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Pullback Strategy (Candle Analysis) New Version
Following on from the previous Pullback Candle which smashed over 100 likes - here we have the strategy behind the indicator.
Signal = Pullback Candle (This will alert on all timeframes and markets when selecting the Alert function for the Signal
Entry = When the Pullback Candle is confirmed ie 16:00 - the strategy will enter within the next two candles.
Stop loss = 0.25 ATR multiple which means we have a tighter stop loss - if greater than 1 then the stop loss will be more in percentages!!!
Take Profit = 1.5 Risk to Reward Model
Ema filter - There is a function to modify when looking into trades so as this is a bullish setup we want trades to be over the ema and using this filter will only show trades above the 200ema
Time filter - If you want to backtest Uptrends - locate the time of the start and the end of the uptrend - input this data into the settings and this will bring up the trades in that time period.
Most efficient to use this script is only in uptrends and this signal is a bullish signal - when using a ema filter we wont get trades under this so narrow down good trades for automation.
!!!!TO ENHANCE THE SYSTEM - USE TECHNICAL ANANLYSIS FOR CONFLUENCES
Most inefficient way to use the script is when price is in a downtrend and the win rate falls dramatically.
The pullback candle has a R-Expectancy of R5 so profits can be elongated when trading manually.
As the pullback candle occurs often in a trend we could pyramided trades to say have 5 trades in the same direction but the way i would trade this is to alert R1.5 then look to R2 and above to take profits manually.
(((P.S coders.... i need help to work on a profit extension code where exit long when price is below the 9ema (this seems simple but proving difficult) - this would be included onto the script if received.
Signal = Pullback Candle (This will alert on all timeframes and markets when selecting the Alert function for the Signal
Entry = When the Pullback Candle is confirmed ie 16:00 - the strategy will enter within the next two candles.
Stop loss = 0.25 ATR multiple which means we have a tighter stop loss - if greater than 1 then the stop loss will be more in percentages!!!
Take Profit = 1.5 Risk to Reward Model
Ema filter - There is a function to modify when looking into trades so as this is a bullish setup we want trades to be over the ema and using this filter will only show trades above the 200ema
Time filter - If you want to backtest Uptrends - locate the time of the start and the end of the uptrend - input this data into the settings and this will bring up the trades in that time period.
Most efficient to use this script is only in uptrends and this signal is a bullish signal - when using a ema filter we wont get trades under this so narrow down good trades for automation.
!!!!TO ENHANCE THE SYSTEM - USE TECHNICAL ANANLYSIS FOR CONFLUENCES
Most inefficient way to use the script is when price is in a downtrend and the win rate falls dramatically.
The pullback candle has a R-Expectancy of R5 so profits can be elongated when trading manually.
As the pullback candle occurs often in a trend we could pyramided trades to say have 5 trades in the same direction but the way i would trade this is to alert R1.5 then look to R2 and above to take profits manually.
(((P.S coders.... i need help to work on a profit extension code where exit long when price is below the 9ema (this seems simple but proving difficult) - this would be included onto the script if received.
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