EOD (End of Day) EA
This is an EOD (end of day) system off the Forex Factory. The rules are stated in #6 of the following page:
EOD trading system
To run the EA, you need EOD.mq4 and ATR in Pips.mq4 indicators along with CCI and Stochastic in the MT4 Indicator Folder.
I demo traded this EA for a month or so, and have begun trading on my FXDD live account since 05 Jan 09. The EA opens trades usually at 21:41 FXDD server time (GMT+2). The trading system being EOD (end of day), Iíd like to delay entering trades until the US market close, if at all possible. So what is the best way to delay opening trades by 1 hour and 15 minutes? Even an hour delay will make a very well-written EA even better, I guess.
To my experience, the system has a great potential. Iíve been rather hard hit for the first week of live trading though. In fact, do we have a system that works well in a ranging market like the one we have these days?
Any suggestion to improve this EA would be greatly appreciated!
TP (close all)
Targets are worked out by taking the ATR of the last 5 days and adding that average points total to my 'fill' price. My thinking behind this:
If the last 5 days have had an average move of 80 points why set a target of 30?
If the last 5 days have had an average move of 30 points why set a target of 80 points?
Stop is a couple pips below last swing low for longs last swing high for shorts.
When to take a trade
Whatever works best for you in your time zone I take 9 pm in the UK although my daily candle wonít close for another 3 hours (midnight). I am sound asleep in nods vile by then, so 9 pm is fine for me, itís swing and rounds abouts on the fill it all evens out.
Set to 40 HLC/3 line at 0.00.
Set to K - 5 D - 3 Slowing -2 Price field low /high ma - simple ....line at 50.
This is simple stuff but with the stop at swing high or low we have a good support or resistance. Also we only want an average move in our direction.
Identify the main direction and enter on a retracement
If CCI above zero we look for long, CCI below zero we look for short.
CCI is below 0.00, Stochastic moves above 50 and ticks down, and the tick down hasn't got to finish below 50.
Enter on a red candle, if green you can enter on the following day but no more and only if red.
CCI is above 0.00, Stochastic moves below 50 and ticks up, and the tick up hasnít got to finish above 50.
Enter on a green candle, if red then you can enter the following day but no more and only if green.
See here : EOD Trading System EA