Trading based on candles

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Sai Pratap
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There are many candle patterns like tweezers, engulfing candles etc. If we can automate EA to identify these patterns on higher time frames, can give good risk reward trades.

Advantages : 

1. Can use for scalping also with lower time frames.

2. No chance of blowing off the account as the risk is limited.

3. Risk reward can go upto 1:10 depending in the time frame and candle pattern.

4. Possibility of extending targets with trailing SL/ till next opposite signal candle.

I guess this is not difficult to implement in the EA.

I just gave an example with tweezer bottoms and top in the below screenshot. Like this we can catch many trades with candle patterns.

If we can club this with TDI, Identify with open on cumulative signal, the results will be wonderful.

If this idea gets thru, will add some more suggestions on how we can improve this technique or what options are required while building the code. Thanks.

Image 1195

Duplicates 2
Price Action tools

Hello. 

Please add some price action tools like Support and Resistance or Breakout or etc... 

MA + Engulfing bar on XAUUSD

I have an idea that works on Xauusd 5Min TF

EMAs 8, 21 or 21,50

engulfing bar

1.buy rule

We consider buying signal only if we are in uptrend. Once we touch the 8Ema or 21Ema, we wait until we have a confirmation or engulfing, we enter buy position.

2. Sell rule

We have to be in downtrend

Same rules apply to sell

Stop loss above the engulfing + 5-15 pip

Replies 48
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Andrey Khatimlianskyi
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I guess this can be done with a custom indy.

If you disagree, just let me know.

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drago babnik
Quote from Andrey Khatimlianskyi

I guess this can be done with a custom indy.

If you disagree, just let me know.

Hi.

The only problem that remains is that this indicator has over 20 patterns that we cannot automatically optimize. Which patterns are best for each symbol. 

But it is true that CP is becoming a real monster and optimization is getting harder and slower.

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Sai Pratap
Quote from Andrey Khatimlianskyi

I guess this can be done with a custom indy.

If you disagree, just let me know.

Only problem is selection of candle patterns we want. But may be we can edit the indicators or find specific to those patterns. 

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Andrey Khatimlianskyi
Quote from drago babnik

Hi.

The only problem that remains is that this indicator has over 20 patterns that we cannot automatically optimize. Which patterns are best for each symbol. 

But it is true that CP is becoming a real monster and optimization is getting harder and slower.

You are right, optimization of parameters of custom indicators is not available at the moment.

But optimization of candlestick patterns is too much for me ;)

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jay hu
Quote from Andrey Khatimlianskyi

You are right, optimization of parameters of custom indicators is not available at the moment.

But optimization of candlestick patterns is too much for me ;)

Is possible that optimization of the candlestick pattern works for the AI worker to deal with?

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Andrey Khatimlianskyi
Quote from jay hu

Is possible that optimization of the candlestick pattern works for the AI worker to deal with?

If you implement such an AI worker, it can do it.

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jay hu
Quote from Andrey Khatimlianskyi

If you implement such an AI worker, it can do it.

Will try, It may take some time. Thank you.