jmatheny81 wrote:I found this thread on forexfactory and it interests me a lot, so I thought I would post it to see if it is possible to automate it. It uses 1min chart and makes very good entries with very tight stops and larger profits. Here is the thread: http://www.forexfactory.com/showthread.php?t=325662

I have uploaded the instruction pdf file for v2, the indicator, and a template to fit the v2 settings.

There was an edit to tricolour on post# 214 as follows:
Rule 1

If you look at the chart you will see 3 signals

1 loser at -5%
1 winners at +15%
1 winner at +5%

On the 2nd signal we can see that the lower band is above our top ma this could well be saying ' this is going up up and away with a long bias now stop taking short signals EVEN if the ma's are in the right direction'

The other 2 signal are perfect

Rule 2

Place the stop 1 pip above or below your signal candle not the last swing hi or lo

Looking back on allot of my past trades a large quantity of them the hi lo of the signal candle was respected


There was also one more edit on an optional way to take profit in post# 349 that could be included as an option in the EA as follows:
Hi Guys

This week I compared my exit on the 1min with an exit on the 5min

I read somewhere quite a time ago that entry on 1 time frame with exit on a longer time frame can pay off as the noise that normally takes you out is smoothed and filtered by the longer time period

So if you prefer take an exit on the 5min using the envelopes that are on your 1min chart see the 2 charts below for explanation

1min exit plus 10%
5min exit plus 15%