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EARN MONEY ONLINE USING ED'S PRICE ACTION EA and ED'S CANDLE PATTERN EA TO TRADE THE FOREX MARKET
Ed's Price Action EA and Ed's Candle Pattern EA are MT4 expert advisor's that work with all broker types (ECN, Market Maker, Dealing Desk, Stp, 4 and 5 digit brokers.)
Both EA's can be attached to your Forex trading software (MetaTrader 4) to place automatic trades for you.
Ed’s Price Action EA places trades based on currency strengths and weaknesses as detected by the price powered meter system integrated into Ed’s Price Action EA.
Ed's Canndle Pattern EA can detect various candle patterns, and filter them, and place buy or sell trades based on the candle patterns it detects.
Ed's Candle Pattern EA also has a news filter as well as news trading inputs.
Ed's Price Action EA
(With Price Powered Meter)
The price meter in Ed's Price Action EA will show on your chart8 individual currencies, as well as numbers from 0.0 (weakest) to 10.0 (strongest):
The concept is simple:
If the EA is on EURUSD it waits for the price meter to show EUR in the strong zone (using the Price_Meter_Strong_Minimum input), and USD in the weak zone (using the Price_Meter_Weak_Maximum input), before triggering a buy. (Or USD strong, and EUR weak before triggering a sell.)
Price_Meter_Weak_Maximum = 3.0
If the strong minimum input is 7.0, and the weak maximum input is 3.0, and the EA is on EURUSD, the price meter needs to be showing a 7 or higher for EUR, and a 3 or weaker for USD, before buying EURUSD.
How the Price Meter determines currency Strength and Weakness
Price_Meter_Timeframe = 60
Price_Meter_Bars_Look_Back = 24
If the look back bars input is 24, and the timeframe input is 60 (H1), the EA calculates the last 24 H1 bars (seeing them as one large bar), and it detects the high and low, and comes up with an average strength and weakness between 0 - 10.
Obviously the currency strengths and weaknesses showing on the meter will, for example, be different when the meter is looking back 24 bars on the H1 timeframe then when it is on the Daily timeframe looking back 24 bars…or on the M1 timeframe looking back only 5 bars etc.
In addition to the price meter inputs in Ed's Price Action EA there are also take profit, stop loss, money management inputs, as well as pending order inpts, Daily profit inputs, a reverse input, day and time inputs and also a set of optional GRUD martingale limit order inputs which can either increase the martingale lot size or decrease the martingale lot size.
Ed's Candle Pattern EA
Candle Pattern Trading, and News Trading in one EA
Included with this Ed's Candle Pattern EA is a custom stochastic divergence indicator which will be installed automatically into your custom indicators folder (this EA uses the stochastic divergence indicator if you turn the divergence inputs on true).
Ed's Candle Pattern EA can also be used to either filter news releases so the EA doesn't trade X minutes before or after news releases, or it can be used to specifically trade news releases (instead of Candle Patterns).
Ed's Candle Pattern EA recognizes the following candle patterns:
Hammer (bullish/buy signal)
Shooting Star (bearish/sell signal)
Dark Cloud Cover (bearish/sell signal)
Piercing Line (bullish/buy signal)
Bearish Engulfing (bearish/sell signal) (Customizable)
Bullish Engulfing (bullish/buy signal) (Customizable)
Evening Star (bearish/sell signal)
Morning Star (bullish/buy signal)
Evening Doji (bearish/sell signal)
Morning Doji (bullish/buy signal)
Morning Star (bullish/buy signal)
Morning Doji Star (bullish/buy signal)
Evening Star (bearish/sell signal)
Evening Doji Star (bearish/sell signal)
Customizable Inside Bar (Hamari) Patterns automatically filtered by Stochastics
Customizable Candlewick Patterns with auto stop loss placement option
The EA can trade any of the above candle patterns as they appear.
Or, you can turn on various filters which will help filter out some of the candle patterns.
The optional filters include:
Simple Moving Average
Bearish and Bullish candle confirmation.
Parabolic SAR (PSAR)
News Filter (also includeds news trading)
Each of the above confirmation inputs can be put on true or false, and can be used to help filter Candle Pattern signals.
For example, if you have Stochastics on true, and Simple Moving Average on true, the EA will trigger buy orders only at "BUY" Candle Pattern signals (Hammers, Piercing line, Bullish Engulfing, Morning Stars, Morning Doji's) that are above the SMA , and in Stochastics oversold.
You can choose your own moving average, timeframe, and stochastics overbought and oversold numbers etc.
News Trading with Ed's Candle Pattern EA
When using news trading mode in Ed's Candle Pattern EA you will know exactly when the next trade will be by looking at the news comments on the upper left corner of your chart.
When using news trading mode or news filter mode Ed's Candel Pattern EA uses news coming from the Forex Factory Calendar:
Ed's Candle Pattern EA will trade news releases associated with the following currencies:
EUR = Euro Dollar
USD = US Dollar
GBP = British Pound (Sterling)
CAD = Canadian Dollar
JPY = Japanese Yen
AUD = Australian Dollar
CHF = Swiss Franc
NZD = New Zealand Dollar
It will trade high, medium, and low impact news releases associated with any of the above currencies.
High impact news releases are the best news releases for the EA to trade.
The default settigns are set up to trade high impact news associated with USD, GBP, CAD, AUD, NZD. (Most of the time high impact news for EUR, CHF and JPY is not worth trading so those inputs are left on false in the default settings).
Ed's Candle Pattern EA can enter a trade pre news, and create a straddle (hedge) that can potentially catch a news spike. Or it can enter a trade after the news spike is over.
Following are only a few random spike trades the EA traded (adjusting the EA to trade fewer, but more probable news spike trades is better then adjusting the EA to trade all day every day....more is not always better, less is more):
The trailing stop allows the EA to follow a spike if there is a strong enough news release with little whiplash. nn
Ed's Price Action EA and Ed's Candle Pattern EA on MyFXBook
Ed's Price Action EA has been running on the same demo since February 2012.
Since Ed's Candle Pattern EA is now included with Ed's Price Action EA I set up Ed's Candle Pattern EA (in March 2013) on the same account as Ed's Price Action EA.
But in April I started testing only Ed's Candle Pattern EA (news trading mode) on the demo above.
1. Sign up with a broker (who has MT4 trading platform) after you have a good understanding about Forex, and the concept of money management.
2. You can set up both EA's on a demo account using fake practice money, until you feel comfortable using real money.
3. When you are ready to trade live you will need to deposit money into your broker account which will then show up in your MT4 trading platform, and can be used for making live trades. The amount you can deposit varies from broker to broker.
4. If you want any Expert Advisor to be online around the clock, you can sign up for a VPS so the expert advisor can be available online around the clock even when your computer is off.
At the time of writing (April 2013) I personally recommend BeeksFX VPS (request UK/London server), with Traders Way (broker), which is only 7ms on BeeksFX VPS London server.
At the time of writing Traders Way accepts US and NonUS clients, and I have sucessfully deposited and withdrawn money from my Traders Way account.
After successful payment you will automatically be emailed a link to a registration page where you can create your own username and password for accessing the members area where you can download the zip file containing the EA exe installation file.
After you download the zip file to your computer, and extract it, and click on the installation file, a registration window will pop up where you can add your EA license and password, name and email address. (Click to Watch EA Installation Video.)
The EA you purchase can be used on unlimited live accounts on up to 3 different computers.
The EA is licensed for 370 days, but can be renewed for only $2 after 370 days. Or after 370 days if you want a lifetime license it is a onetime payment of only $6.
Ed's Price Action EA and Ed's Candle Pattern EA
(2 for the price of 1)
Credit Cards, Debit Cards, and Paypal accepted.
Alternatively you can pay through Paypal via Ejunkie
By making a purchase you agree to the Terms of Service and Disclaimer.
U.S. Government Required Disclaimer - Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risks. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.