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1)
Setting EA Properties for EURUSD
In
F2 & G2 and F22 & G22
of the Stochastic Trend Chart (Excel Spreadsheet),
below, you will find the currency pair of the
EURO US Dollar.
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2)
Determine Monthly, Weekly & Daily RSI.
In
B4, B5 & B6 you will find the Relative Strength
Index fields. They will correspond with F4,5,6
and G4,5,6.
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3)
RSI above or below 50%?
If
the EURUSD RSI for a particular period is above
50%, it is considered in our favor for opening
'interest-bearing' or 'carry' trades. For this
reason, we will input RSI's above 50% into the
G column.
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4)
Input Monthly, Weekly & Daily RSI
From
the Trading Platform, (see Step #11,
below) you will input the
Monthly
RSI in F4 if below
50% and in G4 if above
50%.
Weekly RSI
in F5 if below
50% and in G5 if above
50%.
Daily RSI
in F6 if below
50% and in G6 if above
50%.
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| 5)
Current Trend Direction Visual
The
red arrows in column E represent a current down
trend of the period. The blue arrows in column
H represent a current up trend of the period.
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6)
Adding Weighted Averages
In
column D you will find Weighted Average for
any RSI in our favor or in column G. In the
example, we would only add up the weighted average
of 2.5 because only the Monthly RSI is in our
favor or in column G. The total is therefore,
2.5.
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7)
Selecting the Probability Column
Whatever
the sum of the Weighted Averages in our favor
will determine in which Probability Column (E10
through i10) we will place the Monthly RSI.
In this case, we have selected Probability Column
2 which is cell G10. If the Weighted Averages
equals zero, we will temporarily not trade live
on this pair. See Step #11 (click
here) of the Setup Tutorial to see
how to turn off live trading.
That
means that, in this example, we will place the
Monthly RSI in cell G9.
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8)
Determine Probability, Take Profit and Lot Size
(AutoLotGen)
Next,
we match the Monthly RSI to the Probability
Percentage in Column G. In this example, 55.5%
would put us above 55% and below 65% so we would
normally select Row 17 or Row 16.
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9)
Determine Take Profit and Lot Size (AutoLotGen)
However,
because the Daily RSI is below 25% and the Weekly
RSI is rather low itself, we will use some fuzzy
logic to reduce our Lot Size by using Row 14,
instead.
Row
14 suggests that we set our Take Profit at only
3 pips, while we set our Lot Size small by setting
our AutoLotGen to 120. Setting our AutoLotGen
to 120 determines our Lot Size per trade on
the EURUSD by divding the current balance by
120,000.
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10)
Quick View Take Profit & AutoLotGen + Updated
Price Point
Finally,
after determining our Take Profit and Lot Size
(AutoLotGen), we input those figures into a
quick view box on Row 24, at the bottom of the
chart. The red box indicates caution. The yellow
box indicates moderation and the green box indicates
highest probability trading.
On
Row 26, we input the current Price Point of
the currency pair at the time of update. If
the Price Point climbs or drops at least 50
pips, it is generally a great time to update
the Stochastic Trend Chart.
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11)
How To Determine Monthly RSI
On
your Trading Platform, to determine the Montly
RSI, you will need to:
1)
Turn off your Expert Advisor, temporarily.
2) Click on the button entitled, "MN".
3) Check to see if the chart reads, "EURUSD,
Monthly
4) Read the RSI from an attached RSI (6-period)
Indicator (instructions here).
5) Check the current trend for the red or blue
arrows.
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12)
EA Properties - Take Profit Parameters
There
are 3 ways to activate the viewing of the EA
Properties on your Trading Platform. The easiest
way is to click on the EURUSD chart, then hit
F7 on your keyboard.
Once
viewing the EA properties window (below) you
will be able to adjust the Take Profit Parameters
to the updated, current Take Profit by double
clicking on a value of 'false' in the right
column and changing it to 'true' in the row
that represents the new Take Profit amount.
Then double click on the outdated value of 'true'
and change it to 'false' next to the outdated
Take Profit amount.
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13)
EA Properties - Lot Size Parameters
In
the EA properties window, scroll down and you
will be able to adjust the Lot Size (AutoLotGen)
Parameters to the updated, current Lot Size
(AutoLotGen) by double clicking on a value of
'false' in the right column and changing it
to 'true' in the row that represents the new
Lot Size amount.
Then double click on the outdated value of 'true'
and change it to 'false' next to the outdated
Lot Size amount.
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14)
Update EA Properties on next Currency Pair
Review
the following Tutorials to learn how to daily
adjust the EA's properties.
1)
EURUSD
Properties Tutorial
2) USDJPY Properties Tutorial
3) AUDUSD Properties Tutorial
4) USDCHF Properties Tutorial
5) EURJPY Properties Tutorial
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