Please add following candlestick reversals into this EA if possible. Thanks
Dear Newdigital, Mr. Tools,
I think this EA can be more profitable (in entering trades for a Buy or o Sell when having the previous candlesticks which are reversal ones) if we can add extra Reversal Candlesticks as follows:
1. When the price moves into R1, R2, or R3 with more or less 10 pips distance from R1, or R2, or 3, and the candllesticks on H1 is :
+ Shooting star
+ Long-legged Doji or Pin Bar with the Length Upper shadow = minimum 2 x Length of Lower shadow (With Length of Upper Shadow = at least 2 x Lower shadow).
+ Evening Star
+ Spinning Top
+ Tweezer Tops
+ Bearish Engulfing Candlestick
+ Dark Cloud Cover
Right after these Reversal Candlestick patterns happen, then, this EA will place a Sell order right away on the next 1h candlestick opening. In addition, for a Long-legged Doji or Pin Bar candlestick patterns, the EA will place a Sell trade at HALF OF THAT Long-legged Doji or Pin Bar (we will sell at better price because I noticed many times that price often retraced up to half or even 2/3 of the Long-legged Doji or Pin Bar before continuing downward trends.
2. When price moves down to S1, or S2, or S3 (plus / minus 10 pips distance from S1, or S2, or S3), and that current candlestick is :
+ Long-legged Doji or Pin Bar (with Length of Lower Shadow = at least 2 x Length of Upper Shadown).
+ Morning Star
+ Tweezer Bottoms.
+ Bullish Hammer
+ Piercing Line
+ Bullish Engulfing
Then, right after these Reversal candlestick patterns happen, the EA will enter a Buy right on the next 1h Candlestick. In addition, the EA will place a Buy trade at HALF Length of Long-legged Doji or Pin Bar so that we can buy at much better price.
Can we add these confirming reversal candlestick patterns into this EA like above so that the EA will trade even much better and more profitable?
Please kindly advise your ideas.
Thanks and regards,
James i like your idea, but Mandarine IMHO is almost too filtered now with the 2ma T3 ma cross and Fibs=true, especially on H1 timeframe. Last week on M30 i only got 3 or 4 trades with fibs = true. I'm afraid any more filtering will cut this Ea's trades down to only 1 ot 2 trades a month or worse.
But what i would like to do is code an Ea with your idea but just using fibs and candlestick reversal patterns, then possibly start another separate thread, since this will be a completely different Ea then. But its just an idea lets see what Newdigital says.
Yes, I agree mrtools: it may be very interesting EA in separated thread.
Thanks, Mr. Tools. I hope you can start to make another EA with my ideas asap.
Dear Mr. Tools,
Noted your explanations.
So, I hope that you can start to create another EA that trades purely based on Fibo_pivot Resistance/Support with Revsersal candlestick patterns asap.
This new EA should work on 1-hour and 4-hour time-frame (because I noticed that on 1h and 4h time-frames, the reversal candlestick patterns that I mentioned above, especially Long-legged Doji, and Pin Bars are very reliable reversal signals.
Is it possible to make the Stop loss at most recent Swing High (for a Sell trade), and at the most recent Swing Low (for a Buy trade) to tighten the Stop loss?
+ With extra Trailing stop function external on Input so that we can manually put the Trailing Stop pips after how many pips profit (depending on each trader's own risk appetite).
+ Please also create the custom indicators and template (that alert the reversal candlestick patterns above when price moves plus/minus 10 pips around R1, or R2, or R3 or S1, or S2, or S3.
We can use this indicator / template to trade manually and do not have to monitor our computer all day long, because when trade setup is all aligned, it will alert us and we just check if it is time to trigger a Sell or a Buy trade yet.
I am sorry to ask you many things at same time, but it's better to put all ideas here at same time, and you only need to create the EA and Indicators/template all at one time.
Thank you very much for your kind efforts and help.
James let me refresh my memory about pin bars, candlesticks, etc., look through my files for some examples, then will start on the Ea. then will post it on a new thread.
I am forward testing Mandarine_Fibpivots_v1 EA https://www.mql5.com/en/forum/180088 with defauls settings for H1 timeframe. I changed only the settings for Fibo (true and false).
It is with Fibo = false:
It is with Fibo = true:
Statements are attached,
The settings with Fibo = true is more accurate and seems - more profitable:
EA with Fibo = true made 1,092 pips (4 digit pips) for 1 month.
With Fibo = false: 1,412 pips (4 digit pips) for this month.
But seems, EA with the settings with Fibo = true is more accurate and mostly - equity positive.
Best pairs to trade
I'm forwarding only three pairs with "fibo=true" option : EUR\USD , GBP\USD and USD\CHF . They're all performing well.
Can you confirm that? Or are there any other pairs considering attention?
I ask you this because I don't like trade too many pairs simultaneously.
Thanks for helping out.
Mandarine_Fibpivots_v1 EA https://www.mql5.com/en/forum/180088 with defauls settings for H1 timeframe. I changed only the settings for Fibo (true and false).
I posted the statements now (statements by pairs and normal Metatrader's statement).
As to the pairs with Fibo= true so as I see(4 digit pips)
- EURUSD did 403 pips;
- GBPUSD did 387 pips;
- USDCHF did 306 pips.
I am making it as excel file here https://www.mql5.com/en/forum/173403 (last post of the thread - updated every weekend).
EA is not trading often soit made just few trades for each pair.