I have an idea...
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EA, which would do this is no problem to code. But I miss some details in your description, even if it is long.
Please write a step-by-step example and attach some picture, to see the steps. I understand the grid, but each 10 points BUY STOP and SELL LIMIT???? It will execute both if touched...
If explained well - I will attach a code here, at least firs draft (not sure have a time to deal with it too much)
EA, which would do this is no problem to code. But I miss some details in your description, even if it is long.
Please write a step-by-step example and attach some picture, to see the steps. I understand the grid, but each 10 points BUY STOP and SELL LIMIT???? It will execute both if touched...
If explained well - I will attach a code here, at least firs draft (not sure have a time to deal with it too much)
Thanks navodar...everything is sorted out elsewhere.
Thank you for your interest.
Kind regards,
Rayzee.
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This is my first post and I'm not sure it's the right place but here goes.
I trade Cable manually using a "Grid" to capture Daily Ranges. I place Buy Stops every 10 points to cover 200 points set to take 10 pip profit. The same with Sell Stops. I also place Sell Limits on the "Buy" side at the same places and vice versa on the "Sell" side.
As you can imagine this is quite time-consuming to set up, I work, travel and sleep 17 hours a day (I work nights so no help there!)
What I would love someone to write would be an EA that works on a Daily basis, that is it "opens" at 00:00 GMT and closes at 23:59 that day.
The EA needs all the usual parameters eg. MM,SL,TP,LotSize as well as GridSize, Magic, CloseAllPending, CloseAllBuy, CloseAllSell.
The first thing the EA should do is place 20 Buy Stops and 20 Sell Limits on the upside at 10 pip intervals, and 20 Sell Stops and 20 Buy Limits on the downside.
There are now 4 different Take Profit scenarios from the 4 different order types, this part is important.
1. When Buy Stop takes 10 pip profit it should place a Sell Limit order immediately.
2. When a Sell Limit takes profit it should place a Buy Stop.
3. When a Sell Stop takes 10 pips it should place a Buy Limit.
4. When a Buy Limit takes 10 pips it should place a Sell Stop.
When I do this manually the profits are phenomenal but it is hard to keep up with the pace as the price can move 20-30 pips in seconds, leaving no time to manually place Pending Orders.
In a nutshell there are 4 order types, 4 Take Profit types and 4 responses to each Take Profit type.
This will capture most of the "ups and downs" which characterise GBP/USD.
The only other consideration is how to deal with what I call "turds", that is an open position that didn't make profit and the price is moving away.
Perhaps, a Stop Loss or a Time Period...not sure about this, but "turds" can very quickly get very big.
Thanks for reading, I hope someone can help.
Kind regards,
Rayzee (Ray Fearnley).