Hey good day.
Allow me to explain my strategy. The strategy itself is not yet complete and I'm still trying to find the best confirguration.
But nonetheless here it is.
First Step is for EA to mark out the high and low of the first hour candle of XAUUSD once it opens for the day or the new day.
Picture 1

From Picture 1, we can all obviously see the period separator. That shows the end of the day and the start of the new day.
Since this is in M5, 12 X M5 candle equals to H1 thus that grey shaded box is the first hour.
EA will need to know the first hour Highest point and Lowest Point.
Pic 2

Now that EA has determine the first hour high and low, all it needs to do is wait for any candle to CLOSE ABOVE or CLOSE BELOW (in M5).
If close above high, EA will open Buy.
If close below low, EA will open Sell.
For lot size, please make an input for me. "First lot = "
If i were to insert 0.1, EA will only enter 0.1 lot size and nothing more.
For exit?
Kindly set TP 125 pips once EA opened an order.
Once hit TP, EA will NOT open any more order for the day and WAIT for the next day.
There are days when market will close below and close above the zones. Hence this next step is crucial too. The counter strategy.
Picture 3

I will now explain Picture 3 (counter strategy)

So firstly, EA will opened a sell order. As it was first seen a close below the zone.
Along the way, TP of 125 pips failed to be reached and a close above the zone was seen from the picture.
Once such senario occurs, EA will close the first position of sell at a loss and opened a COUNTER buy order.
At what lot size? Same as the input command from earlier above, EA will let me insert " First Lot =" and "Second Lot ="
Tp now for 2nd position instead of 125 pips, program the EA to TP 300 pips.
Picture 4

Kindly Program the EA for maximum "tries" of 3 per day. Limit the EA to only 3 times per day as picture above.
So far my backtesting, maximum number of fail is only 2 hence when i test, the 3rd entry it will always move to TP.
Picture above shows First Entry sell failed.
Second Entry Buy failed.
Third entry Sell was opened.
And price dropped 650 pips.
Like the command input for 1st Lot, 2nd lot, kindly also allow me to command the EA the lot size for the 3rd and final entry.
Once 3rd entry was triggered, program the EA to TP the third entry at 300 pips.
Important
- EA is in MT4
- Maximum "tries" per day is limit to 3.
- First Entry TP = 125 pips
- 2nd and 3rd Entry TP = 300 pips
- EA require my input for 1st, 2nd and 3rd lot size before the Smiley Face emerge.
- Once TP, EA will relax and wait for the next day signal zone.
There are days when i see market can give alot of pips even if it's on the first entry.
You can try and see for yourself.
Hence I'm open if you have any suggestions on trailing stop or how to maximize the profits.
Let me know if this EA can be done for XAUUSD, M5. Thank you.
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