Hello traders and Coders.
I am feeling curious about how this one can be tweaked to get some good pips.
The conditions for this reversal signal are as follows:
Sell:
When Red HA candle closes touching upper Bollinger Bands. Sell right below the low of this candle.
Our Stop loss is few pips above the signal candle.
Long:
When Green or Up Heiken Ashi candle closes after touching the lower band. Buy just when price crosses the high of this signal candle. Stop loss is few pips below the signal candle.
Now this is not a system and it happens quiet often during flat market conditions but believe you me when it happens to be true this kind of reversal signal gives us very tight stop loss . We shall discuss here how this can be combined with another strategy to filter some bad signals. We still can afford to hit our stop loss more than our tp but the luxury of this signal is that our Stop loss will be much tighter than our Take profit which will give us good Risk o Reward ratio.
I request our very kind coder friends to help us build an EA on these conditions so that it can be backtested and any further options to tweaking this thing to actually evolve into a system should be considered.
One silly advice could be to take the opposite position after we hit our stop loss but for this we shall have to consider the daily range of the pair. If there is enough room for our trade to get in green then we shall take the opposite direction after being stopped out.
It looks like this thing works good on GBp/JPY and EUR/JPY. not really seen too many charts though.
Bollinger Band Heiken Ashi Reversal.
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Bollinger Band Heiken Ashi Reversal.
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Last edited by awan0454 on Tue Mar 11, 2014 9:28 am, edited 1 time in total.
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- Posts: 7
- Joined: Sat Mar 09, 2013 11:58 am
Bollinger Band Heiken Ashi Reversal.
Monday open yesterday just after market opened GBP/USD gave two very profound signals according to this reversal signal and both were short and cable went straight down from there whole day. Unfortunately when that happened I was sleeping. That is where an EA can come handy.
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Bollinger Band Heiken Ashi Reversal.
Cable M5 chart presented two very good opportunities today.
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- Posts: 7
- Joined: Sat Mar 09, 2013 11:58 am
Bollinger Band Heiken Ashi Reversal.
EUR/JPY today gave these signals and they were winners.
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