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Description -
An expert advisor(s), placing sell trades in EUR/USD, based on the close price of the previous two candles, as shown in the figure below.
The trades would be made in the 5 minute, 1 hour, and 1 day timeframes.
In the 5 minute and 1 hour timeframes the market orders would be placed at the start of a new candle, at specific times EST. The order would be cancelled at the close of that candle, i.e after 5 minutes, or after 1 hour, irrespective of price movement. There are three candles I am targeting each day in the 5 minute time frame, and 2 candles in the 1 hour timeframe
In the 1 day timeframe market orders would be placed on Thursday and Friday only, opening at a specified time EST, and cancelled at a certain time EST irrespective of price movement.
Required input parameters
- Risk % = 2
- Trade Start Time 1 = e.g 07:00 EST
- Trade Start Time 2 = e.g 09:15 EST
- Trade Start Time 3 (5 minute time frame only) = e.g 10:25 EST
- Trading Days - Mon, Tue, Wed, Thu, Fri (5 minute & 1 hour timeframes). Thu, Fri only for 1 day timeframe.
- Stop Loss = input parameter in pips, set as a trailing stop loss.
No take profit level will be set, the orders should automatically cancel at the close of the candle.
The EA should have an in built risk management function, to ensure that maximum loss is no more than 2% of current account balance.
A maximum of 1no active trade per timeframe should be permitted.