FX Rogue Wave 1.10 Discussion

Version 1.10 uses the same entry point as it's predecessors however now employs an initial stop loss below the previous candle at opening.

FX Rogue Wave Expert Advisor (An MT4 Forex breakout strategy)
Written by IBtheScottyB
The concept of trading Forex to me is similar to surfing at the beach. The object of the exercise is to catch a wave and ride it as long as you can. If you start paddling on EVERY wave, you will exhaust yourself. In Forex, you will exhaust your capital. You can no more guess what the price is going to do in Forex, than you can guess how big the wave is going to catch.
Therefore, we will take the only certainty in Forex that I have found and that is… at any given point, the price WILL go up or down. The object of THIS exercise as far as this strategy is concerned is to choose times when a currency is stable or flat. As we know that Order leads to Chaos. We will use that to our advantage when preparing to trade.
The purpose of this EA is to be loaded on an individual chart and calculate entry points and place BUY and SELL orders above and below the Donchian Channel Lines. Examples given will be on BUY (long) positions with opposite being true for SELL (Short) positions.

Prior to market open – market must be flat (within specified range). After market opens EA will be allowed to enter trades for two to three hours.

Example for New York Open
Prior to market open – market must be flat
If market is flat, then
7:00am to 10am EST – EA will watch for PA to exceed Donchian Channel + Entry_Pips_Buffer + Spread

1. EA will place BUY order if Price Action (PA) moves above Donchian by Entry_Pips_Buffer + Spread.
2. Initial stop loss will be placed at previous candle low + SL_Pips_Buffer+ Spread (or (Initial_Stop_Loss ) pips if this is not possible).
3. Trailing stop will be placed at previous candle low + SL_Pips_Buffer + spread : modified every candle if PA makes it possible to do so.

Definition of “Market must be flat”
There may be several methods for determining this. My thoughts are maximum distance measured in pips between Donchian Lines for some period of time measured in candles. The time when Donchian set for 20-25 should accomplish this.
When trading manually, I wait until the Donchian lines are close together : 5-30 pips apart : Then I place two pending orders One each above/below the meeting of the lines.

Indicators Used:
Donchian Channel looking back 20 - 25 candles

Stop Controlled by percentage (CompuForexTrailingStop = TRUE)
Created by KennyHubbard on the DonnaForex Website https://www.donnaforex.com/forum/index.php?topic=3193.0 is a very nifty EA that controls stop loss based on percentage. I recommend checking out the website to view instructions on its use and to give proper credit to it’s creator. After several unsuccessful attempts to contact the creator, I simply added it for personal use and testing to this EA.


Exit
Trade will close by Trailing Stop

The strategy may be my thought process. But I cannot take credit for the coding. EAcoder is an awesome programmer and can be hired by visiting www.scriptlance.com. Tell him Scotty B sent ya!

Fast, reliable, highly recommended!