The Gold Eagle Expert Advisor is tailored to the XAUUSD (GOLD) pair. The TrendLine PRO indicator is used as an input signal in this trend scalping technique. At the signal of the indicator, the Expert Advisor opens the first order and sets the TP at a given level, but if the price does not reach the TP level and rolls back, an additional order is automatically opened averaging the level of the total TP, bringing it closer to the entry point. The trading panel of the robot enables the user to place orders manually. The adviser will incorporate them into the system of a succession of orders and close them with a common TP as his own.
This Expert Advisor can be purchased from the MQL marketplace whilst there is a free demo version also available to give it a try before making any commitment. In this article, I will be taking a look at how the Gold Eagle EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
Scalping with Gold Eagle EA
The Expert Advisor has Higher Time Frame filters (the Filter of the higher period) to filter strong trend price fluctuations, and it enables new trades to be made only if the signal of the current period coincides with the trend of the older period. You could set up a news filter (News Filter) so that the Gold Eagle EA pauses trading before and after significant news is released.
Historical data does not ensure that similar results will be obtained in the future. Applying reasonable money management rules and hedging your risks may be something you may want to do. Internet forgeries have nothing to do with the original and do not correlate to the adviser’s strategy.
Trend scalping is a popular trading strategy that involves taking advantage of short-term price movements in the direction of a larger trend. The goal of this strategy is to make small profits on multiple trades, with each trade lasting just a few minutes to a few hours.
Here’s how the trend scalping strategy works:
- Identifying the trend: The first step is to identify the direction of the larger trend. This can be done by looking at the price chart and analyzing the price movements over a longer period of time.
- Identifying the entry points: Looking for entry points where trades can be placed in the direction of the trend. This can be done by analyzing shorter-term price movements and looking for pullbacks or breakouts.
- Setting stop-loss and take-profit orders: To manage risk, setting stop-loss orders to limit potential losses in case the trade goes in the other direction. Take-profit orders can also be set to lock in profits.
- Managing the trade: Monitoring the trades closely after entering and being ready to exit if the trend starts to reverse.
- Repeating the process: Trend scalping is a high-volume trading strategy, so it involves making multiple trades in a short period of time.
Advantages of the Gold Eagle EA
- Almost every day, the Expert Advisor trades.
- Compatibility with other EAs and trading platforms.
- The EA has a trading panel that enables the trader to manually initiate trades.
- All trades initiated through the trading panel will be managed and closed automatically by the Expert Advisor.
In conclusion, the Gold Eagle EA uses the trend scalping strategy to automatically execute trades for traders. The trend scalping is a popular trading strategy that involves taking advantage of short-term price movements in the direction of a larger trend. This strategy requires identifying the trend, finding entry points, setting stop-loss and take-profit orders, managing the trade, and repeating the process. With practice and experience, trend scalping can be a profitable trading strategy, but it is important to carefully manage risk.
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