Rules
1. Add EMA 30 to chart
2. Follow the trend
3. Long at next open bar when Bullish Engulf bar is formed above EMA30, and short at next open bar when Bearish Enguld bar is formed below EMA 30.
4. Use Finbonacci to determine SL and TP
Which bar is the current bar?
WHAT ARE THE PREFFERED TIMEFRAMES USED TO TRADE? JUST H4?
AN ALERT IS BEST FOR THIS SYSTEM TO WORK, YOU NEED AN INDICATOR TO SEND ALERTS as push NOTIFICATIONS TO YOUR PHONE ONCE ALL CONDITIONS ARE MET. This push notification would also state the tp zones 1, 2 etc.
CODERS INTEREST -STATE THE RULES PROPERLY SO THAT WHOEVER IS INTERESTED IN CODING AN INDICATOR OR E.A. HAS THE RELEVANT INFORMATION.
(Personally) I would prefer to close a part of the trade at the different take profit or r:r zones since you incorporated fibonacci as a money management tool and let the rest be trailed. These same candle pattern trades can last for long runs at times and maybe able to cover for any losses that may come along the way, especially as a free trade at that point.
Risk to reward (R:R) is needed for the strategy as it regards to the longevity of the method. R:R would state how many wins would be required to stay in the market. Without r:r there is no confidence when losing streaks come along. Since I'm sure not all setups will win.
Winrate and risk to reward goes hand in hand.
Any additional RULES that might have been overlooked? This would cover thing's like when you would not take a trade.
Keep up the good work! Candle patterns can be very rewarding once done in a systematic way.
N.B. State your rules properly so they are not misinterpreted.
1. Add EMA 30 to chart
2. Follow the trend
3. Long at next open bar when Bullish Engulf bar is formed above EMA30, and short at next open bar when Bearish Enguld bar is formed below EMA 30.
4. Use Finbonacci to determine SL and TP
Which bar is the current bar?
- The ENGULFING bar
- The close of the bar after the ENGULFING bar?
WHAT ARE THE PREFFERED TIMEFRAMES USED TO TRADE? JUST H4?
AN ALERT IS BEST FOR THIS SYSTEM TO WORK, YOU NEED AN INDICATOR TO SEND ALERTS as push NOTIFICATIONS TO YOUR PHONE ONCE ALL CONDITIONS ARE MET. This push notification would also state the tp zones 1, 2 etc.
CODERS INTEREST -STATE THE RULES PROPERLY SO THAT WHOEVER IS INTERESTED IN CODING AN INDICATOR OR E.A. HAS THE RELEVANT INFORMATION.
(Personally) I would prefer to close a part of the trade at the different take profit or r:r zones since you incorporated fibonacci as a money management tool and let the rest be trailed. These same candle pattern trades can last for long runs at times and maybe able to cover for any losses that may come along the way, especially as a free trade at that point.
Risk to reward (R:R) is needed for the strategy as it regards to the longevity of the method. R:R would state how many wins would be required to stay in the market. Without r:r there is no confidence when losing streaks come along. Since I'm sure not all setups will win.
Winrate and risk to reward goes hand in hand.
Any additional RULES that might have been overlooked? This would cover thing's like when you would not take a trade.
- Do you trade around news expectations?
- Is there any provision for retracement entries like 50% of the ENGULFING bar?
- WHAT of it forms through the moving average line?
- What have you not mentioned yet, don't wait until too far to state these things.
Keep up the good work! Candle patterns can be very rewarding once done in a systematic way.
N.B. State your rules properly so they are not misinterpreted.
