I am in search for a simple re-initiating pending order EA, it has to act like a normal pending order script, whit the difference that is has to re-initiate when the SL gets hit.
The idea behind it is that will have many small losses (from 2 to 5 pips), but eventually i will have my long/short position when price decides to move.
I will add all the small losses together and will consider this as the price i had to pay for the position.
When the position is worth two times the costs, i will sell half to cover the costs. This will keep the draw down low in the ranging periods, but will limit the profits in trending periods.
I now have a free position that i can let grow and i can start to think about adding a position in the direction of the long term trend.
I got the inspiration for this idea after reading a post of TheRealThing on forex factory.
According to him this is an entry technique used by professionals, they have staff to watch the market 24h hours to execute the orders every time the price crosses the line.
I don't have staff and can't watch the market 24h so i would like to have a EA to do that work for me
I already tryed to set up the "slopey slope" EA up so that it would act like the thing i am searching for but it doesn't work.
I get a "cretin alert" telling me that i shouldn't use the EA on a Live account despite the fact that i am trying it on DEMO
Any one here got some experience with this EA?
Thanks in advance,
Nik.
