| stevehopwoodforex.com https://www.stevehopwoodforex.com/phpBB3/ Print view |
|
| Price Action scanner https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1684 |
Page 1 of 1 |
| Author: | wafikjabra [ Mon Mar 25, 2013 2:40 pm ] |
| Post subject: | Price Action scanner |
Hi, What is the possibility of making price action software to scan/monitor all posible trading opportunities for you, rather than sitting hours afront of sreen. The software would send an alarm to your mobile, you will check the opportunity & access the potential of it yourself. Anyone can help to make this software??? I can set all the rules |
|
| Author: | phil_trade [ Tue Mar 26, 2013 11:47 am ] |
| Post subject: | Re: Price Action scanner |
Please set all the rules ! |
|
| Author: | wafikjabra [ Tue Mar 26, 2013 6:41 pm ] |
| Post subject: | Re: Price Action scanner |
The Plan: 1. On DAILY CHART, draw one horizontal support line at the significant support level closest to current price. 2. On DAILY CHART, draw one horizontal resistance line at the significant resistance level closest to current price. 3. On DAILY CHART and 4-HOUR CHART, look for trading opportunities signals (with the trend) as price approaches these support and resistance levels. These signals are presented by candlestick pattern. a. Determine trend. i. UP – only take long positions on pullbacks to support. ii. DOWN – only take short positions on pullbacks to resistance iii. SIDEWAYS – take long positions at bottom of range and short positions at top of range. b. Watch for candlestick reversal patterns. i. All patterns 1. Is it large and obvious? 2. Is it at a swing high or a swing low? 3. Is it at one of the significant support or resistance areas? 4. LOOK LEFT – are you trading into traffic that will hinder a move in the correct direction? ii. Pin Bar 1. Open and close within previous bar 2. Candle wick 3 times length of candle body 3. Large nose protruding from all other bars – aka PINNOCHIO BAR iii. Engulfing Bar 1. Must consume ENTIRE previous candle (body AND wicks). 2. Price must close in the last third of the candle in the direction of the trade. iv. Two Bar Reversal 1. Two candles approximately the same size 2. First candle closes in the opposite direction of the trade 3. Second candle closes in the direction of the trade (preferably above or below the open of the previous bar, depending on direction of trade.) To summarize the plan, the software should: 1) Plot nearest main S/R levels on daily chart, 2) Identify the current trend, 3) Look for bar signals as specified above (on daily & 4H) approaching these S/R levels. These signals must have the following characteristics: - Large & obvious - At end of a swing (sell at swing high, Buy at swing low) - With the current trend 4) a signal can then be sent to personal mobile. |
|
| Author: | garyfritz [ Tue Mar 26, 2013 6:55 pm ] |
| Post subject: | Re: Price Action scanner |
Good start, but you have to define things exactly in order to code them. "Significant support," "large & obvious," etc -- those may be very clear to you, but a coder might have an entirely different interpretation. Similarly what is a "trend" ? Everybody has a different definition. "Just look at the chart and you can see it" doesn't work for coding. Define them explicitly if you want a coder to implement what you use. |
|
| All times are UTC | Page 1 of 1 |
|
Powered by phpBB® Forum Software © phpBB Limited |
|