is there an ea that will open and close a trade at a set price then repeat.
cheers
can any one help I don’t know how to say what im looking for to well.
but say I want buy at 500 for a 2 pips profit once that is done and it goes back down to 500 it repeats itself.
is there any ea out there like this
thanks in advance
I guess not then thanks guys
Hi mccann,
Try this out in a demo or live account.
Place a Buy Stop order above the current market price with a take profit of two pips above that price and see if it works. Also try a Sell Stop order and see if that works.
I suspect your broker won’t allow the trade. I read somewhere that some brokers won’t allow trades that close, certainly stops no closer than 8 pips.
Try it out and post your results in this thread.
Regards, Trader9.
thanks for the reply trader.
but there are brokers who will do one pip stops/limits fxcm are one.
but what I want to do is set an order to repeat a trade at a certain level.
say 500 for instance.
when it hits 500 a trade is taken then takes profit at 1 or2 pips or whatever level I set it at then if it hits 500 again takes a new trade but only if the first trade is gone.
does that make any sense to anyone.
or am I mad.
cheers
Hi McCann,
While I’m not familiar with an existing EA like you describe, I believe I understand what you’re after. It sounds like something that would be fairly simple to program for one so inclined, but have you considered how this EA would manage risk when (not if) a trade is entered that ends up moving further and further against you?
A strategy is not complete unless it has a plan to cut losses when (not if) they occur. Also, how would your strategy determine the price level to enter trades to target these 1 or 2 pip profits? Remember that the moment you enter a trade, you’ll already be down by the spread, so you need to have some edge to enter trades that move into profit with an extremely high probability to offset the risk of floating a losing trade several times the size of your intended profit.
I hope my questions do not discourage you. I’m just wondering whether you’ve already considered these factors and would be interested to hear more of your thoughts on this.
Thanks,
Jason
Hi mccann,
Jason is right. You need a complete plan of how you intent to trade including exit rules and money management.
However I did try putting in a stop order with a 2 pip profit, but my broker would not allow me to place the trade in the market.
So I suggest you still try and place a stop order with a 2 pip target, as a first step before building/designing a system around it. Also establish how close you can get your exit stop. Do this when the market is busy and when it is quiet as the spread will be different. You need to know what is possible before going any further.
Creating a EA to trade your idea would not be a problem, as you could use external parameters to set your levels. But try a few tests on your platform to see if your idea is viable.
Regards, Trader9.