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Interesting candle SR horizontal line - need your expertise to code
Hey guys,
I've a small request if someone can help me to code this: Support and Resistance special indicator of Yesterday Daily Candle.
My request on previous daily candle:
If the close is above open, then draw horizontal line on the high of the day (resistance) and draw horizontal line on the open (support) of previous daily candle.
If the close is below the open, then draw horizontal line on the low of the day as support and draw line on the open as it will be the resistance.
Eg.
Scenario 1 - Previous daily candle close above open:
GBP/USD
High 1.9700
Close 1.9655
Open 1.9604
Low 1.9588
*Draw the line on High (1.9700 as resistance) and draw the line on Open (1.9604 as support)
Scenario 2 - Previous daily candle close below open:
GBP/USD
High 1.9645
Open 1.9604
Close 1.9555
Low 1.9515
*Draw the line on Open (1.9604 as resistance) and draw the line on Low (1.9515 as support)
Hopefully someone understand my words here and your help would be much appreciated. I believe this Support and Resistance provides a better entry point than the High and Low of previous bar. Noticed that you can actually get more pips out from this tighter SR. :P
If you look at yesterday candle on GBP/USD, the close was below the open. If we were to use my suggested SR line for entry, we could have gone in at 1.9642 at the previous open (which would be the new resistance line). If we follow strictly on highs and lows, we probably will make pips but much lesser.
Today is a good example though, they might be days that we have drawdowns but it's good to explore this possibility.
Iīm using this technique with little modifications since August 06.
I recommend to you read Steve Nissonīs book Beyond Candlesticks.
Itīs (vg) extremely profitable but you need steel nervous because sometimes the stops are too huge. This is because you need to prevent the price action inside candle.
The idea behind is to set 2 orders (B/S) per day.
Another thing is you need learn to live with a R/R of 3:1 (not 3:1) or more.
Maybe itīs time to create the indicator to avoid manual drawing and then move this thread (or start a new one) to manual trading systems.
But with a extremely zoomed chart and a well painted candles would be enough.
Yeah I agree that it can very profitable. I'm using a 1:1 R:R which is more conservative but lower risk in a way. That is a TP and SL of 30 pips.
Today, GBP/USD hit the high of yesterday @ 1.9724 and went all the way up to 1.9779, if anybody has entered this trade at the high, you could have easily made some pips then.
However, there's a discussion. I myself also put a B/S order each day. I'm thinking about additional opportunity, for example today again.. the price went up to 1.9779 and then back down to 1.9712 again. Before that, I've taken profit @ 1.9754 which is my R:R ratio. I'm wondering whether should I enter the trade again at 1.9724 since it went down below the previous day high again. Hmmm..
Attached is the simple SR indicator created by mqldev. Thanks man.
Yeah I agree that it can very profitable. I'm using a 1:1 R:R which is more conservative but lower risk in a way. That is a TP and SL of 30 pips.
Today, GBP/USD hit the high of yesterday @ 1.9724 and went all the way up to 1.9779, if anybody has entered this trade at the high, you could have easily made some pips then.
However, there's a discussion. I myself also put a B/S order each day. I'm thinking about additional opportunity, for example today again.. the price went up to 1.9779 and then back down to 1.9712 again. Before that, I've taken profit @ 1.9754 which is my R:R ratio. I'm wondering whether should I enter the trade again at 1.9724 since it went down below the previous day high again. Hmmm..
Attached is the simple SR indicator created by mqldev. Thanks man.
Maria,
You didn't tell me what do you think about the indicator??
Arrgh.. I was too engrossed in finding more abt this system that I totally forgot to give my view on yr indicator. Personally, I think that is good enough.
However, after taking a look at what can be improved, can you add a horizontal line on current bar open (today's open)? That is, three lines; yesterday's DSRS and today's open. And added to that, if able to switch the style to dotted line would be good. I mean, if possible, I can switch to full or dotted whenever I want.
Overall, I still think your indicator is good enough. If anyone of us able to add more features, we would offer more suggestions here.
Arrgh.. I was too engrossed in finding more abt this system that I totally forgot to give my view on yr indicator. Personally, I think that is good enough.
However, after taking a look at what can be improved, can you add a horizontal line on current bar open (today's open)? That is, three lines; yesterday's DSRS and today's open. And added to that, if able to switch the style to dotted line would be good. I mean, if possible, I can switch to full or dotted whenever I want.
Overall, I still think your indicator is good enough. If anyone of us able to add more features, we would offer more suggestions here.
Thanks man!
Last edited by goldensight; 03-25-2007 at 01:57 AM.
maria77, According to his post to Linuxser above I believe that mqldev might be willing to code this into an EA, can you provide all of the essentials for that to him? Thank you and thank you mqldev for creating this indicator.
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Linear Mode
