Closing trade

[Technodroid]

Hi all
Does anyone know how to close an open trade based on candle close below/above moving average?
Apologies if asked before but I can't seem to find anything. Cheers

[l'andorrà]

@technodroid You can do it this way for buys:

You will have to replicate it for sells.

[Technodroid]

That's great thanks. Would that then take away the need for stop loss/take profit?

[Technodroid]

@l-andorrà

Also, do I use 'for each trade' instead of 'no trade'?

[l'andorrà]

@technodroid Well, it depends on what you need? This is just a suggestion for your initial question. What is the full strategy supposed to do?

[Technodroid]

@l-andorrà I want to buy when price is above 200 ema and when it's above 8 ema - 2 conditions
and opposite for sell. Then rather than using stop loss or take profits to close trades (just initial stop and maybe break even once in profit so many pips) just close the trade when candle close's below the 8 ema for buy and above for sell. This would be on 4 hr chart.
The idea is to try and catch swings whilst trading with the main trend.

[l'andorrà]

@technodroid In that case my suggestion should do the job. Jusr try it and let us know.

[Technodroid]

@l-andorrà Hi, I can't work out how to link this up to the buys and sells. I'm thinking maybe buy and sell if candle closes above or below moving averages then use trailing stop for closing trades. Would that be easier?

[l'andorrà]

@technodroid Can you please share the link to your project?

[Technodroid]

@l-andorrà https://fxdreema.com/shared/blJGqwsZd

[Technodroid]

@l-andorrà Try this one https://fxdreema.com/shared/Ku0pWn0be

[l'andorrà]

@technodroid These are my suggestions:

1. That time filter block should be connected ABOVE the 'no trade' block and not below it.
2. Specify candle ID 1 on all operands of all 'condition' blocks.
3. You are not using my suggested structure. The only way to exit trades is by hitting the SL. Is that what you want?

[Technodroid]

@l-andorrà I've changed time filter now thanks.
Is candle ID 1 the previous candle and would that be better to prevent false signals?
I thought the trailing stop might lock in more profit rather than wait for a candle close below or above.
If I used your structure would there 2 of those for buys and sells and that's it?

[l'andorrà]

@technodroid Correct. You are right.

[Technodroid]

@l-andorrà
I'm trying to create a 5 min scalping ea with the conditions listed and using the structure you suggested. I need it to buy when conditions are met (MA's CCI) and close trade when candle close below/above MA. I haven't used stops as candle close will do that.
Here is link https://fxdreema.com/shared/Pc4ZVxvee

Is this correct?
Would you advise I use a safety stop initially to minimize risk, say 25 pips?

[Technodroid]

@l-andorrà

Sorry try this link instead I forgot to update some blocks https://fxdreema.com/shared/BZp9XiHtd

[l'andorrà]

@technodroid You should do the following changes.

1. Disconnect blocks 1 and 3 on the left and 2 and 8 on the right.
2. Use a 'No trade' block for buys only on top blocl 3 and another one for sells only on top of block 8.

I cannot offer any special advise on minimizing risk. If the strategy is good enough, minimizing risk is a lesser issue.