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simple wick system


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19 replies to this topic

#1 dazykip

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Posted 12 January 2018 - 05:23 AM

this​ is a simple system I come across whilst looking at the  charts one day 

 

​its based on a 5 minute reversal on m1 eur/usd if conditions are met I haven't  yet found many losses 

 

​the rules are simple 

 

​1:The signal candle must have a wick at least the size of its body or greater in size

2:The confirmation candle wick must be 3 times the size or greater than the body

​3:On the confirmation wick the centre of the wick must equal or be less than the centre of the signal candle or about a 1/4 from the body 

​4:Enter as soon as confirmation candle closes 5minute in opposite direction 

 

​I have attached a picture that might explain better

 

​hope that makes sense 

 

​any question or feedback happy to answer

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#2 dazykip

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Posted 12 January 2018 - 05:32 AM

a

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#3 s3791

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Posted 12 January 2018 - 06:25 AM

Thanks for sharing.

You tested this setup for just 1 day?

I guess would be nice to code an EA and test your idea for some time on different pairs to see if it's profitable or not but I'm not a coder.

Thanks again



#4 Tripack

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Posted 12 January 2018 - 06:34 AM

As long as you keep in mind that wicks are locally significant to current candle TF only, so i.e. it can be of course invisible on 15m candle etc if they happen in the middle on the period. So always keep an eye on the bigger picture ;)

#5 dazykip

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Posted 12 January 2018 - 09:53 AM

I  have added 2 more requirements

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#6 tradesmart

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Posted 12 January 2018 - 10:39 AM

Thanks alot for this, always good to see different ideas being put out there.

#7 dazykip

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Posted 12 January 2018 - 11:22 AM

Thanks

be interesting if anyone has any input or can find losing trades so a system or indicator can be made 



#8 tradesmart

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Posted 12 January 2018 - 11:27 AM

Thanks
be interesting if anyone has any input or can find losing trades so a system or indicator can be made 


I will do some testing as im looking over the charts, personally i wouldn't want to have this kind of thing as an arrow or indicator of some sort,as i would like to see how the signal candle and confirmation candle form and then make my own decision

#9 tradesmart

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Posted 12 January 2018 - 11:58 AM

Dazykip, are these the correct sort of signal candle and confirmation candle type you are looking for? , (see black circle around the signal candle and confirmation candle then after black circle is entry candle), if so,,this is a 5 min chart with 1 candle expiry (5 min put). Im just testing thats all.

Attached File  2018-01-12 16.50.30.png   358.16KB   8 downloadsAttached File  2018-01-12 16.52.11.png   417.89KB   8 downloadsAttached File  2018-01-12 16.53.03.png   406.55KB   9 downloads
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#10 dazykip

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Posted 12 January 2018 - 01:56 PM

​the first 2 I would say no 

the confirmation candle middle of the wick is about the middle / 1/4 off the body off the signal one 

 

​the 3 is perfect though . my theory on 5 min charts though would be 30 mins expirary 



#11 tradesmart

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Posted 12 January 2018 - 02:03 PM

And here we go. 5 min chart 5 min put.....itm or otm....lets see?

Attached File  Screenshot_2018-01-12-19-00-13.png   186.53KB   7 downloads

#12 tradesmart

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Posted 12 January 2018 - 02:06 PM

Against a strong trend and its ended ITMAttached File  Screenshot_2018-01-12-19-05-09.png   194.77KB   5 downloads

#13 dazykip

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Posted 12 January 2018 - 02:50 PM

​I have marked 3 possible signal entries on your chart 

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#14 dazykip

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Posted 12 January 2018 - 02:54 PM

this is how it looks on m1 itm all day long

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#15 pangU_

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Posted 12 January 2018 - 02:57 PM

"Right" otm?

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#16 dazykip

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Posted 13 January 2018 - 05:27 AM

​what pair was that ?



#17 siraj

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Posted 13 January 2018 - 12:59 PM

DvCb2WhFRpSQfLFvwYyNsA.jpeg

 

Hello Dazykip,

 

I have mark few setups with Up and Down arrow, can you please confirm My entries, is this ok ???



#18 pangU_

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Posted 13 January 2018 - 05:15 PM

​what pair was that ?

EU



#19 hashinko

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Posted 19 January 2018 - 10:25 AM

I didn't test your system but i think i can understand the logic behind it :
Basically you want sort of a big move in one direction (up or down trend) so speaking about candle, you want big green or red candle first (1)
Then, the movement lose his strengh, you can see that with the big wick larger than the body (meaning that the rejection is stronger than the original move) (2)
Finaly, you see again a rejection of the price (kind of double pin bar) and the body is smaller than the wick, candle can be pinbar, or doji with big wick (3)
You can enter at the begining of the 4th candle in the direction of the rejection
Hope this can help :)



#20 wiseking

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Posted 20 January 2018 - 04:49 AM

Hi,

 

I dont under stand rule 3 "On the confirmation wick the centre of the wick must equal or be less than the centre of the signal candle or about a 1/4 from the body "

 

can you be more elaborative??

 

the confirmation candle should be less than signal candle??

 

or the confirmation candle wick should be less than signal candle wicj??


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