High Level Accuracy Method – “3-bar pattern Indicator/Alert”

Quoting mrdfx

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{quote} Quite an interesting approach. I added both indicators to H4 and scanned all 28 pairs plus gold looking for dbl confirmation signals from the start of 2022. Came up with 41 signals, 29 wins and 12 losses, so a +-70% success rate, not bad at all. I didn't set any specific SL to TP, I just looked to see of price went in the same direction as the dbl confirmation. I'm sure of we find a smarter way to set the SL and TP those results could be improved.

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Quoting Erebus

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{quote} Well, that sounds great. My suggestion just go for 1 to 1 Risk to Reward And after a losing trade(s) on a pair, double the risk until it damn well wins

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Quoting mrdfx

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{quote} I'm thinking it would be good (if we could) to make a dashboard scanner for all 28+ pairs so you don't need to manually scan each chart one by one, then on every H4 or D1 bar it will scan and give an alert for any pairs that have dbl confirmation, then you simply open the trade. Based on what I've seen I think we can get away with at least a 1:2 RR which together with the good success rate will be a very profitable strategy plus minimal screen time needed for this. Today I tested the strategy with a first dbl confirmation on gold...

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Quoting mrdfx

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{quote} I'm thinking it would be good (if we could) to make a dashboard scanner for all 28+ pairs so you don't need to manually scan each chart one by one, then on every H4 or D1 bar it will scan and give an alert for any pairs that have dbl confirmation, then you simply open the trade. Based on what I've seen I think we can get away with at least a 1:2 RR which together with the good success rate will be a very profitable strategy plus minimal screen time needed for this. Today I tested the strategy with a first dbl confirmation on gold and set...

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Quoting mrdfx

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{quote} 2nd and only trade taken today, a sell on GC. Unfortunately it hit SL. I set the SL a few pips above the previous high, but the pullback took it out. On to the next one! {image}

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Quoting mrdfx

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{quote} 2nd and only trade taken today, a sell on GC. Unfortunately it hit SL. I set the SL a few pips above the previous high, but the pullback took it out. On to the next one! {image}

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Quoting dr.butze

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{quote} Hi guys, i found this thread and think its a very interessting strategy for People like me. Just want to trade D1 most of the time. I although took a sell entry on GBPCAD - signal based on D1. So my SL is higher and actually not hit. Let’s see…

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Quoting Erebus

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{quote} Basically I don't understand the question, I don't know what you are looking for Doesn't your broker have the symbols under each category, and also tell you if it is a CFD or whatever?

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Quoting Erebus

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{quote} I'm just tracking the Daily as well, a very busy day today! {image}

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Quoting dr.butze

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{quote} WTI although generated a signal (3 Bar). Did you place all orders? I checked the signals (half a hour before London Open) and opened two positions long (EU + NU). We will see So do you always check the D1 candle at the opening time (of the day)?

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Quoting Erebus

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{quote} I don't trade oil, just the 28 regular pairs usually. Yes, I can check daily candles easily because that is 8 am in Australia. I watch the price action and spread for the first hour. I place some market orders if the spread is okay, pending orders otherwise. All filled except NZDJPY and all in some small profits for now. Cheers

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Quoting Erebus

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{quote} So you just looking for the double signals? I am looking for the 3-Bar pattern as the thread title and if the 2-Bar signal is there, it's just a bonus CAD is in limbo right now, oil is way up and probably everyone is looking for retracement, depending on Russia situation. Good Luck

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Quoting mrdfx

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{quote} Yes I'm only taking the dbl confirmations, I did check with only the 3-Bar pattern, but saw too many false signals, although with a good RR you could still make profit I think. For me using the dbl confirmation has less trades, but much higher probability of reaching target. This is still in early stages of experimentation so lets see how it goes in the weeks ahead.

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Quoting dr.butze

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{quote} thank you - what kind of rules are you using for tp + sl?

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Quoting mrdfx

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{quote} 2nd and only trade taken today, a sell on GC. Unfortunately it hit SL. I set the SL a few pips above the previous high, but the pullback took it out. On to the next one! {image}

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Quoting mrdfx

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{quote} 3rd order taken today based on the dbl confirmation approach. Buy on AUDCAD and hit TP. I set my SL at the previous swing low and set a 1:1 RR. I need to work on a better way of calculating the SL & TP, there must be a better way to maximize the profits from these orders. Also in a buy on GBPCAD which is around half way to TP, will update tomorrow. {image}

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Quoting krismitt

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GBPUSD Almost missed this one so not a "clean" entry. {image} Checking to see if this tool that I have seen you using in one of your threads, mrdfx, to see of can help with my trade selection on lower timeframes. (If you are not familiar with this tool it simply shows the colour of the open candles on the timeframes indicated). Trade well.

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Quoting Erebus

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{quote} I am going to review all this year's Daily signals with a view to taking the entry on a breakout of the daily high or low, maybe with some pips cushion depending on what I see overall. I see that would have prevented an entry on the previous 2 sell signals on the chart you posted. Good Luck

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