Dual Candle-stick Strategy

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MUHAMMAD UMAIR RAFIQ
202
MUHAMMAD UMAIR RAFIQ  

Dual Candle-stick Strategy


My 4HR Dual Candlestick strategy is based on dual candlestick patterns in which the second candle is completely contained by the high and low of the first candle. Using two indicators for this strategy are


Bollinger Band (20,2, close)

RSI (14, close, Levels 30,50,70)


Long position

  1. The first candlestick must be bullish (green or white) and if the second candlestick (either green or red) is completely contained by the first,

  2. Both appear between upper and middle bands of Bollinger bands and,

  3. RSI above 50 level.

Then set a buy-stop order. Use the high and low of the first candle for the calculation of buy-stop order.


Mostly i find both candle of same color

  1. If the first candlestick is bullish (green or white) and the second candlestick is also green or white,

  2. Both appear between upper and middle bands of Bollinger bands and 

  3. RSI above 50 level

  4. Then use the high and low of the first candle and put it into Google Spreadsheet it will calculate Entry price , Stop-Loss and Take-Profit.


Short position

  1. The first candlestick must be bearish (red or black) and if the second candlestick (either red or green) is completely contained by the first,

  2. Both appear between lower and middle bands of Bollinger bands and

  3. RSI below 50 level.

then set a sell-stop order. Use the high and low of the first candle for the calculation of sell-stop order.


Mostly i find both candle of same color

  1. If the first candlestick is bearish (red or black) and the second candlestick is also red or black 

  2. Both appear between lower and middle bands of Bollinger bands and

  3. RSI below 50 level.

Then use the high and low of the first candle and put it into Google Spreadsheet it will calculate Entry price , Stop-Loss and Take-Profit.



Here are some examples for more clarification


AUDJPY


EURUSD


GBPUSD


GBPUSD-2


US USDCAD


USDJPY


Google Spreadsheet - Calculation of Entry Price, Stop Loss and Take Profits


MUHAMMAD UMAIR RAFIQ
202
MUHAMMAD UMAIR RAFIQ  

Here i found one entry of GBPUSD and it run with 100 pips


GBPUSD

Sergey Golubev
Moderator
118386
Sergey Golubev  
Use Metatrader please (we all here about Metatrader).
Besides, it may be good to have the template file for everybody here.
Sergey Golubev
Moderator
118386
Sergey Golubev  


RSI and Bollinger Bands
RSI and Bollinger Bands
  • www.mql5.com
Vector An Expert Advisor for 4 currency pairs, including EURUSD, GBPUSD, USDCHF and USDJPY. It is based on four-hour moving averages. OscSAR_Histogram The oscillator is drawn as a colored histogram based on the difference between the Close price and the iSAR indicator, expressed in points. All information about the symbol All...
MUHAMMAD UMAIR RAFIQ
202
MUHAMMAD UMAIR RAFIQ  
Sergey Golubev:
Use Metatrader please (we all here about Metatrader).
Besides, it may be good to have the template file for everybody here.

Ok next time i will show post metatrade chart and i will upload indicators file with template

Vladimir Karputov
Moderator
215844
Vladimir Karputov  
MUHAMMAD UMAIR RAFIQ :

Ok next time i will show post metatrade chart and i will upload indicators file with template

I'll wait. If it will be interesting to me, I will write a MQL5 trading strategy.

Vladimir Karputov
Moderator
215844
Vladimir Karputov  
MUHAMMAD UMAIR RAFIQ :

Here are links of template and indicators used for this strategy


Template ***

Indicator other than Bollinger band and RSI

***

***

Use:

  • or standard indicators
  • or indicators from CodeBase
Links to the Market are prohibited. Third-party links are prohibited.
Vladimir Karputov
Moderator
215844
Vladimir Karputov  

First I like to visualize and change the standard indicators - so that these indicators become more visual. Here is an example of the 'Dual Candlestick strategy' template

Dual Candlestick strategy

on two indicators: Bollinger Bands Fills and RSI Fills.

MUHAMMAD UMAIR RAFIQ
202
MUHAMMAD UMAIR RAFIQ  
Vladimir Karputov:

First I like to visualize and change the standard indicators - so that these indicators become more visual. Here is an example of the 'Dual Candlestick strategy' template


on two indicators: Bollinger Bands Fills and RSI Fills.

yes its perfect

Vladimir Karputov
Moderator
215844
Vladimir Karputov  

Since I like to visualize everything - the idea of the “ Dual Candlestick” indicator appeared - the DRAW_ARROWdrawing style. In order for the indicator to indicate the" Dual Candlestick" pattern on the chart- or rather, only the rightmost candle of the pattern.

In general, such an idea. I'll think about it ...

Vladimir Karputov
Moderator
215844
Vladimir Karputov  

By the way, I think it’s more correct to call this pattern like this:

Bearish Harami

Bearish Harami

and Bullish Harami

Bullish Harami

Bearish Harami Definition
Bearish Harami Definition
  • www.investopedia.com
A bearish harami is a two bar Japanese candlestick pattern that suggests prices may soon reverse to the downside. The pattern consists of a long white candle followed by a small black candle. The opening and closing prices of the second candle must be contained within the body of the first candle. An uptrend precedes the formation of a bearish...
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