Price action EA Tutorial

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This EA we’d like call a trade manager. Since it can be set up in the morning and you can go to work and the EA took care of your trade. It it a great tool to use during news events.

The robot will enter a trade completely in Stealth mode, meaning Stop loss, trailing stop and take profit levels are not visible for your broker or their liquidity provider.

It’s 100% based on price action.

How to install the EA

How to use this EA

Below the default settings for a $1K account using the price action EA.

We like to use the M1 time frame, but in case your aim is to pick up longer trades, you can also use the M5, 15, H1 or even Daily time frames.

You do not need a VPS for this EA.

make sure though your computer is switched on whilst using the expert advisor.

Demo account $1K

Risk perception More pairs = more risk // Bigger lot size = more risk

Lot size Calculator: trade per lot or per risk %
Lot size: 0.01 (from 1K account size)
Recommended is 0.01 lot per $250 account size.
Risk in %: only set this if lot size calculator is trading per risk %
Distance for pending order: if price moves X points, the stop order will trigger
Take profit
Stop loss
Use break even: if enabled, the SL will go to break even.
Trailing points: works as trailing stop
go long:
go short:
Magic number: 5 random digits per chart

Once the EA is running, you will see a line at the stop order level. If you are both long and short, you will see 2 lines. These lines are only visible for you.

The Ea only trades one trade at a time.

Back testing:

Make sure your max spread input is corresponding with the selected pair. By default you could set it at 90 for back testing purposes.

How to use this ea?

First determine a trend, either long or short. See chart below:

For example, I determined the trend to go down and consider is “done” when the price hits the 100EMA.

My settings would be:

I like to use a very wide stop loss and deal with a wrong trade later, since my odds are in favour of a decreasing price.

However you could set the SL at any pip value you like.

The same can be done with news events where you can set the EA to take a trade right after the news event.

How to use it with Bitcoin Cfd’s?

Risk warning

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Hypothetical performance

Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.

Quick links

support@scalprobot.com