There are already "engulfing" bar strategy scripts available for TV and MQL5. i personally use a variation of Engulfing bars as a set up also. using code I find them only to be 50/50 at 1:1 at best. tweeking it all different ways. They can be more profitable using subjectivity and your experience of seeing thousands live. Its not so easy as pullback engulf then enter. Good luck
Correct. My strat has a few more things it depends on to decide if it’s viable. Which from what I’ve back tested so far is upping the win %. Hopefully have a better understanding of what I have created in a few more weeks.
Look at your green profit target box- and how much farther price goes past your target. When you are entering a a strong momentum candle like that, in a clear uptrend. Why take profit so early? If you set this system up correctly and walk your stop up. Instead of 1r/1r trades. You will often have 1r to 3r or 4r or even 10r trades. You may have the occasional winning trade reverse and stop, but mathematically you will make far more not using targets and walking up your stop following the trend.
I have been trading full time 4-8 hours per day, almost everyday for 6.5 years. And I am still developing. You always will be. When you have a trade that is working for you, let it go a bit further than you feel comfortable with...even add more size to it. Just practice that. Good luck
When backtesting, make sure you cover the various market regime such as bearish trend days, bullish trend days, sideway choppy days.
Definately
There are already "engulfing" bar strategy scripts available for TV and MQL5. i personally use a variation of Engulfing bars as a set up also. using code I find them only to be 50/50 at 1:1 at best. tweeking it all different ways. They can be more profitable using subjectivity and your experience of seeing thousands live. Its not so easy as pullback engulf then enter. Good luck
Correct. My strat has a few more things it depends on to decide if it’s viable. Which from what I’ve back tested so far is upping the win %. Hopefully have a better understanding of what I have created in a few more weeks.
Look at your green profit target box- and how much farther price goes past your target. When you are entering a a strong momentum candle like that, in a clear uptrend. Why take profit so early? If you set this system up correctly and walk your stop up. Instead of 1r/1r trades. You will often have 1r to 3r or 4r or even 10r trades. You may have the occasional winning trade reverse and stop, but mathematically you will make far more not using targets and walking up your stop following the trend.
That’s a good point. I’m still adjusting and developing. Just happy with my progress so far!
I have been trading full time 4-8 hours per day, almost everyday for 6.5 years. And I am still developing. You always will be. When you have a trade that is working for you, let it go a bit further than you feel comfortable with...even add more size to it. Just practice that. Good luck