All orders
Rules
Specification
‘BuBd’ Bot Requirements Specification
1. The idea of the Trading System is as follows: Market Entries are performed when Pivot Points signal a Reversal of Trend or Continuation of the Trend.
· Market Entries are performed when the Pivot Point Support or Resistance Levels confirm a REVERSAL with the following Price Action Market Patterns and Entry Candles confirmed with Bullish / Bearish Engulfing or other Entry Candlesticks:
Price action pattern #1: False break
Price action pattern #2: Break of structure
Price action pattern #3: Breakout with a buildup
Price action pattern #4: First pullback
Price action pattern #5: Break and re-test
· The Bot is for the following FOREX PAIRS to be traded at 1 Lot each :
EUR/USD
GBP/USD
AUD/USD
NZD / USD
USD /CHF
USD / CAD
USD / JPY
EUR / JPY
GBP /JPY
2. Trend is determined based on the Smoothed Moving Averages (SMA) with the specified periods (50) and (200). If the current SMA value is greater than 50 or 200, the trend is seen as growing. Alternatively, if current SMA is below 50 or 200, the trend is considered to be falling. Use the 4 Hour and Daily Timeframes to conduct Technical Analysis of Charts
3. Trading Signals:
- Buy and Sell Signals:
FALLING WEDGE / RISING WEDGE / BULLISH RECTANGLE / BEARISH RECTANGLE / BULLISH PENNANT / BEARISH PENNANT / ASCENDING TRIANGLE / DESCENDING TRIANGLE / SYMMETRICAL TRIANGLE
4. Positions are closed at opposite signals: Buy positions are closed at Sell signals, and Sell positions are closed at Buy signals.
5. Positions are opened at the market price, when a new ‘Confirmation Bar’ emerges. The Expert Advisor is to be tested using Open prices, so there is no need to add functions for disabling operations inside the bar.
6. Additional filters for opening a position:
The RSI Overbought and Oversold Levels should be checked. The ATR should be favorable as well.
7. Additional filters for closing a position:
When the Stop Loss reaches 50 Pips Target on the Chart or when the Trailing Stop reaches the 20% Level.
8. Close by Take Profit — When the Take Profit of 150 Pips is reached or the Trailing Stop reaches the 20% Level.
9. The lifetime of signals/orders/positions
All Market Orders should be closed at Take Profit (150 Pips) or Stop Loss (50 Pips) Levels All Limit Orders should be cancelled after 30 Minutes of being created. Trailing Stop should be set at 20%
10. Capital Management:
· No more than 20% of the Account Balance should be traded at any given time.
· Trading should be conducted during Optimal Market Conditions i.e. Days of the Week; Time of the Day; Economic Calendar Events etc...
· Drawdown should be minimized optimally.
· Bot should generate $160 USD to $200 USD in Profits every 24 Hours.