Follow the Sharks EA
This is a multi-currency EA, suggested timeframes: H4 and Daily.
Type of trading
- This is intended to works as a Multi-Currency EA.
- You can attach it to many charts you'd like to monitor simultaneously.
- Make sense to use it when there is a correlation between the pairs or other instruments selected.
- It has been said that one of the best trading strategy is to watch at who actually moves the market (large traders, banks etc.) and copy them. Someone ironically says to "follow the big sharks" moves into the market.
- With this EA, we will launch a "bait"...a small order that will trigger a bigger order onto another chart that moves with the same intensity as a confirmation. In this way will take advantage of the correlations between all the markets!
How should be used
- You should attach this EA to the majors Forex pairs charts or any other financial instrument and wait that the price will breakout (calculated with an internal indicator).
- Once the first pair will launch the bait with a small order (like 0.01 lots), all the other EA's attached we will keep monitored this order and wait for another breakout to go fishing within a time window set previously.
- With the second breakout, they will try to catch a big fish with a bigger order (like 0.1 lots).
- Bait Lots: the lots used for the 1st trade, which we will call "Bait".
- Fishing Lots Multiplier: the "Bait Lots" multiplied by this value. This lots will be used for the 2nd trade, which will be called "Fishing".
- General ATR Multiplier: this is the main ATR indicator value used to calculate the Stop levels. Value 1 = original value. Value 2 = doubled. Value 0.5 = divided in half, etc.
- Max mins wait to go fishing: how long should we wait for the 2nd trade.
- Max mins to keep the bait: time windows where the 2nd trade can be opened after the 1st trade has been placed.
- Max mins to keep fishing: how long should we keep the orders opened.
- Money management will be fixed only because of the nature of this EA. Auto lot sizing can be useful while only a single EA runs on the same account but multiple EA's can conflict each other while calculating the free margin available, especially in this case where every pair will have a different tick value and needs to be calculated manually by the trader.