Andy (user name wolfeman) wrote to me last October asking me to add a filter to an HGI EA that I coded for him ages ago, totake note of the attached GoFX Moving Average indi. He wanted the ea to buy only when GoFX is green and sell only when it is red. Andy was finding it effective in avoiding a lot of HGI signals that turn out to be unsuccessful. I had already gone back to HGI so I popped the indi onto the charts; it helps a lot.
Andy also mentioned that he enjoys trading the gold pairs i.e. XAUAUD/EUR/USD so I tried them myself. Have a look at this pic: That is live trading from when I added XAUUSD on November 9th. I added the other two pairs subsequently. You may notice that all the XAU trades are sells. I do not buy because the swap is horrendous. Sell swap is pleasant.
This gave me an idea. Only trade in the direction of positive swap. This makes a huge difference when holding onto trades for an extended period.
Here is how I am trading:
- H4 time frame.
- Start a position when HGI generates a blue wavy or trend arrow and GoFX is the appropriate colour, The relationship of the market to GoFX makes no difference - only the colour. Wait a few minutes after the signal is generated then switch time frames then switch back to make sure that the signal is stable. 100 pip take profit.
- Send a grid of 5 stop orders, 20 pips apart and with a 20 pip TP.
- I usually take the RAD signals if the market has moved in the 'wrong' direction.
- Trade only in the direction of positive swap.
Attached are the scripts and indicators that I use:
- Scripts:
- Market buy plus buy stop grid: Sends an immediate market buy then places the stop grid. Occasionally I just want to send the stop grid. I can do this by setting the SendImmediateMarketTrade input to 'false. There is a corresponding sell script.
- Market buy only and sell only: places a market order without adding the grid.
- Close all trades this pair only: closes market orders and deletes stop orders on the chart it is dragged onto.
- Nuclear option: closes/deletes all trades on the platform. Use this with extreme caution.
- Delete all pendings this pair only: take a guess.
- Indicators:
- GoFX
- Position monitoring indicator basic: 'basic' merely refers to the indi not being the original, which displayed HGI, Slope and Bob's 20 H4 moving average. Pop it onto your charts and see the difference that positive swap makes. A pair can be losing pips yet still be profitable in cash.
Edit 31st January 2024
Andy is happy to share his Secret Trendy Bob EA. You need the attached "240 BUY.SELL.NOW.ALERT" indicator in your /Indicators folder. You also need hgi_lib.ex in your /MQ4/Libraries folder from viewtopic.php?p=105044#p105044
Change the OnlyTradePositiveSwap input to 'true' if you want to trade only in the direction of positive swap (scroll down to the 'Swap filter' inputs to find it).
