Hello guys, go on daily chart back as you can go till now and search for these type of candles:
Bullish signal: false breakout/rejection of the low of the previous day, better if the shadow of the signal candle is long enough, AND THEN close ABOVE previous day high
Use pending orders above current candle high if it completely engulf the previous day high.
0.02 size? 0.01 with a TP big like the signal candle, 0.01 pending order without TP, SL below the min of the pattern; It is just an idea, try your own gestion.
OPPOSITE for bearish signals
You can search also on weekly and monthly
We have also a second type of signal (bearish, screenshot 1 and 6): if the signal candle has all the prerequisites but doesn't close under the previous day's low, BUT close BELOW the open of the previous day, put a pending order not on the signal candle' low, but on the low of the previous day. Note it is not a powerful signal like the first.
Additional rules:
Rule n°1
-Trade ONLY Daily, Weekly and Monthly.
Rule n°2
-WAIT for the candle CLOSE
Don't try to anticipate the market. You aren't a magician or a time traveller. You must wait.
My backtest's results on GBP/NZD (daily) 1-2 years: 20440 pips (including SL and with TP on every last high).
Go on charts, do your backtests and report here, i challenge you to fail
Obviously the signals must be contextualized. More things you know, more informations you have and greater the edge
“If you have an apple, and i have an apple, and we exchange it, then you and i always have an apple for one. But if you have an idea, and i have an idea, and we exchange it, then we both have two ideas”
Bullish signal: false breakout/rejection of the low of the previous day, better if the shadow of the signal candle is long enough, AND THEN close ABOVE previous day high
Use pending orders above current candle high if it completely engulf the previous day high.
0.02 size? 0.01 with a TP big like the signal candle, 0.01 pending order without TP, SL below the min of the pattern; It is just an idea, try your own gestion.
OPPOSITE for bearish signals
You can search also on weekly and monthly
We have also a second type of signal (bearish, screenshot 1 and 6): if the signal candle has all the prerequisites but doesn't close under the previous day's low, BUT close BELOW the open of the previous day, put a pending order not on the signal candle' low, but on the low of the previous day. Note it is not a powerful signal like the first.
Additional rules:
Rule n°1
-Trade ONLY Daily, Weekly and Monthly.
Rule n°2
-WAIT for the candle CLOSE
Don't try to anticipate the market. You aren't a magician or a time traveller. You must wait.
My backtest's results on GBP/NZD (daily) 1-2 years: 20440 pips (including SL and with TP on every last high).
Go on charts, do your backtests and report here, i challenge you to fail
Obviously the signals must be contextualized. More things you know, more informations you have and greater the edge
“If you have an apple, and i have an apple, and we exchange it, then you and i always have an apple for one. But if you have an idea, and i have an idea, and we exchange it, then we both have two ideas”
good luck
good luck