I am a retired Professional Analyst Programmer, and I want to boost my income by having my successful current strategy put into an EA.
Trading Idea
The markets go up and down in a wave-like pattern. At the bottom of the wave, I close the previous trade (if there is one) and open a BUY trade. At the crest of the wave, I close the previous trade (if there is one) and open a SELL trade. To close a trade, I am suggesting using trailing stops. Then the EA closes the SELL trade at the bottom of the wave, and opens a BUY trade. So on, so on .......
The EA will only run from 00:01 on Monday (1 minute past midnight on Sunday) until 23:30 on Friday.
Strategy
If the current open price > previous close price then open a BUY trade and set the trailing stop.
If the current open price < previous close price then open a SELL trade and set the trailing stop.
The trades will go on for as long as they can until they meet the trailing stop. It is the trailing stop that controls the running of this EA.
I have attached a copy of a chart which I have marked up. The RED line starts just round the corner and starting to go up, and follows a BUY trade. When it gets to the top a YELLOW line takes over, rounds the corner and starts to go down, and follows a SELL trade.
External Parameters
a) Lot size, default value is 0.01, can be changed up to a value of 99.99
b) Trailing Stop, default value is 6 pips, can be changed up to a value of 99 pips.
Brokers, Currency Pairs, Timeframes, Initial Deposit, +
Currently I have accounts at 3 brokers, FXSUIT, FXTM (Forex Time) and XM.
The currency pairs I will be trading on are XAUUSD, GBPUSD, EURUSD. If I find any others I can make money on, I will add those.
The initial deposit has to be $50. This will enable the EA to run on a micro or nano account.
The timeframes to be used will be M1, M5, M15, M30, H1, H4, D1.
I intend the robot to be running on up to 5 currency pairs at each broker.
Miscellaneous
The source program (.mq4) should be well commented to allow myself to understand what is going on.
I will want a copy of the source program.
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