I'd like to trade a very simple system that doesn't require much screen time on my part as I've lost a lot of that lately. If this could be made into an EA, which it should be able to, then that'd be great and I'd greatly appreciate it. Here's how I want the system to work.
1. Trade the D1 chart.
2. Place a moving average on the chart. I should be able to adjust what moving average I want; ie a 50 SMA versus a 100 SMA.
3. If the last candle opened above the MA then only look to place long trades.
4. If the last candle opened below the MA then only look to place short trades.
5. Place a buy/sell order 'X' amount of pips away from the open such that price must trigger the order.
6. Once price reaches the trigger, enter a single trade with a set TP and SL that can be manually adjusted in the settings of the EA.
7. Only place one trade per day. If the trade loses then woop dee doo. Wait till tomorrow. If no trades are placed then woop dee doo. Wait till tomorrow.
I just want a simple breakout system except I only want to take breakouts in the direction of the trend, which I am determining by the open price being above or below a MA. It's strictly mechanical and I'm fine with that.
I have time to at least adjust the trigger point, TP/SL goals, and lot size manually per day, but can't sit around waiting for the new candle.
Is there an EA out there I can already use in this manner? Is there a thread of a similar system of which I can read about past results? This is essentially tkimble daily/weekly breakout model except I only enter one trade per candle and only take trades in the direction of the current trend.
At this point this is a simple system I want to throw into the mix and play with.
Thanks for any help ahead of time.
Matt
1. Trade the D1 chart.
2. Place a moving average on the chart. I should be able to adjust what moving average I want; ie a 50 SMA versus a 100 SMA.
3. If the last candle opened above the MA then only look to place long trades.
4. If the last candle opened below the MA then only look to place short trades.
5. Place a buy/sell order 'X' amount of pips away from the open such that price must trigger the order.
6. Once price reaches the trigger, enter a single trade with a set TP and SL that can be manually adjusted in the settings of the EA.
7. Only place one trade per day. If the trade loses then woop dee doo. Wait till tomorrow. If no trades are placed then woop dee doo. Wait till tomorrow.
I just want a simple breakout system except I only want to take breakouts in the direction of the trend, which I am determining by the open price being above or below a MA. It's strictly mechanical and I'm fine with that.
I have time to at least adjust the trigger point, TP/SL goals, and lot size manually per day, but can't sit around waiting for the new candle.
Is there an EA out there I can already use in this manner? Is there a thread of a similar system of which I can read about past results? This is essentially tkimble daily/weekly breakout model except I only enter one trade per candle and only take trades in the direction of the current trend.
At this point this is a simple system I want to throw into the mix and play with.
Thanks for any help ahead of time.
Matt