Hello, i m new to automatic trading, i m trying to make a very simple strategy about london breakout, i tried many ways but it still does nt work.
Basically : in 1 hour timeframe i look for the high and low of the 3 bars before london opening.
if at some point the price cross the “high of the 3 hours before london opening” -> buy 2 contracts ,
Set stop loss at low of the “range 3 hours” ,
Take 50% profit (here 1 contract) at : the high + “range distance of the 3 hours range” and move the stop loss at high of the “range 3 hours”
Take 50% profit (the 1 contract still in position) at : the high + 2 * “range distance of the 3 hours range”
Please could you help me ?
Pictures are always the best to describe so
- I put in attachment a picture of what i would like on the GBP USD TimeFrame 1 Hour, Friday 6 march 2020
- The indicator i use to draw arrows for this strategy.
DEFPARAM CumulateOrders = false // Cumulating positions deactivated
// The system will cancel all pending orders and close all positions at 0:00. No new ones will be allowed until after the "FLATBEFORE" time.
DEFPARAM FLATBEFORE = 060000
// Cancel all pending orders and close all positions at the "FLATAFTER" time
DEFPARAM FLATAFTER = 130000
CountBuy = 0
EMA25 = exponentialaverage[25]
if currenttime = 080000 then
max1 = high
min1 = low
endif
if currenttime = 070000 then
max2 = high
min2 = low
endif
if currenttime = 060000 then
max3 = high
min3 = low
endif
Maximum = max(max1,max(max2,max3))
Minimum = min(min1,min(min2,min3))
if currenttime = 090000 then
EMA25Price = exponentialaverage[25]
endif
RangeSize = Maximum - Minimum
if Maximum > EMA25Price and Minimum > EMA25Price and CountBuy = 0 then
if time = 080000 and CountBuy = 0 and high < Maximum then
BUY 1 CONTRACTS AT Maximum stop
SET STOP LOSS RangeSize
SET TARGET PROFIT RangeSize
BUY 1 CONTRACTS AT Maximum stop
SET STOP LOSS RangeSize * 2
SET TARGET PROFIT RangeSize
CountBuy = 1
endif
if currenttime = 090000 and CountBuy = 0 and high < Maximum then
BUY 2 CONTRACTS AT Maximum stop
SET STOP LOSS RangeSize
sell 1 contracts at Maximum + RangeSize limit
sell 1 contracts at Maximum + 2*RangeSize limit
//SET TARGET PROFIT RangeSize
CountBuy = 1
endif
if currenttime = 100000 and CountBuy = 0 and high < Maximum then
BUY 1 CONTRACTS AT Maximum stop
SET STOP LOSS RangeSize
SET TARGET PROFIT RangeSize
CountBuy = 1
endif
if currenttime = 110000 and CountBuy = 0 and high < Maximum then
BUY 1 CONTRACTS AT Maximum stop
SET STOP LOSS RangeSize
SET TARGET PROFIT RangeSize
CountBuy = 1
endif
endif
//graph CountBuy
graph Maximum