Can somebody please help?

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Since very few things are new in the forex world, this idea might already have been tried and was either succesfull or digarded.I personally believe not to re-invent the wheel, but perhaps change to a different set of tyres.

The idea

Might work on 4 hour as well as daily chart

If previous candle is bullish - sell x amount of pips below open for x tp with x s/l, and buy the same @ close

If candle is bearish then the reverse of above.

I do not think that this method of trading will give us more than 90% success, but are we only looking for consistency over a period of time.

If one of the coders could please help with an ea to test the different variables i believe we can actually find the correct settings to perhaps get between 10+ pips per currency.

If this has already been done please refer me to the correct thread.( must say i have searched various forums and could not find anything)

Thank you for your help

 

Candlestick

Eben:
Since very few things are new in the forex world, this idea might already have been tried and was either succesfull or digarded.I personally believe not to re-invent the wheel, but perhaps change to a different set of tyres.

The idea

Might work on 4 hour as well as daily chart

If previous candle is bullish - sell x amount of pips below open for x tp with x s/l, and buy the same @ close

If candle is bearish then the reverse of above.

I do not think that this method of trading will give us more than 90% success, but are we only looking for consistency over a period of time.

If one of the coders could please help with an ea to test the different variables i believe we can actually find the correct settings to perhaps get between 10+ pips per currency.

If this has already been done please refer me to the correct thread.( must say i have searched various forums and could not find anything)

Thank you for your help

Hi..

Do you trade based on candlestick pattern like doji,hammer etc ?

Can you make a rule for bearish and bullish candle in 4 h ? to convert into mathematical formula ...so everyone can get your trade rule..

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Forex Indicators Collection

 

Hi prasxz

Thank you for responding.

I trade live with ema's rsi and daily fib levels. I also use candlesticks for exits.

Tha idea on the 4hour and daily candles came to me while searching for a more profitable less risk gridding strategy. There is no specific rules as yet and was hoping somebody more clever than i could help.

If you look at the 4 hour chart you will see that most of the time the candles move past the previous open or close. I am attempting to find the relationship

of how far on ave do they move and should fixed tp or t/s be used.

This can be done manually but would take a lot of time before settings could be determined. With an ea this can be backtested for viability

 

I know it has been done...I'm not sure where the thread is.

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