I found the attached indicator by doing a Google search. Though the name is called DiNapoli however I cannot be 100% certain that it bases its sell/buy decision on Fibonacci principle.
It is working quite successfully for me in manual trading in the last seven months. I trade mainly USDJPY, AUDUSD, GBPUSD, GBPJPY, EURUSD, and EURJPY. My basic problem is I need to be monitoring it all the time in order to catch when it switches position from buy to sell and vice versa.
RULES:
BUY order - Place only one BUY order when the red dotted line (call stop line) is "below" the white dotted line (call entry line)
SELL order - Place only one SELL order when the red stop line is "above" the white entry line.
(Please refer to two screen dumps for a clearer understanding)
Order handling. When the indicator switches position e.g from Buy to Sell then close any BUY pending order or/and filled BUY position regardless. Reverse is true for Sell to Buy. There are times when the price retraces back to the white entry line so the logic need to ensure that if there is already 1)pending order or 2) filled position then don't place any more order.
TRADING METHODS
1st method. Only 1 order. Then target is set to TP2.
2nd Method. Multiple orders with multiple TP. for example
- 0.50 lots with TP1 default
- 0.30 lots with TP2 default
- 0.20 lots with Fantasy line default
The Ea should allow selection of TP for either of the trading methods. (by default: there are 5 TPs. TP1, TP2, TP3, FantasyLine, Crazy Dream line)
STOP LOSS
The dotted red stop line remains throughout a position. My definition of position is either a BUY or SELL.
TIMEFRAME
Works best on H1, D1, and Weekly chart. M30 is volatile for this indicator though it works but with smaller gain (<10 pips) gain.
MONEY MANAGEMENT
No more than 4% of the capital. Option to select No.
I am not a programmer so I cannot say programming this EA will be easy or difficult. The fact that this indicator works in manual trading should give us incentives to automate it.
Thank you in advance to anyone who will be working on this EA.
Best regards///sampah