We've added some powerful filters that can keep you trading just the ideal setups.
The important thing to note, though, is that these filters make unattended trading that much easier and safer. If you filter out the iffy stuff and only take the ideal setups, which can be painful for a human but simple for a machine, you can risk less and trade with super-human patience.
You can create your Trade Plan, configure your setups, and still take only those trades that pass these setup filters. There are currently four setup filters available, but that list will inevitably grow.
First, you can filter out trades where price is not where you want it to be relative to some opening range that you define. In this example, I am looking for price to be above the low of the first 5-minute candle of the day. If my long setup triggers but it happens when price is below that low, then the trade will not happen.
There is a similar filter available for the first candle relative to an exponential moving average. Of course, you configure both the candle and the EMA.
There is also a time of day filter. Here, I'm looking for trades in the meaty part of the morning, between 9:30 and 11:00. Any setups that trigger after 11:00am Eastern will not trade.
And for you Stratters out there, we now have the Full Time-Frame Continuity filter. If you're going long, you can make sure that you only enter when all the time-frames that you specify (you can specify as few or as many as you like) are green. If you're going short, this same filter will only enter if they are all red. Same filter configuration; it's looking for continuity in harmony with the direction of your trade.
Today, I once again had the 2-minute Green Takes Red/Red Takes Green scalpers running simultaneously, but this time I had the filters set up to be more selective. I only went long when price was above the high of the initial 2-minute candle; I only went short when price was below the low of that same candle. I used The Strat FTFC filter, as well, looking at the 60, 15, and 5. And I used the time of day to limit my trading to 9:30-11:00.
Honestly, I still watch the trades. I am the QA Department, after all. But I'm actually quite distracted by my day job most of the time. (Yes, I badly need a meeting of Multitaskers Anonymous.) If you look at the monitor real estate between my two big Mac monitors and the one Windows laptop, you can see where most of my attention goes. (At night, I plug the left monitor into the Windows machine to focus on Trade Unafraid.)
That's one of the powerful things about Trade Unafraid: you can basically trade equally well hands-on or hands-off. The Trade Plan is already defined. The software executes it with better precision and speed than you can anyway.
Yes, you can intervene manually at any time. Sometimes I do. But it's never truly necessary.
Watch the trades happen:
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