23 March: Tomi Trader – MT4 Expert Advisor / Algorithm

By | March 23, 2018

When the medium/long term bias for a currency pair, commodity or stock index is either bullish or bearish, as can be ascertained from the daily trend table (i.e. http://fxcharts.net/1-mar-trend-table-outlook-fx-commodities-indices/ ) an EA can be attached with that particular bias in mind.

CURRENT BIAS: Short EURUSD

In the example below, we have a bearish bias on the Euro against the US$ (i.e. short EurUsd). Although the 4 hour and daily charts (below) are currently neutral, arguably suggesting a neutral bias might be best in the days ahead, the weekly charts do seem to be turning to point lower (and show a degree of bearish divergence), so our longer term view is to have a short bias. We would therefore attach the Tomi Trader EA with a bearish/short bias only to EurUsd, so no buy orders would form part of this strategy, except for when taking profit on a short position.

As and when our bias changes, which is likely to be only on a minimum of a  weekly basis, possibly much longer, we can either close down the EA or, more likely, adjust the settings to either a 2-way bias (i.e. buy and sell), or to a buy only bias if we think the market is going to reverse in the opposite direction.

The settings are very flexible, as not only the directional bias can be changed but the number of points between trades and size of the profit margin and the trailing stops can also be altered to suit your own style.

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Recommended settings basis account size 5000 USD:

 

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