What do you mean by the trade has to qualify within the next candle?
Mitch
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It means the the next 4 hr candle has to either pass the hi/lo of the 3rd qualifying candle. Say the the direction is long and on GU. The 3rd candle's high is 1.6605 but closes at 1.65550. I'll set my order for 1.6607 (high+2). I want that order filled within the next candle (4hrs) otherwise I'll cancel it and wait for another setup.
This seems interesting, I've always been a fan of candle patterns, there's just so many of them I get confused lol, But this one looks very easy to follow, have you considered what kind of effect a ranging condition would have on the system?
Also, if you would like to test out my SmartStop system when in use with this, feel free to, I believe it will get you out of a trade at an optimal position as this is a trend catching system.
To include my smartstop, just slap 1 or 2 MA's (most likely just one for this kind of setup) and shift it 1 or...
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Thanks Pharoah, I'll certainly have a look at this. I'm still working my way through manually backtesting from 06 onwards. It's very time consuming but should be worthwhile.
Thanks Pharoah, I'll certainly have a look at this. I'm still working my way through manually backtesting from 06 onwards. It's very time consuming but should be worthwhile.
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No problem, and you don't have to tell me how time consuming manual backtesting is lol, I do it nearly 3 hours a day, just keep a detailed record of the "transactions" when they occur, the date, price, spread difference, all that stuff you can record very easily in Excel, and with that, you can determine %win rate, and other factors, I'm personally not 100% sure exactly how to calculate drawdown, so for me I can't get manual records of maximal or minimal drawdown. If you need any help with it just let me know.
No problem, and you don't have to tell me how time consuming manual backtesting is lol, I do it nearly 3 hours a day, just keep a detailed record of the "transactions" when they occur, the date, price, spread difference, all that stuff you can record very easily in Excel, and with that, you can determine %win rate, and other factors, I'm personally not 100% sure exactly how to calculate drawdown, so for me I can't get manual records of maximal or minimal drawdown. If you need any help with it just let me know.
i think i have a good strategy will apply it by EA
need you opinion
My strategy is find 3/4 consecutive candles
3 or 4 candle is changeable value
1- Example of 3 consecutive candles if candle NO 1 close > candle NO 2 close and candle NO 2 close > candle NO 3 EA will set pending order
2- If the price is above the close of the last candle By 10 pip for example (changeable value )Open BUY position and vise versa for SELL
3- And set 5 TP (trailing stops) and the open price for candle NO1 is the SL
4-If the price did not increase by the set value the 10 pip for example and the price decrease below the candle NO1 open price then cancel the pending order
I know this is an old thread but I was wondering how you ever got on with the back testing for this strategy? I am currently using a similiar system on 30 min charts. I trade off 3 consecutive candles going in the trend direction. Last candle must not be a hammer and a minimum of 25 pips between opening of candle 1 and closing of candle 3.
I seem to be doing ok so far. Please advise if you had any success with your back testing/system?
there is a specific indcator for it,when ther are 3 consec candles,and price opens a candle above 1 candle body,there is an arrow appears,i forgt the name of the indie,will let u know.
