Could someone please create an EA to run the weekly FSP (First Strike Plus) system ? I would like to forward test it in mT4.
For trading weekly time frame:
1. Before market open Monday at 00:00 CST, know the total range of previous week (high-low=range), multiply by .30 to obtain entry values for next week. This figure is added to/subtracted from the open at 00:00 CST for your entry orders. A straddle entry.
2. Then use .10 of previous range to find your stop loss. Set SL .10 below/above open. So total risk would be combining .30 and .10
3. One order cancels other, Exit position next Monday at 00:00 CST if profitable
For trading weekly time frame:
1. Before market open Monday at 00:00 CST, know the total range of previous week (high-low=range), multiply by .30 to obtain entry values for next week. This figure is added to/subtracted from the open at 00:00 CST for your entry orders. A straddle entry.
2. Then use .10 of previous range to find your stop loss. Set SL .10 below/above open. So total risk would be combining .30 and .10
3. One order cancels other, Exit position next Monday at 00:00 CST if profitable
"Whether you think you can or can't, you're right." Henry Ford