Fully Automating break out strategy from Entry to Exit

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Andy
5
Andy  

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.


Andy

Tim
3
Tim  

Andy,

I could code this for you.

Contact me off line hiachiever [at] gmail.com

and we can discuss further.

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