The Trap Play
The Trap Play is a fully automatic EA and is based of The Trap Move Indicator.
In order for the following Strategy to work you need to download the Global Market Watch (GMW).
Daily GMW Strategy
Activate The Trap Play in the direction of the Daily GMW Symbol(s) on the H4, H1, M30, M15 and M5 Chart.
Example: AUD/JPY Bearish, only take Bull Traps on H4, H1, M30, M15 and M5 Chart.
- Entry: Bull Traps Only.
- Risk Level: Bull Trap Risk Level on CLOSING or TOUCH basis.
- Target: Take Profit when the Symbol(s) is removed from the GMW, and have "Close By Reverse Signal" turned ON at all times to take profit on opposite Bear Traps during the trend to secure profits.
- Direction: Only Long/Only Short/Both
- Stop Loss Mode: TouchM/CloseM (TouchM means that price only have to trade at the SL to trigger while CloseM means price needs to CLOSE on the opposite side of the SL).
- Maximum Open Positions: 10
- Maximum Long Trades: 5
- Maximum Short Trades: 5
- Use Risk Level: True/False
- Manual Stop Loss: 0
- Manual Take Profit: 0
- Magic Number: 123 (ID for EA)
- Use Auto Lot Size: True/False (If False, Fixed Lot Size is used)
- Fixed Lot Size: 0.01
- Risk Percent: 2.0 (This means Stop loss is 2% of Account Balance)
- Max Lot Size: 200
- Max Spread: 100
- Max Slippage: 5
- Close By Reverse Signal: True/False
Indicator Settings: The Trap Move
- Trap Mode: CLOSEMODE/BREAKMODE/BOTHMODE***
- Bull Trap: Red
- Bear Trap: Aqua
- Font Size: 6
- Font Color: White
***CLOSEMODE: Price need to CLOSE above/below the new high/low to qualify a Trap Move. BREAKMODE: Price only need to BREAK above/below the new high/low to qualify a Trap Move. BOTHMODE: Show both CLOSEMODE and BREAKMODE on chart.