Job finished
Specification
Hey everyone, we might need some work to get this one just right. There are a few different rules that the trade needs to abide by. I will lay them out and send pics for reference. We can see how this goes.....
Step 1: Creates a Bullish or Bearish engulfing candle. (TF 4hr or daily) This helps setup the initial level needed.
Example 1: Bearish engulfing candle pair created in blue. Body of the bearish candle needs to close below the open price of previous, bullish, candle which would include the wick. (in this example the bullish candle has no wick)
The Green line represents the spot to mark. (Open price of Bullish candle in this case)
bearish engulfing candle
Example 2 - opposite of example 1 to create a Bullish engulfing
bullish engulfing candle
Step 2: wait till price returns to that point and crosses it..... but closes the candle not across it. (closing price of the candle doesn't exceed that price)
example 1:
the red circle indicates where it crosses and creates a low but closes above that point. (First cross only like this)
At this point in the example when the candle closes above the green line like that, it would execute a buy trade at the blue line (close of the candle that made the touch)
The Stop loss (red line at 1.72865) gets placed 10 pips or 100 pts below the lowest price point of the setup candles. (Blue box is the bullish engulfing candles and in this case the lowest point was on the bearish candle at the point marked with the purple line)
Once it places this trade, that is it.
Example 2:
tiny red circle shows the cross and close below for the bearish setup. (all colors are same as the bullish setup in example 1 )
The green and blue lines are so close but it indeed close below that line for this bearish setup that the EA would then place a sell at the blue line and put the stop loss at the red line which is 10 pips or 100 pts above the purple line.
Side notes:
Any of these points discussed shouldn't leave those points open to continuously execute trades.
It only executes the trades once and done per setup of engulfing candles.
I would like to be able to adjust the lot size of the trade taken by the EA
I would like to be able to have it work on 4hr and daily timeframes if that makes a difference
If you can put a 20 pip/200pt trailing stop loss, I am willing to pay more if it works right