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Hi,
This is my first ever request, and I'm new to Meta Trader so I hope it makes sense. Please reach out for any clarification. I have manually back tested this on 6 currency pairs and Brent Oil over a 3 year period, and results have made me curious to look further into this strategy and allow me to test it on multiple timeframes and multiples currency pairs, and even the option to use it for any asset class.
I will then go and backtest this over many years and pairs, and even asset classes to see if it give me some more optimism around this strategy.
The idea of the trading system is as follows: Market alerts are made when a currency crosses the 200D EMA, and then we watch for when the 200D EMA has been retested and with a wick through or touching the EMA, but a close below. Then the entry is made once the next close is higher/lower than the retest. (Ideal Entry #1 image) this would be a short position.
The entry has to retest the EMA. I don't want to enter if it goes through it, only if it then has a wick that goes through of touches and 200EMA and then closes higher/lower that the previous day.
(Example images attached)
Take Profit Targets, the R:R is set at the 200D EMA.
3:1 - 50%
5:1 - 30%
8:1 - 20%
Stop Loss
1st: A close back above the 200D EMA.
2nd : If it goes past 5:1 and doesn't reach 8:1 I want the final close out of 20% if it returns and closes past 5:1 again. (RR Example image)
I want this EA to be available for both long and short positions, and I want to be able to trial this first on the daily chart, however I'd also like to be able to test it on the 4H, 1H and 15M if possible?
I have tried to provide several visuals and I hope that this helps, please reach out so we can discuss further, I would be happy to share my manual results if required.