Disliked{quote} You can't change what time the bars start/close - that depends on the server of your broker. Mine is OANDA and the daily closes at GMT+2 I believe. What I mean by Singapore hours is I only take engulfing candles that occur during that time zone, and not others.Ignored
Simple H4 Mobile Trading System
- #2,504
- May 4, 2019 8:43pm May 4, 2019 8:43pm
- Joined Oct 2015 | Status: Focused on the Results | 1,491 Posts
R:R "Percentage Focus"
Hi all! I've put together a channel where my Bot shows every engulfing candle formed on 30+ instruments and on 3 TimeFrames: H1, H4, D1.
It calculates Stops and Profits accordin to the strategy here described. If you want to join It was a pleasure for me to code that service.
Here's a screenshot:
Please NOTE: It points out EVERY and EACH Engulfing pattern, not only the ones that fits in this thread's strategy.
But it's a very nice timesaver, IMHO. Forever free.
TELEGRAM CHANNEL
It calculates Stops and Profits accordin to the strategy here described. If you want to join It was a pleasure for me to code that service.
Here's a screenshot:
Please NOTE: It points out EVERY and EACH Engulfing pattern, not only the ones that fits in this thread's strategy.
But it's a very nice timesaver, IMHO. Forever free.
TELEGRAM CHANNEL
- #2,520
- Jun 9, 2019 12:52am Jun 9, 2019 12:52am
Hey everyone, I've just registered to post this. I love the simplicity of this strategy and the effectiveness. I've done a few modifications though and back tested it myself and the results are promising. Basic principles are the same as the OP. Moving average 30 ect.
My rules of entry though aren't exactly the same. I only enter on an engulfing candle only if it's the opposite color of the previous candle, for example enter on a bearish engulfing candle only if the previous was bullish and visa versa.
I draw my fibs from the highest/lowest point of the candle to the close and not the full candle as the close is my entry.
I enter upon the close of the 4H candle and also set a buy/sell limit on the 50% retracement for a second entry. The stop loss for both are 5 pips from the highest/lowest point of the candle.
Take profit for entry 2 (50% entry) is at the 150% level and take profit for entry 1 is at the 200% level though once price has closed at the 150% level and entry 2 has closed I move my SL to entry and close half of my position of entry 1 therefore I'm securing profits and limiting risk and extreme pullbacks.
I don't count pips as I only work with percentage. As the bullish engulfing candlestick pattern is considered one of the strongest I personally use high risk on the strategy. I risk 5% per entry so as you are when price moves to the 150% fib level I've closed and secured 7.5% return and let the remaining 2.5% hit target or be closed.
Any feedback or comments are welcomed and as always happy trading.
My rules of entry though aren't exactly the same. I only enter on an engulfing candle only if it's the opposite color of the previous candle, for example enter on a bearish engulfing candle only if the previous was bullish and visa versa.
I draw my fibs from the highest/lowest point of the candle to the close and not the full candle as the close is my entry.
I enter upon the close of the 4H candle and also set a buy/sell limit on the 50% retracement for a second entry. The stop loss for both are 5 pips from the highest/lowest point of the candle.
Take profit for entry 2 (50% entry) is at the 150% level and take profit for entry 1 is at the 200% level though once price has closed at the 150% level and entry 2 has closed I move my SL to entry and close half of my position of entry 1 therefore I'm securing profits and limiting risk and extreme pullbacks.
I don't count pips as I only work with percentage. As the bullish engulfing candlestick pattern is considered one of the strongest I personally use high risk on the strategy. I risk 5% per entry so as you are when price moves to the 150% fib level I've closed and secured 7.5% return and let the remaining 2.5% hit target or be closed.
Any feedback or comments are welcomed and as always happy trading.
