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Hi, I would like to ask for your help. I have been looking at some rules and candles. It´s straightforward and there is no need of indicators or anything else. When starting the robot or at a fixed time, the robot will start looking for the first candle, either bullish or bearish. This will be the direction candle. If the second candle follows the trend, for example, the first candle was bullish, and the second candle broke the high of the direction candle BUT respected the low, this will be the confirmation candle. This will be the same with a first bearish candle. If the second candle or confirmation candle broke the low but respected the high of the first candle or direction candle, then we will proceed to the entry candle.
The entry candle will be the third candle, following the trend, buying for bullish trend, selling for a bearish trend. When there is a position open, 70% of the position will be closed at 10 pips, letting the rest running. At this point, the stop loss will be moved to the open of the position or breakeven. When reaching 20 pips, 20% will be closed, and the stop loss will be moved from the breakeven to a trailing stop of 50 points (5 pips).
For risk management of the trade, the stop loss at opening the position will be placed 2 pips below the low (bullish candle) or high (bearish candle) of the confirmation candle. This will be the total stop loss, meaning this is 100% of the stop loss. If the price goes against the trade, when reaching 50% of the stop loss, 50% will be closed. When reaching 75% of the stop loss, 25% of the position will be closed. Finally, when reaching the full stop loss, the other 25% will have to be closed.
Look at the table below for a better explanation of the management:
| Take profit | Stop loss |
|---|---|
| 100% | 100% |
| 70% closed at 10 pips then breakeven | 50% closed at 50% of the stop loss |
| 20% closed at 20 pips then trailing stop | 25% closed at 75% of the stop loss |
| 10% will have trailing stop every 5 pips | 25% closed at 100 of the stop loss |
It´s important to just have one position or trade open at a time.
