Trading Logic: This strategy uses simple exponential moving averages
(EMAs) based trend follow strategy on GBPUSD instrument. I also check
for Over-bought (above 70) and Over-sold condition (below 30) as
determined by RSI indicator. Only then BUY/SELL orders are triggered.
I BUY when EMA 4 > 8 > 12 > 16 with RSI > 70 and SELL when EMA 4 < 8<
12 < 16 with RSI < 30. Lot size = 4 lots when equity falls below
100000 and Lot size = 5 otherwise. 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 and 135/112. 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
80/65 means - Whenever I have 80 pips in profit and price action
reverts back to 65 pips in profit, I close the position to safeguard
further erosion in profits. Variable used is profitinpips (integer
data type). Whenever profitpips exceeds 80 pips then another variable
counter80level which was initially set at zero is incremented by one.
When profitinpips reverts back to 65 pips, I check if counter80level
exceeds one, If yes then counter80level, counter40level and
counter13level is set back to zero and open position closed using
Position Viewer. Hence, above explanation can be extended for 13/5,
40/20, 80/65 and 135/112. SECOND is customized time based indicator. I
wanted my trades to be opened only during 10 GMT and 18 GMT hours on
Monday-Thursday. Using LAST TICK's Tick 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 10 - along with - less than and equal to 18. So, trading
was set during 10 GMT and 18 GMT hours. THIRD is using Over-bought
condition (above 70) and Over-sold condition (below 30) as determined
by RSI indicator. I have two RSI values called rsishift1 and rsishift2
with time period 14 on 1 minute period. In my strategy, gbpusdema4
symbolizes EMA 4 with 1 shift and 1 minute period. Same logic applies
to gbpusdema8, gbpusdema12 & gbpusdema16. I BUY when EMA 4 > 8 > 12 >
16 with RSI > 70. I SELL when EMA 4 < 8< 12 < 16 with RSI < 30.
Explanation of chosen setting: I use 4 8 12 16 EMA's with shift 1 to
trigger BUY and SELL orders. Lot size = 4/5 lots (already explained),
18 pips is set as Stop Loss and 190 pips is set as default Take
Profit. Method of trade volume calculation: Lot size is set as 4 lots
when equity falls below 100000 and Lot size is set as 5 when equity
falls rises above 100000.