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Open Price and Engulfing Bars

  • #61
  • Mar 27, 2019 10:52pm Mar 27, 2019 10:52pm
Quoting trader1234
{quote} {image}
Hi
thx for marking on chart.
but I was asking where i marked with yellow font A& B. Where should be the entry as there is no engilfing pattern there.
  • #62
  • Mar 27, 2019 11:28pm Mar 27, 2019 11:28pm
Quoting inoycavalera
Is this correct setup? i took the images from netdania since my broker USDCAD chart is not showing engulfing pattern. Thanks {image}

yes correct setup
  • #63
  • Mar 27, 2019 11:35pm Mar 27, 2019 11:35pm
Quoting johr
{quote} Hi thx for marking on chart. but I was asking where i marked with yellow font A& B. Where should be the entry as there is no engulfing pattern there.
According to the rules there is no entry there.
There's a bearish 3 inside down pattern from where you marked A and B. But for simplicity, i'm only looking for engulfing patterns. So if following the rules, there would not have been an entry there.
  • #64
  • Mar 28, 2019 3:53am Mar 28, 2019 3:53am
AUDUSD Daily, still run
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD Daily.png Size: 84 KB
  • #65
  • Mar 28, 2019 10:34am Mar 28, 2019 10:34am
Quoting Toppi
AUDUSD Daily, still run {image}
Nice setup, I had the same down trend drawn on there as well. Support drawn just below the TP area.
  • #66
  • Mar 28, 2019 10:39am Mar 28, 2019 10:39am
Looks like it's a simple system to build an EA upon. I will try to work on it.
  • #67
  • Oct 15, 2019 8:38pm Oct 15, 2019 8:38pm
Quoting Cyberpuuk
Looks like it's a simple system to build an EA upon. I will try to work on it.
How did you go with EA?
  • #68
  • Oct 15, 2019 8:41pm Oct 15, 2019 8:41pm
If anyone is interested in building a dashboard for this system, please feel free. It'll be good to monitor all 28 pairs on one screen.

Although, manually is always good as well since it will give you more hands on experience.
  • #69
  • Oct 15, 2019 10:13pm Oct 15, 2019 10:13pm
Well this seems like a nice simple trading method and to have my two bobs worth of words I would suggest to incorporate the 20ema to identify the trend and take the trades using this method in the direction of the trend.
  • #70
  • Oct 16, 2019 5:24pm Oct 16, 2019 5:24pm
Yes it's very simple and effective. Especially when used with other confluence indications like you mentioned.
  • #71
  • Oct 17, 2019 3:34pm Oct 17, 2019 3:34pm
Quoting trader1234
Yes it's very simple and effective. Especially when used with other confluence indications like you mentioned.
You are trying to reinvent the wheel,have a look at this thread "Daily Chart 3-Candle" started by "simoneg". You will find much better charts and an easily understood explanation of the method.
  • #72
  • Oct 19, 2019 11:20am Oct 19, 2019 11:20am
Quoting edge540
{quote} You are trying to reinvent the wheel,have a look at this thread "Daily Chart 3-Candle" started by "simoneg". You will find much better charts and an easily understood explanation of the method.
Easily understood? I loaded SwingMan's "Best Level" indicator and found it completely confusing. I'm trying to incorporate SwingMan's swing points indi with "OpenPrice and Engulfing Bars"; in my opinion, looking for an engulfing bar in the direction of the trend at a swing point is a hell of a lot easier than trying to figure out the "Daily Chart 3-Candle" signals.
  • #73
  • Oct 19, 2019 4:50pm Oct 19, 2019 4:50pm
Here is an example of how I am using the daily candle overlay on a 1hr chart to enter with engulfing candles.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1 example.png Size: 86 KB
  • #74
  • Oct 19, 2019 5:39pm Oct 19, 2019 5:39pm
Even on days you don't have a 123 swing point you can use this methodology for entries.

The day has closed as a higher high, candle between red lines. So on the next day we are looking for long entries. Patience is key here. I have identified 2 bullish engulfing candles where you could have entered on the close of the candle and made some pips. You can follow this progression on long entries until you get a candle that closes below the open of the previous candle.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYH1 example 2.png Size: 87 KB
  • #75
  • Oct 19, 2019 6:14pm Oct 19, 2019 6:14pm
Quoting ozziedave
Here is an example of how I am using the daily candle overlay on a 1hr chart to enter with engulfing candles. {image}
Do engulfing candles offer a better expectancy over inside bars?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #76
  • Edited 8:39pm Oct 19, 2019 7:14pm | Edited 8:39pm
Quoting TooSlow
{quote} Do engulfing candles offer a better expectancy over inside bars?
Too Slow..are you referring to my last chart? If so you wouldn't know it was going to be a daily inside bar at the start of the day. All you would know is that the directional basis is long as the day before closed higher.

On any chart time frame inside bars can be good but an engulfing bar is typically a better and a easier directional signal.
  • #77
  • Edited Oct 21, 2019 5:19am Oct 20, 2019 4:55pm | Edited Oct 21, 2019 5:19am
New indicator "smOpEngulfing Lines_v1.0"

Hi @ trader1234,
Here is a first version for drawing the opens and the entrys, as I understood the rules.
- Please check and find any discrepancies.
- Generally for systems with engulfing bars one sets a threshold for the bar range (Engulfing bars should not be too small).
I also post an indicator to compare the ranges with the ATR and please think about it.

Edit:
- The first version was deleted, please download the version 2.0.
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY-OpenEngulfing.PNG Size: 39 KB
Attached File(s)
File Type: mq4 smATR-BarRanges_v1.mq4   3 KB | 532 downloads
  • #78
  • Oct 20, 2019 11:21pm Oct 20, 2019 11:21pm
Quoting ozziedave
{quote} Too Slow..are you referring to my last chart? If so you wouldn't know it was going to be a daily inside bar at the start of the day. All you would know is that the directional basis is long as the day before closed higher. On any chart time frame inside bars can be good but an engulfing bar is typically a better and a easier directional signal.
There was H1 inside bar before the H1 engulfing candle.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #79
  • Edited 4:29pm Oct 21, 2019 5:17am | Edited 4:29pm
New version: "smOpEngulfing Lines_v2.0"

I now think I have better programmed the rules ...

Please check and comment if a filter would be useful for the range of engulfing bars.
I have also drawn the HullMA, maybe one can also use it as a filter.

Edit:
- The version 2.0 was deleted, please download the version 2.1.
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYH4-OpenEngulfing.png Size: 35 KB
Attached File(s)
File Type: mq4 slope_direction_line.mq4   4 KB | 420 downloads
  • #80
  • Oct 21, 2019 4:28pm Oct 21, 2019 4:28pm
Changed version: "smOpEngulfing Lines_v2.1"

I realize that nobody uses the indicator, otherwise he would have noticed that the comment on the top left was meaningless ...
I have only made the small correction, otherwise everything remains identical.
Attached File(s)
File Type: ex4 smOpEngulfing Lines_v2.1.ex4   17 KB | 481 downloads
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