FiveTT Candle Reversal Trader
Trading in the direction of the predominant trend is a fundamental trading requirement. That notwithstanding, every trend runs out of strength at some point. At this time, price either makes a temporary retracement or a more permanent change in direction.
As it is important to follow the trend, it is much more important to identify areas of likely reversals. This is where the 5TT Candles Reversal System supports the trader; picking out these high probability areas then taking trades based on pre-defined enrty-rules, risk management and trade management techniques.
5TT Candle Reversal AutoTrader enters trades based on three Candle Reversal patterns
Hammer Reversal Pattern also known as Pin Bar, Wick Reversal, Tail Bar, Inverted Hammer, dragonfly, etc
Doji Reversal Pattern
Bullish / Bearish Engulfing Candlestick Pattern
See attached video and screenshots for instructions including details of the patterns.
- Enter Risk Per Trade (%): User can define percent of equity to risk per trade. This allows the EA to automatically calculate lot size
- UseManualLot: User can choose to override auto tradesize by selecting 'YES'. This then deactivates auto lot size calculation
- LotSize: This is used if UseManualLots is selected as 'YES'. User can manually enter a lotsize for each trade.
- Choose Timeframe: User can choose what timeframe to trade on. My preference is Daily (D1)
- Enter Fraction of First Close: This is for first sequential exit. Typing 50 means the EA will automatically close 50% of the trade at level 'Partial TakeProfit1' below
- Partial TakeProfit1 (pips): User can enter the number of pips from Entry price where the EA must exit the first sequence of profit.
- Enter Fraction of Second Close: This is for second sequential exit. Typing 25 means the EA will automatically close a further 25% of the trade at level 'Partial TakeProfit2' below
- Partial TakeProfit2 (pips): User can enter the number of pips from Entry price where the EA must exit the second sequence of profit.
- UseMoveToBreakeven: User can select if the EA can employ trade management technique to move stoploss to Entry+'x'pips (for buy trades) or Entry-'x'pips (for sell trades). If selected, the EA automatically moves stoploss once trade is 1 x ATR in profit
- Enter pips to lock in at BE: This is the value of 'x' from above. if 25 is selected, EA will move stoploss to Entry+25pips (for buy trades) or Entry-25pips (for sell trades)
- UseTrailingStop: This is another trade management technique; where the EA can trail stoploss once in profit. User can select to use or not
- WhenToTrail: User can specify from what level to start trailing stoploss. If 50 is selected, the EA will start traiiling stoploss once trade is >50 pips in profit
- Enter pips to trail stoploss: Once stoploss starts trailing, the user can specify how many pips away from current price the EA should be trailing the stop.