If a strategy is good a robot should be able to trade it successfully,
Taking stress and impulsive and costly decisions out of the equation.
I, for one, am thankful for totally mechanical systems of trading.
The following strategy is under testing and doing exceptionally well.
jiva34, Taiyakixz |
Coded by Taiyakixz
Thanks to geoffb65 for the inspiration:
http://www.forexfactory.com/showthread.php?t=231650
Basically the ea manages trades based on price action in relation to an ema hi/lo channel.
The ea has many functions to help refine the entries and exits that can be used or not used as desired.
We will be exploring the various applications to different trading strategies.
The ea is very flexible and can be adjusted to capture big moves as well as to scalp on lower time frames.
The basic structure:
For long entry:
a candle closes below the channel high, the next candle closes above
the channel hi, ea will place a pending order above the close of the 2nd
candle.
All the settings are adjustable.
1. how many pips away the pending order is to be placed.
2. how long the pending order will be valid (in terms of candles).
3. what the channel value is.
Robby Bressert dss indicator (a graphic variation of a regular stochastic) is used to confirm a long or short entry, a variety of moving averages can be used as desired even on multi-time frames to ensure trades are only taken in the direction of a main trend.
Two pending orders are opened on a given signal.
If the orders are filled the trade is managed in this way.
To limit losses:
A stop loss can be set for both positions to limit losses should the entry be a bad trade.
To capture gains:
Trailing stop losses can be set for both positions.
Limits can be set for both positions.
If the 1st position reaches the profit target, the ea places a stop at break even for the 2nd position. If the 2nd position fails to reach a profit target that may have been set for it and falls back, it stops out at break even for 0 gain/0 loss.
If the 2nd position reaches it's profit target, then there is gain for both positions.
If the profit target for the 2nd position is very great, say for example 300 pips because we want to try to catch a big move, then the 2nd position may close if it reaches 300 pips or it may close if a candle closes outiside the channel in the opposite direction. It may also close if a trailing stop has been set and it retraces back to be stopped out.
Lot's going on. Busy little ea...
Note: Robby DSS Bressert is a stochastic displayed with dots rather than as lines. I like it because it shows %D and %K crosses nicely as color changes. Easy to see as the dots are correlated with candle closings.
Many, many thanks many times over to Taiyakixz who is so very talented and is putting so much time and thought into building the different versions of this robot.
Since this main page is the only page in the thread that can be updated indefinitely I want to post the updated setting for the ea as well as posting any updated versions of the ea itself on this page.
The idea is to have several settings running at the same time in the account. As of 8/10/10 there are 6 settings.
You will need to put the Robby Bressert dss indicator and the T3MA indicator in the mt4 indicator folder.
