Hi there ,
i am looking for an EA that is based on the breakout channel…
any suggestion??
thank you
I found one on youtube a while back, if I had to tell you what the title was I would lie.
Anyway, this guy basically uses 15 min charts and normally waits for the London session to hit 16:00, he then draws a vertical line at 14:00 and 16:00 and horizontal lines at the high and low points for those 2 hours…
Sets a buy stop at the the high where the line was drawn before and a sell stop at the low where the line was drawn, sometimes they hit straight away so if you are lucky you can catch them.
But in saying this though you also need to make sure between your horizontal lines it must not exceed 50 between them, 50 is the maximum. If it is 51 then leave it and try the next currency. To work this out you take the high horizontal line and subtract the low vertical line.
Example Say the high on EUR/USD was 1.32391 and the low was 1.32345, subtract them and you get 0.00046. So there is no more then 50 there so then you can go ahead and put your pending orders on
I do not know what Stop losses he uses but I tried it a few times on my demo account and it seems to work, but it was not really my cup of tea though
Hope this helps