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DASHBOARD review: This dashboard alerts a three pattern combination examples are 123,111,232,222,121 etc the third candle in the patterns are live candles that haven't closed yet but your job today is to make sure it alerts at the close of the candle. These already established input filters
are there to help filter out noise so its helpful to use
Overview of the candles.
CANDLES:
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Each candle is defined by its relationship to the previous candle.
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There are only 3 types of candle:
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Inside candle- The candle is entirely within the high and low of the previous candle. An inside candle shows the market is at a point of indecision.
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Directional candle- The candle extends above or below either the High or Low, but not both, of the previous candle.
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Outside candle- The candle has broken both the high and low of the previous candle. An outside candle shows broadening price action
first filter. This filter is to makes sure that the close of the third candle specifically the candle 3: which breaks the high and low of its previous candle, this candle closes above the high of the first candle of any of the combination patterns, some examples below shows a combination pattern (123) and (323). The close of the 3 candle is above the high of the first candle of the patterns (123) and (323). after it meet this criteria, it alerts at the open on the following candle that's what this filter should do.
this pattern is (123)
This pattern is (123)
this pattern is (323)
second filter: for this filter, after the formation of any of the patterns (123) and (323). IT should check for these criteria before alerting.
criteria 1. The candle 3: which breaks the high and low of its previous candle should not take out/break the high of the first candle of the pattern after it closes. Example the pattern (323),when this forms, the close of the third candle which is 323 must not take out or break the high of the first candle in the pattern 323. For this pattern (123), the third candle 123 must not take out or break the high of 123.
criteria 2. The first candle after the formation of any of these two patterns (123) and (323). {(123),1st candle,2nd candle,3rd candle} and {(323),1st candle,2nd candle,3rd candle} must not close above the first candle of the patterns (123) and/or (323). Only the 2nd candle after the pattern {(123),1st candle,2nd candle,3rd candle} and {(323),1st candle,2nd candle,3rd candle} must close above the high of the first candles of the two patterns (123) and/or (323) and alert at on the open of the 3rd candle. Below is the visual representation of these two criteria.
This is pattern (323)
This is pattern (123)
This is pattern (323)
if you have questions reach out