A friend of mine is working to an indicator that put on evidence the candles on any timeframe that has open=low in a bullish candle and open=high in a bearish candle
TP 100 pips
SL 2 pips + spread.
When do you enter? After a few pips of movement without retracing back below the low of the candle (and making a wick of it)?
For example: new bar is opened, its open = low (bullish), the price climbs up by e.g. 5 pips, then you're placing a buy order with TP 100, SL 2 +spread pips, as the price moves further up you're moving SL to BE and leaving it alone?
Isn't that 100 pip TP a bit high? I have looked after several of these candles and I saw there are a very few of 60-80 pips movements before the price is falling back. Then there are a lot of 30-40 pips movements and tons of 15-25 pips movements.
Maybe we should filter these trades (by MA, SR, etc.) to get the best ones. And since these trades would not be open at session starts, the "jumping effect" will be smaller. This way the numbers regarding the system should be modified (decreased) accordingly. The initial movement could be smaller like 4-5 pips instead of 8, the TP could be smaller like 30-40 instead of 100-120, the SL may remain the same 2-3 pips.
But I like the idea of "speeding it up"...
Wow, I became a fan of these extremely large RR trades. Thanks Tony and all!
Hope September will be more wilder.
