Ive been trying this strategy and it looks promising, i need you to understand it and give your feedback and suggest modifications.
THE STRATEGY
I want to have multiple buy orders, say 3 orders, at a distance of 20 pips from each other and from the current market rate (or specified rate). They will be in the form of buy stops
For Each of the orders, i must be able to specify (stop loss / trailing stop) for each.
Once the buy stop is activated, and the price goes down to hit the SL, another pending buy stop will be placed at the original location of the closed buy.
If the price goes on upward, the order will be active until all the combined orders hits a predefined profit / pips. If i close one of the orders manually, all the remaining actve buys shall close as well.
Input data:
Number of Orders: say 3
Gap: say 20 pips
LOT SIZE: say 1 lot
SL = 20 pips
Replace loss order: TRUE
Close all: profit = $1000
Say i insert the above parameters, the EA should act like the below example:
Current price for EUR/USD is 1.1000
1- 3 buy stops are placed at 1.1020, 1.1040, 1.1060
2- say the price moved from 1.1000 to 1.1020, the first buy stop is activated. At this point i should have one active buy order at 1.020 and two buy stops at 1.1040, 1.1060
3- say that the price goes down, and hits the SL of 20 at 1.1000. then the active buy should close at a loss of $200. And a new buy stop is placed at 1.1020.
4- say the price again goes up to 1.1020, the buy stop placed in point 3 above gets activated again. And i will have one active buy and two buy stops
5- say the price continues to go up and activates the second buy stop at 1.1040. then i will have two active buys and one buy stop at 1.1060.
6- say the price goes up again and hits the buy stop at 1.1060, then goes down to 1.1040 (the buy stop at 1.1060 closes at a loss of 200) and a new buy stop is placed again at 1.1060.
7- the over all loss now is $400 .
8- say the price continues up, then all the orders shall close when the floating profit is $1400 (to count for the $400 loss and the required 1000 profit) which should be at a price of 1.10867.
the same goes for sell orders.
Please let me know if all is clear at this stage, so that i continue with the explaining what i want when it goes bidirectional.
Kindest regards,
THE STRATEGY
I want to have multiple buy orders, say 3 orders, at a distance of 20 pips from each other and from the current market rate (or specified rate). They will be in the form of buy stops
For Each of the orders, i must be able to specify (stop loss / trailing stop) for each.
Once the buy stop is activated, and the price goes down to hit the SL, another pending buy stop will be placed at the original location of the closed buy.
If the price goes on upward, the order will be active until all the combined orders hits a predefined profit / pips. If i close one of the orders manually, all the remaining actve buys shall close as well.
Input data:
Number of Orders: say 3
Gap: say 20 pips
LOT SIZE: say 1 lot
SL = 20 pips
Replace loss order: TRUE
Close all: profit = $1000
Say i insert the above parameters, the EA should act like the below example:
Current price for EUR/USD is 1.1000
1- 3 buy stops are placed at 1.1020, 1.1040, 1.1060
2- say the price moved from 1.1000 to 1.1020, the first buy stop is activated. At this point i should have one active buy order at 1.020 and two buy stops at 1.1040, 1.1060
3- say that the price goes down, and hits the SL of 20 at 1.1000. then the active buy should close at a loss of $200. And a new buy stop is placed at 1.1020.
4- say the price again goes up to 1.1020, the buy stop placed in point 3 above gets activated again. And i will have one active buy and two buy stops
5- say the price continues to go up and activates the second buy stop at 1.1040. then i will have two active buys and one buy stop at 1.1060.
6- say the price goes up again and hits the buy stop at 1.1060, then goes down to 1.1040 (the buy stop at 1.1060 closes at a loss of 200) and a new buy stop is placed again at 1.1060.
7- the over all loss now is $400 .
8- say the price continues up, then all the orders shall close when the floating profit is $1400 (to count for the $400 loss and the required 1000 profit) which should be at a price of 1.10867.
the same goes for sell orders.
Please let me know if all is clear at this stage, so that i continue with the explaining what i want when it goes bidirectional.
Kindest regards,
Forex will make you loose but you will stay gambling