Hi Spec
Trading with EA's is just different, not better or worst. The major advantage is EA traders test their strategy's correctly, where most manual traders never do because they think they know all the answers. How can they a strategy works when little testing is done?
Anyway
I believe manual traders should focus only on where the liquidity zone is and take the trade in the direction of the structural trend, trading is that simple and Its taken me 10 whole years to realise this.
The hard thing however is that it has takes me 10,000 hours plus to instinctively know where to look for the sweet spot.
Can I take you back to the AUDUSD trade I took this week. This is just my trade plan and I am not in any way trying to me a teacher or a bighead.
This is just how I decided to take those trades if anyone is interested.
I start by looking for a structural higher or known as a Higher High. If I see a Higher High fail to make a new high, I take this as a Pullback to a new trend and look for a source of Liquidity. I look for a reversal candle set up like two bull candles followed by a Bearish Engulfing Candle (Thrust down candle I talk about) and place a Sell limit order in the correct spot. This is normally under the base of the top reaching candle ( its correct at least 85% of times). Here I placed a Sell Limit order and just wait for the price to CLOSE orders in this spot.
My stop is only around 30 pips but I normally need a lot less.
The market reacted like I hoped and took the order.
I then added other orders lower down.
BINGO
The Take profit is at the last structural low.
PS. I did make a mistake and closed the first order by mistake - trader error
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Hi SpecTrading with EA's is just different, not better or...
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