Hi there! I wanted to test a little strategy based on pullbacks, but I’m a full-time university student and I don’t have enough time to spend in front of a chart, so I was thinking about an EA that could work for me. Unfortunately I don’t know anything about mt4 language, or programming, so I need some help
These are the indicators:
- 5EMA
- 10EMA
- 50EMA
- 100EMA
- Very slow stochastic (100;3;3), used as a confirmation of the current trend
- RSI (14)
The strategy is quite simple:
When the 50EMA is above the 100EMA, you’re looking only for LONG trades and vice versa, when the 50EMA is under the 100EMA, only for SHORT ones. You wait until a pullback of the price on the 50 EMA (there’s no need for the price to touch the Ema, it could be enough a distance of 10/15 pips). After the pullback, BUY when the 5EMA crosses from below the 10EMA, stochastic is >80 and RSI is >50. Vice versa, SELL when the 5EMA crosses from above the 10EMA, stochastic is <20 and RSI is <50.
SL: just below the 100EMA for Longs, just above for Shorts.
Exits: I don’t know what could be the best exit, I was thinking about stochastic exiting overbought/oversold status. Or maybe it could be enough a TP.
I don’t know if it’s relevant for the EA, but I have an ECN broker, 5 digits.
Thank you very much if you want to help, hopefully this could turn into a profitable strategy!
Ps: I’m Italian, so my english is not perfect, if there’s something not clear, please ask