Description
First Candle Rule (FCR) Trading Bot for cTrader implementing your exact strategy, optimized for XAUUSD with 1:500 leverage:
Key Features Optimized for XAUUSD:
1. XAUUSD-Specific Settings:
- Uses correct tick size (0.01) for Gold
- Proper pip calculations for Gold trading
- Margin calculations for 1:500 leverage
2. Complete FCR Strategy Implementation:
- ✅ Step 1: 9:30 AM FCR calculation (configurable)
- ✅ Step 2: Breakout detection (no immediate entry)
- ✅ Step 3: Fair Value Gap detection
- ✅ Step 4: Retest confirmation
- ✅ Step 5: Engulfing candle entry
- ✅ Step 6: Risk management with 3:1 RR
3. Risk Management for 1:500 Leverage:
- Position sizing based on 1% risk per trade
- Max volume calculation respecting 1:500 leverage
- Stop Loss: 1 tick beyond retest candle
- Take Profit: Fixed 3:1 risk-reward
4. Visual Feedback:
- Blue lines for FCR levels
- Green/red rectangles for FVG zones
- Trade entry, SL, TP lines clearly marked
- Retest markers (yellow diamonds)
5. XAUUSD Optimization:
- Point value calculations for Gold
- Proper lot size normalization
- Minimum volume checks for Gold
- Margin requirement calculations
Recommended Parameters for XAUUSD:
Start Time: "09:30" (London open)
FCR Timeframe: 5 minutes
Entry Timeframe: 1 minute
Risk %: 1.0
RR Ratio: 3.0
Min FVG Size: 3.0 pips
Stop Loss Buffer: 1 tick
Testing Checklist:
- ✅ Backtest on XAUUSD (1-3 months)
- ✅ Test on other forex pairs (EUR/USD, GBP/USD)
- ✅ Verify position sizing on different account sizes
- ✅ Check stop loss placement visually on charts
- ✅ Monitor margin usage during trades
- ✅ Paper trade for 1-2 weeks minimum
This bot is designed to be conservative and disciplined, focusing on quality setups rather than quantity of trades. It works best when gold is trending and provides clear pullback opportunities.
Note: As with all automated trading systems, thorough backtesting and demo trading are recommended before live deployment. Past performance does not guarantee future results, and trading leveraged products carries significant risk.
Summary
The bot follows a structured six-step FCR strategy: calculating the FCR level at a configurable start time (default 9:30 AM London open), detecting breakouts without immediate entries, identifying Fair Value Gaps (FVG), confirming retests, entering trades on engulfing candle signals, and applying risk management with a fixed 3:1 reward-to-risk ratio. Position sizing is based on 1% risk per trade, with stop loss set one tick beyond the retest candle and take profit fixed accordingly.
Visual aids include blue lines for FCR levels, green/red rectangles marking FVG zones, clearly marked trade entry, stop loss, and take profit lines, plus yellow diamond retest markers. While optimized for XAUUSD, the bot has been tested on other forex pairs such as EUR/USD and GBP/USD. It is designed for conservative, disciplined swing trading with medium trade frequency, focusing on quality setups during trending gold markets. Recommended parameters and thorough backtesting are provided to support effective deployment.
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