- 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.
georgeforex contacted me on Sunday, asking me to code an ea that trades the strategy described in the .odt document. Everything happens at the close of the H1 candle.Taking a buy as an example:
- the x.00 H1 candle has to close as an up candle.
- the x.55 M5 candle has to close as an up candle.
- the x.45 M15 candle has to close as an up candle.
- the x.30 M30 candle has to close as an up candle.
- take a buy trade at the close price of the H1 + 3 pips.
- stop loss is the low of the H1 candle - 2 pips.
- take profit is a multiple of the stop loss.
- move the sl to breakeven at +15
I have not included the ADX because Pas has the usual panoply of stuff. Read the attached user guide for details - I will run mine on demo using Bob's M240 Period 240 moving average as a trend filter.
The chart candle colour display shows the relevant candle colours at the close of the previous H1 candle. There are some inputs that allow you to play with the way Pas works:
- TF1/2/3/4 are the four time frames whose candles are consulted for direction, and default to the documented values.
- Pas places dashed 'pending trade' lines on the chart when it spots a trading opportuninty - green for a buy and red for a sell. It sends a market order when the line is crossed by the market. Bear in mind that Empty4 charts are built up from the Bid. Pas triggers a buy when the Ask hits the buy line, and so it looks as though the trade has been taken prematurely.
- LineDeletionMinutestells Pas to delete the line after this period of time has passed.
- PendingPriceBufferPips is the number of pips above the H1 close to place the pending buy, or below for a pending sell.
- StopLossBufferPips: the number of pips below the low (buy) or above the high (sell) of the H1 candle to set the stop loss.
- TakeProfitMultiplier: creates the take profit by multiplying the stop loss by this value.
No idea if this can possibly succeed or not, so pop it on a few demo charts and see.
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.stevehopwoodforex.com/phpBB3 ... f=5&t=3427
- Multi purpose trade manager: http://www.stevehopwoodforex.com/phpBB3 ... ?f=21&t=64
- Account equity analyser: 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 ... ?f=15&t=79