I wonder if anyone can tell me if this is possible. I use 5 min MA indicators on a 15 min chart and in an ideal world would like an EA to set buy limit (or sell) pending orders based on the MA 5 value. As the price updates then cancel the prev pending order and open another one (in whatever direction I have set - buy/sell).
Keep going unitl it opens or I close it all off becuase I have changed my mind or direction has changed, in which case I would want to do the same again but the other way.
Essentially i want to get in at the MA5 line but I am either not quick enough or have requotes etc to contend with, re entering the pending order each time is tedious and time consuming.
Can this be done, and if so would someone be willing to code it for me/quote me to have it coded.
If you could explain further and perhaps some example or chart or picture for easy understanding then i tell you if i can do it. PM me
This is a 15 min GBPJPY from about 20 mins ago.
Green line is my shifted MA5
The blue vertical line is where I decided it was time to place a sell.
As you can see the price was below MA5 but came back twice. That was where I wanted to enter.
The trouble is I can't be quick enough and things can happen, i.e it moves too quickly, price requotes and it is too late or I jump in too quick and get stopped out. An EA will remove this bit of emotion for me and help me improve.
Also as you can see, if I missed the first entry its an hour before another one came along. I can't watch for this amount of time and it could start to go the other way. If that happened I would stop the sell and open the buy limit EA.
The MA5 I use is a stock MA from the indicators with a shift of +1, smoothed/median/hl2 setting .
I'd like the EA to place a pending order sell limit (no sl or tp needed as this is managed by another EA) in anticipation the price will come back, if it doesn't then so be it.
After 5 mins it may not have entered (come back) so it needs to delete the original pending order and place a new one based on the new 5 min MA price as this will move every 5 mins.
Same for placing a buy i.e the reverse.
Really hope you can help or point me in the right direction.
Your explanation is still not clear.
what decide the blue line to be there.
what action to be done , buy or sell or pending order what is the basis.
Remember EA is precision, the condition should be precise no maybes or about, i have to know this. then i also need how to close the trade. Those are the info i need.
Thanks for the reply, hopefully this will help :-)
Pre set conditions
Lot size already pre entered in the EA i.e 0.8
TP 30 entered into EA
SL 30 entered into EA
Indicator on my chart
MA5 = Moving Average 5
Period 5, Shift 1
MA method smoothed, apply to Median (HL/2)
Order Open conditions
(2 x EAs ??)
Place Buy EA
EA open buy order if price = MA5 price +/- 3 pips
then open a buy order
else do not place and continue to monitor
Place Sell EA
EA open sell order if price = MA5 price +/- 3 pips
then open a sell order
If orders open => 1 then do not place order
Manually (if I change my view on the market) I will remove the EA from my chart so no orders will be placed.
Hope this makes it clearer.