First of all, I would like to thank FF and all the positive contributors on this forum for many stimulating and creative posts I have read over the past number of months. I am new to this and found FF a great help in learning some basics about FX (I still have a long way to go!).
I have a crazy idea I would like some help with please. More often than not a bar opens at a given price, then the price moves one way then the other (it has to go somewhere although we can't predict it). My idea is this. If we were able to place a buy and sell order at the bar open with a small TP and an emergency SL we could catch very small gains on a regular basis.
For example if we look at the houly chart
- place a buy and sell order at the open of each bar (if the spread is less than 2 pips)
- TP of 2 pips, SL 10 pips
- in theory, 2 pips x 2 orders x 24 hours = 96 pips per day per pair
I know this goes against the established Risk Reward, MM advice etc. but I think it might be worth a try. Any coders out there willing to put an EA together to do this I would really appreciate it. Your thoughts welcome.
Go to page 4 #49. Change of timeframe to Daily with SL 5, TP 25.