My auto trade project

I'm going to develop my first auto trade project. I thought, It's not really EA (actually i don't really have any idea about EA programming)... it's standard indicator but it will perform auto trade on certain condition by executing the line of code or procedure (it's programming things).

I've made some observation on the stoch+RSI signal and I've listed a few things to be considered about on this auto trade project.

It doesn't necessary to know everything, but i need to know what i have to know.

p/s Could I change the way I sleep? Could I generate money while sleeping? or could I work 24 hours a day?

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Update

I've finished update the parameters to be used in this program.
And I was also finish program the procedures to open trade (buy and sell), to close order and to detect when the trade hit SL.

The only thing is, to test the program. Is it work or not??? If the the things work... I will make some observation for further enhancement.

This would be my first step to EA programming??? For me, it's not really important. The objective is to create the program to trade automatically. I also wan't the system do exactly as I trade manually. And.... if the trade loss, i will not blame the system. That was the best I can do on manual trading.

p/s Control emotion aspect is not a big deal anymore

GBPJPY : Sideways in H4

9:30 am gmt+8

I expect that the trend is sideways... and price play around high 194.84 and low 192.63.

Last time H4 BULL candle failed to confirm BULLISH... and what we can see now is the power between BUYER and SELLER is balance... for a little while they don't have any decision to go where.....

On this case i might BUY when price low or SELL on high as long as price in range.

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Update
12:38 pm gmt+8

Currently price keep trying to break Low 192.62 for BEARISH continuation

Could the system help us to control our emotion???

After a long time... finally i realize that... we make money by waiting. Emotion is the greatest weakness and at the same time it could be the greatest strength of human being. However to deal with market, someone has to be patient and able to controlled emotion. That was the most difficult part in trading.

I've updated the system by adding the system's reminder... hopefully i will always remember to control emotion in trading. I understand that the system is not intelligent enough but at least the system always thinking in logical way.... and won't forget once the instruction set into it.

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And.... Who is BlueDream anyway??? --------------------------------------------------------------------------

GBPJPY : Tried to find U-Turn

12:04 pm gmt+8

The overall movement is down, however... H4 and Daily chart already oversold and at the moment it's highly risk to enter SHORT position.

The market might try to find the U-Turn for BULLISH after very long journey for BEARISH....
If we take a look at H4 chart... we found that the previous candle is short body candle with long lower shadow... usually good sign for U-turn. However the current H4 candle tried to 'retrace' the lower shadow... it's also possible if the current candle of H4 break the previous candle's low.

I expect that market will BULL if price could break the level 194.67 .... So what can i suggest is stay out from market until market decide where to go.

SHORT - High Risk
LONG - Not yet confirm

p/s Or maybe you already forget about BULL and what is BULL anyway... LOL

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Result
8:48 pm gmt+8

As i said... market keep trying to get U-Turn for BULLISH... The price failed to break the last low 192.62.... and now the current BULL candle keep trying to reach the critical level for BULLISH confirmation, 194.79. However, maybe it's not so fast.

We just try to imagine on how about the trader's psychology around the world right now.... I thought some of them are taking profit and SELL the yen... That was the story behind the candle

Moving to EA???

I've combined 2 indicators source code(BDStochRSI + BDBestEntryAlert), into 1 single source to get integrated and comprehensive info about trend and entry point.

From here, i get an idea to create my first EA. But so far there are many things to observe. And since I'm not familiar with EA programming, I've also many things to study.

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Commercial Break
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Baa Baa Black Sheep rhyme

Baa baa black sheep, have you any wool?
Yes sir, yes sir, three bags full!
One for the master, one for the dame,
And one for the little boy who lives down the lane.

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GBPJPY : Let see what will happen

9:17 am gmt +8

BDStochRSI indicates strong BEARISH in all timeframes... let see what will happen.

*** Warning : This is just a test

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Update
9:25 am gmt +8

Close 40 pips when BDStochRSI : H4 - High risk sell (it means oversold and against BEAR direction).

I'm waiting for next signal....

New BlueDream's indicators

There are two indicators :

1. BDStochRSI_Bar
Summarized the signal from standard Stochastic and RSI. I will use this indicator on H4. The signals generated by this indicator are :
- UP
- DOWN
- Correction(Up)
- Correction(Down)
- High Risk SELL
- High Risk BUY
- No Signal
The indicator could save time, simplified analysis and reduce human error.

2. BDBestEntryAlert
This indicator won't show the direction of market but it's aim to get the best among the best entry point for BUY and SELL, so that our post will follow the price movement as soon as we enter the market. I will use this indicator to read M5 pattern (fractals and engulfing) for entry point. Moreover, the signal generated earlier before current candle complete (as soon as the pattern captured by program)... so that we won't miss even few pips (the idea of indicator's creation). The indicator display alert box, no need to watch chart on every single moment to get entry point.

For example : Let say the indicator on H4 shows that the market will up.... by using BDBestEntryAlert, i will accept only on BUY signal to enter the market

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Update


I've updated the BDStochRSI_Bar. The indicator display signal summary for all timeframes and indicator's bar not displayed.

The signal result was actually same (or maybe accidentally same) as what i have summarized on my price action analysis using candles formation... where biggest timeframes indicates strong BEARISH and no sign yet for BULL while H4 indicates weak BULL.

Please refer my post on Saturday, August 30, 2008 - GBPJPY : My Next week trading option.