for their spreads and other stuff.

FXBabe, i would agree with what you say based on the EA's current default trade setting, however i am of the opinion that the EA is basically a Trade Management EA built around the ZUP engine. So if the developer can reprogram it to have user settable parameters and makes backtesting viable, i feel we might have a very useful tool to trade harmonics.

 Hoping to hear from others when they get back from the partying so we can give a list of features wanted to the developer.

GeekTrader, please cud u do the honours.
cheers

Looking a little closer, I think the flaw of this EA is trying to predict the top or bottom.  This kind of strategy would not work in trending market.  You will quickly give back everything you make and some more.  I think this is the weakness of ZUP which I doubt you can do much to fix.  It like trying to stand in front of a run away train and you just get run over.  For example, Yen is weakening and why go short this EJ?  EJ will continue to go up probably for several thousand more pips and this EA essentially continue to short EJ and get slaughter every day. 

Offline lotusbuddha

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Re: Harmonics Trader EA
« Reply #41 on: January 01, 2013, 01:10:10 AM »
That is why i would like to have a semi auto mode so i can take trades on a discretionary basis. As an example, one could  have taken just bullish set ups on EJ, in which case one would have bought on a pullback.
Having said that, Harmonics seems to me as a trend reversal strategy and the strategy 'predicts' potential reversal at confluence of fibonnaci levels. Other tools like pivots, divergence, patterns on higher timeframes, key S/R levels can  be used for confirmation.
So the EA and ZUP are only tools to trade Harmonics and it is for you to decide if Harmonics is ur cup of tea.
Scot Carney is now giving away his ebook 'The Harmonic Trader' for free on his website. Very clear explanation of the fib ratios and relationships (u cud probably quickly skip thru the examples and reread  them later).
So far i like Harmonics because the R:R is wicked and martingale-grid entries can be applied within the PRZ without increasing overall risk but exponentiating returns.
For example, say i set 1% risk per chart/currency and i break it into 4 positions that are scaled in (within the PRZ grid).
1st position= 0.25%, 2nd position=0.40%,3rd position=0.25% and 4th position=0.10% (highly likely to least likely to be filled in that order).
If all my positions are filled and the trade moves against me, i still only loose 1%.
If all my positions are filled and the trade moves in my favour, i have entered at a better average price.
Patterns do fail and there are loosing trades but the winners cover them easily due to the high R:R, i have only traded demo for 3 weeks, so maybe i am just high on enthusiasm. In anycase this EA with the settings i want will help my complete the learning curve quicker.

Offline deweymcg

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Re: Harmonics Trader EA
« Reply #42 on: January 01, 2013, 04:27:05 PM »
I haven't purchased this EA or tried out the demo version, but the first thing that strikes me about using this versus the more expensive HAT or even Scott Carney's Harmonic indicator is that if you are only using he ZUP indicator you are not filtering out a large enough number of lower quality patterns. Since Forex has no central exchange you will often find some brokers picking up a pattern that others don't see. The other two use 5 different price feeds and other filters to narrow down the number of patterns significantly. If you just take most of the patterns you won't be as successful.

Tradenow

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Re: Harmonics Trader EA
« Reply #43 on: January 01, 2013, 05:10:48 PM »
I haven't purchased this EA or tried out the demo version, but the first thing that strikes me about using this versus the more expensive HAT or even Scott Carney's Harmonic indicator is that if you are only using he ZUP indicator you are not filtering out a large enough number of lower quality patterns. Since Forex has no central exchange you will often find some brokers picking up a pattern that others don't see. The other two use 5 different price feeds and other filters to narrow down the number of patterns significantly. If you just take most of the patterns you won't be as successful.

Thanks for info,

do you know any HAT users?

best regards
Mark

Online reinerh

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Re: Harmonics Trader EA
« Reply #44 on: January 01, 2013, 05:29:37 PM »
Hi again guys, for those of you that don't have a VPS and want to test drive this EA, i used the below link for a 30 day free trial of Red Palladin VPS through Vantage UK broker.
http://www.redpaladin.com/vantage-fx-30-day-free-trial/
I registered with Vantage UK and they sent me an email to access Red Palladin. (wait for the email from Vantage, do not register with Red Palladin with CC details)
Once you have access to Red Palladin, Vantage MT4 is already installed, open a demo account from within MT4. I got some error message installing EA and the installation pop up hanged but the installation was successful anyway.
I am sharing what i have done for a freebie, not reccomending the broker or VPS in anyway.
I am quite happy with Armada Markets  for their spreads and other stuff.

FXBabe, i would agree with what you say based on the EA's current default trade setting, however i am of the opinion that the EA is basically a Trade Management EA built around the ZUP engine. So if the developer can reprogram it to have user settable parameters and makes backtesting viable, i feel we might have a very useful tool to trade harmonics.

 Hoping to hear from others when they get back from the partying so we can give a list of features wanted to the developer.

GeekTrader, please cud u do the honours.
cheers

Looking a little closer, I think the flaw of this EA is trying to predict the top or bottom.  This kind of strategy would not work in trending market.  You will quickly give back everything you make and some more.  I think this is the weakness of ZUP which I doubt you can do much to fix.  It like trying to stand in front of a run away train and you just get run over.  For example, Yen is weakening and why go short this EJ?  EJ will continue to go up probably for several thousand more pips and this EA essentially continue to short EJ and get slaughter every day.

yes it does try to predict top or bottom, thats the whole idea.

but around xmas the markets were weird to say the least, plus one needs to give such a bot more time to show its true potential.

4 weeks time is the least one needs to run this strategy.

 

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