Engulfing candle setup
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What will be the best way to trigger a buy/sell with an engulfing candle? Thanks for your support.
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@nestrader Are you asking for the way to implement it on fxDreema or in a more general way considering it as a strategy?
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@l-andorrà Thanks for your interest, implementing it into fxdreema.
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@nestrader Firstly, you need an EXTREMELY precise and concrete list of conditions for the EA to undertand when an engulfing happens. Do you have it?
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@l-andorrà Thanks a lot I finally found a tutorial that worked for me.
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@nestrader
Spotting candle stick patterns is still a pretty subjective approach. It's not black and white, no pattern configuration exactly look like another.
Then working with a list of rigid conditions, you have this dilemma : a) if the conditions are strict, youll have little or no signal b) if the conditions are not too strict youll have a lot of false signals.
For me the better way of finding these patterns is by working with scores. Then the only condition will be : is the score above a certain threshold ? But for that you need to be able to convert the patterns configurations into a representative score number through mathematical formulas.
