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Rules
Job finished
Specification
Tonker Jones EA
I would like an EA / trading robot developed. The EA should be able to open and close trades based on the automation of my manual rules
My manual system
The manual trading system I use is as follows:
I use an EMA system to determine the direction of my trading.
I use three EMAs : Fast, Medium and slow. Medium and slow are functional in my trading.
- I ONLY Sell when = Medium EMA crosses below the SLOW EMA
- I ONLY Buy when = Medium EMA Crosses above the SLOW EMA
Once I have a clear view on which way I will trade, I wait for price to reach extremes in the ‘wrong’ direction (pullbacks) with price moving above the Fast and medium EMAs, then wait for a trend line break which has been set on a lower time frame, then place a pending order based on the last area of supply /demand (also taken from lower timeframe). If there is no area of supply / demand on the lower timeframe I then place a pending order at the high of the trend line break. I trade the 15min, using 5min as precision timeframe (to place pending orders, and set trendlines)
Steps
- Step 1, Direction: Look for Slow EMA to cross Medium EMA = direction for my trading has been set. If my Medium EMA cross above the slow EMA I am ONLY looking for Buys. If my medium EMA crosses below the SLOW EMA, I am only looking for sells. See diagram 1
- Step 2: once direction has been set; I look for price to be pulling back in the opposite direction i.e. I look for pulls backs
Also note here the trade set up is valid as price is in an extreme level of pull back. The EA should pick up that price has moved above both fast and medium EAs and is therefore in an extreme state. This equals a qualified trade setup.
- Step 3: I go to the lower timeframe (5min) and draw trendline connecting lowest / highest points / wicks to draw the Trendline.
The medium EMA is still below the SLOW EMA = Sell setup is still valid.
- Step 4: I wait for the trendline to be broken on the lower timeframe, once broken I am looking for my entry
- Step 5: I place a pending order on my lower time frame using principles of supply and demand i.e. the last guy that was wrong footed. If there is no clear area of Supply / Demand, I place a pending order at the structures last High / Low.
- Pending order should have a validity period, expire after x days, and
- Pending order should expire when medium EMA Crosses in opposite direction to SLOW EMA
Money and account management
OVERALL ACCOUNT MANAGEMENT
Tick box to enable / disable account management feature
If enabled / ticked the following criteria must be in place to manage my entire account, and all trades across all pairs active with the EA within my account.
- Max profit: Close all trades and stop all trading immediately when account EQUITY reaches profit
o X Pips
o Or XX account currency
- Max Loss: Close all trades and stop all trading immediately when account EQUITY reaches loss
o Pips xx
o Or XX account currency
- Margin used: %
- Free margin: USD
- USD to margin Call: USD
- Profit made : USD
- Loss made: USD
- P&L per chart / pair: USD
Again, this is a feature that will manage all trades and charts where the EA is attached. It’s an overall account, and overall money management feature.
If the account management feature is not enabled / ticked then the above features and options will simply not apply.
News: Under Overall account management, I would like to enable the news feature with the following options:
- Turn off trading for impacted pairs x mins before news : xmin,
o Select news to trigger this (low, medium, high impact news)
- Close all open trades before the news, and do not open new tradess: Yes / No
if that was enabled, then
- Turn trading back on x Mins after news
Note this will impact the news related pairs only. Otherwise all trading should continue as usual
Money Management per pair / chart
Will this pair be part of the OVERALL ACCOUNT MANAGEMENT: Yes / No
When attaching the EA to each chart, there must be a tick box option:
Do you want this pair to form part of the OVERALL ACCOUNT MANAGEMENT: Yes / NO
If yes has been selected, then all the profit / loss feeds into the OVERALL ACCOUNT MANAGEMENT feature listed above.
If no is selected here, then this chart / pair will not be managed by the OVERALL ACCOUNT MANAGEMNET feature
Trading:
Trading should offer the following inputs:
Trade Stop loss:
- In pips: X user to input
- EMA Cross: when the MEDIUM and SLOW EMAs cross
Note; both options can be selected
Lot sizing:
- Taken as a percentage of available Account Balance: X %
- Manually entered: X.X lots per trade
Take profit:
- Move trade to break even: after x pips
- Close trade after x pips, or
- Close x% of trade at nearest market low: X% to be closed at this price. See example;
o If there is no recent low, then TP after x pips
The remaining profit (the lots not closed at recent market lows) should be left to run until:
- X pips are achieved, or
- The MEDIUM EMA crosses the SLOW EMA in the opposite direction
Note, both can be selected
Managing Risk:
It is possible that the market moves against me, in that case, I would like risk to be managed as follows:
- If price moves against me while in an open positions, I would like to limit the number of possible open negative positions open at one time to: x positions.
- After this, the EA will no longer open positions until price has again moved to below the SLOW EMA (in the case of a sell, and above the SLOW EMA in the case of a Buy)
- Stop trading after x number of consecutive losses, resume trading again once FAST and medium EAs return the intended state i.e. fast above medium for buy, and fast below medium for sells
- Limit number of trades opened per day: x trades
Flipping from one to the other
To flip from a buy to a sell and sell to a buy, the following criteria must be met:
- Buy: the medium EMA should cross above the SLOW EMA. Now only buys can happen
- Sell: the medium EMA should cross below the SLOW EMA. Now only sells can happen
NOTE: unfortunately diagrams have not been able to be pasted here. And i don't know how to convert my WORD document into a format that is uploadable to this site.