Frankenstein Method | Foreign Exchange EA Download- MT4/MT5 Resources

Hello,

This is my humble attempt to find a method that works for me. We spent a lot of time reading and analyzing the methods of many of the forum's well-known contributors. I choose to share it and look forward to any kind of feedback/criticism. I welcome this and any trader should do this if they want to improve. I'm excited to put this together and if anyone is interested in creating an EA for it, that would be great. I couldn't resist using Frankenstein as the name for this approach, because to many people it's obvious there's nothing revolutionary about it. Like Frankenstein alive but clumsy, confused, naive but with a good heart. Please appreciate, dissect but use the scalpel with respect.

Frankenstein method<?xml:namespace prefix = on ns = "urn:schemas-microsoft-com:office:office" /><o></o>

<o></o>

<o></o>

Strategy: I will use price action on the daily time frame chart to identify possible trades. Pin bar (based on James16 thread) is combined with the following MT4 indicators: Fractals, AutoPivot (weekly timeframe) Support/Resistance, Bollinger Bands, FxSniper's Traversing CCI Triggers and Solar Winds. My stop loss/take profit will be based on the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1lace><st1lacename>Average</st1lacename> <st1lacename>True</st1lacename> <st1lacetype>Range</st1lacetype></st1lace>(10) indicator. All entries will follow the established trend until my money management standards close the trade. This could be anywhere from less than a day to infinity. * As with any approach, discretion will come into play.

Tactics:

I will go long (3 lots) when yesterday's bar/candle shows:

1. Needle bar

2. The green bar in the solar wind window

3. Red above blue in FxSniper window

4. The price touches or breaks through the lower Bollinger Bands track, or in some cases touches the middle Bollinger Bands track

5. Previous bars/candles retracing from nearby support and fractals will reinforce all of the above.

<o></o>

I will go short (3 lots) when yesterday's bar/candle shows:

1. Pin bar also represents fractal symbol

2. The red bar in the solar wind window

3. Red above blue in FxSniper window

4. The price touches or breaks through the Bollinger Band upper limit or part of the area

Bollinger Bands midline situation

6. Previous bars/candles retracing from nearby resistance levels

Levels will enhance all of the above

Money management:

I will risk no more than 5% of my capital on all active trades. My risk/reward ratio will be calculated based on my <st1lace><st1lacename>Average</st1lacename> <st1lacename>True</st1lacename> <st1lacetype>Range</st1lacetype></st1lace> . I will focus on four major currency pairs. I only trade daily charts.

<o></o>

My stop/loss will be determined as follows: <o></o>

1. Entry price (1 pip + spread above/below the previous closing price) + 70%
<st1:stockticker>ATR</st1:stockticker> = SL1

1. SL1 ÷ 2 + Take Profit Price = SL2

2. SL1 ÷ 4 = tracking stopped

My take profit will be determined as follows :

1. Sell/buy one lot @ (SL1 ÷ 2 + entry price) = TP1

2. Sell/buy one lot @ (SL1 ÷ 4 + target price) = TP2

3. Leave a plot with a tracking stop (SL1 ÷ 4) <o></o>