SERIOUS WARNING
- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
- At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
- To trade this robot, you have to understand:
- How to use EA's.
- The significance of round numbers in Forex trading.
- Support and resistance.
I decided to re-visit round numbers and see if Slope can make a difference. This is how the ea trades:
- when the market enters the box around the next round number, it draws pending buy and sell lines and trades when one of the lines is crossed:
- BoxBufferPips tells the ea how big to make the box. The default draws the lines 5 pips above and below the round number.
- DistanceFromLinePips is the number of pips away from the round number to draw the pending trade lines.
- When one of the pending trade lines is crossed and the trade opened, the opposite-direction line is deleted.
- UseSlopeVal: if true, tells the srn to trade only when Slope defines the market as trending. The idea is to cut down on whipsaw.
- Trades taken in the direction of the trend should be good for a fair few pips.
- Those taken against the trend are the normal reversals that we see whenever the market hits a major S/R level.
- The market is ranging when Slope is in between RangeHighLevel and RangeLowLevel. You have your own choice of timeframe for Slope; the default is D1.
- UseSlopeAngle: if enabled, tells srn to trade only in the direction of the angle, which has to be either rising or falling to allow the trade. The bot still draws the opposite direction pending trade line, but it is dashed instead of solid. The dashed line tells srn not to trade its cross; it is there so the ea knows when to delete the pending trade lines in anticipation of move to a different round number.
There is the usual panoply of take profit, stop loss and management features. When StopLossPips is zero, the ea sets the stop at the box high (sell) or box low (buy).
Conclusion
All this is highly speculative and experimental, which is why I have not sent around a 'new toy' message. Play with it if you like the idea. I shall pop it on a few demo charts to see if it has anything to offer.
Matters of general interest
Go here to download and run the script that will fill your platform's missing chart history: http://www.stevehopwoodforex.com/phpBB3 ... f=15&t=254
Read this post:
http://www.stevehopwoodforex.com/phpBB3 ... p?f=6&t=78 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.
Masterly summary of hedging: http://www.forexfactory.com/showthread. ... ost4977179
EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.stevehopwoodforex.com/phpBB3 ... ?f=15&t=79, at the bottom of the post.
Useful utilities/EA's/scripts
- MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
- Multi purpose trade manager: http://www.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthread. ... ost4709098, which includes a template for both USD and the Euro.
- Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthread. ... ost3830610
- My shell EA – the code I use to produce EA's so quickly. http://www.stevehopwoodforex.com/phpBB3 ... p?f=5&t=15
