Introducing a new trend line EA toolreleased for the Forex Meta-trader 4 tradingplatform. This trend line trading EA comes withtechnical and sales support for its membercommunity.
You can draw lines in the chart manuallyby hand, and when price break across or touchthe line, the action will instruct EA to executetrade entries. Forex users can open marketorders or pending orders with this EA.
Drawing a Pending Order In order to programme the drawn lines to make tradeentries, the lines must have specific codes at its line description. Youcan easily refer to the guide book to copy and paste the codes into theline description. Placing a buy pending order can be as easy as entering ‘BUY?’into the line description and when price break across or touch theline, a trade entry will immediately be executed. If you like to have asell pending order, enter ‘SELL?’ to make the line a sell pending order. Once line has executed a trade, it will expire and cease tofunction. Therefore, any line can only be used once. Trade entry ruleslike stop-loss or take-profit levels, entry lot size and slippage can bepre-specified before trade is executed.
Drag and Drop One added advantage of a drawn line pendingorder is that the user can easily drag the trend linearound the chart, and the pending order will movedto the new location. It almost works like drag and drop pendingorder with this trend line EA tool.
Advanced Features Besides drawing a pending order, you can also add insingle or multiple partial close lines onto the charts. By taggingthese lines to the specific pending order, these newly addedpartial close lines will then be associated with the order ticketnumbers executed by the tagged pending order line. You can also draw your own stop loss lines, take profitlines, partial close lines and stop loss to breakeven line. The stop loss to breakeven line is the action of shiftingthe stop loss levels to the trades’ entry price when price breakthrough or touch this line. This action makes the trade a no losstrades as the only outcome is either zero or close in profit.
Advanced Features This trend line EA is a very efficient tool for Forextraders because it literally trades on behalf of the user therebyreducing any trading stress. Forex traders can use this tool totrade many technical chart patterns. It makes trading Forex easier than before. If you candraw a few lines on the chart, it will then runs by itself. It is liketotal trading freedom for the user as there really is nothingmuch to do after the trader have prepared his charts for theday.
Expectations Must be Set Right This trend line EA tool is semi-automateddesigned specially for manual forex traders.What people need to realize is that thissoftware is only as good as the traders’technical analysis ability and tradingexperience.
It looks like placing a few Lines on thechart and walk away, a trader could now makemoney from Forex trading. While this tool hasmade this a possibility, however thedevelopers of this tool do not think this way.
The developer of this trend line ea wants toempower traders with complete entry and exit tradeexecution. This will allow greater control over Forexentries and exits and hence give rise to the usage ofmore sophisticated Forex trading system. The power happens when you can put all ofthis systems to work on automation while freeing youmore time to study the market but not have to baby-sit the trades like a nanny.
But honestly, If you can draw a line, you canmake money, once you understand marketvolatility, support and resistance, price action andmoney management with this trend line EA.
Summary: The trend line EA is software which helpsthe manual trader automates his forex tradingstrategy. The user must draw trend lines on thechart and the EA execute the trades for him.
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