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Open Price and Engulfing Bars

  • #81
  • Edited 5:38pm Oct 21, 2019 5:23pm | Edited 5:38pm
@ SwingMan,
Thanks for all your help.

Regarding the indicator it seems to be moving the "Open Pivot" (OP) too soon in certain areas. Ie. please have a look at chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: example1.png Size: 25 KB



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I wrote a bit of code as an example. Apologize for my rusty programming skills. But I hope I managed to highlight the example of how the price pivot should move according to the conditions of new bars creating higher high or lower low.

Ideally I would like to expand the indicator to look like the one you developed for TooSlow, whereas, it will be able to display the open pivots for the 1hr, 4hr, daily, etc.. timeframes all on one chart.
example... Image below, I have included the multi timeframe candle at 4hrs on top of the 1hr chart as a visual example. In this case, on a 1hr chart we can see the current 1hr pivot, and the 4hr pivot as well.

Attached Image (click to enlarge)
Click to Enlarge Name: example4.png Size: 20 KB



Attached Image (click to enlarge)
Click to Enlarge Name: example6.png Size: 67 KB




EDIT:
Just an update about the OP-test indicator. It only updates on chart refresh or when switching timeframe and back to get the objects on the chart to update. I'm not much of a programmer, so it's very rough version for example purposes.
-----------------------------------

Appreciate your help

Attached File(s)
File Type: mq4 OP-test.mq4   3 KB | 514 downloads
  • #82
  • Oct 21, 2019 5:30pm Oct 21, 2019 5:30pm
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}

Great example. That's how I have been doing it manually as well. With the daily bars overlay.
  • #83
  • Oct 21, 2019 5:34pm Oct 21, 2019 5:34pm
Quoting ozziedave
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. {image}
Another great example as well. You've hit it right on the nail.
  • #84
  • Oct 21, 2019 5:52pm Oct 21, 2019 5:52pm
Quoting TooSlow
{quote} Do engulfing candles offer a better expectancy over inside bars?

Inside bars could work as well. But I find engulfing candles tend to be more consistent
  • #85
  • Oct 22, 2019 6:15am Oct 22, 2019 6:15am
Quoting trader1234
...Regarding the indicator it seems to be moving the "Open Pivot" (OP) too soon in certain areas.
- You mean one should not draw the historic open pivots? Useful for analyzes is if one has them.

- I will program MTF OPs later.
Attached Image
  • #86
  • Oct 22, 2019 8:16am Oct 22, 2019 8:16am
Hi swingman,
I really like the historic open pivots, please keep an option to show them in future versions.
Thank you.
All the best
Xard777

This is a really nice thread trader1234 - kudos.
  • #87
  • Oct 22, 2019 1:56pm Oct 22, 2019 1:56pm
Quoting SwingMan
{quote} - You mean one should not draw the historic open pivots? Useful for analyzes is if one has them. - I will program MTF OPs later. {image}
The historic values are great SwingMan. Definitely useful for analysis. MTF would be a good option for live trade setups.
  • #88
  • Oct 22, 2019 4:13pm Oct 22, 2019 4:13pm
@ SwingMan

On version 2.1,
The "OP" (openpivot) should not move to Bars 3 & 5 because Bars 2,3,4,5 don't qualify as making new highs or lows from Bar 1.

Bar 6 made a new high from Bar 1 and once Bar 6 candle closes (doesn't matter where it closes as long as the candle made a new high or low) the OP moves to Bar 6 open.

Attached Image (click to enlarge)
Click to Enlarge Name: example8.png Size: 29 KB
  • #89
  • Edited Oct 23, 2019 8:07am Oct 22, 2019 5:11pm | Edited Oct 23, 2019 8:07am
Quoting trader1234
...The "OP" (openpivot) should not move to Bars 3 & 5 because Bars 2,3,4,5 don't qualify as making new highs or lows from Bar 1. Bar 6 made a new high from Bar 1 and once Bar 6 candle closes (doesn't matter where it closes as long as the candle made a new high or low) the OP moves to Bar 6 open.
Okay, because I did not consider the rule with bar 1 and I will try to program it.

Here is a first version (3.0) with MTF lines. Sometimes I had to reset the indicator and check the values with the upper time frames.

Edit:
- The version 3.0 was deleted, please download the version 4.0.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM30-OP.png Size: 28 KB
  • #90
  • Oct 22, 2019 8:37pm Oct 22, 2019 8:37pm
This is similar to HOLO!!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #91
  • Oct 22, 2019 8:41pm Oct 22, 2019 8:41pm
Quoting SwingMan
{quote} Okay, because I did not consider the rule with bar 1 and I will try to program it. Here is a first version with MTF lines. Sometimes I had to reset the indicator and check the values with the upper time frames. {image} {file}

Thanks! Will have a look and provide feedback.
  • #92
  • Oct 22, 2019 8:50pm Oct 22, 2019 8:50pm
Quoting TooSlow
This is similar to HOLO!!

Yes, somewhat similar as I'm using the open prices as well. But the open prices are tracked differently and the entries are a bit different as well (ie. engulfing candles).

Love your thread btw!
  • #93
  • Oct 23, 2019 3:47am Oct 23, 2019 3:47am
New version "smOpEngulfing Lines_v4.0"

Quoting trader1234
...Will have a look and provide feedback.
Please do it!

I tried to fulfill the condition for the first OpenPivot (HiLo from Bar1).
The display of the time for the MTF lines can be switched off.

Please note that the first time you draw a chart, the MTF lines are not always calculated correctly, because the prices for the upper time frames are not yet updated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CADJPYH1-OP.png Size: 32 KB
Click to Enlarge Name: CADJPY-D1H4-OP.PNG Size: 38 KB
Attached File(s)
File Type: ex4 smOpEngulfing Lines_v4.0.ex4   31 KB | 800 downloads
  • #94
  • Oct 23, 2019 4:19am Oct 23, 2019 4:19am
Hi trader 1234, I don't understand the benefit of trading on lower time frames if you are waiting a signal on the higher pivot.

For instance, if you are waiting for the daily pivot breakout, you can check this from the daily chart directly.

Am I missing something?

p.s. as usual, thank you Swingman for your effort !
  • #95
  • Oct 23, 2019 2:53pm Oct 23, 2019 2:53pm
Quoting Alberto_Jazz
Hi trader 1234, I don't understand the benefit of trading on lower time frames if you are waiting a signal on the higher pivot. For instance, if you are waiting for the daily pivot breakout, you can check this from the daily chart directly. Am I missing something? p.s. as usual, thank you Swingman for your effort !
Yes, you can just use the Daily chart to check for pivots if that's the time frame you want to trade out of. And take just your entries from there with the engulfing breaks above or below the pivot. The 4hr and Daily charts are easier too manage, because the entries take time to develop, so you can trade on multiple pairs if you'd like.

If you go back to #post 73 & 74, there are a couple examples of how it can be traded on lower timeframes.
In his example, you can trade the daily pivot normally like you would on a daily chart.
But you can also take trades away from the daily pivot by getting entries on the 1hr chart, and as price moves up the daily pivot will keep tracking higher until price eventually crosses below the pivot again at some point.
  • #96
  • Oct 23, 2019 3:04pm Oct 23, 2019 3:04pm
Quoting SwingMan
New version "smOpEngulfing Lines_v4.0" {quote} Please do it! I tried to fulfill the condition for the first OpenPivot (HiLo from Bar1). The display of the time for the MTF lines can be switched off. Please note that the first time you draw a chart, the MTF lines are not always calculated correctly, because the prices for the upper time frames are not yet updated. {image} {file} {image}
Looks great so far! Had no problems with the refreshing of rates. Just a bit of lag initially for the calculations. But that's not a big issue.

OpenPivot (HiLo from Bar1) Conditions - Seem to be calculating just right.

I like the add-on for the - Display time for the MTF lines. Easier to track the MTF pivots original time.
  • #97
  • Oct 24, 2019 7:30am Oct 24, 2019 7:30am
Hi trader1234,

Could you please tell me if we should look for a sell entry on the pointed out candle? It is closed below open pivot point but it not set a new lower low.
Attached Image
  • #98
  • Oct 24, 2019 4:23pm Oct 24, 2019 4:23pm
Quoting eirdo
Hi trader1234, Could you please tell me if we should look for a sell entry on the pointed out candle? It is closed below open pivot point but it not set a new lower low. {image}

Yes, that would qualify as a sell entry on that bar
  • #99
  • Oct 27, 2019 4:45am Oct 27, 2019 4:45am
@trader1234

I still didn't understand we're you place the SL?
Is your R:R 1:1?
Do you a MM in place for when you hit SL?

Thanks
  • #100
  • Oct 27, 2019 5:22am Oct 27, 2019 5:22am
highter time frame engulfing always work,nice idea,thanks for sharing.

can we keep option of historical data ,so chart doesn't look messy?
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