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Proposed complex EA. Is this system possible?
Is it possible within an EA to program a system based on the rules below and also the automatic drawing of a fib grid for a recent identified swing? I’ve read and looked at a fare few EAs but haven’t found one that comes close to what I do manually.
System is based upon the trading of 2 lots.
Setup:
On 5 min chart identify largest most recent swing of at least 50 pips.
Plot Fib grid between these points.
When price retraces to 61.8% level minus 2 pips then place order for 2 lots.
Initial stop loss is at 78.6% level + 2 pips.
Target for first lot is at 23.6% level + 2 pips & move stop to break even on other lot.
After that use trailing stop of 30 pips, readjusted after every 5 pip move on remaining lot
Filter:
Use RSI(14) on 4H chart. Must be >=50 to enter a Long else ignore any setup signal. Opposite for SHORT.
I have been using a manual system roughly based on the above rules for a while now with some success and would like to automate it.
Ideally I would an EA that could do the above. Ideally it would draw the fib grid as explained above. (Is this possible with an EA?). I use fractals on a 5 min chart to work out the swing highs/lows to position the fib grid over that is in excess of 50 pips.
Also it would be nice if the EA displayed a text label on the 5min chart each time the RSI for the higher time frame (4H) moved above/below 50 showing “UP” or “DOWN” to indicate the direction of the trend and thus what trades will be placed, either Long or Short only.
I don’t mind having a go at programming this myself but just wanted to have a bit of feedback if what I envisage it working like is achievable or not. Any comments greatly appreciated?
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