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Disclaimer: all Steve's warnings pertaining to EAs apply.
Intro:
Hi folks,
This is in realization to a request I made last year in March in the Ideas for Possible Automation thread.
I manually trade a naked-chart Price Action method whose heart is key horizontal zones ( support and resistance ) with a price action signal to confirm entry.
The method has served me well ( in many ways ). One of the pleasant side-effects is that you notice - with reasonable accuracy - areas/zones where a trade can be placed directly without a price action signal ( i.e, touch trading ). Hence my request for an EA which could automate this and maximize on the returns.
In the time since the request, I taught myself to code MQL4, and have gone through NUMEROUS iterations and ideas and ... I feel it's finally time to bring it out.
Initially, I used Slipshod's excellent indi/library to identify the horizontal support/resistance zones. However I noticed with time that a diagonal component of support/resistance was needed. So I finally settled on the TMA+CG indi.
The Method:
# Buy when price hits the lower boundary ( dynamic support ) [ i.e, buy low ]
# Sell when price hits the upper boundary ( dynamic resistance) [ i.e, sell high ]
# Fixed SL [ default: 30 pips ]
# TP = opposite boundary, less a buffer amount of pips [ default: 20 pips ] --> sounds alot but Gold is a beast
# Initially, tried a WIDE variety of trailing methods ( JumpingStop has always worked best for me ), but finally decided only on moving the stop to BreakEven [ default: 32 pips, 2 pips BEP ] and letting the trade run to the opposite boundary.
NOTE: I know this sounds crazy, but after an intensive 10months of trail-and-error [ get it!?
], I realized an element of faith is required ( yes, that's what I said, faith! ). Hence simply protecting the capital at BreakEven and letting trade run. NOTE also that unless one has a working WALK FORWARD ANALYSIS app, a setting for JumpingStop will only work so well for so long... Decided simpler is better.
The Components:
1) EA: pair = Gold ( for high pip range + volatility reasons ). Timeframe = M15
2) TMA+CG (aka TMA_CG) indi
3) LibCSS.mqh library file
# The EA supplies the logic
# TMA+CG (aka TMA_CG) supplies the dynamic support and resistance bands
# LibCSS provides Slope values to avoid taking counter trades when price is VERY quickly moving in one direction without the usual undulations [ which is exactly what this EA wants: undulations / waves, whether the pair is ranging or trending ]
Chart Examples:
<Attached in Post #2>
Credits & Thanks:
1) Steve Hopwood: for this forum and for the excellent MPTM
2) w633: for his excellent Scite MQL4 IDE
3) Andrew Sumner, aka Slipshod: for the excellent SSSR indi and library
4) Paul, aka Baluda: for the excellent LibCSS library
5) The creator of the TMA+CG indi, and bourgenot for posting it up
6) vm999: for his inspired genius in creating EAs, that inspired me to create one of my own
7) Johnathon Fox and Bryce: for mentoring me in Price Action trading.
8) To all SHF members: you are a great community to belong to!, cheers
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1a) TMACG_Gold_M15_STACKING: goes to experts folder 1b) TMACG Currency MultiTrader (credit: Andy West)
--> Latest versions available here: http://www.fxtradingforum.co.uk/viewtop ... f=29&t=219
--> mt4gui.dll and mt4gui.mqh are required, available here: http://www.mt4gui.com/download/
2) TMA_CG: goes to experts/indicators folder 3) LibCSS: goes to experts/include folder ------------
Wish you happy & profitable trading!
Cheers
- operating in the shadows dudest (sitting quiet a long time) has prepared a new serious, powerful weapon !