Netsrac SR Dashboard - Trading Engulfing Pattern

Netsrac SR Dashboard - Trading Engulfing Pattern

20 May 2019, 17:31
Carsten Pflug
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This is the fourth episode of a blog series on how to use the „Netsrac SR Dashboard" (SRD) to find trading opportunities. The SRD is designed to reduce your time in front of the monitor. It can find many setups for us. All we have to do is trade those setups.

I have been asked by some people how to operate the dashboard correctly. That's why I want to start this blog series. We will cover the following topics:

What do we need? We need the "Netsrac SR Dashboard" - which you can find here in full version. Or you can use the free but limited version here


Engulfing Pattern in Trend-Direction


Trading style

We want to trade with the trend. So we are trend traders. To find out, if we were in a trend, we are using the EMA 30. Now we are looking for a pattern, which has an engulfing candle. An engulfing candle is one, who engulfs the previous candle. Take a look at the next picture to see a bearish engulfing pattern. If we see a bearish engulfing, we expect a drop. We use the H4-timeframe.

eng1




Prepare SR dashboard

  1. We want to monitor the Moving Average 30 EMA. So we use the section "MOVING AVERAGES".
  2. We are looking for bullish or bearish Engulfing. So we use the section "PRICE ACTION / CANDLESTICKPATTERN" 
  Our settings so far at a glance:

Variable in SR Dashboard-OptionsValue
 Use Trend section false
 Use (A)DR section false
 Use RSI section false
 Use Moving Average section true
 Use Pivot section false
 Use High/Low section false
 Use PA section true


Setting Moving Average

These are the settings in this section:

Variable in SR Dashboard-OptionsValue
Timeframe of MA 14 Hours
Mode MA 1Exponential
Period MA 130 
Score if price is below MA 1-3 
Score if price is above MA 1 3


Setting Price Action / Candlestickpattern

These are the settings in this section:

Variable in SR Dashboard-OptionsValue
Timeframe of Price Action - TF 14 Hours
Score "bullish Engulfing"3
Score "bearish Engulfing" -3

Now at last the settings for the alert:

Variable in SR Dashboard-OptionsValue
Alert, if score is greater or equal to ...6
Alert, if score is smaller or equal to ...-6
Use Screen-Alerttrue 

With this settings, we get a Screen-Alert, when a bullish setup occured (Score 6). And we get an alert, when a bearish setup occured (Score -6).

Let's take a look at our dashboard now:

In this case, we have a bearish setup in USDCAD. Klick on "USDCAD", and plan your trade.


That's all. Now we have configured our SR Dashboard to find Engulfing Pattern in Relation to an EMA 30. Please find the setfile in the attachements.

Get the full version: https://www.mql5.com/en/market/product/34855

Get the lite version: https://www.mql5.com/en/market/product/34863

Good Luck and green pips to you!

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