Pick Your Session!! Though the idea of this EA was written around an H4 chart, it can be worked very effectively on the shorter timeframes as an entry EA, but should be worked in the proper session.
ie – If you are working with GBPUSD, you don’t want to watch for Momentum in the Trend direction off session, you want to wait until London has opened up the market. This on an M5 will help find you entries as price shoots in direction of the trend and with the use of the Dynamic Exit and Stop Loss, will keep you out of the shit if market changes.
When working with Automated Triggers, it is easy to heavily rely on their performance as based on BackTesting. Don’t fall into this trap.
Every session and Every pair has their own identity so set and forget is only going to cost you money. Use this as a trigger entry only, use the cost averaging with discretion, set the TP to a value that is un-achievable and manually escape your trades based on your own familiarity with the charts.
REMEMBER TO SHUT OFF THE EA when you are manually closing, otherwise it may enter into new trades as you are closing others in profit!
Pairs that play in tight ranges will hand your ass to you. Tight ranges with spread/commissions/roll over fees can make a profitable exit impossible if not just improbable. Don’t trade tight ranged pairs, pick the pairs that run hard and fast!! USDCAD – NO!, EURGBP – NO!, GBPJPY – YES!!
When working with a faster time frame, take the day into consideration when working with the idea.
If you want to trade on an M5 chart, do the same moving averages for trend make sense? Maybe…but don’t let that stop you from experimenting.
There are 1440 Minutes in a day and 1440 M5 candles on a True Retail market week.
Want to keep in trend for the day?
From there, if you have an understanding of the CCI indicator, set your MA1=14, as this for your beltline will take a trigger when price starts driving in favor of the trend by a very loose comprehension of the CCI. CCI14 is a very standard setting and though the moving averages in the EA are Exponential, it gives a fairly reasonable idea of triggering in direction with momentum as taken by the immediate/daily trend set by the Trend Moving Averages.
IF the pair you are monitoring has moved greatly out of it’s standard daily range, there is a very good possibility of a retrace. In these events, like you would with a manual logic or discretion, shut it down and sit on your hands until the next trailing day or until you believe that the retrace will now allow for a greater chance of success.
NFP and other such events will create market whipsaws. Price will spike in and out of trend rapidly and in the case of a trend/momentum robot with a backdoor on loss, this could very easily get you hammered into a lot of shitty positions with a lot of rapid fire losses. Don’t be an idiot. If you want to gamble, go buy a scratch ticket and save your trade account for another day. Sit these out and you will be infinitely happier!
If you have a directional bias based on your fundamentals, set the EA to trade either “Long only” or “Short only” in the Common Tab. This will limit the EA in taking positions, “You knew were wrong”!!
The information and tools provided are for learning purposes only.
Using these with a live account and without proper management can and will cost you. Play safe!!
- Files in the experts, indicators and templates folder of the files provide, go into your platforms respective directories.
- This is a loose, very loose translation of the original idea provided. Due to the weight of the TMA Slope indicator, I have elected to work with a Moving Average base for trend/triggering along with the Moving Average Envelope. Trades takenshould be close to the original idea, but may not be exact.
- The EA provided has several options with the inclusion of adding positions, profit, loss and trail stop values and has not been optimized for any pair nor timeframe. Work with the Strategy Tester/Backtests to see if you can optimize these happily to the pairs you wish to trade.
- This is a maiden voyage and is set to expire on November 15, 2015. If there are trades open after that, you will have to manage these manually.
Magic – the Magic number assigned to the trades taken.
Start_lot – the size of the primary trade taken.
Increment – If the grid is active by time or range, the amount of additional sized lots that will be added to the primary trade. Default at zero, it will have all trades taken at the same size as the initial, but at default will not take any additional trades.
Tp_in_money – IF profit is greater than equal to this value, any open trade(s) on the pair will be closed in profit. This is set to include spread and roll over fees.
Sl – The value that trades will close at a loss.
Range – The minimum amount of space needed between trades and signal to allow additional positions. Currently set to 100, there will need to be at least 100 pips between the last trade taken and the next trade, while conditions of the logic are still present. This is a Trigger On Grid.
Level – The amount of levels you want set to your grid. Depending on time frame and range, you can increase the amount of positions to help cost average your primary position.
Time_Delay – Defaulted to 300 seconds or 5 minutes. This is another filter that has been added. If you want to toggle between time frames, use this to keep from entering into multiple positions by time delay. If trading on the M1 chart, keep to the 300 seconds or 5 minute delay. If trading on the H1 chart, use at least 3600 as a setting (60 minutes x 60 seconds)…
If your balls are bigger than your brain and you decide that you want to have the grid in action and use a martingale style multiplier, set:
Lot_Multiplier = True
Multiplier = value you would want to multiply the last trades by.
Trailing your profit!
Start_trail – The minimum amount of money you want to see before you start trailing your profit.
trailStop_std – The number of pips to start trailing after you are in profit.
At default, the trade will need to be $2 in profit trading .01 lot sizes, before a 13 pip trail will kick in. IF you see the trail line on your screen, the least amount of profit you should see is the difference between $2 and 13 pips. Check and compare pip to dollar value by trade.
Moving Average Beltline
This is the purple band you see on the screen.
Moving Average Trend
The trend decided by a fast moving average in relation to a slower moving average.
If fast is above slow, the EA will look for long trades as long as price is above the beltline.
If fast is below slow, the EA will look for short trades as long as price is below the beltline.
Trade logic is as follows.
IF the fast moving average is above the slow
The last candle close was above both the Slow moving average and above the Belt Line
The current bid is greater than the high of the last candle
A buy trade will be activated.
IF the fast moving average is below the slow
The last candle close was below both the slow moving average and below the belt line
The current bid is less than the low of the last candle
A sell trade will be activated.
A dynamic stop loss has been activated so that if the price whips against the trend, there will be an automatic close, but in a shallow market, this feature may not be available it is advised to keep a value in the SL properties of the EA.