Trading based on candles

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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

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Sai Pratap

Forgot to mention disadvantages above.

You require some basic technical knowledge to develop a set file, in case if this is implemented.

I will try to add some stuff regarding technicals under "How to" section, if this goes thru.

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Kishan Bhatt

Hi, 

I was wondering where to find the code to do this, not sure if this helps. 

https://www.mql5.com/en/articles/5576

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Sai Pratap
Quote from Kishan Bhatt

Hi, 

I was wondering where to find the code to do this, not sure if this helps. 

https://www.mql5.com/en/articles/5576

The link is really helpful. Thanks. 

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Andrey Khatimlianskyi
  • Under review

Sai, I think it is time to describe patterns you want to have and add add them to the EA.

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Sai Pratap
Quote from Andrey Khatimlianskyi

Sai, I think it is time to describe patterns you want to have and add add them to the EA.

Sure sir.

Will prepare a document and upload under "How to" section. 

Please give me a timeline of 2 weeks.

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Andrey Khatimlianskyi
Quote from Sai Pratap

Sure sir.

Will prepare a document and upload under "How to" section. 

Please give me a timeline of 2 weeks.

You have as much time as you need.

But it is not "How to", it is Idea to be implemented to the EA, I guess.

Or don't you want to add these patterns as EA signals?

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Sai Pratap

I would love to have them on EA sir. 

I would be glad to provide any technical support from my side.

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Andrey Khatimlianskyi
Quote from Sai Pratap

I would love to have them on EA sir. 

I would be glad to provide any technical support from my side.

Ok, just describe your idea so I can implement it.

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Sai Pratap
Quote from Andrey Khatimlianskyi

Ok, just describe your idea so I can implement it.

Sure sir. Will come back in some time.

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Sai Pratap

Sir,

I have collected few patterns.

Candle stick patterns.docx


Also found below helpful.

https://www.tradingwithrayner.com/candlestick-patterns/


Let us start with these and add more as time progresses.