Hi this is Shaun Overton with OneStepRemoved.com in this video we are discussing
another free expert advisor that we have done for MetaTrader five we got the idea
actually it’s not even out idea it’s taken straight from the books Forex conquered by
John L Person and if you want you can go find the book on Amazon.com the strategy is
taken from page 214 what we have done is prepared this for MetaTrader5
where you can download it for free from our website its www.OneStepRemoved.com/freeeeas
the way this strategy works is you put it on 15minute chart usually
the majors like the Euro Dollar the Dollar Yen in this example we are going to
discuss the Dollar Yen all you need is a MACD you need an indicator
that actually doesn’t exist you are going to calculate the exponential moving
average of the MACD it self so it’s basically a moving average of a moving average
and then you’re going to use standard pivot points the buy rules they are pretty simple
what you do is you compare MACD to the exponential moving average of the MACD
so if the MACD is greater than the EMA of its self then you continue and you look at
low of the past barring and you are going to see was it within 3 pips above or below
of the support and resistance level remember with pivot points you get three levels
above three levels below you get R1 R2 R3 S1 S2 S3 so for a buy we are going to say
is it within 3 pips above or below S1 3 pips above or below S2
or S3 so using actual numbers to make it a little more concrete let’s say that the
MACD is (-11) but the EMA of the MACD is (-12) that meets
the condition for our first rule saying that the MACD has to be greater than the EMA
of its self then you see the low of last bar so in this example let’s say that it was
8261 on the Dollar Yen if the support S1 was 8258 that meets our rule
because 61-3 which is 3 pips is eighty 8258
so that meets it .....it could have been all the way up to 8264
and still been valid when you see all those conditions are true you place a
trade you use simple take profit of 40 pips and I’d believe the stop loss is
something like 100 pips you can change the settings its fully customizable in
the EA in that way you can look at the performance and see what suits you the cell rules
exactly work the opposite you make sure that the MACD is less than EMA of its self
this time you are comparing the bars high so you say where’s the high within
3 pips of any of these resistance levels if you find that to be the case then you go shore it
If you have any questions on this strategy or if you want to program a strategy of
your own you can find us at www.OneStepRemoved.com
www.OneStepRemoved.com
My name is Shaun Overton, Thank you for listening.
