Hi,
I've found this strategy in some forum and looks very promising, so it would be great if some of you guys could program an ea to test it.
The strategy is as follows:
1. Place orders exactly after the broker closes its daily candle.
2. Inmediately after the new daily bar opens, place 6 pending orders related to the PREVIOUS daily candle:
Three Pending buy orders above the High which should be as follows:
Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips
And three pending sell orders below the daily LOW as follows:
Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips
The pips away from the High/Low of the previous daily candle (5 in this example), must be set by the user, just like the SL, TP, and TS for each order, and the size of the lots traded for order number 1, 2 and 3.
May be could be a good idea to use a bigger lot for the first order with the smallest Takeprofit as it is more likely to be hit and you can decrease the lots amount as you climb up the orders.
Thanks in advance and I hope we can have some success with this strategy!
Best regards,
dazar
I've found this strategy in some forum and looks very promising, so it would be great if some of you guys could program an ea to test it.
The strategy is as follows:
1. Place orders exactly after the broker closes its daily candle.
2. Inmediately after the new daily bar opens, place 6 pending orders related to the PREVIOUS daily candle:
Three Pending buy orders above the High which should be as follows:
Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips
And three pending sell orders below the daily LOW as follows:
Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips
The pips away from the High/Low of the previous daily candle (5 in this example), must be set by the user, just like the SL, TP, and TS for each order, and the size of the lots traded for order number 1, 2 and 3.
May be could be a good idea to use a bigger lot for the first order with the smallest Takeprofit as it is more likely to be hit and you can decrease the lots amount as you climb up the orders.
Thanks in advance and I hope we can have some success with this strategy!
Best regards,
dazar