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Rules
Specification
Based on the provided requirements, the following indicators and conditions are needed:
1. **Higher Highs/Lower Highs, Higher Lows/Lower Lows Identification:** This may involve trend analysis, possibly using indicators like Moving Averages or trend lines to identify these patterns.
2. **200 EMA (Exponential Moving Average):** Used for determining the trend direction. Long signals are taken when the price is below the 200 EMA, and short signals when the price is above it.
3. **Change of Character (ChoCH):** This could involve analyzing price action patterns that signify a shift in market sentiment. This might not necessarily be an indicator but rather a qualitative observation based on price behavior.
4. **Time Frames:** Preferably on 5-minute, 15-minute, and 1-hour time frames for trading signals.
5. **Target and Stop Loss:** Aim for 0.30% to 0.40% targets with a 0.15% stop loss or at least a 1:2 risk/reward ratio. But in settings it can be changed for corresponding risk management of drawdown percentage.
6. **Supply and Demand Zones:** Identify these zones and start positions (where EMA rules don't apply) on the second reversal to the demand/supply area after 5 candles have formed since its initial formation.
7. **Confirmation of Higher Low/Lower High:** Confirming a trend reversal with three candles and setting stop losses and targets accordingly.
8. **ADX (Average Directional Index):** Use the ADX to confirm trends over 20 for buy or sell signals.
9. **50-period Moving Average:** Additional moving average to possibly identify support/resistance or trend direction.
10. **Enter Retest of a Break of Structure:** Possibly identifying structural breaks in price and entering upon a retest for confirmation. To implement these conditions and indicators, you might need: - Technical analysis tools for identifying higher highs/lower highs, higher lows/lower lows. - EMA (200-period), possibly along with a 50-period Moving Average. - ADX indicator. - Candlestick pattern recognition for confirmation. - Customized scripts or algorithms to identify supply/demand zones and their retest. - Risk management rules for setting stop losses and take profit levels.
⁃ Only take trades based on the following conditions.
⁃ Identify patterns like higher highs/higher lows, lower highs/lower lows.
⁃ Long signal(arrow.shape, below candle)- only when the 200 Ema is a below the candles
⁃ Short signal(arrow.shape, above candle)- only when the 200 Ema is above the candles
⁃ Take trades when there’s a Change of Character(ChoCH). 200 Ema rules must be followed.
⁃ Preferably on the 5 min, 15 min, 1Hour time frames.
⁃ Aim for .30-.40% targets and .15% stop loss or at least 1:2 risk/reward.
⁃ Identify supply and demand zones. Start a position(Ema rule don’t apply) when the candles reverse back to the demand/supply a 2nd time. At least 5 candles after it the demand/supply is formed.
⁃ Start a position after a higher low or lower high is formed 3 candles confirmation. Stop loss should be above the previous lower high and below the previous lower low. Target 1:2. - Only take trades when the adx is trending over 20 for buy or sell. - Moving average on 50 - Enter retest of a break of structure