|Introduction (Price Action)|
|From JTAWiki, a project by J Talon LLC|
Price Action is an Expert Advisor which has its entry method based solely on Price Action. It will place a trade as per the entry conditions, then take a profit if the price continues to move in the same direction. If the price retraces then it will place additional trades in a grid pattern, with the safety of Trend Guidance if required.
Price Action will place the First Trade based on the set entry method. The volume of the first trade is based on the Lot Size Calculation. If the price goes against the initial trade, further trades will be placed based on a Grid System with increasing Lot Sizes and optional TrendGuidance, until the price retraces enough to hit the Take Profit point. In addition to closing the basket at TP, there are Other Exit Strategies, including Stop Loss and Trailing Stops, and Emergency Close All.
Price Action can run on any chart and timeframe, and uses Trade Tracking with a unique Magic Number and Trade Comment to identify trades with your broker. The portion of the Account Balance used by each chart to trade Price Action can be set using Portion Control. To help you keep track of all the charts running Price Action, and the open trades on those charts, another EA is provided, called JTA Dashboard.
But Price Action is not only about making profits, it is also about protecting your account balance when things do not go according to plan, by using Equity Protection. This is achieved by using Portion Control, Maximum Drawdown Limits and power out stop losses.
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