I will like to write an EA swing trading bot with the following rules for entry:
Step 1: Identify Support and Resistance Levels
Timeframe Selection: Daily
Identify Key Support and Resistance Levels:
Support Level: Look for areas where the price has historically had difficulty falling below the Daily support.
Resistance Level: Look for areas where the price has historically struggled to rise above the daily Resistance.
Use Trendlines and Horizontal Lines:
Draw trendlines connecting swing lows for support and swing highs for resistance.
Mark horizontal lines at significant price levels where reversals or strong bounces have occurred.
Step 2: Wait for Confirmation
Price Approaching Support/Resistance:
Wait for the price to approach a support or resistance level.
Candlestick Patterns:
Look for bullish candlestick patterns bullish engulfing near support levels.
Look for bearish candlestick patterns bearish engulfing near resistance levels.
Step 3: Confirmation
Use technical indicators like RSI to confirm the potential reversal.
Look for divergence between price and indicators for additional confirmation.
Step 4: Entry, Stop Loss, and Take Profit
Entry Signal:
Enter a long trade if the price bounces off a support level and shows confirmation signals.
Enter a short trade if the price is rejected from a resistance level and confirms a reversal.
Stop Loss:
Place a stop-loss order just below the support level for long trades with 50 pips
Place a stop-loss order just above the resistance level for short trades with 50 pips
Take Profit:
Set a take-profit target based on the distance between the entry point and the support/resistance level.
Consider using a risk-reward ratio to set profit targets.
Step 5: Risk Management
Risk-Reward Ratio: 1:3
Ensure that the potential reward justifies the risk taken on each trade.
Position Sizing:
Use a lot size of 0.5 for all trades
Trading period is only within 6am to 6pm CET time zone
Drawdown: 1% a day
Market Conditions: only for trending markets
Similar orders
Attached Files Can be used for reference. Please thoroughly understand the requirements and mql5 & set files before accepting the request. 1. Only Accept the job request if you are able to complete on time 2. I want you to show me demo of the Bot created and tested in Demo account for at least 3 days 3. I want you to show me the back tested results for last 5 years 4. 2 bots Need to be created Bot 1 with attached
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All orders
Rules
