2 bars strategy on daily time frame

Hi There,

Visually doing back testing gives amazing results on this strategy, looking for some coders to create an EA.

Time Frame: Daily
LONG Trade: Look for 2 consecutive bull candle, set pending long order at high (combining both candles) +10 pips and SL LOW - 5 pips.
TP: none, just keep moving the SL. For Ex. If the trade starts to go in your favor, let it go and keep waiting for 2 consecutive bear candles, once identified move the SL to LOW-5 pips of these 2 bear candles.

SHORT Trade: Just opposite of LONG

OK, lets say your pending LONG order didn't trigger and you see 2 bear candles, Cancel the long order and set pending short as per strategy.

Following ex of AU trade

+1 yup...been seeing that on naked charts for years... 2 candles away sl is WAY better than 1 candle behind...probably because most traders put a sl behind the 1st candle ;D iran across an indicator once that puts sl behind second candle.... i.e take latest 2 closed candles find high low...put SL at lowest low of those 2 candles for long trades or highest high of those 2 candles for short trades... (could not locate the indie)

Is the same on all timeframes BTW

try this
uses market orders rather than pending orders but does provide visuals.
its a quick mash up so any bugs please let me know

would you kindly post the mql source code

my preference is to not post source code within a thread. sorry. but pls see the PM i sent.

Thanks, will test it, does it move the SL based on 2 opposite candles?

yes

Thanks a lot for sharing such an easy and great strategy
But that lacks to know the direction of the trend coz if we dn't know the direction, you can see that we have more than couple bullish or bearish candles repeating many times in one direction, then how can we know which trades we should take, up or down?

Regards

Hello RLF you've done a wonderful job with this file thanks so much for this i never thought i will come across stuff like it, i will be very glad if you can help me further i have an indicator i also came across here at forexfactory attched so a friend helped in tweaking it to display Entry Stop loss and adjustable TPlevel default is 20pips, its been doing great but i want to use it on DAILY TIME FRAME, but the only problem is some of the pairs would have achieved the 20pips target during the midnight hour when i will still be sleeping only to wake up and find that i have missed it. It now occured to me when i downloaded this masterpiece of yours that i should ask if its possible to integrate the set up into my indicator so that as an ea it can help to achieve that 20pips target even while im sleeping..Please is it possible to use it with the 2bars strategy, that is fusing both together to work for the 2bars strategy. Again i think the ea needs to be look into in a pair it displayed only stop loss red line in another it displayed only entry line blue see the attached pictures of the pairs, i will be grateful if you can assist me.Rgds

Hello RedLineFred,
I'm very interested on this Hourly Candle trading.

Can I request the MQL file so that I can modify and test out the strategy?

Oh ya, thanks for the great strategy.

Regards.

2 daily bars = 1 two day bar. Why not to use 2 day charts ?
Yes its sounds odd but five 1 min bars = 5 min bar. Same with 1 day and 2 day bars.