SimpleTradingTechniques

ENGULFING CANDLESTICK STRATEGY

(i) Arrow represent trade setup

(ii) Circle represent triggering of the trade
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1. Where to place stop loss?
2. Where to exit the trade?
3. How to protect gains in your trade?
4. How to apply money management rule?
5. How to trade gap opening?
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//  By SIMPLE TRADING TECHNIQUES

//   	Arrow represent trade setup 
//   	Circle represent triggering of the trade
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study(title="STT ENGULFING CANDLESTICK STRATEGY",overlay = true, shorttitle="STT ECS")
src = close, len = input(8, minval=1, title="Length")
up = rma(max(change(src), 0), len)
down = rma(-min(change(src), 0), len)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))

//coloring method below

src1 = close, len1 = input(50, minval=1, title="UpLevel")
src2 = close, len2 = input(50, minval=1, title="DownLevel")
isup() => rsi > len1
isdown() => rsi < len2
barcolor(isup() ? green : isdown() ? red : na )

//study('buy/sell arrows', overlay=true)

out = sma(close, 50)
data = rsi > len1 ? open[1] > close[1] ? close > open ? close >= open[1] ? close[1] >= open ? close - open > open[1] - close[1] ? high > out : na : na : na : na : na : na
data1 = rsi < len2 ? close[1] > open[1] ? open > close ? open >= close[1] ? open[1] >= close ? open - close > close[1] - open[1] ? low < out : na : na : na : na : na : na


plotchar(data, char='↑',location=location.belowbar, color=lime, text="ECS Buy")
plotchar(data1, char='↓', location=location.abovebar, color=red, text="ECS Sell")

//Trade Trigger
tiggerlongcandle = (data[1] == 1) and (high > high[1]) ? 1 : 0
tiggershortcandle = (data1[1] == 1) and (low < low[1]) ? 1 : 0
plotshape(tiggerlongcandle ? tiggerlongcandle : na, title="Triggered Long",style=shape.circle, location=location.belowbar, color=green, transp=0, offset=0, text="ECS")
plotshape(tiggershortcandle ? tiggershortcandle : na, title="Triggered Short",style=shape.circle, location=location.abovebar, color=red, transp=0, offset=0, text="ECS")

plot (out, color = black, linewidth = 3, title = "Trend - Long Term")
Youtube: https://www.youtube.com/watch?v=JZxW3NpetSE Register Free Webinars: https://goo.gl/forms/vF9zj56pZjm9CRPE3 Learn trading: https://www.udemy.com/trading-engulfing-candle-top-trend-continuation-strategy/?couponCode=ECS0001
shani_1694
2 months ago
Can you see last signal how much long can we keep the trade on that last signal???
+1 Reply
SimpleTradingTechniques PRO shani_1694
2 months ago
i don't understand the question, can reword it please.
Reply
shani_1694 SimpleTradingTechniques
2 months ago
I AM TALKING ABOUT LAST SIGNAL PLACED BY YOUR SCRIPT
Reply
shani_1694 shani_1694
2 months ago
snapshot
Reply
shani_1694 shani_1694
2 months ago
snapshot
Reply
SimpleTradingTechniques PRO shani_1694
2 months ago
this script is not for the pullback candlestick strategy, it is for another strategy that i am working on. in order the get the script for the pullback candlestick strategy search for it in the indicators public library.
Reply
SimpleTradingTechniques PRO shani_1694
2 months ago
that is a trade setup (signal) but the trade was not trigger. ARROW represent trade setup while CIRCLE represent triggering of the trade
Reply
shani_1694 SimpleTradingTechniques
2 months ago
it means we have to put the same rule as pullback candlestick strategy like if candle close below the 25% than we put sell
Reply
SimpleTradingTechniques PRO shani_1694
2 months ago
no the rules for this strategy are different form that of pullback candlestick strategy.
Reply
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