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need simple indicator for Daily green/red candle 2 replies

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Daily green/red candle

  • #741
  • Edited 2:12pm May 24, 2015 9:42am | Edited 2:12pm
Hey Steve,

Good explanation and solid approach to smart trading. Our methods differ, somewhat, but we are after the same goal.
Like you said, you have to be comfortable with how you manage your trades.

I find that spending some screen-time with my charts helps with my decisions. Once I have my setups in the queue, I
start doing some homework. I zoom out on D1 and check W1, to see if the pair looks like it will go my way. I'm just trying
to get the odds in my favor. I also like to see a run-up of several same-color candles, prior to the signal candle. It's not
a guarantee, but it can show exhaustion and a potential for a turning point.

When I'm in a trade, it's really about price action(at least for the way I manage my trades). I want to see strong momentum
pretty much from the get-go. If my entry candle doesn't exhibit strong price action, and it looks like it's stalling, I'll think seriously
of taking a BE trade or small gain. Tomorrow's a new day with new setups.

Chicago
  • #742
  • May 24, 2015 11:13am May 24, 2015 11:13am
h i to all

finally i made format , all weekend ....
I do not want to accuse someone without proof
sorry to erebus
but just put the EA after my laptop start the crash when open any mt4
anyway , i fix it

but please read my 725 post
when we want to post an idea o file we must make some test before
profitable?
backtest?
clean?
is similar with curent startegy?

thanks
  • #743
  • May 24, 2015 11:26am May 24, 2015 11:26am
Quoting stevepatt
{quote} Hi Rob; Yes, I have my Take Profit set to 1.5R. The start of a New Daily Swing Point could be the start of a massive New Trend or the start of a New Range, I don't know, so I Trade what I can expect from the average Daily Swing. By moving my SL to BE +10 pips after a 0.5R move means I'm protecting myself from a Market Reversal. I've learned to be safe rather than sorry I know I will be taken out at BE +10 pips, sometimes, only to have the Market continue in my direction, I don't worry about this because I know with this method I won't be...

hi stev

you maybe read my thread
but i have allrady read all your posts and your thread time ago
and i learned many things

anyway thanks for your help

my initial idea was the daily candle momentum
i didn want to have mixed ideas or strategys complicate or something like maybe go up maybe not go up
if a price action says that
after this price formation and after this candle formation the statistical say that the pair will move with this way
so the all concept is from statistic

so the statistic can show us in daily green/red with the same way
i mean
if in 10 times the first new color give 7 wins = the statistic say to me " follow me, follow me"

so if the backtest give win<lose the we must stop follow this method
its simple to me
work? follow
dont work? change

thanks all
  • #744
  • May 24, 2015 11:29am May 24, 2015 11:29am
Quoting stevepatt
Hi dimdel; I saw your thread when you first started it and after reading it, I had some ideas for my own Trading. By Trading, in the direction of, the first Daily Candle to change colour you are essentially Trading the first signs of a New Daily Swing. The quickest way to spot a potential change in a Daily Swing is the Candle/s themselves, no Indicator will do it faster. The important thing is the type of Candle, I'm looking for one that has the potential to start a new Swing, what I call, a Swing Breaking Candle a Candle with attitude. On the chart...
This goes back to my post earlier last week when I said no every candle that change colour is a valid trade.

To trade this system successfully, one should at least have the basic knowledge of candlestick. I have seen some of us here trade doji as one of the change colour candle.
  • #745
  • May 24, 2015 11:48am May 24, 2015 11:48am
Quoting stevepatt
On the chart I posted above you will see an adapted Fibo which shows my Trade Management once I'm in a Trade. The USD/JPY D1 Chart, below, shows the results of using this Trade Management Method during the period of consolidation shown on the chart. {image}

from 6/11/14 start the area of consolidation in USDJPY
but we realized that we are in range are at 12/03/15

if we trade with price action we must trade from 6/11 till 12/3 because the range we it after the formation no before

anyway i count from 6/11 till 22/5/15 40 orders ( 25 win 15 lose) green /red
without see any candle or price formation
  • #746
  • May 24, 2015 11:51am May 24, 2015 11:51am
if you can protect yours accounts with any other filter
please do
because the stevepatt and lapozi and others have greater experience and trading knowledge
thanks
  • #747
  • May 24, 2015 12:56pm May 24, 2015 12:56pm
Quoting dimdel
{quote} hi stev you maybe read my thread but i have allrady read all your posts and your thread time ago and i learned many things anyway thanks for your help my initial idea was the daily candle momentum i didn want to have mixed ideas or strategys complicate or something like maybe go up maybe not go up if a price action says that after this price formation and after this candle formation the statistical say that the pair will move with this way so the all concept is from statistic so the statistic can show us...
Hi dimdel;

Having a change in Candle Colour and Closing Momentum is a very good indication of the beginning of a New Swing Point.

The GBP/JPY D1 Chart shows a change in Candle Colour and Closing Momentum = good opportunity

The EUR/GBP D1 Chart shows a change in Candle Colour but poor Closing Momentum = poor opportunity
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 24th May 15 GBP:JPY D1 Chart.png Size: 105 KB
Click to Enlarge Name: 24th May 15 EUR:GBP D1 Chart.png Size: 91 KB
  • #748
  • May 24, 2015 2:44pm May 24, 2015 2:44pm
Quoting stevepatt
{quote} Hi dimdel; Having a change in Candle Colour and Closing Momentum is a very good indication of the beginning of a New Swing Point. The GBP/JPY D1 Chart shows a change in Candle Colour and Closing Momentum = good opportunity The EUR/GBP D1 Chart shows a change in Candle Colour but poor Closing Momentum = poor opportunity {image} {image}


Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.png Size: 39 KB
  • #749
  • May 24, 2015 3:06pm May 24, 2015 3:06pm
Quoting dimdel
{quote} {image}
Hello DImdel, I still don't understand your filter of right signals. Why you didn't trade candles in blue ellipse?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 56 KB
  • #750
  • May 24, 2015 3:21pm May 24, 2015 3:21pm
Quoting dafa
{quote} Hello DImdel, I still don't understand your filter of right signals. Why you didn't trade candles in blue ellipse? {image}

Hi dafa;

The candles you have highlighted weren't Traded because the pending order did not trigger on the next candle.
  • #751
  • May 24, 2015 3:43pm May 24, 2015 3:43pm
Quoting dimdel
{quote} {image}

Hi dimdel;

Looks like I'm over complicating things.

All that's needed to test this then is an EA that follows the criteria you set out in this Chart Post 748 without any additions.
  • #752
  • May 24, 2015 3:44pm May 24, 2015 3:44pm
Quoting stevepatt
{quote} Hi dafa; The candles you have highlighted weren't Traded because the pending order did not trigger on the next candle.
You are absolutely right.;-) My fault..:-D
  • #753
  • May 24, 2015 11:07pm May 24, 2015 11:07pm
Quoting dimdel
{quote} {image}
Seems legit. How's the winrate for other pairs?
  • #754
  • May 25, 2015 12:28am May 25, 2015 12:28am
  •  turnfx
  • | Joined Dec 2014 | Status: Only money management is the key of | 334 Posts
hey dimdel i like strategy but i have a problem i cant fine the chart link can you post the link ? i want to use ur chart and want testing my self

Br
  • #755
  • May 25, 2015 12:47am May 25, 2015 12:47am
Quoting turnfx
hey dimdel i like strategy but i have a problem i cant fine the chart link can you post the link ? i want to use ur chart and want testing my self Br
All you need is a D1 chart and the fib tool. Mark up the chart per the rules and see for yourself.
  • #756
  • May 25, 2015 7:17am May 25, 2015 7:17am
Quoting Erebus
{quote} I didn't write it, only found it, hope it works as it should, will be interesting I reckon
Hi Erebus,

Thank you for the EA. I have loaded it on my Demo account since yesterday. EA properties the timing which has defined I cannot understand it. Do I have to change it? because I am in Canada and timing start from 9:00. can you help me out. Appreciated your help. File attached.

Bomi
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 22 KB
Attached File(s)
File Type: docx time.docx   36 KB | 343 downloads
  • #757
  • Edited 8:08am May 25, 2015 7:37am | Edited 8:08am
Quoting stevepatt
Hi dimdel; I saw your thread when you first started it and after reading it, I had some ideas for my own Trading. By Trading, in the direction of, the first Daily Candle to change colour you are essentially Trading the first signs of a New Daily Swing. The quickest way to spot a potential change in a Daily Swing is the Candle/s themselves, no Indicator will do it faster. The important thing is the type of Candle, I'm looking for one that has the potential to start a new Swing, what I call, a Swing Breaking Candle a Candle with attitude. On the chart...
Hi Steve,

Thank you for sharing your ideas here

I have looked at your charts and explanation and i have a question.

Please take a look at my chart. Would you have take a short here now that the red candle close above the green candle?

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 38 KB
Blindly following others will make you blind!
  • #758
  • May 25, 2015 7:48am May 25, 2015 7:48am
Quoting Bomi
{quote} Hi Erebus, Thank you for the EA. I have loaded it on my Demo account since yesterday. EA properties the timing which has defined I cannot understand it. Do I have to change it? because I am in Canada and timing start from 9:00. can you help me out. Appreciated your help. File attached. Bomi {file} {image}
Not Erebus but this seems to follow broker's timer
According to the screenshot settings it should make pending order between 30 minutes window after London open time
You can confirm this with results in strategy tester
  • #759
  • May 25, 2015 8:11am May 25, 2015 8:11am
Quoting lunarus
{quote} Not Erebus but this seems to follow broker's timer According to the screenshot settings it should make pending order between 30 minutes window after London open time You can confirm this with results in strategy tester
Thanks Brother got it.
Bomi
  • #760
  • May 25, 2015 8:18am May 25, 2015 8:18am
Quoting Georgebaker
{quote} Hi Steve, Thank you for sharing you ideas here I have looked at your charts and explanation and i have a question. Please take a look at my chart. Would you have take a short here now that the red candle close above the green candle? {image}
Hi George;

Yes, I would have entered after that setup candle, see chart below.

To be honest, with you, I have been taking a closer look at dimdel's method and I can see the merits of just Trading as per dimdel rules.

I have been so used to "Trading with the Primary Trend" waiting for the "Market to Pullback" to "Support/Resistance" then waiting for the appropriate "Price Action" to take a Trade that I've been blind to what's right in front of my face.

Dimdel's method is so simple yet looks to be effective as it is.
Attached Image (click to enlarge)
Click to Enlarge Name: 25th May 15 EUR:USD D1 Chart .png Size: 94 KB
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