3 Bull and 3 Bear candles strategy.
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Hi Everyone, I found this simple strategy online. Its works in manual trading. I want to get this automated. Please help to make this into EA. strategy details below:
strategy description:
Description:
This is a 3-bar setup, but only one of the bars determines its direction on the next candle. Where the first two candles will produce the PIP range for a TP Target. This PIP Range can also be used for Stop Loss Levels so this approach becomes a 1:1 reward to risk.
Buy set up:
ar (2) needs to close higher than the previous candle's high.
Bar (3) during its development, or when the candle has fully developed, price must touch Bar (2)'s open.
IMPORTANT: It MUST be the same bar type, in this case since both Bar 1 and 2 are Bull Bars, the 3rd bar must be a Bull bar on its close.
And this 3rd bar must close higher than Bar (2)'s close (preferably its high).
Enter a Long Trade/Buy on Close of Bar (3).
Calculate from the Low of Bar (1) to Bar (2)'s high.
This will act as your TP and SL Level.
Sell set up:
Bar (2) needs to close lower than the previous candle's low.
Bar (3) during its development, or when the candle has fully developed, price must touch Bar (2)'s open.
IMPORTANT: It MUST be the same bar type, in this case since both Bar 1 and 2 are Bear Bars, the 3rd bar must be a Bear bar on its close.
And this 3rd bar must close lower than Bar (2)'s close (preferably its Low).
Enter a Short Trade/Sell on Close of Bar (3).
Calculate from the High of Bar (1) to Bar (2)'s Low.
This will act as your TP and SL Level.
Attached picture of buy and sell setup for your reference.
please help to make into an EA. thanks.
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This is a good starting point for your project thanks to @miro1360
https://fxdreema.com/forum/topic/4321/tutorial-08-candle-formations
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@josecortesllobat thanks.
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Arrow82: I would be interested in helping. Let me know.
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How did you get on with making this EA ?
