I highly recommend J16 Thread...

I was introduced couple days ago to the thread called J16 by artov (http://www.forexfactory.com/showthread.php?t=2331)

Fascinating thread and highly recommend it to all.

I understand candle patterns very well, but trading them is the whole new ball game.

J16 points out some very reliable patterns for reversal/continuation of prices, such as pin bars.

He is very right about starting with daily/weekly before going into lower timeframes. I wish there was a medical technolgy out there, so I could actually burn that very logic (start with daily/weekly) into my half brain cells I could be freaking rich by now...but then again, trading is only a journey in life.

So if I can pick up the reversal candle patterns, fairly very well, then wouldn't be a bad idea to put a buy/sell-stop orders on prices 10 pips above/below the hi/lo of the patterns (as recommended by J16 for the pin bar, aka shooting star).

T/P is very subjective, but I'd be happy to get a quick 20pips with 20pips SL.

I'll experiment with this idea....

Is there any EA out there which does the following:

- Check for all open orders, and immediately place 20pips SL & TP to any open order without SL/TP assigned.

Thanks.

Hi

Check this. Just set the SL/TP you want in the expert properties dialog.
Note that your SL/TP must be more than minimum allowed by your broker.

Thanks mahdiquant...I did put the EA on my charts without any errors, but no SL/TP's were placed!

Attached is the result of my 5 sell-stop orders...not bad for the start: 3 orders hit 20pips, the other two missed...let's see how it goes for tomorrow night.

Do yourself a favour and just get price patterns by Pring, it's where james16 stole his ideas from.

http://www.pring.com/pricepattern.htm