DislikedHi Guys, I'm following this thread for a while, when i remember well a few days after start. The idea was simple, monday morning take the weak and strong pairs based on the indicator. Open the basket set a sl=200 pips and a tp=500 pips and the money is "comming" based on 3 months data/experience. We all know by now that it is not that simple. Then the idea's start popping up. Not start 9 o'clock, let us start 10 o'clock. We need more baskets, we need different sl, we need different tp. If we have a profit of 400 pips, let us lock at 200 pips and...Ignored
This is exactly what I've been thinking. A strong currency might have strong for 6 weeks and is now going into consolidation or retrace, or it might have been strong for one week and now we'll get another good week out of it. I don't know if there's some way an EA can "judge" the situation automatically or if we should just look at each chart before opening the basket. I know people want this method to be simple and almost automatic. Me personally, I would be happy to put a little effort into it to make it consistently profitable.
Is there a way an EA can judge the situation? Can it look at pips since last high and "judge" if it's overextended? Any other way besides overbought/oversold (since it stay in overbought/oversold territory for quite awhile)? Another feature I would request, if you have the time, is to have a setting in the EA to not trade a particular pair if you think the chart looks bad and you want to remove it from the basket.
I've been looking at the Oanda Heatmap which gives me a very nice overview of the relative currency strengths in a way that makes sense to me. If this would help anyone, it can be found at https://www.oanda.com/forex-trading/...rrency-heatmap.