HOW CAN I OPEN A TRADE ONCE PRICE HAS REACH CERTAIN AMOUNT OF PIPS ABOVE/BELOW..
How can I have my Ea open a trade every time the prices has reached certain amount of pips say above or below for instance previous day high or low?
So basically would be something like this:
*IF PRICE REACHES TO 10 PIPS OR MORE OF THE PREVIOUS WEEK LOW, THEN DO THESE THINGS:
-OPEN A BUY OR SELL TRADE WITH A PRE-DETERMINED SL, TP, BREAKEVEN AND ANY OTHER CONFIGS PREVIOUSLY DEFINED BY THE TRADER.
Can you guys give some help?
check the example attached made in AlgoWizard
Thanks will check it out!
It’s working perfect!
now how can I add risk management strategy on it?
for instance using these conditions:
*if trade #1 = sl then reduce risk by 50%, else (which means was a tp), then next trade keep same risk% as initially set.
and for instance if the trade #1 was a SL do this:
*if trade #2 = tp or trail stop in positive then risk = back to initial %
Im not sure if I explain my self clearly, but in terms of money would be something like this:
TRADE #1 (RISKED $100) RESULT = SL THEN REDUCE RISK BY 50% ON NEXT TRADE.
TRADE #2 (RISKED $50) RESULT = TP OR STOP BY TRAILING IN POSITIVE THEN ON NEXT TRADE START WITH INITIAL RISK OF 100$ PER TRADE.
TRADE #3 (RISKED AGAIN $100) RESULT = SL THEN DO AS ON TRADE #1 OR IF IT TP OR TRAIL STOP IN POSITIVEN THEN KEEP SAME RISK.
Hope this makes sense.
thanks a lot!
Can you change this to consider not the current weekly high or low but the previous week’s high or low?
I found that it does what I need after if goes above/below 10 pips of previous weeks high/low but it also sometimes opens another order on the following day but when it does the trading signal conditio on the same week, for instance:
On Monday it went 10 pips below previous week’s high and placed and order, but then on tuesday it did the same.
Ok, so you want to make 1 trade per week? Or better one trade long & one trade short as the maximum?
If it triggers only 1 per week, then it is ok. But if this can be set how many trades per week, it’s better.
If you want the the week’s before high / low simply change HighW to HighW and the same with LowW
This is how you can do 3 trades per week. Check the example attached
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