Thursday, October 9, 2008

Forex Automated EA - Forex strategy ...

Many thanks to Tkimble on the ForexFactory for the simple forex strategy that this forex EA is designed to manage.

Name: Rhythm Pair: Any Pair You like.

This is a simple Stop @ Reverse forex system. It should be able to be used with
Daily and weekly forex trading

Once trade is initiated the stop loss and reversals are equal. Example: the stop is placed at 40 PIPs and the reversal is likewise placed at 40 PIPs. When the stop is activated, the reversal is simultaneously activated. There is no limit on how
many reversals there can be in a day unless Max Trades variable is used

Forex EA- Variables:

Overrule Direction: = True/False forex EA makes next day forex trade decision on the basis of the previous Days forex trend (i.e.; previous day up, Place "Buy" forex market order, previous day down, enter "Sell" forex market order) Example: Yesterdays open/close positive = LongEntry) (Yesterdays open/close negative = ShortEntry) 00:00 >< 23:55 Set it to False if you want to choose your own initial entry direction

Direction Long: =True/False this is the manual way to either go Long or Short for your opening forex trade. If using this variable Overrule Direction should be set to True

EntryTime Hour: = Entry will execute on the Open of the hour chosen. 00:00 thru 23:00

ExitTime Hour: = 00:00 thru 23:00 Exit will execute on the Open of the preceding bar from exit hour chosen Example: exit set for 17:00 exit will execute on the open of the 18:00 bar.

Max Trades: = 0=False or 1,2,3,4 etc Set this variable if you want to limit on how many whipsaws you want in a day. EA will not take anymore forex trades for current day or week once variable is reached

TrailStop Once: = True/False (If set to True, Stop and Reverse order will move positive one time at the value of the Stop loss variable) Example: I am long at 1.2000 and I have my stop set at 1.1960 (-40) If price was to advance to 1.2040 then my Stop & Reverse orders would move positive to 1.2000 This would be the only positive move they would make.

Trailing Stop: = True/False (If set to True, Stop and Reverse order will move
every time price moves positive at the value of the Stop loss variable)

Stoploss: = Default 40 “Very important”. It is the Value that all Stops will use. (i.e.; TrailStop Once, Trailing Stop) It is the value that all Stop and Reverse orders are placed.

ProfitTarget: = 0=False, Default 120 If Profit Target or Time exit is not used than trade will remain open until manually closed or when Profit Target or Time exit is initiated and executed in the future.

Lots: = Default 0.1 Mini

The easiest settings for daily would be to pick your direction

Overrule Direction =True
Direction Long = True / False for short
EntryTime Hour = 00:00
ExitTime Hour= 23:00---------I have notice 16:00 and 17:00 maybe better exits
Max Trades = 0
TrailStop Once = false
Trailing Stop = false
Stoploss: = 40
ProfitTarget: = 0
Lots: = 0.1

For weekly: Just change ExitTime Hour to 0 trade will remain open

If you search: Forex Automated Reviews

1 comment:

  1. I would advise that you go with the most recommended Forex broker: eToro.