Drawdown left by EA on EURUSD pair.
Unfortunately before joining Arot and Mytradewiki project, I have been using an EA with a quarterly subscription.Then with my surprise I have found out that the EA has been dismissed. Thus this EA, which was mainly using edging
has left me a consistent drawdown caused by 87 position opened.
I have 33 position in buy above 1.29158 EURUSD price and 54 position in sell below the price every position is 0.02 lot.
This EA when some condition where met started to open a first position in direction of the trend, then usualy opened a position every 3 pips, if the price retreated below the starting point price, like in my case at 1,29158, started to open only position in sell with the same criteria, but unfortunatelly if the price start to consolidate, the EA starts to produce a drawdown by opening a consistent number of position.
Therefore now I have to manage to eliminate this drawdown manualy :- ( .
I've thought to share this esperience and know an opinion or a strategy from you, if it has ever happen in your trade carrier to face a similar situation.
I listed below what strategy I am considering at the moment:
1) Sticking to the edging method, the price is consolidating but soon or later has to take a direction and I will start to open other position in the future trend direction until the equity will get near to zero, then I will close all the positions.
2) Another one is to use a reverse edging within the chanel path that price is moving, and close time to time some loosing position when there is a new one balancing it, expecially the ones at the border of the channel.
3) another, but more stressful, is to relie on Eliot wave and Euro news, on weekly timeframe, close all the buy positon while price is moving up and wait for the retreat since the Greek default has not been yet solved and in march could face a Euro could drop again under pressure.