Part Time Wealth Builder - Daily Scalping
**Found this on another forum**
Daily trading rule are as follows:
1. Create daily chart on any pair
2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)
2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry)
3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.
4. Use 40 PIP stops on all orders.
5. Close between 2300 and 2400.
6. Repeat trade rules at 2400 GMT.
No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...
EA is coded by SKYLINE and is not my own.
User settings usage :
GMT_Shift = Your broker shift related to GMT time zone (if it's GMT+3 then put 3 , if GMT-1 then put -1)
TakeProfit = Take profit in pips when EA will close current order
StopLoss = Stop loss in pips when EA will close current order
HourToCloseOrders = Hour when EA will close ALL positions
SundayCandleExists = Flag to let the EA to don't take care about Sunday Candle. If your broker get the Sunday candle put true elsewhere put false
Lots = Number of fixed contracts (used only if UseMoneyManagement = false)
UseMoneyManagement = Flag to let the EA to use money management routine with Risk value per trade
Risk = Risk per trade allowed (used only if UseMoneyManagement = true)
Slippage = Max slippage allowed in pips
MaxLossesTradesPerDay = Max losses trades allowed in a day per single pair (Setting to 2 , if EA will hit 2 consecutive losses in a day then will stop to trade until new day start even if HourToCloseOrders is not reached)
Note :
The EA will also handle automatically the MagicNumber generation so that you can put it with multiple pairs or multiple EA within the same account without any interference
Optimized Settings :
TakeProfit = 200;
StopLoss = 40;
HourToCloseOrders = 17;
MaxLossesTradesPerDay = 2;
(Optimized settings are still in researching and all traders are encouraged to share his result here)
Last edited by Cryten; 03-18-2007 at 03:36 PM.
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