Intraday Trading Strategy with These Three Simple Indicators
The strategy uses 3 indicators.
1. Super trend- This will be used for exit, and second position entry confirmation.
2. Trading session - Specifically using Asian session Only- This will be used for the first position entry confirmation
3. Custom MACD. -This will be used for exit, and second position entry confirmation.
NOTE: It only works on M15 timeframe for best trading performance.
BUY SCENARIO
The Asian session must close. (Represented by the box).
The price (Candle body) must close above (Break Above) the Asian box, on M15 time frame.
If the box is broken with a wick, only enter after a candle body closes above the wick.
When the above conditions are met, buy entry should be on the open of the next candle.
The Stop Loss should be about 25 pips below the box, and the risk should be calculated . ( The percentage risk should be left open for the trader to manually put it in) of the balance.
Only 2 entry signals can be entered per day-So if the buys, fail, one can enter sells but if this fails as well, no more trades for the day.
2nd position entry conditions.
If the buy trade is exited with a negative, in all positions or the one that was left to run, then we will enter a sell and the stop loss will be put on the most recent high 25pips away. The position size will be calculated , and the rules of the first take profit will also apply here. The exit conditions and trailing stop loss conditions will apply to this positions as well.
No trade should be entered after London session closes.
Exit conditions
1. Exit when the super trend turns red, and the MACD also turns red and a candle closes. The indicators aren't re-painting but one has to wait for a candle to close for confirmation of the signal. If one indicator turns red and the other doesn't , don't exit until the two align.
2. Exit when the stop loss is hit.
Trailing conditions
When the market gets to a ratio of 1:1 risk to reward, the remaining open position should be put trailing stop loss at break even.
SELL CONDITIONS
The Asian session must close.
The price (Candle body) must close below Asian box, on M15 time frame.
If the box is broken with a wick, only enter after a candle body closes below the wick.
When the above conditions are met, sell entry should be on the open of the next candle.
The Stop Loss should be about 25 pips above the box, and the risk should be calculated ( The percentage risk should be left open for the trader to manually put it in) of the balance.
The lot size calculations should be followed as well.
Only 2 entry signals can be entered per day-So if the sells, fail, one can enter buys but if this fails as well, no more trades for the day.
2nd position entry conditions.
This means, if the sell trade is exited with a negative, in all positions or the one that was left to run, then we will enter a buy and the stop loss will be put on the most recent low 25pips away. The position size will be calculated. The exit conditions and trailing stop loss and exit conditions will apply to this positions as well.
No trade should be entered after London session closes.
Exit conditions
1. Exit when the super trend turns GREEN and the MACD also turns green and a candle closes. The indicators aren't re-painting but one has to wait for a candle to close for confirmation of the signal. If one indicator turns green and the other doesn't , don't exit until the two align.
2. Exit when the stop loss is hit.
Trailing conditions
When the market gets to a ratio of 1:1 risk to reward, the remaining open position should be put trailing stop loss at break even.
IMPORTANT POINTS TO NOTE AGAIN
For the first entry, we're only looking at the candle breaking above or below the Asian Box , with a candle body , then we enter with the opening of the next candle.
If the box is broken with a wick, then we have to enter with a candle that closes above or below the wick, depending on the side it broke.
Kindly put EA restrictions for me as well as make the indicators open to setting modification.
If the trend continues to the next day and the previous trade is still running, let it continue running and let the robot still take the new trades of the day as per the buy or sell conditions, trailing conditions and exit when the exit conditions are met.
Only 2 entry signals can be entered per day-So if the buys fail, the EA will enter sells but if this fails as well, no more trades to be entered for the day.
When the market gets to a ratio of 1:1 risk to reward, the remaining open position should be put trailing stop loss at break even.
The EA can only take a second trade, if the first trade exited with a negative.
No trade should be entered after London Session closes.
Only show the Asian box and leave the other sessions boxes.
Only show the MACD cloud and mark the colors of the others as none.
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