|
Old system (100 pips)
"Trading rules
1. Units: Use .50 (50 cent) units for every $5000. Trade with 200:1 margin.
2. Each day at 7 AM or 8 AM, check direction for trade, using MACD, RSI, and 13 period MA.
3. If long, enter a market order, and a target of 30 pips. Enter 2 more orders, one at first entry + 10 pips, same target (20 pips, not 30), and the other at entry + 20 pips, same target (10 pips, not 30). Yields 100 pips
4. If short, enter a market order, and a target of 30 pips. Enter 2 more orders, one at first entry - 10 pips, same target (20 pips, not 30), and the other at entry - 20 pips, same target (10 pips, not 30). Yields 100 pips
5. If trade moves against by 50 pips from the last entry, enter a market order double the amount of lots used on the last entry. Example if you went long @ 1.8650, then triggered another order @ 1.8660 for 2 lots, the buy 4 more lots @ 1.8610.
6. Enter new positions at double the lots of the last entry for each 50 pip move against you.
7. If you are in one of these negative trades, use the spreadsheet to determine breakeven, 100 pip win point, and 150 or 200 pip win point. Decide on a target using these calculations, and enter limit orders for all open positions. When you get to 7 or 8 lots, the difference between a 100 pip and 150 pip win point is usually less than 10 pips. When you get to 15 lots, the difference between a 100 pip and 200 pip win point is usually less than 10 pips.
8. The retracement necessary is very close to Fibonacci ratios. The more lots you have on the trade, the less retracement needed. The worst case will be 1 lot at entry, 2 lots at entry - 50 pips against you. This requires a 50% retracement for breakeven and a 100% retracement for 100 pips.
9. If you are into a winning trade from the start, and you have made your target and it is still 10 AM or earlier, repeat the first step. If not wait for tomorrow.
10. If you are in a trade that has gone against you, and you make your target, you can start a new position if it is 10 AM or earlier.
This should average about 600-700 pips per week"
This system was described in another forum. Please anyone capable should help with an expert (EA).
The original thread also has an excel program for determination of breakeven, 100 pips and 200 pips profit. If you require that also I wil place in the forum for the benefit of all.
Thanks
|