Flippy method | Foreign exchange EA download - MT4/MT5 resources | MT5 EA download

I've been long enough being a stalker in FF with no contribute, yet I've learn so much from here. This will be my thanks to all of you good people in FF. Very special thanks to (in no particular order) : Diallist, BK, Jacko, Merlin, James16, FXOpportunist, Accrete, Twinchell and many other (cant remember you all that willing to share your insight on this forum.

This method is entirely mechanical. And it based on my manual price action method 'retest on support/resistance' entry, combined with cci50 for trend direction and pivot breakout for entry.

1. Set up the GBP/USD 4-hour chart and put in the rollover indicator.

2. entry point:
Long entry -> Set buy stop on beginning of the day at current green line when :
- The magenta line is below the green line
- The blue line stops at the beginning of a new day
or
- The magenta line is below the green line
- red lines is NOT discontinued on the start of new day

Short entry -> Place a sell stop at the start of the day at the current green line, at which point:
- The magenta line is above the green line
- red lines is discontinued on the start of new day
or
- The magenta line is above the green line
- blue lines is NOT discontinued on the start of new day

Set an initial stop loss of 50 pips and move the initial stop loss of existing positions to the green line on each new day.

3. exit point:
- let the stop loss hit
or
EDIT: - exit when magenta lines crossed with green line on beginning of the day , opposite to the trending red/blue line.
or
- Take a long position and exit when the red line breaks at the beginning of the day.
- For short positions, exit at the beginning of the day when the blue line stops.

This is the mechanical part of the method. This mechanical approach produced a total gain of 4,800 pips and a total loss of 1,100 pips (i.e. an R/R ratio of 4:1), as well as approximately 60% of winning trades. The maximum consecutive loss is 3. The maximum drawdown recorded was 150 pips

In the backtest, I used 1% equity risk on each compound stock trade. The result is 200% of the current balance value of the core equity. You can change the equity risk on the backtest worksheet. It is automatically recalculated based on the summary.

There are other ways to trade this method, more profitable entries. Sometimes the indicator doesn't catch possible new trends fast enough. Fortunately, by understanding price action 1-3 days ago, I can see that the market is rolling, or that a bounce has occurred. In this case, I would enter at the beginning of the next day with a stop loss of 50 pips. To use this other method, I recommend only to experienced traders who understand the market conditions. For this discretionary approach, jacko "anti-hedging" can also be used.

*notes:
- I don't think this indicator "repaints" the past, but for sure I need someone with MQL programming knowledge to confirm. I'm not very good at coding in MQL. (something wrong with this indicator, Rusty helping me with recoding this, while I need to investigate why it shows different value with existing cci indicator)
- The mechanical method may work on the EUR/USD and USDCHF currency pairs, but not on USD/JPY. But I haven't backtested these two pairs yet.
- For those who are curious on why I use yesterday pivot, I'm trying to catch a pinbar and engulfing pattern using both yesterday close and yesterday pivot.

NOTE: Well the indicator needs to be retested/reworked. (Just realized the pivot is the SMA[1] applied to typical prices, haha) I'll look into this and recheck the results later. The concept remains the same, i.e. catching the pinbar that broke the previous line/retesting. See you around.

Aha! Problem found. I'll recheck and retest. I will delete this invalid indicator and backtest. Will replace it later when finished.

Backtested from January 2006 to present, with indicators attached.