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Originally Posted by nettsaver
Linux & Maria :
Excuse me to join your discussion.
Before that, I introduce myself as a newbie in forex with less than a month. With zero knowledge and try to improve myself here. According to what you think about Japanese Candlestick by Steve Nison, I agree with both of you. I also using this method for stock exchange a few years ago and now try to use this method to forex. But, I think this method could not be create for code. And this is the rules that has been used by Japanese Traders from the figure of bamboo stick. That's only my view.
Thank you.
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Well, an EA could help in determining how profitable can be with a few parameters. If we add more rules maybe could work.
I trade manually off course but itīs too hard to do a back test manually with paper an pencil.
I hope metaquotes will develop a little more the visual tool to include the feature of setting orders.
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Originally Posted by maria77
Linuxuser, I think it would be better for you to do a write up on this, such as when to execute the sell order at the open, although I know what you're talking about (we're basically doing the same style), but if want to make an EA, probably have to explain further when to enter a trade at the open.
Example of today is GBP/USD went up to 1.9769 then down cross below the Open at 1.9739 and hit as low as 1.9691. If using your Open as support/resistance, in this case it would be acting the the Support of the day, and we would have entered a position at 1.9739 and probably exit the trade at 1.9709 if using my TP at 30 pips.
Using my method, I would have triggered at 1.9702 (previous day open instead of today's), and although it went down initially, but it was not enough to hit my TP and was stopped out at 1.9732 (SL 30 pips) when it went back later again.
mqldev, let's do Linuxuser's method on EA. My gut feeling telling me that using today's open as support/resistance is a better consideration.
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But we need to take the previous candle.
O 19608 H 1.9726 L 1.9601 C 19698
So, the bur order must be at 19726 +10/15/20 pips
SL and reverse must be set to 19608.
Cable goes up and activate the order between 1.9726/40 (depends on you) and then goes up anotehr 30/40 pips.
TS is the best for me. Then, cable goes down broken the open price resistance but they do not touch the sell order.
Thatīs what I mean the SL is too hughe. But I donīt follow the classic rules of risk reward just mentioned them. Personally I donīt believe in them.
Sometimes, the price activate one order to just come back in it way a lot of pips, and in some point to retake the way again.
You finish the day with a +30 pips but in some moment you were -60/90.
According to my rules, today (inside bar) none order was activated.
Just do the following test:
Go to expert window and activate visual mode.
Select Daily for TF.
Select every tick (super important)
Start with a template with the DSRS indicator.
Maybe you need to set the speed at full.
If Iīm not wrong the "every tick" option letīs you see how was the price behavior in the candle.
Make your own conclusions about winner and losers.
Just be sure to have reliable data.
Linear Mode
