Michal come with this idea :
http://www.stevehopwoodforex.com/phpBB3 ... =12&t=3224
Trader
Posts: 21
Joined: 02 Sep 2012, 16:29
PostPosted: 29 Oct 2013, 12:10
Hello guys, first of all let me introduce myself. My name is Michal and I am from the Czech rep. I am price action trader and I am happy about that. Recently I have started looking for a new simple system, which would work mechanicaly aside my manual trading. I found this method, which was quite popular on FF : http://www.forexfactory.com/showthread.php?t=168161 , but the thing that I didnt like was that the first 4hour candle opens in the middle of night in my country and spreads are wide. So I come up with some arrangements. Currently I am watching the zone that starts with the first hourly candle of the week and ends at the last candle before Monday London session starts.
Trading rules are easy. BUY SIGNAL:
Price breaches the high of the box. SELL SIGNAL is vice versa- price breaks the low
Trading pairs: EUR/JPY, GBP/JPY, USD/JPY and XAU/USD
We enter with stop orders, Stoploss is on the other side of the box, it means for buying - SL is at low of the box. We also need some buffer, so we do not exactly enter at High/Low but, we are using 5-10 pips buffer. Take profit is crucial, first TP is 1xsize of the box, second 2x size etc..... i am usually looking for 3 TPs. Opened pozitions would close on friday evening no matter what. Also we set only one buy stop and one sell stop in a week.
http://screencast.com/t/HhNctVa9VM5
Why I need an EA?
Well this simple strategy is profitable, but the thing is I need to optimize Money management, because the question is what to do with Stoploss once the trade was open, you can either move SL to BE after TP1 is hit or do nothing and also need to clarify partial closing of pozition. And EA saves time ofcourse.
And the last question that bothers me, if it is not better to delete the second order, when the the first one is locked in the profit. for example: buy stop hits TP1, so sell stop would be deleted, if hasnt been opened yet.....
I am sorry for my english, so please excuse me, I will be happy to hear some interest from you and I hope someone can make this simple strategy working
Milanese and I give this EA in return. Tomorrow will be it's first live days
Edit:
Update 17/04/2014 See here http://www.stevehopwoodforex.com/phpBB3 ... 608#p90608 and http://www.stevehopwoodforex.com/phpBB3 ... 965#p90965
the SR indicator embed is completly rewritten, now this part works as intended.
MinPipDistanceForTakingTrade=250 here you set the min. distance the price must have to the next S/R zone in trade direction for taking the trade if too MA 240 trend is correct and the price has broken the zone. With MinHitsForUsingZone=4 you set the min. hit a SR zone must have to be used. Look here for the time settings:
http://www.stevehopwoodforex.com/phpBB3 ... 050#p88050
only 6xx build
Edit build 600++ original version:
Please return feedback with broker name / Symbol used and of course result !
Please set the right AdvertisedSpread values working with your broker
Click here to go to the BoardKnowledgeBase
