FXCM is holding a 2-day currency trading expo on May 3rd and 4th in Las Vegas, NV.http://www.fxcmexpo.com/
Key content includes:
How to Build and Setup an Expert Advisor
How to Backtest and Optimize Strategies via MT4
Black Box Trading via MT4
MetaTrader 5: What it is and How to get Ready
Its interesting how FXCM is embracing MT4, but at the same time don't want to lose the investment in their own FXCM Trading Station platform.
Oh how I would like to attend in person, but family obligations prevail.
http://www.fxcmexpo.com/
Off topic, but I've just discovered an interesting little hybrid EA that will take trades, and set stop loss, take profit targets upon the break of a trend line. It's a hybrid because the user needs to set the trend lines, but once these are set, the EA monitors for a break of the trend line and establishes and monitors a position.
ReplyDeleteThis fits well with my own manual approach as I'm always looking for reversal points, and trend line breaks play a big role in that.
Here's a link to the free EA 'TrendMeLeaveMe' http://www.forexfactory.com/showthread.php?t=203439. Some instructions on its use are at http://webcache.googleusercontent.com/search?q=cache:hnYHXqMTErIJ:cdn.forexfactory.com/attachment.php%3Fattachmentid%3D73554%26d%3D1198019668+trendmeleaveme&cd=7&hl=en&ct=clnk&gl=ca&client=firefox-a.
Basically, you use the / (draw 'trend' symbol) on the MT4 toolbar, and create a trend line, which can either be sloping or horizontal. This trend line can be drawn connecting a set of points on the chart, the breaking of which would constitute a trend change of sorts. Or it can represent a break of support or resistance levels, and so on. The theory is that many chart players see and use these trend/support/resistance point breaks to exit or enter positions, and so there can be a significant pop in value (up or down) when they occur.
And as a practitioner of the method, I can confirm that most of the time, you can easily get 10 pips from such a move before any real retracement.
Once you draw your trendline(s) you highlight the line by double clicking on it, then right click to bring up a menu, choose 'properties' then name the line either 'buystop' or 'sellstop' for a break upwards or break downwards from the line. The EA does the rest. Note the EA pips need to be multiplied by 10 if your broker is five digits (ie. a 10 pip stop needs to be 100 in the EA).
An interesting way to work with this is, if you have a range for a pair, and some expectation the range may break but you may not know in which direction, you can set a lower trendline and an upper trendline, and let the market decide which way it wants to go, and thereby take advantage in either case (or even both cases if the market is volatile as happens around news).
I have found some advancement of this EA to actually use an automated process to get the trends (DeMark lines?), and it appears that others have built an EA to incorporate both into one EA. Haven't tried that one yet.
Redford-
ReplyDeleteThat's a great tip, thanks very much for the information!
Chris
Hey Guys,
ReplyDeleteI was searching for user experiences on the trendmeleave me indicator ...in their manual trading approach. ...anyone would be kind enough to drop a few lines?
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