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

  • #181
  • Dec 7, 2013 6:47am Dec 7, 2013 6:47am
Quoting bachiano
@ 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
ye

i think there is some issue ... or as the Donwan say -- we should wait for the market to open..


bye

rocky1980
rocky1980
  • #182
  • Dec 7, 2013 8:00am Dec 7, 2013 8:00am
GBPJPY

Attached Image (click to enlarge)
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  • #183
  • Dec 7, 2013 8:33am Dec 7, 2013 8:33am
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}
Bachiano,
thanks for sharing the script. Would you please so kind, to add a perhaps little modification ?
I use an EA which trades Trendlines. The lines must be named gs for goshort (your red line) and gl for golong (your green line).
Thanks !
Cheers
Tebis
  • #184
  • Dec 7, 2013 10:51am Dec 7, 2013 10:51am
Quoting bachiano
A little modified SCRIPT to plot the DSP candle line. Red for sell and of course Green for buy.
Any reason why you've built a script and not an indicator? Just see disadvantages to do so but maybe you have strong arguments for me .
  • #185
  • Dec 7, 2013 1:19pm Dec 7, 2013 1:19pm
Thanks PW n Hello to all

Spend some time to modify an indicator to reflect your strategy, the code is not mine, the update to make like DSP is
test it modify to suit, my programming skill are not that great it show the most recent DSP from 96 or whatever number of Bars you like to look back.

After loading the indicator Press F8 and from Common Tab, Check Show Object Description, so it can show comment on line as well.
Attached File(s)
File Type: ex4 DSP Candles.ex4   7 KB | 870 downloads
File Type: mq4 DSP Candles.mq4   5 KB | 1,031 downloads
  • #186
  • Dec 7, 2013 2:21pm Dec 7, 2013 2:21pm
Quoting rocky1980
{quote} please check my latest post
For me, it's too complex. Here is an example long: Buy Stop / buy limit the "CLOSE" green candles DSP. Stop or limit according to current prices. SL is the "OPEN" green candles DSP. Rightly so?
Please excuse the bad English via Google Translate.
  • #187
  • Dec 7, 2013 3:36pm Dec 7, 2013 3:36pm
Quoting forexzak
Thanks PW n Hello to all Spend some time to modify an indicator to reflect your strategy, the code is not mine, the update to make like DSP is test it modify to suit, my programming skill are not that great it show the most recent DSP from 96 or whatever number of Bars you like to look back. After loading the indicator Press F8 and from Common Tab, Check Show Object Description, so it can show comment on line as well. {file} {file}
Thanks for the modification, it works perfect now !
  • #188
  • Dec 7, 2013 11:23pm Dec 7, 2013 11:23pm
Quoting forexzak
Thanks PW n Hello to all Spend some time to modify an indicator to reflect your strategy, the code is not mine, the update to make like DSP is test it modify to suit, my programming skill are not that great it show the most recent DSP from 96 or whatever number of Bars you like to look back. After loading the indicator Press F8 and from Common Tab, Check Show Object Description, so it can show comment on line as well. {file} {file}
Hi Forexzak,

Thanks for your Indi.its looks great for now,will test it out once market opens, is it possible to add an alert to it,such as when ever a DSP candle is formed an alert pops up after the close of the DSP candle,would greatly appreciate it .


Thanks
NEVER go against the Daily trend
  • #189
  • Dec 8, 2013 3:01am Dec 8, 2013 3:01am
Quoting forexzak
Thanks PW n Hello to all Spend some time to modify an indicator to reflect your strategy, the code is not mine, the update to make like DSP is test it modify to suit, my programming skill are not that great it show the most recent DSP from 96 or whatever number of Bars you like to look back. After loading the indicator Press F8 and from Common Tab, Check Show Object Description, so it can show comment on line as well. {file} {file}
Great..

I just check this indicator and it does exactly what is expected. But Still have to check in running market. But gr8 efforts. I will add this in first post, if you give the permission.

Thanks again.
  • #190
  • Dec 8, 2013 4:16am Dec 8, 2013 4:16am
Quoting forexzak
Thanks PW n Hello to all Spend some time to modify an indicator to reflect your strategy, the code is not mine, the update to make like DSP is test it modify to suit, my programming skill are not that great it show the most recent DSP from 96 or whatever number of Bars you like to look back. After loading the indicator Press F8 and from Common Tab, Check Show Object Description, so it can show comment on line as well. {file} {file}
For me, it looks exactly like the original one. No DSP candles shown, no lines drawn...
Maybe it works only when market is open?
  • #191
  • Dec 8, 2013 5:35am Dec 8, 2013 5:35am
Just use the MT4 bult-in Momentum indicator with period 1 applied to Close prices. It is the same as the Candle Length Identifier, but it is better because it is account for opens with gaps.

In addition with the thread's strategy, my opinion is dont use the DSP candle's open price cause of the opening gap. Instead use the prior bar's close price for the breakout level.
  • #192
  • Dec 9, 2013 2:05am Dec 9, 2013 2:05am
Quoting Password
{quote} Great.. I just check this indicator and it does exactly what is expected. But Still have to check in running market. But gr8 efforts. I will add this in first post, if you give the permission. Thanks again.
PW: This forums is to share, please feel free to post it in first post
  • #193
  • Dec 9, 2013 2:24am Dec 9, 2013 2:24am
Quoting shaikjun
{quote} Hi Forexzak, Thanks for your Indi.its looks great for now,will test it out once market opens, is it possible to add an alert to it,such as when ever a DSP candle is formed an alert pops up after the close of the DSP candle,would greatly appreciate it . Thanks
Shaikjun:
The line is not necessarily formed on the current candle. Its form on the Highest/Lowest of last 96 candles, therefore, when to put Alert

One idea is to Alert when price reaches/crosses near the DSP line. I would see, if its manageable within this code.
  • #194
  • Dec 9, 2013 2:42am Dec 9, 2013 2:42am
Hi Forexzak, your idea is good,then try your way.Thanks
NEVER go against the Daily trend
  • #195
  • Dec 9, 2013 2:58am Dec 9, 2013 2:58am
Quoting dokopy
{quote} For me, it's too complex. Here is an example long: Buy Stop / buy limit the "CLOSE" green candles DSP. Stop or limit according to current prices. SL is the "OPEN" green candles DSP. Rightly so?
hi
just go thru .... one thing is to watch out for is that.. .once the DSP candle is recognized the trend decider is the High and Low of that respective candle.. in my examples shown ...it was all long setups.. i am not going as per the rule... please back test in this manner..

Rules :

1) Plot higher time frame chart - h4 - h1 (of any financial instrument)
2) Add DSP
3) Mark the candle (High and Low) not Open and close. with the longest Bear | Bull - DSP.
4) Trade in the trend of either side breakout - after the next candle closes, and stops at 2 points below / above the trade executed of the DSP candle.
5) Now just trail that... trade..
5) Very important thing to notice is that on higher Time Frame the previous candles were the DSP is spotted.. that respective candles High - Low also works as superb S/R Zones. Price tends to respect that level and similar Price Action occurs on that particular price levels which indicates the major participation of the traders and institutions.
6) This indicator is build for perfect Price Action Traders. Just have to wait for the Pull backs for entries.
7) After back testing i have confirmed this points.. traders please back test this in major time frames, the results are highly profitable.

here is the attached example of GBPUSD Chart H4 TF

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if any doubt ill correct --- just want to run...urgent call from one my associate... bye

regards
rocky1980
rocky1980
  • #196
  • Dec 9, 2013 3:45am Dec 9, 2013 3:45am
Hi everybody
this is very interesting, if you consider the VST theories, about volume and candle size, as to recognizing the footprints of the Big Boys...the DSP candles must be somehow the mark of their actions...usually against retail traders, trying to push them to unload their trades at lower and lower prices, hitting their stops, whilst at the same time accumulating positions themselves...and finally going the other way...having collected the retail money.
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  • #197
  • Dec 9, 2013 4:16am Dec 9, 2013 4:16am
Quoting rocky1980
{quote} hi just go thru .... one thing is to watch out for is that.. .once the DSP candle is recognized the trend decider is the High and Low of that respective candle.. in my examples shown ...it was all long setups.. i am not going as per the rule... please back test in this manner.. Rules : 1) Plot higher time frame chart - h4 - h1 (of any financial instrument) 2) Add DSP 3) Mark the candle (High and Low) not Open and close. with the longest Bear | Bull - DSP. 4) Trade in the trend of either side breakout - after the next candle closes, and stops...

I agree with everything you explained here,did some testing myself in the weekend and noticed the same thing,nice work Rocky
  • #198
  • Dec 9, 2013 8:57am Dec 9, 2013 8:57am
hi

Watch this as per my strategy explained above - this is 15 min chart trade..

back test to gain confidence in this indicator - this is gem of all indicators seen till date.....​.​.​.​.​.​.​
Attached Image (click to enlarge)
Click to Enlarge Name: DSP - Live Example.PNG Size: 49 KB


regards
rocky 1980
rocky1980
  • #199
  • Dec 9, 2013 10:12am Dec 9, 2013 10:12am
Quoting rocky1980
hi Watch this as per my strategy explained above - this is 15 min chart trade.. back test to gain confidence in this indicator - this is gem of all indicators seen till date.....​.​.​.​.​.​.​{image} regards rocky 1980

sames goes for H4 time frame... let see what happens...
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Attached Image (click to enlarge)
Click to Enlarge Name: Prev DSP - Candle S-R - Silver H4.PNG Size: 35 KB


Prev DSP S/R Candle to be watched ahead for the trade
rocky1980
  • #200
  • Dec 9, 2013 11:03am Dec 9, 2013 11:03am
Hi everyone,

I have just discovered this system and it looks so interesting. I have been backtesting a little bit and it looks profitable. Good job!!!
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