DislikedHi traders, finally got a trade on the gbpusd
1.45305 Buy entry! Im a manual trader and have been trading this way based on breakouts and following fibs and ADX. I have used a number of EA's out there. My first trade using this system is currently down 30 pips. Every EA that i have come across trades and opposite direction to the breakout. It was clearly a sell entry as the moving averages cross and the ADX crossed up over the 20 mark and also the strength signalled a short. Can anyone explain to me why each EA i come across breaks this trend and...Ignored
What I see, and longer time followers please correct me if I am wrong, the ea looks back at the previous 2 closed bars for ma slope. IF the slope of the 2 ma's agree then the trade may be implemented if within the correct time parameters..
This trade was place correctly in that respect but it simply got caught at the same time as the price was rolling over from up to down.
The EA is definitely not designed to trade against the trend on the 1 hr chart. This just so happened to be "one of those times" that it got caught as price changed direction immediately after the 2 look back bars....
It is after all a EA and is limited by its programming..
I live trade longer time frames and hold positions over time.. Just experimenting with this as it does look promising.. always looking to expand my horizons....
again, If I have misstated the functions of this EA someone please don't hesitate to correct what I have said....