Hello everyone. I?m new to TS and just found this site.
Firstly, apologies if there is something similar to what I suggest here but if there is I've not been able to find it. I was wondering if anyone could help me develop a strategy that is close to what I do manually. I?m looking for guidance, comments and hopefully people to help me get started along with achieving this. I?ll outline the approach below.
Lower Timeframe: default 15 mins
Higher Timeframe: default 60 mins
Overview: Trend direction identified on both lower and higher timeframes (t/f) using concept of higher highs and lows, UP trend, or vice versa for DOWN trend. Will only place trades in direction of trend when price meets projected trend line point as described below.
On both timeframes get last 3 significant high points using PivotHigh (2,2) (a, b and c. c the most recent). Same for low points using PivotLow ((x, y and z). Using these 6 points identify the Trend Direction as either Up, Down or Ranging for both the timeframes.
Trend Direction UP defined as consecutive higher highs (a, b and c) and higher lows (x, y and z) and vice versa for DOWN trend. If neither condition met then Trend designated as RANGING.
Order Long Entry: If both timeframes are UP then project a trendline from the oldest low (x) to the most recent one (z) and place an order to enter if it touches this projected line at any point providing both timeframes still designated as UP.
Long Stop Loss: Initially placed at second most recent low point (y). While in trade, every time price makes a new PivotLow, adjust the stop loss to the second most recent low, thus the first time it is changed it will be moved to point (z). If at any point the two timeframes no longer are designated as both UP then tighten stop to just the most recent low rather than the second most recent one.
Long Target Level; Calculate level to get out as follows; distance between low (y) and high (c) added to the low point of the bar we entered on.
Time Close; In addition to above at a certain time during the day I would like any open positions placed to be closed out so I can go flat at the end of the day.
For Short Entry, rules are opposite of above.
In addition to all the above ideally I would like the option to have this correlated with another symbol before making any trades. This is best explained by means of an example. Say the above strategy is applied to a forex pair, say GBPUSD. I have determined previously there is a correlation with say another pair GBPJPY for example. The above logic is performed on this second designated pair. Trades will only be placed for the primary pair if the Trend Direction on both time frames on both symbols match. For example, if Trend Direction is UP for everything then we would only enter if the projected trendline on the primary symbol is touched AND the secondary symbol current bar has a higher high than the previous bar on the lower time frame.
Can anyone tell me if with Easy Language it is possible to develop an indicator and or strategy that implements the above logic? Ideally I?m looking for anybody to help me along and develop this. I?m new to TS and Easy Language so not sure how powerful it is, but the above mimics closely how I make trading decisions manually so I was hoping to get something automated along these lines.
Any ideas anyone or point me in a direction of a indicator/strategy that is similar to use as a basis for developing the above?
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