So on 10th June-2016, created an EA after careful analysis of GBPJPY and EURJPY. The results so far are extremely promising. Started with a trial capital USD 30 with 0.5 lots on H1 EURJPY and 0.2 lots on 15 min GBPJPY on Live account.
Monthly return is 111.00%
Weekly at 87.00%
Attached are the results as of Jul-15 (Forexfactory extract)
So what is EA? EA is a short name for expert advisor – robot/software code that automatically places trades when certain predefined condition is met.
The biggest advantage of using Expert Advisor is that it does not allow the traders emotion to alter his trading plan or strategy. The forex world most often than not is crazy and having a robot execute your strategy could be a smart approach.
GBPJPY is considered one of the most difficult pairs to trade in forex market due to its volatile nature.
Check out the Candle Trail video below. I placed a sell order on EUR USD 1 MIN Chart.
The robot trailed the sell order by placing stop loss at the highest high of the last 5 candles. Setting allows you to customise the candle lookback and also add an offset value. Best practice here is to study the currency pair, if its a volatile pair like GBPJPY or GBP USD then a higher lookback period is prefered. Second would be the timeframe you are trading- on lower time frames use a higher look back period and for smaller timeframes (H1,H4,Daily) use a shorter lookback period.
You can change the settings to find the last swing high or low.
You can make it yours for a discounted value USD 19.99