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EA request for 95pip strategy
Will a programmer please develope an EA for the following system found on FF? Thanks...
OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday.
By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.
EXECUTION:
1.) At 5pm EST open the daily chart (2hrs b4 start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD (see post#20). You're welcome to add to the list.)
2.) After the new daily candle has opened, take note of the previous day's HIGH and LOW. Alternatively, at 5pm EST take the high and low of the previous 22-24hrs.
3.) Open a total of 6 PENDING orders including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:
Buy/Long Orders:
i. #1 - Entry = Yesterday's HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = Yesterday's HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = Yesterday's HIGH+5pips, Take Profit=50pips, S/L=30pips
Sell/Short Orders:
i. #1 - Entry = Yesterday's LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = Yesterday's LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = Yesterday's LOW-5pips, Take Profit=50pips, S/L=30pips
That's it.
Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades.
There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
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