RSI MA Scalper - Pip Cop

**rsmereka** · 2010-12-09, 08:03 AM

This review is about the RSI MA Scalper which I obtained from the Elite section of tradingsystemforex.com. I have no affiliation with anyone in conjunction with this review. My thanks to carlprad for reminding me about this EA. The EA thread is here (you need to be an elite member to read the entire thread or download anything).

The RSI MA Scalper thread on the TSF forum is a long one and after reading the entire thread and performing a series of backtests, I have decided to go with a modified v1.02 from a contributer with the userid of lordorly. I have also decided to initially trade with EURUSD and USDCAD.

The EA itself comes from post #99. The EURUSD set file also comes from post #99. The USDCAD set file comes from post #185.

The EA trades on an M5 chart. Here is an except from the thread in post #1 where the original author, funyhoo discusses the EA strategy:

Quote:

We do an addition : RSI1+RSI2+RSI3. Each has a different period and a different timeframe.

We buy when the result is under rsilevel1 and when the price is under MA1.

We sell when the result is over rsilevel2 and when the price is over MA2.

The backtests (attached) are good. I ran long-term backtests, from Jan 3, 2000 to current. There is a concern about the big losses with this EA as the risk:reward ratio is poor 71:8 (with the attached set files).

I put the EA on two charts on an Alpari UK demo account. I also setup a MyFXBook account:
Link: http://www.myfxbook.com/members/rsmereka/rsi-ma-scalper/69338

Rick

skivers · 2010-12-09, 11:29 AM

I would suggest setting the endtimeclose to 'True' to avoid getting caught in a move at the start of the Asian session.

My risk has been altered to 5 for this EA.

Also I have noticed the stop can be activated before the full stoploss is reached.

This is a good EA - with this in mind please take any results before Christmas with a pinch af salt - from tonight I am even turning off my demo platforms until 10 January

I am also using lordorly set files

**rsmereka** · 2010-12-09, 11:45 AM

Quote:

Originally Posted by skivers

I would suggest setting the endtimeclose to 'True' to avoid getting caught in a move at the start of the Asian session.

My risk has been altered to 5 for this EA.

Also I have noticed the stop can be activated before the full stoploss is reached.

This is a good EA - with this in mind please take any results before Christmas with a pinch af salt - from tonight I am even turning off my demo platforms until 10 January

I am also using lordorly set files

I did read about getting caught in a move at the start of the Asian session. I also read about the endtimeclose setting. My impression was that it took away profit as well as potentially cutting off big loosers.

I am going to run another series of backtests with this option on and I will compare these to the originals I have posted here and post the results.

Yes, if the RSI indicates the trade going south, the trade will be closed before the stoploss is reached. The SL

is a hard emergency stop.

I am very curious about this EA. I do not think it is that good simply because the risk:reward is wacked at almost 9:1 (worst case). A couple of consecutive hard stop losses and you are cooked.

Each year, I stop all trading Christmas week and New Year's week. This year that will be stopping all trading at market close on Dec 17 and re-starting on Jan 3.

Rick

**rsmereka** · 2010-12-09, 12:14 PM

Quote:

Originally Posted by skivers

I would suggest setting the endtimeclose to 'True' to avoid getting caught in a move at the start of the Asian session.

My risk has been altered to 5 for this EA.

Also I have noticed the stop can be activated before the full stoploss is reached.

This is a good EA - with this in mind please take any results before Christmas with a pinch af salt - from tonight I am even turning off my demo platforms until 10 January

I am also using lordorly set files

The endtimeclose setting is not part of the version 1.02 that I am running. I would have to change to the version 9.99 in post #315. In addition, three settings were added in that version. In addition to endtimeclose, plushoras and plusminutos were also added which bring up the issue of what to set the hours and minutes past the trading window? In post #315, lordorly indicates that the outcome is basically the same (in other words, the option cuts off bad losers but also cuts off trades that would win).

I think I am going to stick with the version 1.02 and see what happens. You must be using version 9.99...right? If so, what did you set plushoras and plusminutos to?

Rick

skivers · 2010-12-09, 01:00 PM

yep, I use 9.99
plus horas 0
plusminutos 5

I have the same problem as you have for Morning trade - so I am asleep when it is time to close trades - you will be able to monitor the trade and close by hand - I prefer a good nights sleep

carlprad · 2010-12-09, 01:57 PM

Quote:

Originally Posted by rsmereka

I did read about getting caught in a move at the start of the Asian session. I also read about the endtimeclose setting. My impression was that it took away profit as well as potentially cutting off big loosers.

I am going to run another series of backtests with this option on and I will compare these to the originals I have posted here and post the results.

Yes, if the RSI indicates the trade going south, the trade will be closed before the stoploss is reached. The SL

is a hard emergency stop.

I am very curious about this EA. I do not think it is that good simply because the risk:reward is wacked at almost 9:1 (worst case). A couple of consecutive hard stop losses and you are cooked.

Each year, I stop all trading Christmas week and New Year's week. This year that will be stopping all trading at market close on Dec 17 and re-starting on Jan 3.

Rick

Hi Rick

Do you shut down your demo platforms as well?

Thanks
Carlos

**rsmereka** · 2010-12-09, 02:26 PM

Quote:

Originally Posted by carlprad

Hi Rick

Do you shut down your demo platforms as well?

Thanks
Carlos

Hi Carlos,

Yes, demo accounts also.

Rick

**rsmereka** · 2010-12-09, 03:19 PM

Quote:

Originally Posted by skivers

yep, I use 9.99
plus horas 0
plusminutos 5

I have the same problem as you have for Morning trade - so I am asleep when it is time to close trades - you will be able to monitor the trade and close by hand - I prefer a good nights sleep

Here are the backtests based on the version 9.99 with and without endtimeclose. First of all, the version 9.99 produces only about 80% of the profit (8.066M with version 9.99, 10.721M with version 1.02) with the same settings and time frame as the version 1.02. Second, the endtimeclose setting drastically reduces the profit from 8.066M to 5.480M using exactly the same settings and time frame.

So, I am definitely staying with version 1.02. Version 9.99 is a dog compared to version 1.02.

Backtests attached.

Rick

carlprad · 2010-12-13, 12:10 PM

Hi Rick

I installed this bot on USDCAD and EURUSD. Same settings files and same version as yours. The bot placed several trades back to back on the EURUSD (30 trades on TDFX, 13 trades on cfx and 11 trades on ATC). The USDCAD placed 1 trade on CFX for +52 pips.

Very odd..

Reinstalled them today. Reset the gmt settings (i guess it's similar to TCS) and ecn switch. Let's see what happens.

Thanks
Carlos

**rsmereka** · 2010-12-13, 01:21 PM

Quote:

Originally Posted by carlprad

Hi Rick

I installed this bot on USDCAD and EURUSD. Same settings files and same version as yours. The bot placed several trades back to back on the EURUSD (30 trades on TDFX, 13 trades on cfx and 11 trades on ATC). The USDCAD placed 1 trade on CFX for +52 pips.

Very odd..

Reinstalled them today. Reset the gmt settings (i guess it's similar to TCS) and ecn switch. Let's see what happens.

Thanks
Carlos

Hi Carlos,

The same author as The Channel Scalper so, the changes you made for TCS will also have to be made for this EA. The set files I posted are for Alpari UK.

Rick