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The following example chart demonstrates the trading process of the Chart Pattern Helper. This descending channel pattern on M65 EUR/USD chart is marked with three channel objects: Border (yellow), Entry (turquoise) and TP (lime green.) The expert advisor has detected all objects and calculated entry, stop-loss and take-profit levels accordingly. The calculated values are displayed in the chart comment (top-left corner.) Pending stop orders have been placed, and their TP and SL levels are visible on the chart too.
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I use channels to draw the pattern but want the EA to trade only one side either long or short. How do I do it?
If you pick the wrong timeframe without doing the math, you can lose money regardless of how good you are trading! Make sure to read why most intraday traders fail to select a timeframe wisely, before starting your trading activity.
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Sounds interesting? We will tell you more about the program now so you will see that it can be helpful for you. The program gives you the following advantages:
b) An open below S6 will favour a bounce to the daily pivot. In the event of a break of S7, purchase a RISE, UP or CALL contract with a trade expiry of at least two hours.