Hey everyone,
After spending the day searching the FF site for an indicator that would suit the study that I am trying to develop, I am tired, and ready to ask for help!
I have found a set-up that may potentially be quite profitable. Though, I could only tell from the random and limited set-ups that I have found manually. For the most part it looks good. But with that being said, it is unlikely that you could visually/manually search for this set-up on an ongoing basis, and therefore there is an indicator/EA/code type of process needed. I can locate reoccurring patterns, but I sure as hell can’t write a code!! I will explain how it looks.
The set-up:
Timeframe: any (though looks promising on 1 hour period)
Currency pair: any
The model (for going long…the reverse could be done for a short trade):
a) Seek out 5 consecutive higher high price bars
b) The first bar in the series must start by opening below the Simple Moving Average 20, and then close above the Simple Moving Average 20.
THAT’S IT…for the automatic process.
The manual component:
a) Now that we have found a set-up, we buy at or better than the 5th bar’s high price.
b) Add a Fibonacci retracement from the most obvious low point just prior to the 1st bar, up to the high price of the 5th bar.
c) Stop loss is set to the 25% retracement level
d) Take profit at the 161% level.
SWEET and SIMPLE!
I am wondering if someone has such an indicator that would take care of the automatic portion. If not, and if you find this to be intriguing, I would really appreciate if you give it a try to write an indicator. By the looks of it, it may be a profitable trade set-up. The true benefit is the ability to set your stop loss/limit for solid money management behaviour. From the writings that I have come across on this site, there are some pretty brilliant programmers.
Looking forward to hearing from others on this strategy, and the potential availability of an indicator.
Cheers CH
After spending the day searching the FF site for an indicator that would suit the study that I am trying to develop, I am tired, and ready to ask for help!
I have found a set-up that may potentially be quite profitable. Though, I could only tell from the random and limited set-ups that I have found manually. For the most part it looks good. But with that being said, it is unlikely that you could visually/manually search for this set-up on an ongoing basis, and therefore there is an indicator/EA/code type of process needed. I can locate reoccurring patterns, but I sure as hell can’t write a code!! I will explain how it looks.
The set-up:
Timeframe: any (though looks promising on 1 hour period)
Currency pair: any
The model (for going long…the reverse could be done for a short trade):
a) Seek out 5 consecutive higher high price bars
b) The first bar in the series must start by opening below the Simple Moving Average 20, and then close above the Simple Moving Average 20.
THAT’S IT…for the automatic process.
The manual component:
a) Now that we have found a set-up, we buy at or better than the 5th bar’s high price.
b) Add a Fibonacci retracement from the most obvious low point just prior to the 1st bar, up to the high price of the 5th bar.
c) Stop loss is set to the 25% retracement level
d) Take profit at the 161% level.
SWEET and SIMPLE!
I am wondering if someone has such an indicator that would take care of the automatic portion. If not, and if you find this to be intriguing, I would really appreciate if you give it a try to write an indicator. By the looks of it, it may be a profitable trade set-up. The true benefit is the ability to set your stop loss/limit for solid money management behaviour. From the writings that I have come across on this site, there are some pretty brilliant programmers.
Looking forward to hearing from others on this strategy, and the potential availability of an indicator.
Cheers CH