Hi Mr Funyoo,
I would appreciate it if u can code this strategy.its a strategy I got from "forex strategy revealed" forum some time back.it was called the midnite setup because it traded on daily candles.however i obsrved that it could be traded on any time frame with appropriate settings.I have modified the method of entry a bit and the method of exiting completely to one thatI think is more accurate.
the strategy goes like this:
At the close of a candle/bar, we place a pending buy order x pips + spread above the high of the candle and a pending sell order x pip+spread below the low of the candle/bar.immediately one order is triggered , the other is cancelled
As soon as a position is opened, we count three candles before the trigger candle and place our stoploss/exit point x pips+spread above the high of the highest of the three candles(if the position opened is a sell position) or x + spread pip below the low of the lowest candle (if the position opened is a buy).
Criteria for counting candles to place stoploss/exit:
when counting the candles, any candle that is engulfed by another is not counted(it is not used in the count) we move over to the next candle.
Before placing a pending order, we must make sure that the candle is not engulfed by the previous candle.if it is we do not use it instead we wait for the close of the next candle until we find one not engulfed by its predecessor
it would be a great idea to put a usehour fubction with the option to turn on/off.
thank you sir