What's Working Now, using my Script and an awesome free EA together...

What's Working Now, using my Script and an awesome free EA together...

5 September 2019, 07:19
Ricardo Penders
0
767

Finally I've got a combination of indicators together with an EAthat are working for me and I want to share with you.

To be exactly for one Forex pair I have 2 charts opened... On one chart I have my Script and the EA on the 1H time frame only which I use to manually get into a trade using the EA sell or buy buttons, of course I have to make changes to the value settings for every different symbol for it to handle my manually added trade to get out of the trade fully automatic.

Below you can see an example how my active 1H chart looks with my script and the EA with the optimized values set for Auto-trading this particular Forex pair and time frame only:

Automated Trading EA with my Script

The second chart opened for the same symbol I use to switch between all time frames, I have customized the default template on MT5 called ADX ( I Only changed the -DI and +DI colors to green for +, red for -, I also added 3 levels to the ADX indicator at 20, 30 and 40), the higher time frames are good to see the long term trend and the shorter time frames I use to find the best point to get into a trade which I keep doing myself as long as my way works out to be consistently profitable.

I was already using the EA with my script together successfully before I started to use the one extra chart with the ADX template but now I'm even better recognizing the right trading signals, turns out that it is a very popular indicator and it's really helping me to confirm the signals to see when it's time to get into the market, the best thing about the ADX template is that it helps me to filter out the bad signals whenever the indicators are not lining up generated by my script and it also helps me to optimize the values that you are required to set for the EA to take over my manually opened orders of the same symbol.
Even if you should use One-Click Trading on a completely different chart with a different time table as the chart where you have my script together with the EA running, as long as it's the same symbol any newly opened trade will automatically start being monitored by the EA and will do it's thing so I'm not required to keep looking constantly at the charts anymore which gives me more free time.

Below is an example of the ADX template that I changed to be better readable for recognizing trading signals, this is exactly how I use this indicator:

Custom ADX Template to Chart

I have posted all the links to my publications on this platform with my trading progress, figuring out the EA settings and share that on my MetaQuotes Profile here -  My MetaQuotes Profile - TheDutchTrader

Spoiler alert!

The EA works best on the 1H time frame and forex pairs where the spread is getting above 30 points or pips are to be avoided because you need to first overcome the spread first to be in the money, so for example I've seen one pair with the spread going up to 100 points and higher and if you're trading daily on the 1H time frame you're most likely scalping the shorter trends with a maximum daily movement of just a couple hundred points which makes it virtually impossible to be profitable if you need to overcome 100 points before you even get in the money... I think it's taking too much risk and I'm all about getting rid of as much risk as possible.

If you want to see more detailed info or download my Script and get the same free EA please go to my profiles description for more info and the direct links here on my Profile Page - TheDutchTrader

The blog post about my Script also contains a nice gem at the bottom that I highly recommend you to check out, even if you're an experienced trader it's highly likely that you are not aware of the information you can find at the bottom of the blog post.

I'm convinced that you can use the same trading strategy to enter the market at the right time just by looking at the indicators and signals plotted on the active chart automatically when you have my script installed together with the free EA called EXP-ASSISTANT setup on the active 1H chart and on extra individual opened chart you open the ADX template for your preferred time frame to have an extra confirmation generated that you can use as you wish without it having any influence on the EA and my script which is running on the other chart.

I highly recommend you to give the broker that I'm using a try, you can start with a free demo account before you spend any money so you can get familiar with the platform. I'm using the same brokerage for years already and I haven't got any issues trading. They have a ton of information and even trading education on their website to help you getting started, check it out by clicking on the image below or just use this link here: https://www.mql5.com/go?link=https://my.myfxchoice.com/registration/

FXChoice


I hope this is helpful to you and I am curious to your opinion if you decide to give this strategy a try so please write a comment and your questions below, I'll come back to you ASAP... Thanks!


Wall Street Bull


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