My trading partner and I have been trading a breakout strategy for almost 3 years and have been extremely successful doing this manually. Is there an established program or could someone write a program for the following kind of strategy?
On a 1 hour chart we are waiting for the price to CLOSE above a specified number. When the price closes above the specified number after the hour completes, then the current bar surpasses the previous bar by 1 pip, it would trigger a market order, and it would put in a stop loss 10 pips below the low on the candle that broke your specified number. Then when your order executes and you move into a positive position of 50 pips it would automatically cancel your stop loss order and place a new stop loss to 5 pips above your entry price guaranteeing you from a loss . The preferred exit strategy is to see the currency pair move in your direction and then when it retraces and closes below the 9 period SMA, the next period would have to go 10 pips below the previous bar that closed below the 9 period SMA and that would close you out of the trade. To clarify I will list what should happen in number order.
1) 1 hr bar closes above a specified price that I put in. (this is called the breakout candle)
2) Current price must surpass the breakout candle by 1 pip + spread (then execute)
3) Stop loss will be 10 pips below the breakout candle
4) Profit target would be a 9 period sma.
a) 1 hr candle needs to close below the 9 period sma (this is called the stop loss candle)
b) price must surpass the low of the stop loss candle by 10 pips, then close trade.
I am looking for this to work as a long strategy as well as a short strategy. Like I previously stated in the beginning, this is a very successful strategy, I just don't like to wake up in the middle of the night to place a buy or sell stop orders.
thank you very much for all of your help.
I could code this for you.
Contact me off line hiachiever [at] gmail.com
and we can discuss further.