I have an Idea for an EA, based around the popular supply & demand trading method. The entry combines two high probability tools that, when used together, help us identify high probability turning points and opportunities for strong market moves in any and all markets. These tools are:
1) Proper supply (retail price) and demand (wholesale price) analysis
2) Bollinger Bands®
The combination is what makes this a high probability event.
There is a slight extra confirmation, the test should be one hour or 4 hour, with a 1:1 RR such as 10 pip tp 10 pip sl, or 20 pip tp 20 pip sl.
The All Star Rules:
- When price reaches a key supply level, pierces the upper Bollinger Band®, in the context of a downtrend, and there is a significant profit margin below, sell short at the supply level with a buy stop just above the supply level.
- Profit targets are first the midline and then the opposing demand level.
- The opposite rules are true for long (buying) opportunities.
The trade should only be triggered the second time price arrives to a zone, and an arrow is present, I found the bollinger band arrow so regular BB would not be needed.
Trailing stop would be a good option along with tp, sl, and the ability to turn sl off, or tp off independently.
II_SupDemMOD_DarkBG_SolidFill.ex4 https://www.forexfactory.com/attachment.php/1974557?attachmentid=1974557&d=1468928090
II_SupDemMOD_DarkBG_SolidFill.mq4 https://www.forexfactory.com/attachment.php/1974558?attachmentid=1974558&d=1468928096
BB alert arrows are here
http://www.forex-tsd.com/adownload.php?attachmentid=198361
For more detail on the method:
https://www.tradingacademy.com/lessons/article/the-all-star-entry/
Thanks for making us all millionares.