chris006 wrote: Fri Jan 22, 2021 2:49 am
Your strategy describes entry points. Since your main reason for automating this is because you will not be in front of the pc all the time, you would need automated Take Profit and Stop Loss. What is your idea for these? Your automated trading system will not be complete without these 2 components.
One further point, I see grey areas in you strategy, "if" and "might". For the EA automation you would need to be precise, black or white only, no area for non-mandatory conditions.
Hello,
Yes. I wrote it with If/Then statements. I'm working on a better solution that includes Bollinger Bands and Stochastic so that it is more precise:
Works best on 5-minute chart. Could work on 30-minute chart or above.
SHORT: Upper/overbought BB+STOCH & MACD1 & MACD2 cross below Signal above 0 and ADX over 20 and -DI over 20 and crossed +DI. PSAR above price.
GO LONG: Lower/oversold BB+STOCH & MACD1 & MACD2 cross above Signal below 0 and ADX over 20 and +DI over 20 and crossed -DI. PSAR below price.
I'm fine with TP and SL. I figured an alert would be OK (like an email to my phone) with arrows since I can then check the conditions quickly. TP is always 10 pips (100 pipettes) [or 5 pips (50 pipettes) if 2 orders are placed instead of one]. SL is dependent on currency pair since each has a spread. Ideally 4-5 pips [40-50 pipettes].
All the best, and thank you for responding!