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Specification
Hello, expert!
I'm looking to have an RSI based EA that trades on one hour chart. Here are the requirements:
Open a BUY position when
1. in an uptrend (H1 above 200 EMA)
and
2. RSI crosses 50
Opposite applies for a SELL position.
Unsure about the lot size and here's the "funny" part:
- the robot needs to assess the situation hourly. If in profit (after, say, an hour), add another position of the same size (scaling up, I think it's called) and again and again, until, collectively, all the positions are in profit that equals to 2% of the trading account...aka, when the direction is correct, target 2% of the trading account size as the TP.
- if the direction is incorrect, it needs to (again, hourly) start adding positions that are twice as big as the already open position(s) and assess the situation hourly. Effectively relying on a pull back. And again, target 2% of the trading account as the TP (all the open positions combined)
It, essentially, means, that the robot might not win every "battle", but it'll win every "war". So no SL set as no "war" will be lost. Yes, individual positions will be losers (as well as winners), but overall, the robot wins 2% every day (say, 4 times a week).
It's a strategy I discovered on one of the "copy trades" websites so I know it can be done. I cannot get the source code, so I'd like to have my own built.
I'm open for discussion about this strategy sa the one I currently copy, isn't perfect and "leaves a lot of pips on the table". I know a way how to improve it to lock in bigger gains and leave trades open for longer.