All orders
Rules
Specification
Strategy 1: Trade the Trends
Forget about the usual error of trying to predict highs and lows. These are not only nearly impossible to predict, but a new high or a new low is where the new trending starts.
When you spot — not predict, mind you, but spot — a new high or low, a movement that ends an old resistance point by at least three pips, you probably have a new trend in the Forex market. This is when you get in.
Strategy 2: Swing Trading
This is because it doesn’t require the discipline or the experience with trend-spotting that trend investing does. Swing trading is about looking for a price spike either up or down, then mentally defining a particular area of resistance and support, and then watching like a hawk for the momentum to shift while the level holds before entering your long term Forex trading signals. Swing trades are for quick entry and quick exit. You only hold your position most of the time for two to seven days.
Swing trading works, ironically, because of folly. But not your folly. It works because short-term price spikes get caused by emotional trading driving the pair price too far too quickly; and as a result, the prices very soon return to fair value. You as the swing trader seek to over buy and over-sell the resistance and support levels and then trade into them.
Strategy 3: Confirmation
This is a part of trading the trends, but it should be viewed as a method in its own right. Confirmation means confirming breakouts (newly starting trends) so that you don’t get fooled by false (illusory) breakouts, which as you can imagine do sometimes occur. (This happens when a new trend fails to materialize as anticipated.) Confirmation involves the placement of a few momentum indicators and using them to more deeply analyze whether a perceived trend is likely to materialize. The two most important movement indicators for you to learn as a novice are the RSI and the stochastic movement indicator.
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If you understand even one of these strategies and are willing to implement it successfully into an EA on MT5 then let me know. I am not going to go into any more detail about any strategy, as these should already be something you know and understand well if you want to code this EA well. At the same time, feel free to ask questions (I may be able to help).
The EA itself should have trading time enabled (or option to disable / and choose trading time), it should have TP/SL along with trailing stop. I expect this to be a professional EA that will work on live trading from the moment it is released and far into the future, which is why I want to have someone who understands these strategies (again if you only are able to code one or two, that is okay).