One direction trading

[Thomas]

Does anyone know if ther´s a function or EA which can lock metatrader to only trade in one direction (long or short)? The reason: I find that some EA´s don´t take the long time trend in consideration when trying to get 30-50 pips out of the market. I´m sure many will agree that making 30-50 pips against a strong daily trend is hard and can be very risky. So what I´m looking for is an option to only allow either long or short trades on a specific chart overrooling any EA´s on that specific chart. In that way, if my analysis tells me that the market is in an long term up trend I can filter out all the short trades from EA´s on that chart.

Thanks

[capsmart]

Hi Thomas,
You have a problem here. You cannot have two EA's at the same time on the same chart. So if the "purchased" EA says "Buy" there is no way to prevent this unless to turn it off before. But to do this you must know in advance the robot behavior.
Speaking about forexgrowthbot usually when it will detect a strong move it will assume that the move will continue. So you could have it permanently off and wait for the move in the "correct" direction and then activate it and let it do it's job.
But not all robots "think" in a predictable way, especially the ones that try to trade during slow times and take advantage of ranging markets (like Megadroid).
I use both mentioned robots and I usually turn them off when I anticipate irregular price behavior (holidays, news etc)

[raa]

Well, another option is to enable "required confirmation" in EA settings, and monitor the EA's trading, and confirm any trades it makes by the click of the button. Third option you have is to setup a trade manager EA that will look for trades opened in "wrong" direction and set up a small trail stop and a small stop loss for those trades. If it is really important to you I can make a small adjustment in my iTrailer EA to manage only trades in specified direction and you can use it. Won't block trades but will limit the damage certainly.

[Thomas]

Well, another option is to enable "required confirmation" in EA settings, and monitor the EA's trading, and confirm any trades it makes by the click of the button. Third option you have is to setup a trade manager EA that will look for trades opened in "wrong" direction and set up a small trail stop and a small stop loss for those trades. If it is really important to you I can make a small adjustment in my iTrailer EA to manage only trades in specified direction and you can use it. Won't block trades but will limit the damage certainly.

Alex, thanks for Your help. About adding a trade manager EA to a chart which allready have one EA running, will that work (regarding to Caps answer it could be a problem)?

[capsmart]

Well they will not work "together". The EA will open the trade and the trade manager (that must be on another chart) will either close it or let it run.
It also depends on the way the manager works, but for each pair you have the robot installed you will need one more chart with the trade manager also installed for this pair
Usually you tell the manager what to do after you open the trade (close 50% after 30 pips, move to break even etc). In this case this is not what you want. You want it to completely close the trade if it goes in the wrong direction. I think Alex can create such an EA for you. He already accomplished much more complicated tasks.

[Thomas]

Well they will not work "together". The EA will open the trade and the trade manager (that must be on another chart) will either close it or let it run.
It also depends on the way the manager works, but for each pair you have the robot installed you will need one more chart with the trade manager also installed for this pair
Usually you tell the manager what to do after you open the trade (close 50% after 30 pips, move to break even etc). In this case this is not what you want. You want it to completely close the trade if it goes in the wrong direction. I think Alex can create such an EA for you. He already accomplished much more complicated tasks.

Thanks Cap:-)

Alex, will Your trade manager be able to handle different TP and SL depending on tradedirection?

Example:

If long trade: SL=40 and TP=40
If short trade: SL=40 and TP=5

In that case I will be very interested in Your EA

[raa]

Vassilis is correct, this is exactly how it has to be done.

Thomas, it should be easy. I will look into it later today, as I planned to do some modifications to my scripts as well.

[Thomas]

Vassilis is correct, this is exactly how it has to be done.

Thomas, it should be easy. I will look into it later today, as I planned to do some modifications to my scripts as well.

You are THE MAN Alex

Thanks

[PabloOnFX]

Does anyone know if ther´s a function or EA which can lock metatrader to only trade in one direction (long or short)? The reason: I find that some EA´s don´t take the long time trend in consideration when trying to get 30-50 pips out of the market. I´m sure many will agree that making 30-50 pips against a strong daily trend is hard and can be very risky. So what I´m looking for is an option to only allow either long or short trades on a specific chart overrooling any EA´s on that specific chart. In that way, if my analysis tells me that the market is in an long term up trend I can filter out all the short trades from EA´s on that chart.

Thanks

Thomas have you tried using the settings in the EA's dialog box to Long, Short or Both?

Pablo

[raa]

Actually it should be the best solution!!! I never used it and did not even think about it.