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not being an expert in candle work but i thought they
were only reliable on daily charts (where they show
the strenght repartition between those who have the
overnight power [swingtraders] and those who have
intraday power [daytraders])
--- Debra Ann Petitan <DrDAP@xxxxxxxxxxxxxx> wrote:
> Kevin,
> Is each pattern to placed in a separate Indicator
> Builder or can they be placed individually in the
> Columns of the Explorer?
> I am not well versed in doing this. I would
> appreciate more of an explanation on the steps in
> completing the setup.
> Thank you,
> Debra
>
>
> --- Kevin <kevin_barry@xxxxxxxxxxxxxx> wrote:
> I like to use Candlestick Patterns for confirmation
> but they are sometimes
> hard to spot as soon as they occur, especially in
> real time. So, here's a
> little idea that you might find useful.
>
> Create a new indicator called Candle Histogram (or
> whatever). We are now
> going to populate this indicator with our favourite
> Candlestick Patterns as
> follows:
>
> If(BullHarami(),1,0);
> If(BearHarami(),-1,0);
>
> (This will eventually be plotted as a histogram.
> Note that 1 will give you
> a bar above the zero line and -1 below representing
> bullish and bearish
> patterns.)
>
> Some Candle Patterns are only relevant in certain
> conditions so you can
> modify them like this:
>
> If(BullHaramiCross(),
> (If(Mov(C,20,E)<Mov(C,50,E),1,0)),0);
> If(BearHaramiCross(),
> (If(Mov(C,20,E)>Mov(C,50,E),-1,0)),0);
>
> If(EngulfingBull(),
> (If(Mov(C,20,E)<Mov(C,50,E),1,0)),0);
> If(EngulfingBear(),
> (If(Mov(C,20,E)>Mov(C,50,E),-1,0)),0);
>
> Some Patterns are more important than others so give
> them a higher profile
> as follows:
>
> If(MorningDojiStar(),
> (If(Mov(C,20,E)<Mov(C,50,E),2,0)),0);
> If(EveningDojiStar(),
> (If(Mov(C,20,E)>Mov(C,50,E),-2,0)),0);
>
> When you have finished, plot the indicator on any
> chart. Switch on the MS
> Candlestick Expert Advisor and go through each
> pattern in turn (once only
> for each), change the style to histogram (I like to
> increase the weight as
> well) and give each pattern a different colour which
> will help you identify
> it when it occurs.
>
> Save the whole shebang as a template and apply as
> required. Any improvements?
>
> Good trading,
> Kevin
>
>
>
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>
>
>
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>
>
>
>
>
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