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Rules
Job finished
Specification
Hi! I want to build an EA and test to see if it works in a real market. The idea is from Citibank. It is to be used on daily charts and weekly charts.
The basic idea is buying when price is above the 70ma and selling when the price is below the 70ma. Simple idea, but there is more here. As you know we use resistance and support, as well. See below.
Definition of UPtrend and UP-momentum:
Price above the 70 simple moving average = uptrend
(2) MACD is above zero
(3) Break of Horizontal Resistance
(4) Optional Filter: Stochastic went to oversold before price resumes trend
Indicators:
Simple Moving Average 70
MACD
support and resistance, higher highs and higher lows, lower lows and lower highs.
Candle stick
Long:
Buy when the exchange rate is above the 70 simple moving average, and there was a new higher high (breach of resistance) in place, and MACD is above the zero line.
Signal Candle: Engulfing bullish candle or a wide spread candle with little shadow at the top across the moving average or after an at least three candle bar pullback and price is still above the 70 ma we get an engulfing bullish candle, doji or hammer or tweezers.
Trigger: Place 3 buy stops (pending order) above the Signal Candle. Yes, we are entering three times at the same price.
Targets:
(1) Target#1: No target, but trail the price with ATR 14 with 3.7 multiple and a 12 bar trailing stop. And with this I need a break even level plus x amount of pips locked in.
(2) Target#2: Use the 50-100-150-200-250-300-350 Candle Trail method <--- please ask me what this is when we talk.
(3) Target#3: Target previous horizontal resistance swing high if any are available or at least 2:1 Reward to risk ratio
*** I need all these three because I need to test which one is better in the long run.
Stop: Below the low of the Signal candle or previous fractal lower than the Signal candle, which ever is lower.
Risk: percentage risk.
Do not trade on NFP.