How to maximize profit potential?
Let’s talk about it.
Imagine going long and not having a clue how far the market might go.
You could utilize the perceived bias of Mr. Maroon residing above the Green River & put on some Pop Music.
How does getting in after two downside Pops sound? Optimal. The purple dotted bands? 10-pip displacements of the previous hour’s lows and highs.
Of course you could get in on a pullback as well, even on a flat consolidation after the first green pop.
As for optimal ride, you could do the following: make a trail stop EA, that adjusts the trail stop – based on the TakeProfit being at 11 – to the last hourly low minus 12 pips if that is higher than the opening price by 2.5 pips.
I intentionally let the Trail Stop come back lower if the downside volatility does not bring the stop back below the entry level: this way you can ride out smaller bows.
if (OrderType() == OP_BUY && OrderTakeProfit()==11) if (OrderStopLoss()!=NormalizeDouble(iLow(symbol,60,1)-120*Point,6) && iLow(symbol,60,1)-120*Point>OrderOpenPrice()+25*Point) OrderModify(OrderTicket(), OrderOpenPrice(), NormalizeDouble(iLow(symbol,60,1)-120*Point,6),
At the same time, the optimal exit would be a magenta Pop on the upside -> cropper utilizes the same TakeProfit code.
if (OrderType()==OP_BUY && OrderTakeProfit()==11 if (Close>hup && Close>iMA(symbol,60,32,0,MODE_EMA, PRICE_MEDIAN,0)+380*Point && OrderProfit()+OrderSwap()+OrderCommission()>0 OrderClose( OrderTicket(), OrderLots(), MarketInfo(OrderSymbol(), MODE_BID), 5, Red
This way you guarantee yourself some locked in gains after the position comes into money as well as the best possible exit when a magenta pop comes up with price being beyond the safety band of E-32.