This robot is an evolution of the breakout mode I wrote into Scoobs forex robot. The result is so far removed from the original FR premise that I'm posting it in the main autotrader thread.
I want to create something that is in tune with the equity millipede trading philosophy of Pipeasy over on FF. http://www.forexfactory.com/showthread.php?t=245149
Basically, this bot tries to open a trades in the direction of the prevailing trend. It does this by a combintion of stacking and retrace entries. The aim is to generate over time a large open profit from pairs which are trending.
1) each day, the robot monitors the nearest 10 pip round number above and below the previous days close. If a breach occurs and is in the direction of the prevailing trend, a trade is opened.
2) TTA will now stack to a maximum of 3 open trades using a grid based re-entry method. This is usually every 10 pips.
3) Once there are 3 open trades, TTA will wait for a retrace before making any further entries. For buys, the retrace rules are based on a cross above -100 for the CCI(5) and for sells, on a cross below 100.
4) If a CCI based retrace happens and a trade is opened, TTA goes back into stacking grid mode for further 3 trades.
5) And so on.....
6) at the end of each day, TTA will reset itself so that it is ready to trade in mode 1.
For any given pair, the stop is as used by Forex robot and is based on the dollar value of the open p/l of the pair basket. this value can be seen in the global variables window (F3).
For the moment, this is just an exe with limited customisation. This is not because I do not intend to share. I just want to keep the discussion tight for now without distractions over the use of different settings.
I've posted couple of gif's showing the way the bot has traded EURUSD and GBPUSD in the last week and it looks good when a trend hits.
TTA currently doe NOT CLOSE ANY POSITION except when the pair basket stop loss reaches the dollar value mentioned. (Ok, I lied a bit. It will also close all trades when your open profit reaches $1,000,000
)Those who really have to have a TP, I suggest using one of the TP/SL methods in MPTM
I plan to add a part closure function to the robot to simulate pipeasy's diversification methodology at a later point. I would be interested in suggestions as to what criteria to use for this.
Ideally, I'd have done this couple of weeks ago and you could all be raving about some massive open profits, but hopefully there are still some nice trends to come this year.
