Wew, it is not a very good week for me,I missed at least 3 good trades on GBP/JPY which were potentially giving 30 pips profit each. Unfortunately, last night I got a little unsatisfy on my GBP/JPY trade.

I opened short on GBP/JPY at 231.36 (at 14.00 GMT+3), it was a market order after I saw trend break at 1 hour chart. I didn’t fill out the Stop Loss target and Take Profit target on Metatrader window. I used an MT4 Expert Advisors to do that.

Well, actually that was my first time using that MT4 Expert Advisors, of course after several time using it in demo account. Using this EA, named as ManageTP EA, I should be able to trade with pre-defining stop loss and profit target without filling out those value in Metatrader order window. This feature worked well last night.

Other feature that this EA should able to do is, what we usually call as, Trailing Stops. This feature is much different with the default MT4 Trailling Stop feature. The default feature move the SL to breakeven after the price goes into your trade direction in some pip value which you have pre-defined. Then it will move the SL pip by pip following your trade direction. For example, say you have a Long order and set the trailing stop at 15 pips.Your first Stop Loss is -30 pips. When your trade goes into your direction (up) for 16 pips, the Trailling Stop will move your Stop Loss to your open price (breakeven). When your trade goes to 17 pips, your Stop Loss will be moved up to 1 pip, and so on. That’s why i named it as “pip by pip trailling stop”.

Trailling Stop feature in ManageTP EA work differently. We can set it to work “pip by pip” or not in that way (i dont have any good term to named it :D ). Let me write this EA parameters, so it will be easier to know how it work. Below are some main parameters that we can change (I write the setting I used last night) :

First_TP_Target=200
First_Stop_Target =35,
First_stop = 1
Second_Stop_Target = 55
Second_Stop =25
Third_Stop_Target = 100
Third_Stop = 55
TrailStop by=10
Max Loss= 35

With above setting, the EA should work this way:

It close the order if the First_TP_Target (+200 pip) or Max Loss (-35 pip) is hit.

If the price goes into my trade direction for +35 pips, it sets (moves) my stop loss to + 1 pip

If the price then goes up to +55 pips, it moves my stop loss to +25 pips

If the price then goes up to + 100 pips, it moves my stop loss to +55 pips

If the price then keeps going up, it moves my Stop Loss “pip by pip” from the last stop loss position (+55 pips)

That’s how the EA should work (and it usually work well on my demo account). Till 15.00 GMT+3 last night, GBP/JPY price had never move up to +100 pips from my Short entry point (231.36). Logically,I shouldn’t have more than 25 pips profit (right?). Unfortunately, my trade were closed at about 14.22 GMT+3 for +64 pips profit.

I say ‘unfortunately’ not because i got +64 pips profit, of course (my total pips for GBP/JPY this week is +194 pips). No, my unfortunate is because the EA were not working as it should and I dont know why. This unknown factor will make me hard to calculate risk for my next trade (if I keep using this EA). Please, dont shout your protest on me :)

However, this ManageTp EA has a good track record. Many traders out there still using it. So, I think it would not be a mislead to share this EA with you. I also share other EA that should be able to maintaine your Stop Loss in different way.

ManageTP EA (modified and bugs fixed version)

Download ManageTP EA Version 1.5
ManageTP EA

Downloaded a total of 1803 times

Pipholic Stop Loss EA Collection
(Breakeven Expert, E-Trailling, StepStopExpert)

Download Stop Loss EA
Stop Loss EA

Downloaded a total of 1185 times
Tags: download, Expert Advisors, metatrader
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September 15, 2007

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