Just curious if it can work. I am pretty sure somebody already tried it as it's very basic concept. Please share its test result.
The EA builds scaling-up (adding to winning position) grids in both sides (broker should supports hedging), for example every 50 pips. The pending orders should be stop orders (buy stops and sell stops). The EA takes profit at pre-determined profit setup (for example 50 pips or $100). No stop loss. Once this profit target hits, the EA closes all the open positions and removes all the existing pending orders, then it rebuilds new pending orders in both sides.
Also, if you know any free or commercial EA package for this purpose, kindly share the information.
Thanks!
The EA builds scaling-up (adding to winning position) grids in both sides (broker should supports hedging), for example every 50 pips. The pending orders should be stop orders (buy stops and sell stops). The EA takes profit at pre-determined profit setup (for example 50 pips or $100). No stop loss. Once this profit target hits, the EA closes all the open positions and removes all the existing pending orders, then it rebuilds new pending orders in both sides.
Also, if you know any free or commercial EA package for this purpose, kindly share the information.
Thanks!
Simplicity is the ultimate sophistication - Leonardo da Vinci