HOW DO I SET ENGULFER CANDLES AS BUY OR SELL CONDITION & AND ALLOW TRADE ON ONLY MY FIRST SIGNAL CANDLE
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Please someone should direct me on how to do this, based on the diagram I drew.
My signal candles are of 2 types:
A bullish candle (candle 1 and 2) or a bearish engulfer (candle 4 and 5) which forms below (the bullish candle can close above the ema but it MUST have opened below it, meanwhile the bearish engulfer can open above but it MUST close below the ema) the ema when both Stochastic lines are in overbought zone.So I want to sell at the close of the FIRST signal candle whenever Stochastic lines are in overbought zone. As you can see, candle 1, 2 and 3 are all legitimate signal candles but candle 1 is the FIRST signal candle after Stochastic entered overbought. So before another sell order is activated, both Stochastic lines must go back below overbought then enter overbought again.
You can see candle 5 is a bearish engulfer and it occurs when Stochastic lines are in overbought so it's good to go.
Please direct me on which conditions and functions are to be used to achieve this.
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@daverazon If you look at Miros post you will see how to get the definition for each trade.
https://fxdreema.com/forum/topic/4321/tutorial-08-candle-formations/2