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Originally Posted by Ducati
I had an idea for a similar type of EA, but can't seem to get any programmers to bite. I think price action is the best indicator. Buying as it goes up and selling as it goes down just makes good sense. My idea was to set a take profit level based on a dollar amount if there where a mix of positions. So if there was a short, but the price action reversed and there is now a buy or two, then it closes all positions at a specific profit. If there are only buy positions, it closes all the buy positions at the point when there is a reversal and the EA should buy. I think it would be ideal to have the TP, SL, and pipstep adjusted based on the range of the pair. When it is a small range, we take smaller profits, and vice versa. This would help to counter a range where it simply goes long then short then long, etc. etc. This could blow an account if it went on long enough.
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Yea thats my biggest problem right now too. I don't know how to code this. Except for the various money management techniques possible, this is probably very easy to code.
Not sure I know what you mean by pipstep. I imagine thats EA terminology.
I do agree different TP/SL levels should be made for different pairs. Obviously you're not going to use a 30/30 TP/SL for an exotic like ZAR/JPY because you'd be making trades all day. Or you might not use 30/30 for EUR/USD because it's slower than cable and would take forever for trades to carry out.
Not sure how small we want the range to be. Get too small and simple retraces in an uptrend suddenly create 2 losing trades in a row. Too large and we risk getting shredded in a ranging market. Too large and you miss on banking many pips. We need an EA to start testing. Matt