Topic: Help, simple pivot strat
I just started using this software and have played around with it only for a couple of days. It has inspired me to do more backtesting work, as I have only relied on my own results the past couple of months for statistic proof of the strategy working.
Now, I am not very good at statistical mathematics, nor have I ever had experience with programming before. But I have some things I want to test out, and I wondered if any of you strategy sharks could help me out.
The strategy is a simple pivot strategy, that is, trading around the pivot. Here's the general idea;
Open long position when 5min price breaks above the daily pivot. The order should only be triggered if the next 5min bar takes out the high of the previous 5min bar. Profit target is -5 pips from daily R1. The other way around for a short.
It should look something like the attatchment I posted with this topic.
I have the following conditions in FSB activated:
Opening Point of the Position: Pivot Points: Enter the market at the Pivot Point
Opening Logic Condition: The position opens above the previous high
Closing Point of the Position: Pivot Points: Exit Long at R1 (short at S1)
What I'm missing here is the stop-loss if the price doesnt reach -5pips above/below R1/S1, but FSB won't let me put in additional closing conditions. How do I get a stop-loss in there if the trade doesn't work out as intended? I'd like the stop-loss to be like on the picture of the chart, meaning the high/low of the last hour?
Thanks for helping a newbie out.