EA to enter orders on retracements? | Forex Factory

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EA to enter orders on retracements?

  • #1
  • First Post: May 17, 2007 9:12am May 17, 2007 9:12am
Does anyone have an EA that will enter an order for you once price has hit two different levels? Orders typically occur on the 1hr charts when I'm in bed so I'd like something to place orders for me given a specific type of price movement. I'm attaching two charts to show what I'm talking about.

Basically I want price to first hit the grey line and then issue a buy or sell when the price bounces back to the red line. The circles are when I would have entered the order. I'm looking to catch retracement bounces and not just price movements in a specific direction.

Jason
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  • #2
  • May 17, 2007 10:28am May 17, 2007 10:28am
  •  tesla
  • | Joined Oct 2006 | Status: Friendly Neighborhood Programmer | 533 Posts
Are you looking for an ea to just place an order after price has hit line1 and then line 2? This can be done.

If you're okay with just receiving alerts when this happens, check out the post called: "Tesla's Fancy Schamcy Alerting EA". It basically alerts when you get within a user defined distance of trend or horizontal lines. The updated indicator version is on page two of the post.
  • #3
  • May 17, 2007 1:37pm May 17, 2007 1:37pm
Quoting tesla
Are you looking for an ea to just place an order after price has hit line1 and then line 2? This can be done.

If you're okay with just receiving alerts when this happens, check out the post called: "Tesla's Fancy Schamcy Alerting EA". It basically alerts when you get within a user defined distance of trend or horizontal lines. The updated indicator version is on page two of the post.
I'm looking to take advantage of price bounces off of the LGMMA. I ideally would like the following:

I enter two prices: a) trigger price - price must fall or raise to this level for a trade to be considered and b) Entry price - once the price has been triggered a buy or sell will be entered once the entry price has been hit. It would then draw two different colored lines on the chart showing these two prices.

It would be nice to have the ability to enter a stop loss value (at the least) as well.

Once the values were set it would only issue one buy/sell before turning off as the values would no longer be valid after that.

My problem is that most of these bounces occur during the london open time frame and I'm asleep then.

Jason
  • #4
  • May 17, 2007 1:57pm May 17, 2007 1:57pm
I like this idea. It could be very useful for a system we are working on over here:
http://www.forexfactory.com/showthread.php?t=28176

The idea we have is the same principal I need a way to take an average price over a certain time (few hours) and set a limit above the market to sell and below to buy. So this could actually help and be a filter for us. That is price (average) is 1.9900 we set our first level to trigger a trade at say 1.9950, then if the market falls back to 1.9940 it goes short and gets out at the average price (or the price it started at).

I'll subscribe to the thread - great idea Jason, I hope you get some help on this one.

Minnelli
  • #5
  • May 17, 2007 5:51pm May 17, 2007 5:51pm
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Quoting jlowder
Basically I want price to first hit the grey line and then issue a buy or sell when the price bounces back to the red line. The circles are when I would have entered the order.
Do you mean you would calculate the red and grey lines at the circles? Because it is before price touched the lines, you couldn't yet setup the orders, can you?

I'll try to help with making an EA for yours or Minnellis strategy, maybe they can be combined. For a real EA I'd suggest calculating the lines automatically, but for a start we can make it a manual input.
  • #6
  • Last Post: May 17, 2007 6:37pm May 17, 2007 6:37pm
Quoting iya
Do you mean you would calculate the red and grey lines at the circles? Because it is before price touched the lines, you couldn't yet setup the orders, can you?

I'll try to help with making an EA for yours or Minnellis strategy, maybe they can be combined. For a real EA I'd suggest calculating the lines automatically, but for a start we can make it a manual input.
The circle was just where I was making my decision. I would manually enter the prices for the lines because the buy/sell orders would be purely discretionary. I in essence am saying, if price touches down on the long term GMMA and bounces back to point X (which I make up then) then enter a buy or sell order. Prices quite often bounce off of the long term averages, but they usually do so while I'm asleep so I can't enter the orders manually. And just placing a buy or sell order at some point without seeing the bounce isn't as effective.

Jason
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