Trading Logic: I use price action based multiple three sub-strategies
for EURUSD. First sub-strategy, uses EMA of 11 based on hourly period
with 1 Hour candle's open and close. I BUY when Hour Candle Close >
EMA 11 and Hour Candle Open < EMA 11. I SELL when Hour Candle Open >
EMA 11 and Hour Candle Close < EMA 11. Second sub-strategy uses two 30
min candles with shift 1 and 2. I BUY when Shift 1's Close > Open and
Shift 2's Close > Open. I SELL when Shift 1's Open > Close and Shift
2's Open > Close. Third sub-strategy is based on Over-bought and
Over-sold condition determined by RSI indicator with time period 14 on
1H period and 1 shift. When RSI is below 25, I BUY. When RSI is above
75, I SELL.
Description of indicators: I have used many customized indicators. I
will describe them one by one. I started with a customized time based
indicator. I wanted my trades to be opened only during 6 GMT and 16
GMT hours on Monday-Thursday. Using LAST ASK CANDLE's Candle Time in
GETTIMEUNIT function, I fetched day of week, hour and minute in
variables named - dayofweek, hour and minute respectively. Using
dayofweek less than 6 helped in excluding Friday's trading day. hour
variable was set as greater than and equal to 6 - along with - less
than and equal to 16. So, trading was set during 6 GMT and 16 GMT
hours. In first sub-strategy, I have used 1 Hour candle's open and
close along with EMA 11. Shift 1 is used for both 1 hour candle and
hourly EMA 11. I needed to determine bullish and bearish candles. So,
I used Close > Open for Bullish candles and Open > Close for Bearish
candles. I have already explained BUY/SELL logic in trading logic
section. In second sub-strategy, my two 30 min successive candles use
previously described Close > Open for Bullish candles and Open > Close
for Bearish candles. Third sub-strategy used RSI indicator to
determine Over-bought and Over-sold conditions with 14 time period
setting. When RSI is below 25 it symbloises Over-sold conditions, so I
BUY. When RSI is above 75 it symbloises Over-bought conditions, so I
SELL.
Explanation of chosen setting: Lot size = 8 lots, Slippage = 5 pips,
250 pips is set as Stop Loss and 5 pips is set as Take Profit. This
setting is same across three sub-strategies explained above. Method of
trade volume calculation: Not used.
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