Alpenkorps wrote:Hello Guys,
I would like to request an EA for Engulfing Outside bar strategy. We all know what Engulfing Outside bars are, recently a trader named "smilee89" made a
thread on Forexfactory, which drag my attention to this, so all credit goes him.
There is already an EA, which doesn't work. It has many problems. Please read this
post.
This is a price action strategy, I think it has great potential. I have tried it on H1 and H4, tested on 15 pairs. Results are really good. I think the basic rules are quite profitable, but we can add some filters (regular Steve stuff) even a martingale module for playing.
Thanks in advance
Who says you don't need indicators?
Attached is an indicator I put together that shows the entry points. You set the time frame and the pips you want to use for padding. There is no error checking, so don't put in incorrect time periods. Just use the standard number of minutes in the time period you are interested in.
To use the indicator, add it to your chart, and enter the time frame you are interested. Make sure the time frame you enter is higher than the time frame of the chart. (Or, make sure the chart is a lower time frame than what you enter.
) Either way, they need to be different so you can see all the valid triggers. If the time frames are the same on the chart and the indicator, many of the signals won't be visible since they are drawn as points. I suppose I could have drawn arrows or dots so you could see them, but that would look ugly on a lower time frame.
EDIT: OK, I changed it so that it will plot arrows if you use the same time frame as your chart. And it is ugly.
pic_01 2011-12-15 06.07.gif
You can add the indicator multiple times to compare different higher time frames, just make sure to change the line width or color.
George
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