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I need this ea to recognize the horizontal lines that I put on the chart.
Entry#1: candlestick breaks through the horizontal line. This is a 1 candlestick formation.(both long and short position) bullish break is for long position. Bearish break is for short position.
Entry#2: reject of the horizontal line.(harami and engulfing candlestick formation that touches the horizontal line) Ie :(short setup) horizontal line is above the price. The price TOUCHES the horizontal line but does not break it. Left candlestick (bullish) is opposite of next candlestick (bearish).This is a 2 candlestick formation
(Long setup) horizontal line is below the price. The price touches the horizontal line but does not break it. Left candlestick (bearish) is opposite of next candlestick (bullish).This is a 2 candlestick formation.
Stop loss:
entry #1: (long setup) if break above the horizontal line, stop loss is at the low of the bullish candlestick. (Short setup) if break below the horizontal line, stop loss is at high of the bearish candlestick.
Entry#2:(long setup) stop loss is at the low of the harami/engulfing pattern that the position is entered on. (Short setup) stop loss is at the high of the harami/engulfing pattern the the short position was entered on.
1.In the input section allow the position size to be entered and adjusted.
2. Only 1 position is to be opened at a time!!!! LONG OR SHORT! Example1: long position is currently open. If short entry signal is produced long position is to be closed and short position opened....
Example 2: if long position is opened and there is another long entry setup it is not to be entered because a long position is already active. Visa versa for short positions.
3. All positions are to be opened at the closed of the candle.
Take profit:
Take profit is the nearest horizontal line in the same direction of the position. Ie: long position take profits is the next horizontal line above the current price. Short position take profit is the next horizontal line below the current price
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