nanningbob said:In another thread I talked about range trading. Instead of specific entrance and exit points you trade within a range of a currency's move. So if price stays within a certain range for the day, you cant lose money that day. You can have losing trades but not lose money. This EA has a range of 800 pips, as long as price does not go outside of 800 pips in one day you are safe. I have done a study of currencies and very few currencies go beyond a 800 pips in one day. We do not use the Eur/Aud, Gbp/jpy, Gbp/nzd, Gbp,chf for that reason. There are some exotics I would not use like mexican, kron, etc. I have 12 that are in the zip file and ready to go. The EA trades pennies and I have only attached a non adjustable EA. They are set a .01 per lot. If you are with a micro that trades pennies thats 1 cents per trade, with regular and mini accouts thats .10 a trade. I used IBFX to test this with.
The logic is very simple if price moves 100 pips in any direction it takes profit, it reenters every 80 pips. As price moves in one direction it profits every 100 and reenters the opposite direction every 80 pips and multiplies times 2. So the 10 levels will go something like this:
When price reverses it takes profit from the trade going the opposite direction. The philosophy is very simple. Every day has a high and a low. When price heads for its high/low for the day we take profit going up/down. When price reverses and heads for its low/high for the day we profit going back. As price does that the margin deficit goes down and the difference between it and our captured profit is our profit for the day. When that happens you close everything and start again the next day. I recommend you start at 0 or 1 GMT or around the JPY open and begin looking for your profit at the middle of the Eur session or beginning of the USA session 10-18 GMT time. We close down our EA and all trades every day to prevent price from sneaking over our 800 pip range. WE never hold trades over the weekend. Use a demo account with at least 5000 dollars and test it out. If you have an account that uses ten cent lots you will probably need to test with at least 10,000. I will attach the zip package this post and tell where to put them the next post.