- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- 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.
- 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.
- To trade this robot, you have to understand:
- How to use EA's.
DigitalCrypto, David, is a gem and we are very lucky to have him as a contributor. I have worked for him privately, and he is fantastic. He asked Rene to code the Price Action Momentum indicator, referred to as PAM. David explains how to use it in the Youtube video and written details at http://www.stevehopwoodforex.com/phpBB3 ... 92#p134292
Continue no further here until you have viewed David's video - you will have no idea what is happening here.
Indicators
- I have removed David's attempt to draw trade and stop loss lines from the attached PAM. Use it only for visual confirmation that the signals the ea is taking are correct. Rene has sent me the code to keep the calculation in house, so Pamsy does not need it.
- The Daily Open Line indi is one that Pamsy uses. You do not need it on your chart for the ea to work, but you do need it in your Indicators folder.
The DOT has nothing to do with the open of your broker's D1 candle. The Forex trading week opens at 22.00 GMT when Sydney gets going. Each new trading day begins 24 hours later, at 22.00 GMT. Both "Daily open line" and Pamsy have the TimeZoneOfData input. If your time zone is GMT, London for example, then the default of 0 is what you need. Your time zone is GMT + 2 then the input is 2. Your time zone is GMT - 1, then the input is -1. You will find Pamsy's input in the "Daily open price" inputs.
You need to experiment with this input to find the candle on your chart that opens at 22.00 GMT. How you do so is your problem not mine, and you are not allowed to ask about it here. Do so, and I will remove you to the On Moderation group of members unable to do anything other than read posts and download attachments.
I have opened a thread for those of you who get hopelessly confused - http://www.stevehopwoodforex.com/phpBB3 ... 36#p134336. Ask your questions there and see if some kindly person will try to help out.
Pamsy-specific inputs
There are moving average inputs to allow you to modify them should you wish to play with different settings.
DailyProfitTargetPips (in General Inputs) is your daily target per pair in pips. Pamsy will stop trading for the day when this target is hit. It is a blunt instrument in that it uses your broker's D1 candle. This may or may not be related to the trading day.
PamCandleRange is the number of candles over which Pamsy will look for a PAM.
PamBufferPips is added to the hilo for the pending trade price.
The next four inputs correspond to those in the indicator, but with "Pam" placed in front.
There are a few inputs to allow you to edit the style and colour of the pending trade lines.
You have the ability to use ATR to calculate your take profit.
Pairs to trade and time frame
M15
EURAUD
EURCAD
EURNZD
GBPAUD
GBPCAD
GBPNZD
Read post 3 in this thread.
In conclusion
I have added the Shell User Guide for those of you who need to know what all the usual inputs are about.
Have fun.
Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, at the bottom of the post.
Useful utilities/EA's/scripts
- Multi purpose trade manager: http://www.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- Account equity analyser: http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
- Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
- My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79
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