March2016 is my strategy based on USDCAD. It uses EMA 10 with hour
candle to gauge the price action. Daily candle is used to determine
bullish or bearish bias. Trading Logic: I use price action based
strategy for USDCAD. I will now explain every step of my strategy.
Firstly, I shall explain about time conditions which decides if my
strategy is in "active" or "passive" mode. My strategy is in "active"
mode - during 13 GMT and 17 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 13) &
(less than and equal to 17). So, trading was set during 13 GMT and 17
GMT hours. Now let me explain the trading logic. I use EMA of 10 with
shift 1 based on hourly period. I compare it with with 1 Hour candle's
open & close (with 1 shift) and 1 Day candle's open and close (with
zero shift). I BUY when Hour Candle Close > EMA 10 and Hour Candle
Open < EMA 10 along with Day candle's Close > Open. I SELL when Hour
Candle Open > EMA 10 and Hour Candle Close < EMA 10 along with Day
candle's Open > Close. I have used bullish and bearish day candles as
filters to eliminate false signals. I used Close > Open for Bullish
day candles and Open > Close for Bearish day candles. Description of
indicators: I have used only one time based customized indicator. I
have already explained - how I used GETTIMEUNIT function for opening
trades only during 13 GMT and 17 GMT hours on Monday-Thursday.
Explanation of chosen setting: Instrument = USDCAD, Lot size = 9 lots,
Slippage = 5 pips, 250 pips is set as Stop Loss and 5 pips is set as
Take Profit. This setting is same across both BUY and SELL. Method of
trade volume calculation: Not used.