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NEW Candles Formation Trading -Petar Formation

  • #301
  • Aug 18, 2010 6:25pm Aug 18, 2010 6:25pm
Hi Petar,

Could you tell if this is a valid long setup on AUD/USD?

(Sorry I don't know how to display the chart. I just attached the file.)

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: temp.png Size: 31 KB
  • #302
  • Aug 18, 2010 6:41pm Aug 18, 2010 6:41pm
omg, we have 21 pages and still rules are vague.

i am thinking the rules are in the mind of the ppl , not posted properly here or the rules are so flexible we can violate any of them if it suits us. we cant code in this environment.

i suggest we decode the mind of petar and give names to the rules and explain them with a chart. petar understands chart better than english.

we can have rules like

50% rule
pinbar rule
hilo rule
length rule

let me try to post what i understood so far. this is for a long trade

length rule : the length of the middle bar should be less than candle1 and candle2. length is high minus low

hilo rule : low of middle bar should be less than low of candle1 and candle2. similarly high of middle bar should be less than high of candle1 and candle2

50% rule : the middle bar must have retraced back into top half of the candle1 OR candle2. top half means top 50% of the bar length. retracing means high should have entered this zone, close may be in the zone or below the zone

pinbar rule : middle bar must have some wick/tail/pin. how much ? your choice. close should be less than low by some pips

petar, can you confirm this ? going forward lets use these rule names to discuss.

if required we can add tolerances for each rule as petar uses eye than calculator, so visually it may look like a trade setup but not code wise. so we can add 10% tolerance for each rule. this would satify the eye :-)
  • #303
  • Aug 18, 2010 8:18pm Aug 18, 2010 8:18pm
for such a simple strategy...it has been very hard to follow...this is candle 1...no this is candle 1, no this is candle 2 and so on!!!
  • #304
  • Aug 18, 2010 9:04pm Aug 18, 2010 9:04pm
Petar,excuse me but you often confuse our minds. In all your examples placed in the first posts, first page, the Leading Bar has a tail or Wick. In the candle signals (the indicator not maked) does not comply with the principle of being weak or have a candle tail (Chart 1).

Second, the candle that allegedly marked for you does not meet the 50% rule, if it meets the requirements of the rule. (Proof in Chart 2)


Ducke
Attached Image(s) (click to enlarge)
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  • #305
  • Aug 18, 2010 9:45pm Aug 18, 2010 9:45pm
looks like there is lot of descretion in picking the trades. we can violate rules since we have only formed them :-)
  • #306
  • Aug 18, 2010 10:41pm Aug 18, 2010 10:41pm
Hi all,

After spending much time to read through the thread. This is what I understand Petar Formation:

For a sell setup:
(1) Leading Candle has the highest high
(2) 50% rule: clearly explained by Petar through charts
(3) The low of the Leading Candle is higher the lows of candles 1 and 2

For a buy setup:
(1) Leading Candle has the lowest low
(2) 50% rule: clearly explained by Petar through charts
(3) The high of the Leading Candle is lower the lows of candles 1 and 2

Please correct me if I am wrong.

Cheers,
Learn2b
  • #307
  • Aug 18, 2010 11:32pm Aug 18, 2010 11:32pm
Here is new version of my indi, where I solved 50% issue. There was one mistype in the code. Now it should be OK.

Other improvements will be made when i have free time? but at leas now it shows right setups in accordance to rules i hope
Attached File(s)
File Type: mq4 Petar3BarPattern.mq4   4 KB | 646 downloads
  • #308
  • Aug 19, 2010 12:13am Aug 19, 2010 12:13am
Hi Dezil,

How did you first learn to code things for MT4? I would be interested in learning it. Do you know websites that teach how to do code for beginners?

Thanks.
  • #309
  • Aug 19, 2010 12:14am Aug 19, 2010 12:14am
Hello learn2b, your exposure is perfect but the only difficulties are in understanding the 50% rule and you dont help in finding the solution or eassy understanding.

If it is clear for you, could you resume your idea in that please?.

Thanks.

James

Quoting Learn2b
Hi all,

After spending much time to read through the thread. This is what I understand Petar Formation:

For a sell setup:
(1) Leading Candle has the highest high
(2) 50% rule: clearly explained by Petar through charts
(3) The low of the Leading Candle is higher the lows of candles 1 and 2

For a buy setup:
(1) Leading Candle has the lowest low
(2) 50% rule: clearly explained by Petar through charts
(3) The high of the Leading Candle is lower the lows of candles 1 and 2

Please correct me if I am wrong.

Cheers,
Learn2b
  • #310
  • Aug 19, 2010 1:59am Aug 19, 2010 1:59am
Quoting ducke
Petar,excuse me but you often confuse our minds. In all your examples placed in the first posts, first page, the Leading Bar has a tail or Wick. In the candle signals (the indicator not maked) does not comply with the principle of being weak or have a candle tail (Chart 1).

Second, the candle that allegedly marked for you does not meet the 50% rule, if it meets the requirements of the rule. (Proof in Chart 2)


Ducke
Hello guys,

I just woke up


Look,Dezil created indi according rules,and you can ask him how he do that becouse you didnt undestand formation at all...


Cheers


Petar
"Buy on fear, sell on greed !!!
  • #311
  • Aug 19, 2010 2:00am Aug 19, 2010 2:00am
Quoting Dezil
Here is new version of my indi, where I solved 50% issue. There was one mistype in the code. Now it should be OK.

Other improvements will be made when i have free time? but at leas now it shows right setups in accordance to rules i hope
Very well Dezil i will put this version on first post !



Thanks for creation and we will earn together pips



Petar
"Buy on fear, sell on greed !!!
  • #312
  • Aug 19, 2010 2:01am Aug 19, 2010 2:01am
Quoting Learn2b
Hi Petar,

Could you tell if this is a valid long setup on AUD/USD?

(Sorry I don't know how to display the chart. I just attached the file.)

Thanks
Yea that is valid setup,use trendlines or sup res levels to see is you have space for pips


Cheers


Petar
"Buy on fear, sell on greed !!!
  • #313
  • Aug 19, 2010 2:02am Aug 19, 2010 2:02am
Quoting Learn2b
Hi Dezil,

How did you first learn to code things for MT4? I would be interested in learning it. Do you know websites that teach how to do code for beginners?

Thanks.
Hi Learn2B

If you are interested in coding then try here on FF:

Classic MQL4 Tutorial by Codersguru:

http://www.forexfactory.com/showthread.php?t=6011

Petar,
I have been lurking for a while since returning from holiday, but I am reading your thread with interest. I am an avid follower of candle patterns and have noticed this set-up and similar for a while. It's great to have it documented.

Keep up the good work

N.
  • #314
  • Aug 19, 2010 2:12am Aug 19, 2010 2:12am
Quoting Petar_Serbia
This one looks promising GBPCHF H4 we will see








Cheers


Petar
Very good setup as i planed,

Took 100 pips in this trade


Good sup res + formation = High probabilty trade

Petar
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchffinishedag.gif Size: 17 KB
"Buy on fear, sell on greed !!!
  • #315
  • Aug 19, 2010 2:17am Aug 19, 2010 2:17am
Gi James Pier,

This is what I understand from Petar’s charts about the 50% rule:

Look at the range of candles 1 and 2:
For a sell setup, the low of the Leading Candle must be somewhere between the middle and the low of candle 1 or between the middle and the low of candle 2 (I think that is what Petar means by a minimum 50%.......)

For a buy setup, the high of the Leading Candle must be somewhere between the middle and the high of candle 1 or somewhere between the middle and the high of candle 2.

Hope I understand the 50% rule correctly.
Cheers
  • #316
  • Aug 19, 2010 2:18am Aug 19, 2010 2:18am
Thanks Petar for your feedback

Thanks Nick'em for the link

Cheers
  • #317
  • Aug 19, 2010 2:22am Aug 19, 2010 2:22am
Quoting Learn2b
Gi James Pier,

This is what I understand from Petar’s charts about the 50% rule:

Look at the range of candles 1 and 2:
For a sell setup, the low of the Leading Candle must be somewhere between the middle and the low of candle 1 or between the middle and the low of candle 2 (I think that is what Petar means by a minimum 50%.......)

For a buy setup, the high of the Leading Candle must be somewhere between the middle and the high of candle 1 or somewhere between the middle and the high of candle 2.

Hope I understand the 50% rule correctly.
Cheers...
Learn Dezil created indi you have on first post,you will get confirmation about formation and than just look if you have space for pips,use SUp-Res from previuse swings or use Fibs for High probility trade


I saw your AUDUSD good setup i think you took good pips on that trade,Congratulation



Petar
"Buy on fear, sell on greed !!!
  • #318
  • Aug 19, 2010 2:28am Aug 19, 2010 2:28am
Exact! I was thinking how to write this simple rule in easy to understand form

You did it
I think Petar will agree

Best,
Tom



Quoting Learn2b
Gi James Pier,

This is what I understand from Petar’s charts about the 50% rule:

Look at the range of candles 1 and 2:
For a sell setup, the low of the Leading Candle must be somewhere between the middle and the low of candle 1 or between the middle and the low of candle 2 (I think that is what Petar means by a minimum 50%.......)

For a buy setup, the high of the Leading Candle must be somewhere between the middle and the high of candle 1 or somewhere between the middle and the high of candle 2.

Hope I understand the 50% rule correctly.
Cheers...
  • #319
  • Aug 19, 2010 2:29am Aug 19, 2010 2:29am
Quoting Dezil
Here is new version of my indi, where I solved 50% issue. There was one mistype in the code. Now it should be OK.

Other improvements will be made when i have free time? but at leas now it shows right setups in accordance to rules i hope
i think for this rule, we should use close price and not low price
(Low[i+2]<(High[i+3]+Low[i+3])/2 || Low[i+2]<(High[i+1]+Low[i+1])/2 ) )

ie (Close[i+2]<(High[i+3]+Low[i+3])/2 || Close[i+2]<(High[i+1]+Low[i+1])/2 ) )
  • #320
  • Aug 19, 2010 2:30am Aug 19, 2010 2:30am
THis is example when we have good sup-res zone with candle confirmation



CHeers






Petar
Attached Image (click to enlarge)
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"Buy on fear, sell on greed !!!
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