It helps me in developing trading strategies. Gain a better understanding of what the market is doing. What a moron he is. So we are assuming you know how to optimise and manage EAs. So if you want sound notifications, set the sound settings of the indicator Price Border.
Technically, it works perfectly on 5 digit brokers with "normal" price feeds and will work on any broker account. Initial, unofficial tests show that it is possible to trade the 4 hour, 1 hour, 30 minutes, 15 minutes, 5 minutes and 1 minute timeframes on ordinary broker accounts. This EA is not robust on normal broker account 5 digit accounts and that is why it is sold for a affordable price.
Continuous improvement Forex Transaction checklist 2nd Secret: Trading the Bounce and breakout of short term ranges. The high for the period The low for the period The opening price The closing price The gains made by the bulls or bears The range of trading during the period.
Understanding the Candle EA. The first instruction it asks is the minimum size of the candle. Why this is important is that candles that are too small may not have the minimum volatility to give a reasonable result.
When candles are very small like say 2 pips trading decisions may not give consistent results. This setting is also very dependent on the timeframe used. The best way to determine and refine this setting is by using optimisation and forward testing. The instruction required if you want to the EA to trade breakout trades or bounce trades.
This a drop down menu option. See the discussion prior to this section how to decide that. This instruction requires your to tell the EA whether you want to trade Buy only, Sell only or Buys and sell together. You may get an entry signal when the broker has increase the spread due to announcements, weak-ends, liquidity etc. You should not trade when spreads are abnormal and this setting will protect you from doing so. This setting will vary from currency to currency and broker to broker.
Common-sense is a good guide to use when determining this instruction amount. The next instruction you have to give the EA is how to position size your transactions.
This is related to how much do you want to risk per transaction. There are 4 methods. Experiment with all 4. Try not to risk more than 1 or 2 percent of your account in the beginning using any of the methods.
The next instructions are how big your stop need to be in pips. Simply enter the amount. The amount are best determined by optimisation and forward testing. The next instructions are how big your targets should be in pips. The next important trading instruction is what time of day do you want to trade. This is very important as there will times of the day when breakouts mainly occur and times when bounces mainly occur. So if you want sound notifications, set the sound settings of the indicator Price Border.
Set the setting to position "true", as shown below:. Do not forget to pay attention to the period of RSI Extreme when changing timeframes.
Out of the channel or touch refers to absolutely all timeframes. Thanks Daniel for such good sharing. Any currency pair Trading Time: M5, M15, M30 Expiry: We do not spam. Ranging Markets Set the Overbought level at 70 and Oversold at Go long when RSI falls below the 30 level and rises back above it or on a bullish divergence where the first trough is below Go short when RSI rises above the 70 level and falls back below it or on a bearish divergence where the first peak is above Trending Markets Only take signals in the direction of the trend.
Go long, in an up-trend, when RSI falls below 40 and rises back above it. Go short, in a down-trend, when RSI rises above 60 and falls back below it. Exit using a trend indicator. Example Wal-Mart Stores Inc. Price is trending downwards staying below the moving average. Do not take long signals until the MA turns upward, otherwise we are trading against the trend. A bullish divergence on Relative Strength Index is reinforced by completion of a failure swing at . RSI completes a minor failure swing at .
Take profits [P] and exit the remaining position [X] when there are two closes below the MA. Do not go short as price is trending upwards staying above the moving average. Price has started to fluctuate around the moving average , signaling a ranging market. Go short [S] when RSI crosses from above to below