EA Schedule
Weekly/Daily/4H Analysis Manual Analysis
(Blue Box) After analysis the market. I decide if I will go
short or long. In this straightforward example we see that the price is hitting
the downward trend line. So in this case I should decide to sell this currency pair.
Because I don’t want a high stop loss of 100 or pips the
idea is to the enter the short trade on a renko chart. It is easier in this way
to reduce the stop loss. The renko chart
you will see below.
There also need to be a button to decide if the EA is
looking for short/long or both.
Renko Chart and EA
The ea should run on a offline renko chart. Mostly I will use 6 pips per candle but this can this be different.
12/36 EMA
Here you see the same retracement as on the 4 Hourly chart.
The EA can notify a short trade in this case after the crossover of the 12 and
36 EMA. So if the 12 ema is < than the 36 EMA the EA should be looking for
short. If the 12 > 36 the EA is looking for buys.
Retracement
The next step is a retracement. We only open positions after
a retracement of at least 3 candles. In the example you see 3 or more
retracement candles.(adaptable number of retracement candles)
Enter the trade
After the retracement we need a candle that is conversely
with the retracement. So in this case we the close of the bearish renko candle.
-The EA should open 3 position
Stoploss and profit
target
-The stoploss of every positions should be the same
The profit target of the first position should be the same
as the SL
The profit target of the second position should be 2x the SL
The profit target the third position should be open (managed
manually)
Risk management and
position size
The number of pips of the Stop loss should be adaptable. The
risk management is a % of total capital. Also this should be adaptable. After
setting up the number of pips and the percentage theEA should calculate the
position size automatically.
For example if I want to risk 1% of the account size and
after comparing this with trade balance and the calculation should lead to
position size of 0.09. The opening positions all have a value of 0.03.
Script running
This is amount that the EA is able to open new postions.
After the ea opened postions it should not open
postions unless there are no postions open anymore.
But also new opening positions should be limited.
In the attachments you will find the EA that I use for my renko chart, also you will find the template for the manual analysis.
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