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I had a good look at his statement for all of Nov/Dec/2005, and disected all the losers, and added the winners up to see what kind of results he came up with trading the GBP/USD only on the 15min charts.
He averaged around 18-21 pips/trading day based on 1 lot. Total pips was 3800-4200/month based on trading multiple lots.
I cant read code, but it looks like he starts out with a 1000 pip SL then it chnages with markets, but thats way to big for my liking. Out of 16 losing trades in less than 2 months(38 trading days)he had 5 sure losers where you would need a 200-500 pips SL to make any money, and these 5 trades didnt even go into profit, they were all opposite of the trend.
The good news is that its a very good EA, he has alot of +5 pip winners, and yet the other 11 losing trades, all went into profit between +7 to + 200 pips. A 70 pips SL would have been plenty, in fact the +200 pip trade had a DD of -67 pips, and there was a -57 pip DD. If it wasnt for those 2 trades the SL could be at 40 pips, but a 70 pip would be more reasonable.
I didnt look at all the winners to see what the DD was, but there was 40 trades in the +1 to +10 pip area, and alot of those probably were bigger winners at one point. The bottom line is that this EA can be improved by adjusting the TS, TP, and SL.
Hi, i just found the Ea in mq4 version in a website, i havn't found the custom indicator that the ea need, but as i understand that that indicator is a very simple and little code based on the zigzag indicator, maybe a good programmer can create it in 5 minutes.
I attach the EA, bye
P.s.
let me know if you find the indicator, i like to test this ea in mt4!
Linear Mode
