Rail Road Tracks

[SteveHopwood]

I have been back to the charts looking at pbs again. I reckon some of the recognition criteria is wrong.

What we need on top of the long tail is:

• Buy pb:
  • candle previous to the pb should have fallen and closed at or very close to, its low. Said low should be the lowest of the lows of the previous MinCandlesInSequence (defaults to 5).
  • pb should open at or below the close price of the previous candle.
  • the pb needs to have a rising body, ensuring the wick is underneath.

• Sell pb:
  • candle previous to the pb should have risen and closed at or very close to, its high. Said high should be the highest of the highs of the previous MinCandlesInSequence (defaults to 5).
  • pb should open at or above the close price of the previous candle.
  • the pb needs to have a falling body, ensuring the wick is overhead.

How does that look?

[tex]

Hey Steve,

sounds good, but i would take out the falling / rising body filter. There are many great pb that have a small falling body in a buy situation and vice versa.

greetings,
tex

[John]

I agree with tex re: rising vs. falling body... It is not so important whether the body of the PB is actually rising or falling... However, the PROXIMITY of the body to the overall candle should determine the direction of the pinbar. An easy way to code this (not being a coder myself, so forgive if this in fact isn't easy) would be to simply say something to the effect of:

for a LONG PINBAR: Body (Open AND Close) must be in the TOP X% of the overall candle, say top 49% for example.

for a SHORT PINBAR: Body must be in the BOTTOM X% of the overall candle, say bottom 49% (user definable?)

In essence, the Pinbar looks like an arrow "pointing" in the direction of the trade, regardless of actual open/close, body rising vs. falling, etc...

Hope this makes sense... just my .02...

John

Hey Steve,

sounds good, but i would take out the falling / rising body filter. There are many great pb that have a small falling body in a buy situation and vice versa.

greetings,
tex

[Sundog]

for a LONG PINBAR: Body (Open AND Close) must be in the TOP X% of the overall candle, say top 49% for example.

for a SHORT PINBAR: Body must be in the BOTTOM X% of the overall candle, say bottom 49% (user definable?)

In essence, the Pinbar looks like an arrow "pointing" in the direction of the trade, regardless of actual open/close, body rising vs. falling, etc...

This sounds good.

[SteveHopwood]

I think I have solved the problem of the pin bars, but this has created a problem with the stop loss calculation instead.

Hey ho.

[SteveHopwood]

I see some coders beaking in here, so the latest is attached.

Using shift to point at the correct pair of candles appears to work with spotting pin bars. The auto-sl calculation probably needs something similar, but I have run out of steam for now, and my next bath is hours away.

[John]

Steve,

Allow me to humbly suggest... Why not consider replacing your office chair with a bathtub? Seems to me your efficiency and effectiveness would sky rocket, no? Or... Would your computer desk fit in your bathroom??

Just throwing ideas out there!

John

I see some coders beaking in here, so the latest is attached.

Using shift to point at the correct pair of candles appears to work with spotting pin bars. The auto-sl calculation probably needs something similar, but I have run out of steam for now, and my next bath is hours away.

[SteveHopwood]

Hmmmmmm. You ever tried mixing steam and electronic equipment? Last time I got something electronic wet, it didn't work again. Mind, that was some years ago, so maybe your average lappy will now survive dunking in the bath?

Steve,

Allow me to humbly suggest... Why not consider replacing your office chair with a bathtub? Seems to me your efficiency and effectiveness would sky rocket, no? Or... Would your computer desk fit in your bathroom??

Just throwing ideas out there!

John

I see some coders beaking in here, so the latest is attached.

Using shift to point at the correct pair of candles appears to work with spotting pin bars. The auto-sl calculation probably needs something similar, but I have run out of steam for now, and my next bath is hours away.

[Xeroforex]

I see some coders beaking in here, so the latest is attached.

Using shift to point at the correct pair of candles appears to work with spotting pin bars. The auto-sl calculation probably needs something similar, but I have run out of steam for now, and my next bath is hours away.

Hi Steve,

Sorry a bit late with this reply but just caught up on this thread.

You may find the attached useful re pinbars.

Cheers...Ted

[SteveHopwood]

Thanks Ted.