darshanag wrote:nanningbob wrote:Here are the EAs and scripts for entering and exiting 10.6. The scripts set a TP and SL on the server. The MA EA will close EVERYTHING on the chart it is put on so be careful when if you have multiple trades. Also the lines change when going from TF to TF so if you switch to 1H TF and the EA is on you may close your trade. The EA are not fully tested so please test to see if they work first. They will work on any TF. The TP are set at 81 and 45 and SL at 100. I know that is not a good ratio but the ratio is established by the MA. What the MA do is provide a trailing stop based on movement of a MA. You can play it tight or loose. The lower the TF the tighter the SL and TP will be, the higher the TF the more room you are giving the trade. Range periods like this summer you may want to use tighter SL TP. If a currency is strong on the CSS you may want to be looser with the TP SL. Any way have fun.
REMEMBER IF YOU LOSE INTERNET CONNECTION THE EA WILL NOT WORK THAT IS WHY I HAVE THE SCRIPTS PUT A SL AND TP ON THE SERVER.
EA ARE NOT HARD CODED BUT WILL WORK ON ANY TF. TURN EA BUTTON OFF FIRST IF YOU HAVE LIVE TRADES AND WANT TO LOOK AT OTHER TF.
FINALLY SET UP YOUR PENDING TRADES AND THEN PUT THE TP/SL EA THAT YOU WANT TO USE AND TF YOU WANT TO USE. TURN THE EA BUTTON ON AND WALK AWAY. IT WILL ENTER THE TRADE OFF OF THE PENDING TRADE AND CLOSE THE TRADE FOR LOSS OR PROFIT AT THE MA LINE.
Hi Bob.. First of all thanks a lot for all your contributions ! I'm new to this forum but have gained lot of insights in to trading following your posts in FF.. Re the 10.6, I intend to trade it manually inorder to closely observe how it works.. Therefore can you pls be kind enough to clarify the entry / exit rules for a buy or sell trade ? I'm bit confused with with 10.6 SL Screen also being there.. Thanks in advance!!
Cheers !
D
Good questions. TP goal is the next blue line or near it would be better. If price moves from one blue line to the next you are looking to get 80+ pips of the move. You have to figure in spread and you have to figure in you wont get the exact entrance at the blue line. So 10-15 pips will be lost by those two factors. So that is the goal.
The other side is using the MA as a moving TP SL line. These create the proper ratios of risk to reward. If price breaks a blue line it has a tendendcy most of the time to keep going. Sometimes it doesnt go all the way to the next blue line and sometimes it goes farther. The MA lines give you a chance to capture most of the move most of the time and also gives you a quick out if it is a fakeout and keeps going.
I have posted 3 lines, 15, 30, and 60. Each one has its advantages and disadvantages. 15 is tight and can save your butt if price reverses on you. It also can take you out of a trade too early. 60 is based on the weekly trend and can keep you in a move all week or even more but you can also lose a lot of profit if price hits it. 30 is a compromise between the two.
Price can go steep and the 15 works best with a steep move. Price can just angle up and the 30 works will with those moves. Then there is the meandering moving in one direction. Price is moving 10 or 20 pips every couple of hours and the 60 will keep you going or it is a good move all week. Hopefully time will tell how to best use them.
In a sense it is as close to automatic EA I have gotten. Once you set your trade and set the SL EA you can just walk away and let the trade run. If you want a tighter MA you just move down to the 1H or 30M and let it run.
I made it separate because you can use this TP exit system with any system. So I posted it separatly.
Again I am testing something I havent seen used consistently in trading. Using 100 lines instead of the Grid lines provided by Empty4. Rememeber even if you have the grid lines off on the chart the numbers to the right represent the grid lines. This will be a completely new learning experience for all of us.
