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Third candle bounce

  • #61
  • May 30, 2024 9:22am May 30, 2024 9:22am
Quoting d5400
{image}
Results so far. I had to manage average some trades, had to close some in loss. This is just from looking at weekly and daily candles at the start of the week and looking for H4/H1 setups
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  • #62
  • May 30, 2024 9:40am May 30, 2024 9:40am
Quoting d5400
{quote} Results so far. I had to manage average some trades, had to close some in loss. This is just from looking at weekly and daily candles at the start of the week and looking for H4/H1 setups {image}
Do I interprete this right - You take trade at different pair in exactly same secund. You must use a robot???
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MetaTrader 4 - so many advantages.
  • #63
  • May 30, 2024 9:46am May 30, 2024 9:46am
Quoting RiskFighter
{quote} Do I interprete this right - You take trade at different pair in exactly same secund. You must use a robot??? {image}
Please note I placed limit orders at the start of the week. So It's possible they executed at the same time. No robot yet. I wish.
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  • #64
  • May 30, 2024 9:51am May 30, 2024 9:51am
Quoting d5400
{quote} Please note I placed limit orders at the start of the week. So It's possible they executed at the same time. No robot yet. I wish.
Oh, I did not understand that.

I can make a robot. Interested??
MetaTrader 4 - so many advantages.
  • #65
  • May 30, 2024 9:57am May 30, 2024 9:57am
Testing TF M5 with entries on M1
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  • #66
  • May 30, 2024 10:30am May 30, 2024 10:30am
Quoting RiskFighter
{quote} Oh, I did not understand that. I can make a robot. Interested??
Yes, very much. Let's see what ideas dashboard gives us.
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  • #67
  • May 30, 2024 10:31am May 30, 2024 10:31am
Quoting lorecavoli
Testing TF M5 with entries on M1 {image}
Very nice. If you could show a chart that would be great too.
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  • #68
  • May 30, 2024 10:38am May 30, 2024 10:38am
Quoting d5400
{quote} Yes, very much. Let's see what ideas dashboard gives us.
No, I am not an expert in Dashboards. If you have an exact way to trade, I can copy that in a robot. That would be:

 

  1. At week opening find the pairs that are a subject to trade. The robot needs to know exactly how it is done in order to copy it. And it must be based on rules.
  2. The robot will then look for the setup in lower TF during the week and set the Limit orders, when setups appears.
  3. The charts will be coloured in accordans to the status, so that it is easy to follow the pairs in their work.

No#1 - selecting pairs to trade, can be done manually and fed into the robot. But it is best if some kind of rule can be coded into the robt, because then consistancy can be obtained.

So this will not be a dashboard, but a fully automated robot.

MetaTrader 4 - so many advantages.
  • #69
  • May 30, 2024 10:41am May 30, 2024 10:41am
Quoting RiskFighter
{quote} No, I am not an expert in Dashboards. If you have an exact way to trade, I can copy that in a robot. That would be: At week opening find the pairs that are a subject to trade. The robot needs to know exactly how it is done in order to copy it. And it must be based on rules. The robot will then look for the setup in lower TF during the week and set the Limit orders, when setups appears. The charts will be coloured in accordans to the status, so that it is easy to follow the pairs in their work. No#1 - selecting pairs to trade, can be done...
We can then use the robot in demo and refine it at we go.
MetaTrader 4 - so many advantages.
  • #70
  • May 30, 2024 10:46am May 30, 2024 10:46am
I normally colour the background of the pairs so I can easy overview if the pair is loaded to take a trade, or have taken a trade and in which direction the trade is.
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MetaTrader 4 - so many advantages.
  • #71
  • May 30, 2024 10:59am May 30, 2024 10:59am
Quoting RiskFighter
{quote} No, I am not an expert in Dashboards. If you have an exact way to trade, I can copy that in a robot. That would be: At week opening find the pairs that are a subject to trade. The robot needs to know exactly how it is done in order to copy it. And it must be based on rules. The robot will then look for the setup in lower TF during the week and set the Limit orders, when setups appears. The charts will be coloured in accordans to the status, so that it is easy to follow the pairs in their work. No#1 - selecting pairs to trade, can be done...
Obviously position management plays a big role. But how about something for you to bite into?

Bullish setup, (reverse for short.)
1) choose two timeframes, HTF, say M30 and LTF, say M5.
2) Wait for HTF [2] to close above high of [1]
3) Wait for HTF [3] to touch [1] high
4) On LTF wait for a candle to close above high of a candle. Enter on that candle's close.

TP/SL your choice . Trading hours, trading days of week, your choice. Etc.
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  • #72
  • May 30, 2024 1:46pm May 30, 2024 1:46pm
If somebody do works only up one or two cross with two different time frames he can get good results. I am trading with Mini ìndice Ibovespa because I am in Brasil. Look at the graphic on M60 and M30. It was not easy due high volatility: I have had to wait on M30 the price to go down the white line. EMAs 18 and 9 confirmed the tendence.
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  • #73
  • May 30, 2024 2:03pm May 30, 2024 2:03pm
Quoting flashpaul
If somebody do works only up one or two cross with two different time frames he can get good results. I am trading with Mini ìndice Ibovespa because I am in Brasil. Look at the graphic on M60 and M30. It was not easy due high volatility: I have had to wait on M30 the price to go down the white line. EMAs 18 and 9 confirmed the tendence. {image}
Very good. BTW there was Flash setup on M30
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  • #74
  • May 30, 2024 2:09pm May 30, 2024 2:09pm
Quoting d5400
{quote} Obviously position management plays a big role. But how about something for you to bite into? Bullish setup, (reverse for short.) 1) choose two timeframes, HTF, say M30 and LTF, say M5. 2) Wait for HTF [2] to close above high of [1] 3) Wait for HTF [3] to touch [1] high 4) On LTF wait for a candle to close above high of a candle. Enter on that candle's close. TP/SL your choice . Trading hours, trading days of week, your choice. Etc.
Sure. I will make a shot for this to have a robot ready for monday.

BUT - it is vital for any robot, that it has been helped by working in the right main set up from start. That is what you did in post #62. Looking into weekly and daily candles to decide which pairs to trade and in which direction. If we just put on the robot blindly, then we can be sure of losing. See post #61.

So I want people to find the crystal ball which tells the direction of the next daily candle. That is the key to succes.
MetaTrader 4 - so many advantages.
  • #75
  • May 30, 2024 2:20pm May 30, 2024 2:20pm
I marked third candle of flash setup. Sometimes third candles follow each other.
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  • #76
  • May 30, 2024 2:42pm May 30, 2024 2:42pm
Quoting RiskFighter
{quote} Sure. I will make a shot for this to have a robot ready for monday. BUT - it is vital for any robot, that it has been helped by working in the right main set up from start. That is what you did in post #62. Looking into weekly and daily candles to decide which pairs to trade and in which direction. If we just put on the robot blindly, then we can be sure of losing. See post #61. So I want people to find the crystal ball which tells the direction of the next daily candle. That is the key to succes.
You don't need to know up front the direction. You just need to know that setup is currently valid on HTF. Then you can look for setups on LTF.
Here's a less than ideal setup on daily:
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We know it's working when 3rd candle is below 1st low.
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While setup is valid you look for LTF setups. Can you find LTF 3rd candle bounces SHORT in yellow square?
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  • #77
  • May 30, 2024 2:43pm May 30, 2024 2:43pm
Is it too easy to say that all we need is to wait two candles in the same direction, then a third contrary candle (retracement) and to enter again in the same direction?

Is it not the 1-2-3 price scheme?

What is important is that there is a strong spine on the contrary candle that reject the previous level and confirm the original tendence.
  • #78
  • May 30, 2024 2:57pm May 30, 2024 2:57pm
Quoting flashpaul
Is it too easy to say that all we need is to wait two candles in the same direction, then a third contrary candle (retracement) and to enter again in the same direction? Is it not the 1-2-3 price scheme? What is important is that there is a strong spine on the contrary candle that reject the previous level and confirm the original tendence.
Yes, rejection engulfing candle is one variation. But same direction candles also work as long as their highs or lows are near each other.
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  • #79
  • May 30, 2024 9:23pm May 30, 2024 9:23pm
Quoting d5400
{quote} Yes, rejection engulfing candle is one variation. But same direction candles also work as long as their highs or lows are near each other.
Here is the Flash from post #20.
1. 2nd candle breaks 1st candle high and closes near high.
2. 3rd candle dips below 1st candle high and bounces above 2nd candle high.
3. Entry is 2nd candle high. SL is 3rd candle low, and TP is 2:1 or EOD.

I really do not need to work in different TF's as I see it. (I can - it's a bit more complicated). Situation is this. (Setup for long trade)

1. We are on third candle. The last candle has broken the high of the candle before it. "Near" is subjective and does not work in a computer. A numbwer of pips must be chosen.
2. We are still on the third candle - it is ongoing. Now price has fallen below 1st candle high. Exactly when price fall below 1st candle high - I set a limit order on 2nd candle high.

OK? I do not have to change to a lower TF. The price is the same at all TF's.

This is a case of a few minutes work for me. I just want a confirmation that I am right.

When I code a robot I always make it possible for people to get an alarm in stead of the robot taking the trade.
MetaTrader 4 - so many advantages.
  • #80
  • May 30, 2024 9:33pm May 30, 2024 9:33pm
Quoting RiskFighter
{quote} Here is the Flash from post #20. 1. 2nd candle breaks 1st candle high and closes near high. 2. 3rd candle dips below 1st candle high and bounces above 2nd candle high. 3. Entry is 2nd candle high. SL is 3rd candle low, and TP is 2:1 or EOD. I really do not need to work in different TF's as I see it. (I can - it's a bit more complicated). Situation is this. (Setup for long trade) 1. We are on third candle. The last candle has broken the high of the candle before it. "Near" is subjective and does not work in a computer. A numbwer of pips must...
Sure, "close enough" I usually define as percentage of ATR. That can be a parameter. Distance between 1st and 2nd candle highs or lows is the filter defined as ATR percentage, let's say 25%.
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