Swing Gold Forex EA

Swing Gold Forex EA

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on March 19, 2024

It is a Swing EA, a fully automated gold forex EA designed specifically for trading gold (XAUUSD). This article goes into the complexity of this EA and explains how it works, its strategies and the possible advantages and disadvantages.

This Swing Gold Forex EA is specifically designed to profit from the market when it is stagnant, which occurs between 80 and 90 times. For this reason, its performance may fluctuate during periods of volatile markets. The Swing EA is specifically optimized for trading the XAUUSD pair, also known as gold. Its main strategy is based on the use of swings, a method that aims to realize profits from the value of a stock (or in this case gold) with a holding period ranging from overnight to several weeks.

How does the Gold Forex EA work?

The Gold Forex EA uses a scalping technique based on a trend. This is designed to make a profit on small price movements that typically occur after a trade has been executed and is profitable. It uses a unique indicator to signal the start of trades. This is the process that can be simplified:

The first trade First trade: EA initiates its first trade according to the indicator’s signals. A take profit level (TP) is set at which the trade is expected to close in profit.

Downward averaging If the price does not reach the TP and then starts to fall, the EA does not close the trade at a loss. Instead, it creates another order that averages the entire TP level and brings it back to that price.

risk management The strategy of opening more orders can lead to a drawdown that temporarily reduces your account balance until the trade is closed profitably.

Integration of manual trading A unique feature of the Swing EA is its trading panel, which allows traders to open their orders manually. The EA then executes these open orders manually in the trading sequence, with the aim of achieving a TP collectively.

Possible advantages and disadvantages

The main advantage of this Gold Forex EA lies in its averaging strategy and automation to limit losses. The ability to incorporate manual trades into the system provides the user with a higher level of control and flexibility, while combining manual and automated trading strategies in an efficient manner.

However, the practice of opening more orders to increase TP could lead to drawdowns, especially in a highly volatile market. This requires careful risk management and control to ensure that the potential drawdowns do not significantly affect the trading capital.

The following recommendations are for the Swing EA

  • Minimum balance on account of $ 2000 or equivalent cents account.
  • EA is specifically designed for use with the XAUUSD. (Work with all currency pairs)
  • It’s best to use it’s M15. (Work on any TimeFrame)
  • News Filter cannot be backtested so results from back-testing are not accurate. News Filter removes bad trades to reduce drawdown.

Swing Gold Forex EA Swing Gold Forex EA

 

Open Tools -> Options -> Expert Advisors. Activate the option “Allow WebRequests for listed URL” Add the following: “https://ec.forexprostools.com”, “https://worldtimeapi.org” and press “OK” The EA receives messages from the specified websites.

Swing Gold Forex EA

 

Conclusion

The Swing Gold Forex EA offers an innovative strategy for trading the XAUUSD pair, especially in times of low market prices. The combination of trend and swing strategy for scalping, as well as the ability to handle manual and automated trading, makes it an extremely useful tool for traders to have in their arsenal. However, as with any trading strategy or EA, it is important to be aware of the risks involved and carry out thorough backtesting and demo trading before committing to live trading. The Swing EA represents an important step in the automation of forex trading. However, its ultimate success depends on strategic implementation and risk management.

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