About an EA that can perform discretionary trading

What kind of EA is the Principles of the Market EA 1.05

The Principles of the Market EA draws on principle-based market analysis. With a simple UI operation, it automatically draws on the chart targets such as the third wave of the Elliott wave and chart patterns, and uses a variety of trigger UIs to enable semi-discretionary, semi-automatic trading.Build a scenario,examine how to trigger,decide the exit logic and draw trendlines using the trigger logic UI. for discretionary traders.

UI explanations for the Principles of the Market EA

①～② Manual entry button and lot

① = When you press the “BUY” button, you go long. When you press the “SELL” button, you go short. ② = The lot size is determined by the number in “LOT.” 1.0 lot = 100,000 units of currency

Common settings / parameters

③ Exit logic button

When selecting the “ELLIOT WAVE” logic

1　TP and SL(1) Scenario where the third wave target rate is targeted
T/P … Elliott Wave third-wave target rate (calculated by a proprietary logic)
S/L … Starting point of the first wave of the Elliott Wave



(2) Scenario aiming for the fifth-wave target rate※
※ The third wave is confirmed and the fifth-wave target rate is displayed on the chart
T/P … Elliott Wave fifth-wave target rate (calculated by a proprietary logic)
S/L … The second wave of the Elliott Wave


2　Moving S/L(1) Move to break-even from the entry price to the target rate by width × 0.5; note that the default value is false, so there is no break-even move.
(2) From entry price to target rate, width × 0.7 (70% trigger) to take half profit(3) After reaching the 70% trigger, move S/L to the midpoint between the entry price and the 70% trigger

3　OtherIf RSI reaches 80 when holding a long position, or 20 when holding a short position, perform full exit (RSI full exit activated when true).

Overview

When selecting the “ELLIOT WAVE” logic / parameter settings

When selecting the “CHART PATTERN” logic

1　TP and SLT/P … the highest achievement point of the chart pattern target rate
S/L … the bottom edge for long or the top edge for short at the red “□” on the chart pattern, after the close

2　Moving S/L
(1) Break-even by width from entry price to target rate × 0.5
(2) Take half profit by width from entry price to target rate × 0.5

3　OtherIf RSI reaches 80 with a long position held, or 20 with a short position held, execute full exit (RSI full exit activated when true).

When selecting the “CHART PATTERN” logic / parameter settings

④ How to trigger

The trigger line is drawn via the UI, and entry occurs when any drawn line reaches the trigger,then all lines are cleared (disabled)to prevent unintended averaging down.

⑤ Exit (manual)

Using this horizontal line or trendline, you can determine exit points.
As a premise, if there is a horizontal line or trendline in profit direction at the current rate, it will be line-touched only. If there are both profit direction and loss direction lines, you can choose line-touch and close on the close price.

⑥ Clear all lines and indicators

indicator


Trading records
Displays combinations of indicators, win rates for long and short by currency pair, and average PIPS gained.

About Elliott Wave Theory

Regarding the contents of Elliott Wave Theory, we also紹介 on this site, so we will skip that here.Here, we will explain how to apply this Elliott Wave Theory with the Principles of the Market EA.
First, please watch the video below: “How to capture the first wave of Elliott Wave on the right side of the chart.”

How to capture the first wave of Elliott Wave on the right side of the chart (video)

https://youtu.be/EdAqWJDSXg4

How to use the Principles of the Market EA to generate Elliott Waves (video)

After finishing the video “How to capture the first wave of Elliott Wave on the right side of the chart,” please watch this video.
https://youtu.be/UArThj1EuWE

About chart patterns

The Principles of the Market EA can output targets for chart patterns such as pennants, flags, ranges, and triangles quickly and easily.
The method is very simple: just enclose the body of the candlesticks in consolidation with [□].
https://youtu.be/8eth1uc-KLU

How to receive the Principles of the Market EA for free

Click the button below and complete the required procedures.