10 pips EUR U S D
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use 10 pips EUR U S D
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
The "10 points on EURUSD" Forex strategy has countless many variations and is somewhat similar to the strategy, and it also is used by many professional traders. Therefore, good results can be obtained when combining it with a proper risk management.
The essence of the "10 points on EURUSD" strategy is as follows:
The High and Low breakout of the previous day are taken as the basis of the strategy. Most traders believe that if the High of the previous day is broken, the price will go up, and vice versa for the Low.
Based on this, those two extremums are usually used as the stop loss levels.
Therefore, if the Low of the previous day is broken, the stop losses will trigger, and due to this the price movement will continue for a certain number of points. Accordingly, the same rule applies to the High, but in the opposite direction.
knowing these facts, we will make our profit: open a Buy trade at the breakout of the previous day's High and a Sell trade at the breakout of the previous day's Low.
But since other traders use the same 2 points as the support and resistance levels, the price does not always move in the direction of the previous day's High and Low breakout. Accordingly, there is a need to use a fixed stop loss value.
Note:
Recommended currency pair:
EURUSD
Placed pending orders are valid from 00.00 GMT to 00.00 GMT of the next day.
1. Place 2 pending orders at 00.00 GMT — one buy order (above the High of the previous day + spread) and one sell order (below the Low of the previous day - spread).
2. Set take profit — 250 pips.
3. Safety stop loss — 50 pips.
4. Important peculiarity: consider ONLY the first intersection of High or Low during the trading day (i.e., if pending orders closed by stop loss or take profit, do not place any more orders that day)
Tips:
Recommended risk is 2-5% of the deposit per trade.
