Thanks mqldev.

Pretty simple.

Basic is

Bullish candle.

Buy order at High
Sell at the Open

Bearish Candle

Sell order at low
Buy Order Open

+/- 10 pips or a feature to set slippage would be great.


I have more rules but this must be enough and I think they couldn´t be included in a EA. Like engulfings or fibo engulfings.

I don´t know if Maria agree but I think we´re talking about the same.

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Cool!

Okay basically, here're the manual trading rules I set for myself on this DSRS technique (Let's call it this since mqldev developed the indicator).

Simple Rule:
Using the Support and Resistance set by DSRS indicator, set a buy stop at the resistance with a Stop loss of 30 pips, and a sell stop at the Support with a SL of 30 pips. Both orders come with a Take profit of 30 pips each. This is strictly a one-time buy and sell stop orders, which means if it hit once, I don't re-enter on the second time even if it went down then comes back to hit the S or R again, because usually the first initial momentum of the break is stronger than the second.

I think the EA can be set in this simple form first, then we will explore Linuxuser fibo explanation and regarding the current daily open acting itself as support and resistance as well. I realized the current open acting as the additional entry is good, which also coincide with Igrok's method on setting buy or sell order at that open price of the day if the trend reverse.

Regarding money management, alternatively, you can also enter with 2 lots, and exit the first after initial 30 pips gain, and move SL to break even on the remaining lot and let it run. However, if it don't hit the first TP but go the other way -30 pips, you will lose 30 x 2 lots. Which will be a Risk:Reward of 2:1.

That's the reason why I strictly stick to my 1:1 ratio, because my reasoning is that there will be more winning trades than losing ones, and since the R:R is equivalent, adds up, it will be profitable.

Let's explore more to make it better. Thanks!

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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

Double post.

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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

Agree with you Linux. Although my is bit different, but I'm exploring the open as the main support and resistance. You're right.

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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

Ok since mqldev haven't reply, may I request your DSRS indicator to include another line which is Today's Open? That would be great in additional of the previous day SR.

Example for today's open GBP/USD is 1.9739, this is a good entry point to consider about. Thanks ya.

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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

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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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

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.

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 it´s 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.

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.

That´s what I mean the SL is too hughe. But I don´t follow the classic rules of risk reward just mentioned them. Personally I don´t 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 I´m not wrong the "every tick" option let´s 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.

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You were saying about Expert Window and Tick chart... and DSRS in full speed, I'm using MT4 for charting. Don't see any options on those. Can assist? Thanks for the explanation. The 10/15/20 pips buffer off the high or low could be good to prevent any fake momentum. I will try out with it.

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About Maria77 - I'm also a Lad***** Financials basher - not allowed to bet since July 2006 due to too much profits. Because of this, I've turned from being a sportsbetting loser to a financial betting winner, and now a part-time forex trader.

This image could help you.

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