Engulfer

Wow! I'll be looking forward..

All the best.

Hello Sir,
I think in order to get over the fact that a "small range" would be the death of your system, you should first should be able to identify when the market is in a confirmed range. I would first recommend you using the 7 daily pivots as take profit, instead of Entries. Why? Well because the daily highs and lows over 92% of the times occur at daily pivots. If you want proof here is an EA which will support my claim.



Simply load it to your mt4, restart and set the calculation time to when ASIA market opens based on your server time.

The EA will back test the 7 daily pivots and you will see how the high and lows happen right at those one of those 7.

One of the dumbest trades to make is trying to pick reverses at any given pivot. Also learn how to identify when the currency pair you are trading is in a confirmed range. You do that, and you will be able to save your self the horror of waiting hours for the breakout to occur.

Engulfer - Pure Indicator

This is an indicator file. It goes under Indicators Folder.

Thank you very very much brother.

May Allah bless you with pips.

Best regards.

hi, belka
what settings are you using on D1 TF?

i love engulfing too

Hello ABUKWAIK,

Thank you for all your work and for the Indicator you provided. I know you are using the 1 hour TF but I have been looking at the Daily and Weekly charts. As of this week the following charts are screaming BUY,BUY,BUY in the DAILY AND WEEKLY formats.

EU/AU, EU/CA, EU/GP, EU/JP, EU/USD

I am going to try at least a couple and see how it goes. I'll keep you informed. Don't worry, I use SL religiously.

MAKE PIPS AND PROSPER!

Dear ABUKWAIK,

I forgot to ask if it would be possible to add an arrow when your indicator triggers.

Please look at AUD/JPY weekly chart, is it a good set-up?

Yes, I believe it is.

from today's move, I strongly believe that AUD/JPY will go down further.

got out of the trade.

Hello Abowaik, I have been following you as programmer. I must say, you are a great programmer with analytical skills. A two penny share of mine to improve the system.

(a) Engulfing patterns becomes more powerful when its is of some S/R level/zone/area. Possible S/R levels may be following.
(i) Double Tops/bottoms
(ii) Supply demand
(iii) Round Numbers
(iv) Weekly/Monthly Pivots
(v) Fibos.

(b) SL Settings
Your SL must have two characteristics. Its should be logical and it should be affordable. In general sense, a logical SL would be a one which is few Pips(25% of your SL) behind recent low for long positions and above recent high for Short positions. Similarly affordable SLs are those which do not make your TP too high. Which if hit can cause serious damage to your gains and in case if your following an RR system, high SL will make your TP difficult to hit. If you are getting into situations where your SL is becoming high, then make the entry pending until it enters a zone where SL is affordable. For me, I will not enter on first rejection. because 95% of time the area from where price is rejected will be re-tested. I will wait till the price hit my area of liking where i can achieve lowest SL preferably for 1:3 or 1:4 RR.
Some traders believe in a fix number of Pips for SL. but to me this is not the right approach. 10 PIPs for AUD pairs means too much and 10 PIPS for GBP pairs means nothing. Therefore, i almost always found it better to calculate the SL based on patterns i am entering.

(c) Suitable Entry Point
Entering straight into a position based on engulfing on previous bars will not bring too much fruit. I try to explain this with an example. Let's say we decided that we will set our SL below/above recent high/low. And we got entry setup whose SL is 20 PIPS. I will recommend to not enter straight on new candle. Wait for Price, it will almost always provide you a chance to enter in Place where you will be in position to set 25% of your SL(4 PIPS of 20 PIPS) to be below/above recent low or high.

(D) Multiple-Entry Reasons:
Making an entry based on engulfing from an S/R area is not enough. Its always better to have multiple reasons for it. Like checking whats going on higher TF. Lets say i am entering LONG based on H1 bullish engulfing but on Higher TF, Price is getting rejection or near a resistance level which is likely to stop your trade from hitting TP. Its always beneficial to avoid odds against your Trade on higher TF specially daily.

(E) Target TFs higher than H1.

Sorry for my bad English. I am a one who is being mixed in multiple languages. English, Turkish, Arabic, Urdu etc etc.

Thank you Sajid,

I agree with your analysis.
Actually if we were able to do it like that it will become a holy grail.

I am into few studies now, and will try to revisit this system soon and apply what I can.


Regards,

Khalil


BTW:your English is better than mine.

Hi abokwaik

How can reduce the size. ? Each order decreased to .02
Do you have another system that this system is complete ?
Thank you

The EA has several for lot size.

1. you can fix the lot size.
2. you can let the EA auto calculate the size based on SL.
3. you can set the max lot size used.

The system is complete as defined. But yes, I have so many other systems, of course not all are posted.

This system is the best system I've tried. I'm working two weeks. I am satisfied . My English is not good. It is possible show. How do these changes do ( lot size). If you complementary system. It is possible to give your address.
Thank you

I am looking forward guidance
Thanks

You can play with the highlighted inputs in back testing and see the effect of each or combined.



Sorry no address, I have no financial interest in anything related to forex except trading.
Whatever tools I like to share (open or closed source) I already shared in the open for everyone to test, try and use if he likes on his own risk.

Thanks