Well, this is the first time I present you the system not an expert adviser those I wrote for a past few year.
This method is pretty stupid and simple.
I has no guarantee this will work.
This is just-start-up method.
However, I would like fellow trader to try that out with me.
THis method will take advantage of strength and weakness of all pair and cross pair then spread its position into these all order. The idea is to aim for taking profit from one currency getting stronger than others by take trades in that direction with large stop out level during a week move. And expect that profit would overcome the loss from taking wrong side of some pairs.
Cluster indicator, CCFp.mq4. See pic1
D1, only one chart is required.
London Open until NY close on Mon-Fri
- You will do this only once in everyday or once in a few day or once a week, if you will.
- Prefer doing time at London Open, an hour or two hours late is ok (may be any time during session, we are doing long hold time here)
- Load CCFp indicator on the chart
- Draw +0.0100 line (yes only positive side)
- Write down those CCFp number of each currency
- Try to pair those currency that are more than +0.01 line with those are below +0.01 line (see pic2)
- Find a pair that CCFp value is different more than 0.01 (100 pips)
- example1 AUD 0.0148 (>0.01), JPY -0.0198 , so AUD-JPY= 0.0346 (>0.01) then buy AUDJPY
- example2 AUD 0.0148 (>0.01), EUR -0.0046 , so AUD-EUR= 0.0192 (>0.01) then sell EURAUD (AUD must be on buy side, so reverse it)
- Do buy or sell according to your pairing.
- Set stop loss and target as following
- Find ATR of 20 days, D1 TF
- stop loss level = 1.2 x ATR
- take profit = 1.8 x ATR
- Check back may be 3-6 times during London and NY session to see how it develop
- Move stops as you feel save, in case it profit. I do stop loss wheel barrel for every 30 pips, I move stop up 5 pips.
- Cut loss as you think the price to prevent further loss as your think it should. (I let it hit stop level)
In order to take care of looking up the chart and checking which pairs to trade. I wrote some code (expert adviser) to automate this process. Yes, from item 1-13. It will automatically checking CCFp indicator for you every hour.
The expert adviser will work only with normal pair symbol with no prefix or suffix only.
ea name is "abc1"
- Copy abc1.mq4 and abc1.ex4 to "C:\Program Files\YOURMT4\MQL4\Experts"
- Copy LastOrder.mqh, SmallFunc.mqh and structure.mqh to "C:\Program Files\YOURMT4\MQL4\Include"
Drag and drop the ea into D1 timeframe of any chart.
(I hard code the it to get value from only D1 timeframe, if you want to try H4 must edit the code)