V-Power Entries Via Button "Entry Now" After You Received A Signal
The two buttons "Entry Now" are especially created for those traders who can check the markets after an signal is generated.
This visual check can dramatically increase the quality of your trades.
As you probably already know, the EA can only do a basic check of 3 of the 5 rules. The EA does not check the quality of the V (how sharp is the reversal?) and the EA will not check the stop distance of the trade in the moment of the signal.
A visual filtering by e.g. omitting a trade if the stop distance is too big in relation to the target distance, can have a big impact on the profitability of your trading.
The following screenshot highlights the 3 rules that are basically checked when a real-time signal is created by the V-Power EA:
You can find the details regarding the rules and a complete explanation of the system here: The V-Power Day Trading System
If you didn't download the free version of V-Power yet, then you can do it now:
Real-Time Alerts, Entries and Trade Handling
You will now learn how can receive real-time signals, how you can then let the EA enter and handle the trade. You will also see how you can get big winners if the conditions of the bigger picture gives an additional edge.
The following screenshot shows the two "Alert" buttons. Press one of these buttons if you detected a setup and if you want to receive an alert via email or push notification:
The upper "Alert"-button with the green background is for BUY alerts. The lower "Alert"-button is used for SELL alerts.
In this example we have spotted a SELL setup, therefore we want to receive a V-Power SELL signal in real-time:
Once a sell signal is received (the downward arrow is a substitute for the real-time signal) you have now time to check the quality of the inverted V. As you can see, in this example the inverted V looks perfect. A strong downward move occurred before the entry signal was triggered:
You can now use the buttons "Show Zone" and "Entry Now":
If you press the "Show Zone" button then a green, a yellow and a red rectangle are drawn according to the settings of the V-Power EA. The green rectangle shows the target distance that's defined in the settings. The yellow rectangle shows the area where the EA will do the partial entries. The red rectangle shows the zone where no entries are done anymore. The stop for all partly positions will be set to the upper edge of the red rectangle:
In the following screenshot I have added the parameters of the V-Power EA onto the chart. The 4 parameters labeled with the black rectangle have direct influence how high the green, yellow and red rectangles are drawn:
The parameters stepDist, targetDist and stopDist are interpreted as multiples of the indicator iATR(). The indicator iATR() returns the value of average range of the recent X candles in pips.
If the indicator iATR() returns e.g. 20 pips, then the target distance of each partly position with default settings of the V-Power EA would be:
1.4 x 20 pips = 28 pips
In that case, the height of the green rectangle would be 28 pips.
The stop distance in the default settings is 1.0 x iATR(). In our example it would be:
1.0 x 20 pips = 20 pips
Therefore, in our example the height of the red rectangle would be 20 pips.
The two parameters "posAmount" and "stepDist" define the height of the yellow box.
The V-Power EA will open partly positions within this yellow rectangle:
The parameter "posAmount" defines the amount of partly positions which the EA is allowed to open. In the default settings this value is 3.
The parameter "stepDist" defines the distance between the 3 partly positions. This value is again used as a multiple of the indicator iATR().
In our example the distance between the 3 partly positions is 0.5 x 20 pips = 10 pips.
As I mentioned earlier, the stop for all partly positions will be placed at the upper edge of the red rectangle.
If you look at the screenshot above then you can see that the stop would be placed in the middle of the price range of the actual day. That price level is not the best place for a stop because the price will often make a deep pullback towards the high of the day before the downward move begins.
Therefore, you can tell the V-Power EA that you want to the define the stop price level yourself.
To tell the V-Power EA where you want to place the stops, you need to draw a horizontal line onto the chart and give it the name "stops" (for short/sell trades). If you want to define your own stop level for BUY trades then please give the horizontal line the name "stopl".
As you can see in the following screenshot, the stops-line was drawn by me on the chart a little bit higher than the original stop price level. You can compare the screenshot below and the screenshot above. You will recognize that the green, yellow and red rectangles in the lower screenshot are now stretched (higher than in the upper screenshot). This happened because of the influence of the stops-line. All 3 rectangles are bigger but still have the same proportions as before:
In the following screenshot you can see that I moved the stops-line to my preferred stop level at the high of the day.
As you can see, the green, yellow and red rectangles are again higher but they have grown with the same proportion. This proportional growing of stop, target and distance between the partial positions is done to give you always the same risk / reward in your trades:
Now that you have placed the stops-Line at a good price level you can press the "Entry Now" button:
The V-Power EA will immediately enter the first partly position and it will place the stop and target according to the rectangles:
The following screenshot shows the second partly entry after a deeper pullback:
As I already explained in the previous article "V-Power Entries Via Entry Auto Button" you can use bigger targets if there is a setup like a steeper trend line setup.
For this purpose you can either drag the targets or you can draw a trend line and give it the name "t".
If you have drawn a trend line with name "t" then the EA will directly move the targets to the line and it will adjust the targets with time according to the trend line:
The trade is over if the stop or the target is hit. In this case the target was hit and the trade produced a big winner:
More articles will follow during the next days/weeks. There are a lot of further great features to explain.
To your success! And Happy trading!