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HOW CAN I OPEN A TRADE ONCE PRICE HAS REACH CERTAIN AMOUNT OF PIPS ABOVE/BELOW..

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valenpty

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2 years ago #259328

hI!

 

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?

 

thanks!!!

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tomas262

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2 years ago #259331

Hello,

check the example attached made in AlgoWizard

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valenpty

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2 years ago #259334

Thanks will check it out!

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valenpty

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2 years ago #259335

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!

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valenpty

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2 years ago #259342

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.

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tomas262

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2 years ago #259364

Ok, so you want to make 1 trade per week? Or better one trade long & one trade short as the maximum?

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valenpty

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2 years ago #259366

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.

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tomas262

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2 years ago #259524

If you want the the week’s before high / low simply change HighW[1] to HighW[2] and the same with LowW

This is how you can do 3 trades per week. Check the example attached

 

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