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Rules
Specification
Scenario 1:
Breakout, Retest, and Engulfing Candle Cross Entry
1. **Price Breaks Above/Below the 50 EMA:** - The EA should identify when the price breaks above (for buy) or below (for sell) the 50 EMA.
2. **Retest of the Breakout Level:** - After the breakout, the EA should wait for the price to return and test the breakout level TEST SHOULD BE WITH BEARISH CANDLE IF CASE BULLISH AND TEST WITH BULLSIH CANDLE IF CASE BEARISH (above or below the 50 EMA).
3. **Engulfing Candle Formation:** - The EA should detect the formation of a bullish (for buy) or bearish (for sell) engulfing candle after the retest of the breakout level.
4. **Entry Trigger (Candle Cross):** - The EA should place a trade when the next candle crosses above the high (for buy) or below the low (for sell) of the engulfing candle. ---
#### Scenario 2: Breakout of 50 EMA Without Retest
1. **Price Breaks Above/Below the 50 EMA:** - The EA should detect when the price breaks above (for buy) or below (for sell) the 50 EMA. At the time of the breakout, RSI should be above 50 for a buy or below 50 for a sell.
2. **No Retest of the 50 EMA:** - If there is no retest of the 50 EMA, the EA should proceed with the next step.
3. **Next Candle Crosses Breakout Candle by X Pips:** - The EA should enter the trade when the next candle crosses the high (for buy) or low (for sell) of the breakout candle by a user-defined number of pips (e.g., 5 pips). 4. **Stop Loss (SL) Placement:** - The EA should set the SL below the low of the breakout candle for a buy, or above the high of the breakout candle for a sell. --- ### SL and TP Management for EA 1. **Risk Management:** - The EA should open the initial trade with 1% of the account balance as risk. 2. **Martingale Strategy:** - If the trade hits the SL, the EA should open a new trade with an increased lot size (Martingale) to recover the loss and still target profit. 3. **Take Profit (TP) Management:** - The TP should be user-defined, e.g., targeting 5% of the account balance, and the EA should manage TP and SL accordingly for both risk and reward.