Hello to all
Yes of course. This closes all the positions when the account shows a gain or a loss of what you have defined in the table. It is not in pips but in account money.
You have to open a new graph in a symbol that generates enough ticks (for updating the data) like eurusd for example.
The template below provides for all of this.
That's start of Asian session, less volume, might be some narrow ranges, but if the direction is correct, could be HUGE payoff.
I watch 28 pairs so too much work for me, good luck to him.
No indicators are needed whatsoever for this system; let's keep it that way.
Please forgive me if this may seem like a silly question. I'm new to Forex and everyday is a learning experience. Thank you kindly all for this system and for all the contributors thus far. My question is when looking at the HH and LL for Monday and Tuesday, do you take the wicks into account or is it just the bodies of the candles?
And then be proactive, dig deeper, read even more price action. What did we miss? Can we avoid this in the future? What can we learn from it?
Several of those trades didn't trigger with my settings of 25%. However, NZDCHF hit right on the line; let's take a closer look.
Daily chart appears to be in a downtrend, Thursday an Inside Day, using the Fibonacci Tool on Wednesday, there is an opportunity to recover by selling short trade.
Monitor all the NZD pairs and observe a strength meter on Friday shows the overall market conditions. Depends if you are able to devote the time required to make decisions during the London and New York sessions.
The descriptions you used for candles, there is only 1 high, 1 open, 1 low and 1 close price.
Therefore the very ends of the wicks are the high or the low; the bodies are from open to close.
Take a close look at the charts I have posted, see the High and Low marked by the lines of the Fibonacci Tool.
Good luck, hope you stick around, come back for more
Maybe a few more new traders might finish the course
Hi 4ecstacy & Sangui,
4ecstacy - Thank you for starting this discussion & sharing your ideas.
Sangui - Thank you for your work creating the EA and sharing with the group.
erebus - Thank you for sharing your experience, insights and humor.
Rereading the third sentence in Post #1,
"Logic behind the system: The highs and lows of Monday and Tuesday often form the low or the high of the week."
I have been considering how it works trading as daily breakout from previous day's range.
From the statement above, Tuesday has very high probability of being higher or lower than Monday's range. Why not trade Tuesday as breakout too?
Same thing for Wednesday vs Tuesday's range, Thursday vs Wednesday's range, etc.
Manually testing daily breakout with Fibo using erebus settings: Hi & Low Entry = 0%, TP = 25%, SL = 50%, high percentage of days are winners.
You can quickly test this with Fibo using erebus settings: Hi & Low Entry = 0%, TP = 25%, SL = 50%, and walk it through any days and weeks in history.
Sangui, for testing, is it possible to modify the EA to trade every day vs the previous day's range? Mon vs Fri, Tue vs Mon, Wed vs Tue, etc?
Primary enhancement request is for trading every day.
This second request is for possible later improvement if EA works for trading every day.
The other addition to the EA would be to have ability to place multiple Buy-Stop & Sell-Stop trades, at same Hi/Low Entry = 0%, with TP at #1=25%, #2=50%, #3=100% (user select %s).
When position #1 hits TP at 25%, move position #2 & #3 SL to 5% or 10%.
When/if #2 hits TP at 50%, move position #3 SL to 25%.
A footnote to the request for opening multiple trades, for folks in the USA, EA will have to change the lot size and/or entry price for each order.
Lot size change: #1 = 0.13 lots, #2 = 0.12 lots, #3 = 0.11 lots.
Entry Price change: #1 = 1.12303, #2 = 1.12304, #2 = 1.12305.
Once again, thank you for your consideration, and thank you for what looks like a great idea.
All the best,
What you are requesting is a different system, you only need to read the name of the system to realize that. You can start a new thread for this and I might be able to help you in some days when I finish what I am working on now or someone else could be intrested in doing it. If you do then send me a pm, I will check it when I can. Cheers!
Excellent. Thank you.
I debated whether to make the request in this thread or not.
I will try to start the new thread in a day or so.
Thanks again for sharing this current EA.
All the best,
Still have the weekend for review, here is an update on the CADCHF
The 4 hours chart is ideal for this method, so easy to read what price did, all without indicators cluttering up the chart, no wonder this system is not popular
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