Dukascopy
 
 
Wiki JStore Search Login

Creating a pinbar & engulfing strategy
 Post subject: Creating a pinbar & engulfing strategy Post rating: 0   New post Posted: Sat 07 Feb, 2015, 00:15 

User rating: 0
Joined: Mon 15 Dec, 2014, 16:17
Posts: 1
Location: Australia, Brisbane
Hey professional VJForex programmers.

I'm wishing to try my forex strategy in the automated world and am hoping that I can work with some of you experts in creating this.

This strategy is to trade pin bar or engulfing candles at significant support and resistance zones. The following rules for the candles need to be such that:

Pinbar - open and close are within top or bottom 3rd of candle.
Range is bigger than previous candle
Open and close is within previous bars range

Engulfing - High and low need to be bigger than the previous bar's range.
The close of the candle needs to be at the top or bottom 5th of candle (to indicate a strong close)

This is quite easy. However where it gets difficult is deciding where on the chart order entered. The idea that I have for this is to manually draw the support and resistance levels on the chart and then when price gets to these horizontal zones, the price needs to move below the horizontal line and close above for a long trade to trigger, or move above and close below for a short trade to trigger.

Then once this criteria is met, the SL is at the top or bottom of the candle and the trade must meet a minimum or 1:1 RR for it to qualify.

If anyone is interested to work with me in creating this strategy please let me know. I know for a fact that it is very profitable on 4H and daily time frames.

Also can the VJForex professionals assist me in creating each of the parameters of the strategy.

Happy trading :)


 

Jump to:  

  © 1998-2025 Dukascopy® Bank SA
On-line Currency forex trading with Swiss Forex Broker - ECN Forex Brokerage,
Managed Forex Accounts, introducing forex brokers, Currency Forex Data Feed and News
Currency Forex Trading Platform provided on-line by Dukascopy.com