The idea is to trade the end of every significant correction on EURUSD
M5.
- Trading Logic. We're searching for particular pattern - in uptrend
three we need three bearish candles followed by two bullish candles.
Once we have them it is a buy signal. Respective in downtrend - we
need three bullish candles and two bearish after them. I use this
pattern to find the end of the the correction.
- Description of indicators. The only used indicators are 90 periods
EMA on M5 and . I use it to determine the trend and to filter the
signals.
- Explanation of chosen settings. This is one timeframe strategy. Only
M5 is used. EURUSD only. I selected this pair as most liquid. As the
strtegy works on M5 the Take Profit 7 pips. The Stoploss is set to 65
pips to avoid needless stopouts, but the actual stoploss is
time-related. If the take profit (7 pips) is not hit in three days the
position is closed automatically. Also the strategy has trade-blocking
flags "donotbuy" and "donotsell". donotbuy set to 1 when the last
candle is opened above and closed below upper Bolinger band. The flag
is set back to 0 after about half an hour. The idea is to give some
time to the market to decide where to go from the local high. The
respective rule is valid for "donotsell".
- Method of trade volume calculation: As this is contest strategy the
volume is increasing with 0.18mio on every trade starting from 9 mio.

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