Hey everyone! I have been testing this simple strategy I saw a while back and think it might have some merit to it. I was wondering if anyone could write a quick EA for it so I can back test it.
It uses two EMA’s
5 EMA high
5 EMA low
Basically when price opens below the low you would buy and have a STOP LOSS of 5 and a TAKE PROFIT OF 8.
Vise Versa for the short entries.
I would also need to have the EA set that the initial risk is 0.5% of the account.
Also if the trade wins you will double the risk to 1% and if it wins again you will double the risk to 2%.
After the 3rd win you will start over and risk 0.5% again and after any loss you will risk only 0.5% again
I took a screen shot of what the chart looks like. very simple. ( ignore the grey lines though )
If anyone is up to the task please let me know.
Thanks!
- kelton