I wish to discuss a strategy for which I don’t find any mechanism to plot an ALGO.
Strategy
I want to initiate a BUY only above the 1st 10-minute candle + 0.5.
meaning of the HIGH of 1st 10 min candle is 244. then I wish to enter into a trade @ 244+0.5 = 244.05
Also TARGET or SL - I want to make as 0.5 points. Meaning the
target should be 244.05 + 0.5 = 244.55 and
SL should be 244.05-0.5 = 243.55.
How can I achieve that?
In streak - I can’t put Target / SL as points. only % is accepted.
"Day traders could use 5 min charts, Swing traders can use hourly charts and to take the decision and, Stop loss would be when price closes below the 10 day MA. For forex day traders, this strategy works best when they are in a hurry to make the investment in order to get the return due to changing trends.
"
PS : I backtested it. You need to increase the target stoploss bandwidth. .5 is very low that results in increased number of transactions.
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