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Attachments: Digamber Shankar PATIL's DSP Candle Strategy
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Digamber Shankar PATIL's DSP Candle Strategy

  • #161
  • Dec 5, 2013 7:45pm Dec 5, 2013 7:45pm
Password,

In original thread that 24Hrs showed this system, there is nothing stating about 96 candles (or 24h period). Why do you insist in 96 candles on 15min chart then?

Also, anyone tried to trade it on 5min chart?

Thanks.
  • #162
  • Dec 5, 2013 9:42pm Dec 5, 2013 9:42pm
Quoting conglom-o
{quote} Don't understand what you mean. If you use different timeframes both candlelength and candleplace will not be the same cause the amount of minutes and therefore prices considered are different.
i know that, but like if we can have a FIXED range. e.g. on rsi there is a fixed range, even on different timeframes.
  • #163
  • Dec 5, 2013 10:09pm Dec 5, 2013 10:09pm
i'm guessing you may think it's not a good idea, but look at it this way. if we can KNOW which levels are a good level for entry, we can apply this same level across the board.
  • #164
  • Dec 5, 2013 11:27pm Dec 5, 2013 11:27pm
Quoting Anusragger
{quote} You're right. Password, what would you do if the largest candle open has already been crossed/traded? Would you trade the second largest candle? Or wait for a larger candle?
Never take chance. Wait till another DSP candle. There are 25+ currency pairs.. plus gold and silver and other commodities and stocks. Try with them and find trading opportunities. This system can be applied to everything that trades in the world.
  • #165
  • Dec 5, 2013 11:31pm Dec 5, 2013 11:31pm
Quoting umpats
Password, for trading , we need to check the higher timeframe?? or DSP candle only? any suggestion?
I would like to suggest you to first follow rules mentioned in the main system. Check your results, if you are not happy then you can make your own rules.
  • #166
  • Dec 5, 2013 11:32pm Dec 5, 2013 11:32pm
Quoting Knez
Password, In original thread that 24Hrs showed this system, there is nothing stating about 96 candles (or 24h period). Why do you insist in 96 candles on 15min chart then? Also, anyone tried to trade it on 5min chart? Thanks.
Thats the reason I opened this new thread.
  • #167
  • Dec 6, 2013 12:12am Dec 6, 2013 12:12am
Password,

Can you let me know about this chart please?
http://clip2net.com/s/6kcteg

Thank you.
  • #168
  • Dec 6, 2013 12:34am Dec 6, 2013 12:34am
Quoting rocky1980
hi seen this thread - good indicator - ever thought of using the strategy in reverses... just do opposite as the author mentioned... it works magically... regards rocky1980
Please describe it exactly. Including SL.
Please excuse the bad English via Google Translate.
  • #169
  • Dec 6, 2013 7:53am Dec 6, 2013 7:53am
Quoting Knez
Password, Can you let me know about this chart please? http://clip2net.com/s/6kcteg Thank you.
Yes.. Red line is the sell limit for this chart. Sell trade at this level if any of the succeeding candle close below this line.
  • #170
  • Dec 6, 2013 9:40am Dec 6, 2013 9:40am
hi

lets see how this works
Attached Image (click to enlarge)
Click to Enlarge Name: dsp.PNG Size: 30 KB
rocky1980
  • #171
  • Dec 6, 2013 9:54am Dec 6, 2013 9:54am
Quoting rocky1980
hi lets see how this works {image}

If I am not wrong, according to DSP you should look for short only
below opening of that blue candle you marked.

Please correct me if I am wrong.
  • #172
  • Dec 6, 2013 11:57am Dec 6, 2013 11:57am
Quoting rocky1980
hi lets see how this works {image}
SL put on open dsp?
Please excuse the bad English via Google Translate.
  • #173
  • Dec 6, 2013 3:07pm Dec 6, 2013 3:07pm
A little modified SCRIPT to plot the DSP candle line. Red for sell and of course Green for buy.Drop the script on the candle.

Attached File(s)
File Type: mq4 DSP_candle_line.mq4   2 KB | 757 downloads
Attached Image (click to enlarge)
Click to Enlarge Name: example 1.GIF Size: 20 KB
Attached Image (click to enlarge)
Click to Enlarge Name: example 2.GIF Size: 22 KB
  • #174
  • Dec 6, 2013 6:33pm Dec 6, 2013 6:33pm
Hi, had download the DSP candle line , but don't seem to be able to get it attach to the chart.
  • #175
  • Dec 6, 2013 11:41pm Dec 6, 2013 11:41pm
Quoting Knez
{quote} If I am not wrong, according to DSP you should look for short only below opening of that blue candle you marked. Please correct me if I am wrong.
It works both ways... according to me the calculation of the DSP is based on Volume and Participation of the traders... and that's the logical point that if the High or Low breaks the new trend get underway.. similar according to master candle method of NickB - so no harm in trying and trading both ways. break of low - sell and break of high - buy.... i am sending some chart snap shots which i saw that this method also works...

P.S. : The DSP candle indicator shows the momentum change and indicates the strong psychological point were the traders are holding long or short at given time frame.
Attached Image (click to enlarge)
Click to Enlarge Name: axis bank.PNG Size: 51 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Bhel.PNG Size: 33 KB
Attached Image (click to enlarge)
Click to Enlarge Name: PMB.PNG Size: 27 KB
Attached Image (click to enlarge)
Click to Enlarge Name: PNB - 1.PNG Size: 45 KB
rocky1980
  • #176
  • Dec 6, 2013 11:47pm Dec 6, 2013 11:47pm
Quoting dokopy
{quote} Please describe it exactly. Including SL.

please check my latest post
rocky1980
  • #177
  • Dec 7, 2013 12:18am Dec 7, 2013 12:18am
hi

the orthodox method mentioned works as well as the reverse method...... just remember Martin Pring said in his book about Pattern Failure -- the failed pattern fetches more return then the traditional one.


see gbp usd H4 chart


regards
rocky1980
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.PNG Size: 46 KB
rocky1980
  • #178
  • Dec 7, 2013 12:21am Dec 7, 2013 12:21am
Quoting bachiano
A little modified SCRIPT to plot the DSP candle line. Red for sell and of course Green for buy.Drop the script on the candle. {file}{image}{image}

this is not working... please rectify

regards
rocky1980
rocky1980
  • #179
  • Edited 3:57am Dec 7, 2013 2:12am | Edited 3:57am
@ Rocky and Donwan

Did you put the "SCRIPT" in the right folder? C.﹨Program Files﹨....﹨experts﹨scripts?
Then drag and drop it on your DSP candle.
Let me know
  • #180
  • Dec 7, 2013 2:25am Dec 7, 2013 2:25am
Maybe the script needs that market would be open.
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