trades GBPUSD on H1
Problem #1 No MyfxBook link, only a MT4i. I know they say "coming soon" but MT4i hides alot of info for anyone who does not know how to use it, and still hard to gather info for those that do know how.
Until I see a myfxbook , its a No Go for me
It also trade on a 1 hr chart at the close of a candle and we all seen what happen to Forex Pip Bag trading this large time frame,
It says trades every signal, Long in a trade and a Short signal appears it will close the Long and enter a Short, But when as soon as the Short appears OR after a the close of the 1 hr candle and then who know it the signal is still valid or even has enough momentum , ? Because if it waits fro a 1hr close the move will be over that is how the GBP trade, and also same logic killed FPB waiting for the close of a 1hr candle
CabEX is designed to trade GBPUSD on the H1 time frame. The trading strategy is based on elimination of noise by considering only the H1 close for most part of the strategy. Hourly High/Low values are considered for calculating the ranges, but trade management is based on closing values only. This effectively filters away most part of the noise. The startegy is based on price action near moving averages - The EA identifies potential trends and reversals moves. Protective SL is placed on the server side at 300 pips and TP is set at 500 pips. These levels are very rarely allowed to be touched. The EA uses a hidden stoploss at 100 pips. Close below the hidden SL will close the trade. The hidden TP is at 300 pips. The EA has a very dynamic trailing SL system which moves the hidden SL to breakeven when the gain is above 50 pips. When the trade gains 100 pips, the hidden TSL is set to 50 pips. The levels are adjusted for every 50 pips. The EA attempts to give maximum space for the trade to work its way towards higher gains and attain a risk:reward of 1:2 - This is very important part of the startegy.
CabEX tradex every signal. The following actions are taken by the EA under different circumstances during a signal trigger
No Open trades : long/short signal > New Trade Entry ExecutedLong Open : short signal > Long Closed and New Short Trade Entry Executed
Long Open : Long signal > Long Signal IgnoredShort Open : Long signal > Short Closed and New Long Trade Entry Executed
Short Open : Short signal > Short Signal Ignored
Existing Trade Closed at Trailing SL/SL/TP during current M15 bar: long/short signal > New Trade Entry Executed