Trading Logic: Trend follow strategy using EMAs of 4,8,12 and 16.I BUY
when EMA 4 > 8 > 12 > 16 and SELL when EMA 4 < 8< 12 < 16. I also
check for boolean variables BUY and SELL if TRUE based on
BULLISH/BEARISH current monthly candle. Only then BUY/SELL orders are
triggered. Description of indicators: I have used mainly THREE
customized indicators. I will describe them one by one. FIRST is
customized variable trailing profit taking targets. Targets profit
levels are 13/5, 40/20, 80/65, 120/105, 175/145, 225/210 and 280/260.
I shall explain what 13/5 means - Whenever I have 13 pips in profit
and price action reverts back to 5 pips in profit, I close the
position to safeguard further erosion in profits. Variable used is
profitinpips (integer data type). Whenever profitpips exceeds 13 pips
then another variable counter13level which was initially set at zero
is incremented by one. When profitinpips reverts back to 5 pips, I
check if counter13level exceeds one, If yes then counter13level is set
back to zero and position closed using Position Viewer.I shall explain
what 280/260 means - Whenever I have 280 pips in profit and price
action reverts back to 260 pips in profit, I close the position to
safeguard further erosion in profits. Variable used is profitinpips
(integer data type). Whenever profitpips exceeds 280 pips then another
variable counter280level which was initially set at zero is
incremented by one. When profitinpips reverts back to 260 pips, I
check if counter280level exceeds one, If yes then counter280level,
counter225level, counter175level, counter120level, counter80level,
counter40level and counter13level is set back to zero and position
closed using Position Viewer.
SECOND is using bias of monthly candle for setting boolean variables
BUY and SELL. Whenever monthly close > monthly, I set BUY as true.
Whenever monthly close < monthly, I set SELL as true. Trading is
allowed after 5th day of the month.THIRD is a customized indicator to
ignore ranging markets, which uses a system of tracking new lows and
highs by daily candles. I have set two variables: highest as 0 and
lowest as 1000. Using loopviewer, I go through day candles one by one.
Whenever current day candle's highest exceeds highest variable value,
it is set as value of the highest. Similalrly, whenever current day
candle's lowest is lower than the value of the lowest variable, it is
set as value of the lowest. Whenever 1 minute current candle are
beyond the highest and lowest range, trading is allowed.Explanation of
chosen setting: I use 4 8 12 16 EMA's with shift 1 to trigger BUY and
SELL orders. Lot size = 4 lots, 25 pips is set as Stop Loss and 300
pips is set as Take Profit.Method of trade volume calculation: Not
used.