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Execution time 1 day
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Entry concept:
If no trades are open trigger next trade based on last bar direction.
If last price direction bar was up trigger a buy.
When buy has been triggered do not trigger sell, only one trade set at a time.
Trade management:
Take profit 10 pips.
Buy 0.01 with TP 10 pips.
There are no stop losses involved only.averaging and hedging out 2 orders and break-even.
Trade concept and management explained:
If price goes down by step value 20 pips trigger another buy of the same size as original order up to 4 times. On trade 4 we issue a hedge order at the same level as trade 4 with aims to close trade 1 and 2.
I show example below:
Trigger buy:
1. 0.01 first order based on close candle direction
2. 0.01 if price goes down 20 pips, if price goes up close at global level of 10 pips profit.
3. 0.01 if price goes down another 20 pips if price goes up close at global level of 10 pips in profit.
4. 0.01 if price goes down another 20 pips, trigger a sell hedge order 0.04 to close orders 1 and 2 if price continues down and the profit of 0.04 sell covers the loss of trade 1 and 2 combined by 10 pips close orders 1 and 2 plus the hedge.
At this stage there is a gap between the order 3 and 4 and current price but I am not sure if it is beyond 20 pips or if it is more for another trade to issue. And the cycle continues.
What happens if price goes higher with 4 trades open along with the hedge:
Now if price decides to go higher when the hedge order is open trigger a close all at break-even. And we start again all over.
If coder can use the example above to code same idea and the orders close in profit when a maximum of 3 orders are open but close out 2 orders at a time with 4 orders being open plus hedge or lead to break even.
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