Using Trend lines, support and resistance drawn by the user and candle confirmation to take the trade or i think it would be a nice EA. Throw in some money management in there and that would make it more successfull.
Now i dont think it would be perfect, theres no such thing. But it would be good. Its the way i trade and it doesnt need much thinking really so why couldnt an EA do it instead and i could sit by the pool... If it works.
The idea goes like this:
Draw trendline
Draw support and resistance lines
Settings:
Set a number of pips + and - from trendline a trade should be considered
Set a number of pips + and - from a S/R line a trade should be considered
Number of lots to buy/sell
Lot size
The EA should be taking a trade only when a confirmation japanese candlestick apears within the accepted range of pips from the trendline and S/R.
The EA should close half the lots at first S/R and one lot at each of the following S/R lines.
Also the the Stoploss and Take profit should be placed at the same distance from entry line, +/- the spread (The idea is that the trade should close at break even if the trade goes sour after the first TP)
Stoploss would best be placed behind a stronger S/R, should perhaps also be considered in the desition of taking the trade or not.
A big plus would be if strength of S/R could be messured by the number of times it was bouncing of a trade.
Another plus would be if the S/R could be drawn automaticly and messured for strength and used.
Thats the idea and might need or profit from some changes if atempted.
Question is can this be programmed?
Now i dont think it would be perfect, theres no such thing. But it would be good. Its the way i trade and it doesnt need much thinking really so why couldnt an EA do it instead and i could sit by the pool... If it works.
The idea goes like this:
Draw trendline
Draw support and resistance lines
Settings:
Set a number of pips + and - from trendline a trade should be considered
Set a number of pips + and - from a S/R line a trade should be considered
Number of lots to buy/sell
Lot size
The EA should be taking a trade only when a confirmation japanese candlestick apears within the accepted range of pips from the trendline and S/R.
The EA should close half the lots at first S/R and one lot at each of the following S/R lines.
Also the the Stoploss and Take profit should be placed at the same distance from entry line, +/- the spread (The idea is that the trade should close at break even if the trade goes sour after the first TP)
Stoploss would best be placed behind a stronger S/R, should perhaps also be considered in the desition of taking the trade or not.
A big plus would be if strength of S/R could be messured by the number of times it was bouncing of a trade.
Another plus would be if the S/R could be drawn automaticly and messured for strength and used.
Thats the idea and might need or profit from some changes if atempted.
Question is can this be programmed?