The qFollow EA is designed to take your trading to the next level with its effective trailing stop buy and sell features. It sets orders just above and below the current price, allowing you to capitalize on market movements seamlessly.
This expert advisor is particularly useful for managing breakouts. You have the flexibility to set either a sell stop order below the price or a buy stop order above it—or even both!
Here’s how it works: the sell stop order kicks in if the price dips below your trigger price. And as the price moves down, the trigger price adjusts lower too. Conversely, for the buy stop order, if the price climbs above your trigger price, it’s game on. If the price drops, the trigger price will follow suit.
Typically, you'll want to set your trigger price at a specific distance from the current market price, often starting around 50 pips for optimal results.
It’s important to note that this expert advisor isn’t a standalone trading system. Instead, it’s a powerful tool that can enhance your trading strategy in certain situations. Here are some scenarios where the qFollow EA shines:
- Before major news announcements, set it up to catch quick price movements.
- When the price is trapped in a triangle pattern, it's often a prelude to a breakout, either long or short.
- If you notice the price dropping for no apparent reason, that's a perfect time to place a stop buy order, which will adjust as the price continues to fall.
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