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Candlestick traders thread

  • #1
  • First Post: May 16, 2013 12:07am May 16, 2013 12:07am
This thread is especially for Candlestick traders and the one's who use candlestick patterns as a part of their analysis,Everyone is welcome to share their ideas,opinions , suggestions and most importantly setups and analysis


Thanks and Regards
Eagleprice
  • #2
  • May 16, 2013 5:10am May 16, 2013 5:10am
Looking to buy after watching Today's US data
Here is the setups

GBP/USD H4 Setup
Attached Image (click to enlarge)
Click to Enlarge Name: gu h4.png Size: 45 KB


GBP/USD D1 Setup
Attached Image (click to enlarge)
Click to Enlarge Name: gu d1.png Size: 52 KB
  • #3
  • May 16, 2013 5:18am May 16, 2013 5:18am
Alternative Scenario
If Price goes breaks below

GBP/USD H4 Setup
Attached Image (click to enlarge)
Click to Enlarge Name: gu h4.png Size: 44 KB



GBP/USD D1 Setup
Attached Image (click to enlarge)
Click to Enlarge Name: gu d1.png Size: 53 KB
  • #4
  • May 16, 2013 8:47pm May 16, 2013 8:47pm
Quoting Eagleprice
Alternative Scenario If Price goes breaks below GBP/USD H4 Setup {image} GBP/USD D1 Setup {image}
If your analysis is right for the alternative scenario, you shouldn't even enter this trade as the "be cautious" warning is below 1R ...

The deal is to avoid (as possible) critical areas between your entry point and the expected target.
MT4/MT5 EAs/Indicators/Alerts coder
  • #5
  • May 17, 2013 12:02am May 17, 2013 12:02am
Quoting FerruFx
{quote} If your analysis is right for the alternative scenario, you shouldn't even enter this trade as the "be cautious" warning is below 1R ... The deal is to avoid (as possible) critical areas between your entry point and the expected target.
Yeah I know but I was expecting break upside and also I know that shorting on this point is a bad risk:reward but However market broke upside yesterday I closed my long position at 1.5321 in profit after bullish scenario confirmed by yesterday's US Data.Thanks for your suggestion,So do you use candlesticks in your analysis? Have you coded any EA that uses Candlestick patterns?
  • #6
  • May 17, 2013 12:17am May 17, 2013 12:17am
Quoting Eagleprice
Thanks for your suggestion,So do you use candlesticks in your analysis? Have you coded any EA that uses Candlestick patterns?
I use PA exclusively ... so yes candlesticks are part of my analysis.

Yes I've coded plenty of patterns EAs for my clients.
MT4/MT5 EAs/Indicators/Alerts coder
  • #7
  • May 17, 2013 12:46am May 17, 2013 12:46am
Quoting FerruFx
{quote} I use PA exclusively ... so yes candlesticks are part of my analysis. Yes I've coded plenty of patterns EAs for my clients.
That's is really good to hear,Do you use EA's to trade your own account or You do manual trading,Even also I heard that Price action won't work with EA I don't know whether this is true or not! Kindly explain
  • #8
  • May 17, 2013 12:50am May 17, 2013 12:50am
Quoting Eagleprice
{quote} That's is really good to hear,Do you use EA's to trade your own account or You do manual trading,Even also I heard that Price action won't work with EA I don't know whether this is true or not! Kindly explain
I use only my eyes in trading.

Who told you that PA doesn't work with EA ? Anything with clear defined rules can be coded.

Only discretion can't be coded.
MT4/MT5 EAs/Indicators/Alerts coder
  • #9
  • May 17, 2013 1:22am May 17, 2013 1:22am
Quoting FerruFx
{quote} I use only my eyes in trading. Who told you that PA doesn't work with EA ? Anything with clear defined rules can be coded. Only discretion can't be coded.
I heard this with my client relationship manager,He told me that Price action EA don't work because You cannot clearly code the PA patterns. I had a doubt on this so thought of clearing it out with you because of your experience in this field
  • #10
  • May 17, 2013 1:33am May 17, 2013 1:33am
Quoting Eagleprice
He told me that Price action EA don't work because You cannot clearly code the PA patterns.
If the pattern is clearly defined with no discretion, there's no problem to code it.
MT4/MT5 EAs/Indicators/Alerts coder
  • #11
  • May 17, 2013 1:38am May 17, 2013 1:38am
Quoting FerruFx
{quote} If the pattern is clearly defined with no discretion, there's no problem to code it.
Can you code the patterns like Evening star,Morning star,Doji etc and also western technicals like triangle,pennant.Is it possible
  • #12
  • May 17, 2013 1:41am May 17, 2013 1:41am
Quoting Eagleprice
{quote} Can you code the patterns like Evening star,Morning star,Doji etc and also western technicals like triangle,pennant.Is it possible
As long as you have clear definition of the pattern, any pattern is codable ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #13
  • May 17, 2013 1:53am May 17, 2013 1:53am
Quoting Eagleprice
{quote} I heard this with my client relationship manager,He told me that Price action EA don't work because You cannot clearly code the PA patterns. I had a doubt on this so thought of clearing it out with you because of your experience in this field
The coding could be perfect. The problem could be the brokers price feed.
  • #14
  • May 17, 2013 1:56am May 17, 2013 1:56am
Quoting 2+2=4ex
{quote} The coding could be perfect. The problem could be the brokers price feed.
Doesn't mater the price feed. A pattern is a pattern.

Of course patterns will be different between brokers ... because of different feeds.
MT4/MT5 EAs/Indicators/Alerts coder
  • #15
  • May 17, 2013 2:04am May 17, 2013 2:04am
Quoting FerruFx
{quote} As long as you have clear definition of the pattern, any pattern is codable ...
Thanks ferrufx

For clearing my doubts what effect will the price feed have on coding the patterns does it depends on the broker?
  • #16
  • May 17, 2013 2:13am May 17, 2013 2:13am
Quoting Eagleprice
{quote} Thanks ferrufx For clearing my doubts what effect will the price feed have on coding the patterns does it depends on the broker?
The feed has no effect on the coding.

What I meant about the brokers feeds was that on a broker we may have for example a M15 candle engulfing the previous one ... while on another broker with different feed, this same candle may not engulf because the close was slightly different.
MT4/MT5 EAs/Indicators/Alerts coder
  • #17
  • May 17, 2013 2:24am May 17, 2013 2:24am
Quoting FerruFx
{quote} Doesn't mater the price feed. A pattern is a pattern. Of course patterns will be different between brokers ... because of different feeds.
I agree with you, FerruFx.
At first year I trade fx, I download many terminal trading from many brokers. Just to make sure I'm not be foolish .
I look some of them different from the other, and that makes me doubt that candle pattern can be references to trading, properly.
You need more tools, maybe combined pattern like harmonic pattern, etc...
My suggestion is to trading only at daily tf and don't expect to much to tp with single pattern,
it's like play chess, you can only eat one piece pawn your opponent at one move with one pawn of yours.
After that you must wait the your opponent move and counter it.
Am I right?
It's all 'bout the dum dum...
  • #18
  • May 17, 2013 3:30am May 17, 2013 3:30am
Current setup on GBP/USD H1

Going to enter if it breaks below
Intraday position

Any opinions or suggestions on this?
Attached Image (click to enlarge)
Click to Enlarge Name: gu h1.png Size: 59 KB
  • #19
  • May 17, 2013 6:56am May 17, 2013 6:56am
Quoting Eagleprice
Current setup on GBP/USD H1 Going to enter if it breaks below Intraday position Any opinions or suggestions on this? {image}
Got stopped out
closed the position after the piercing line becomes the support

Attached Image (click to enlarge)
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  • #20
  • Last Post: May 17, 2013 9:33am May 17, 2013 9:33am
Quoting Eagleprice
{quote} Got stopped out closed the position after the piercing line becomes the support {image}
Took another short after rejection of price made profit of 40 pips covered the loss
Attached Image (click to enlarge)
Click to Enlarge Name: gu h1.png Size: 49 KB
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