Bloom EA is an automated trading system that specializes in identifying trends in the Forex market, including gold. The software is equipped with advanced algorithms that can detect trends, making it ideal for trading on longer time frames such as H1 or H4. The system operates with a dynamic grid and martingale function, but it also offers the option of trading with a single position and a predetermined stop loss and take profit level, all in the direction of the prevailing trend. Furthermore, the EA comes with a feature that will close all open trades if the account experiences a drawdown beyond a certain percentage threshold.
Bloom EA Strategy
Bloom EA focuses on trading the breakdown of support and resistance levels in the market. This strategy is based on the idea that when the price of an asset breaks through a key level of support or resistance, it is likely to continue in the same direction, creating an opportunity for traders.
The EA places trades frequently, taking advantage of the many opportunities that arise in the market. It uses short stop losses and take profits, which help to limit drawdowns while maximizing gains. The EA also employs a trailing stop, which is a classic technique used in breakout trading that helps to capture additional gains as the price continues to move in the desired direction.
To prevent overtrading, the EA limits the number of trades it opens each day to between 1 and 3. This approach helps to maintain discipline and avoid chasing trades that may not be preferable.
Bloom EA Features
- The minimum account balance required for using Bloom EA is $100.
- The recommended trading lot size is 0.01 per pair.
- Bloom EA works best when trading on both EURUSD and USDJPY pairs simultaneously, but it can be used on any pair.
- Alternatively, it can be used on two other pairs that have a high correlation.
- The timeframe used for trading does not matter, as Bloom EA performs equally well on all timeframes.
- A low spread account is highly recommended for optimal results.
Bloom EA Summary
Overall, the Bloom EA is an advanced automated trading system that uses algorithms to identify trends in the Forex market and gold. It is designed for longer time frames such as H1 or H4 and focuses on trading the breakdown of support and resistance levels. The EA places frequent trades using short stop losses and take profits and employs a trailing stop to capture additional gains. It limits the number of trades opened each day to maintain discipline and avoid overtrading. It is recommended to use a low spread account in order to trade while using the Bloom EA. Additionally, the Bloom EA works best on both EURUSD and USDJPY pairs but can be used on any pair, and the timeframe used does not affect its performance.
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