There were many significant changes with EA version 1.4 and chose to open a new thread.
Goal: To average 100pips per day (500/wk) via an Expert Advisor
- Start monitoring for trades at 10:00 GMT
- GBP/JPY only at this time due to volitility
- 1hr chart with Stochastic Oscillator (7,5,5,High/Low,Simple)
- SMA 12 and SMA 24 (SMA's will be read by flipping to the 30min chart)
- Only 1 trade per day
Entry: 60min Stoch - when Stoch line is ABOVE the signal line, then flip to 30min chart - if SMA 12 is above SMA 24 conditions are right for a BUY. Opposite on both indicators would indicate a SELL.
Exit: 30min chart - If SMA 12 crosses the SMA 24 in the opposite direction, it would indicate an exit. (NOTE: this is how the AutoClose=true feature works, otherwise an exit would be determined by your StopLoss, TakeProfit or TrailingStop.
NOTE: The trade will only attempt to open 1 trade per day at 10:00 GMT (or shortly after - if signal is not triggered at 10:00 GMT it will keep looking then enter when conditions are right. Normally by 10:00 GMT there is enough of a trend for the signal to kick in. If you wish to FORCE the EA to between 10:00-23:59 GMT, just REMOVE the expert and ADD it back to the chart. This will reset the flag and allow another trade to occur.
Performance (using default settings):
Trading Journal: http://www.forexfactory.com/showthread.php?t=69168
EA v1.4 Backtesting Detail: http://26z.net/forex/5.htm
Backtesting Period: 7/1/2007-12/31/2007
Begining Balance: $5,000
Net Profit: $28,328.99
Profit Trades: 79.38%
Absolute Drawdown: $669.95