Hi I would like to share this EA for testing and further improvement of the code. It only works well at this stage on the EURGBP pair but is really promising on the 5 min chart. My 'real' backtesting data only goes back to July 2008 so I have only been able to backtest to then. It works by picking the point at which the low hits the price channel and scalps a few points on the retracement. I have optimised it to the point where the SL is 20points and the TP is either on the action of indicators or 35 points. I have put in a time filter so that the more volatile trading periods can be excluded, which is basically when Sydney and Tokyo are trading only.
Further improvements could include the inclusion of 5 digit trading, and it would be great if someone knew how to include the ability to open multiple trades, but not all at the same time! Please don't PM me asking me for the best set up, please download and test this to find your own and share it with the forum.
Install the PriceChannel.mq4 file into the indicators folder, the other one goes into the experts folder.