Reply To: Description of Midnight EA

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#4876
Dominik
Administrator

@didom wrote:

Sites flaking out pretty bad man fingers on the refresh button :P DailyFX and ForexFactory seem to show almost the same news priority ranking is a bit different though. Glad to hear you got it sorted will keep an eye out for the new version and retest.

Yes. News are similar, but I think some LOW impact news on Forex Factory are often MEDIUM on DailyFX. So it’s good for us and I’ll set DailyFX as default news source. It’s better to filter out a little more than lose because of news.

OK. I get back to work on something much more important. As you know I implemented RSI filter in case to protect opening BUY order if price is already in Overbought Zone and SELL if it’s already in Oversold Zone. Another RSI filter I used for closing order if price reaches some level (OB for BUY and OS for SELL). We can leave both filters in Midnight, because they work good, are adjustable and can be used even if we change a little strategy to maximize profits ( I mean more than just 30-80 points from trade as it’s now).

In the meantime I added also some “room to the left” filters and we can also leave it in Midnight and use as Supply and Demand Zone (or S/R).

As you already know, after 21 GMT market has a high probability of retracement or even reversal. My goal for now is to add algorithm that will filter out all the trades that could be opened in too strong trend that won’t be broken. I’m looking for universal solution based on Price Action and even Fibonacci retracements. Algorithm should be independent from any fixed value, but dynamic and relative only to the previous market conditions. I can also use daily range or some time window based on shorter period of time than the whole day. I’m coding it and testing now. All ideas are mostly welcome!

Regards!

P.S. Midnight in version 2.1 based on news from theinvestbay won’t work anymore.