GoodBoy's trend line breakout auto-trader by SteveHopwood

SERIOUS WARNING

 

1. Most Forex traders lose all their money.
2. Using the robot posted here in trading Forex does not guarantee success.
3. Trading this robot could lead to serious financial loss.
4. Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
5. This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
6. At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
7. To trade this robot, you have to understand:
   1. basic support and resistance applied to Forex trading.
   2. the principles of Nanningbob Recovery trading.

I received this pm from GoodBoy:
"I have become killer trader over last week gained 2000+ pips in just 5 days (manual trading ofcourse) but my tools are simply price action and using trendlines as my SR's..

SO here i introduce a strategy for you to program it is simple because i found an indicator (Tom DemaRks Trendline / connector using fractals) excellent indi as it sounds. (if u place this indi in one of ur clean charts template during VISUAL strategy tester in mt4, u'll see how USEFUL this can be in forming the EA!~ since i may not word is rightly (english 2nd language) use small tf for VISUAL purpose to see how promising this indi can be when turned into EA....but in strategy i recommend using high TF's.

Pls make this EA on MTF and add SL and TP and Trail Stop parameter. So ppl have flexibility to adjust settings to their needs. in coming versions we'll tweak it further (next to holy grail)

Link to get indicator is at http://www.forexfactory.com/attachme...4&d=1235993642

ok.. the juice of strategy, the indicator recognizes trend lines on 2+ connects of candles as market moves lines get adjusted.

entry rule: candle open 10 pips of break of trend line HL_1 and LL_1 acting as support/Resistance.

If you can add a parameter that measures "speed of price" on break of line would be IDEAL (but not needed to simplify for now)

Exit rule: candle closing break of trendline which as being respected (market prolly gave us 40+ pips on high tf, when broken tl, we may still yield 20+ pips when price return/brk it) we'll tweak it to preserve profits in coming times.

For filter i donot recommend too many filters! just 55EMA direction of trend and MACD CROSS to be confirmer of trendline break being false/legit. keep filter OPTIONAL on default setting. "



So, the EA is attached. There are all the usual features - read my threads if you are unfamiliar with them. There are none of the possible filters suggested by GB in his pm, because I am busy today and do not have time to add them. I can do so if it is necessary.


The attached indi is slightly modified so that it does not print comments on the screen. You need it running on your charts because the bot takes its trendline reading from the lines on the screen. This means that backtesting has to be done visually.


Have fun.







Useful utilities/EA's/scripts

 

1. MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
2. Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
3. Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthre...98#post4709098, which includes a template for both USD and the Euro.

Most promising trading EA's

 

1. The Beast: http://www.forexfactory.com/showthre...=1#post4135863
2. Pippo: http://www.forexfactory.com/showthre...96#post4675196
3. Reversi: http://www.forexfactory.com/showthread.php?t=294255
4. Ibuks: http://www.forexfactory.com/showthre...88#post4656888
5. FTLR: http://www.forexfactory.com/showthre...85#post3831885

Nice one Steve and GB will have to get an extra computer to test all these EAs.



Keep up the great work.

Steve

i hope i have picked this up right but my uinderstanding is in the pic below there should have been a buy trade entered as the price broke through the trend line. i am backtesting this with no trend filter.

pAul

Edit - I realised that I had originally set the ea up to trade cad pairs positive as true and thought this might be why no buy trade. having changed thois setting it still doesn't take the trade

here is a very useful expanation of tom demark trendline break qualifiers to validate a trade entry. the word file explains SL and BE strategies.

I can't add Expert to my charts; it's grey.
Indi is working well.
Am I doing something wrong or?

grz

thx steve,

It seems the ea has some bugs. not taking trades on many of the breakouts ie: if first trade is short, then it is only making short trades on test.. one direction and missing out many breakouts. SO we are seeing good "streaks of wins or losses" goes to show the potential is there in EA just need to fix the bugs, kindly look into.

The idea is great, just need to improve this EA. Steve,I m sure you are a busy man. So, i'll not bother but anyone else who watch the VISUAL on strategy tester will definitely smell a HOLY grail then feel free to input into how to improve this EA.

Till than,
GB.

Interesting.
Is there an indy to give the buying (or selling) pressure according to the qualifier 3 ?

Looking at the back test, the EA opens trades at the close of a bar which is way too late. It should open trade at the cross of the TD line as in most cases the price takes off very quickly after the break. Take profit should be set to projected profit lane with BE 40.0 (5 dig criminals) and 10.0 BE profit. I am talking about 4H timeframe trading.