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Would someone know how to code the the pattern below
Pattern - H>H[1] and L<L[1] and next bar open<H and next bar open>L
Entry - Once the pattern is satisfied withe the current open is <H and >L put a buy stop order on the high
Fill - With price move to the high and order is filled, put a sell stop order on the pattern L for exit
Profit target - The profit target would be the different between the high and low add to the high of the bar
- The high and low calculation for the profit target is pertaining to the each pattern high and low and is not DYNAMIC
The exit is either profit target or the low of the pattern
The orders are put for each satisfying pattern till filled
Each pattern is independent of the previous pattern for order putting
Can you help answer these questions from other members on NexusFi?
You're saying that last bar, the H is higher than the bar previous and the low is lower than the bar previous (an oustide bar on both ends essentially).
Then as an additional entry criteria, you want the open to be less than the high of of the previous bar and more than the low of the previous bar?
Secondly, as I'm understanding...there's only a buy order....no sell order...is that correct?
Thirdly, so I understand, your stop is the low of the "pattern" bar previous to entry and the profit target is the H[1]-H[2] or the difference between the two?
"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
-- You're saying that last bar, the H is higher than the bar previous and the low is lower than the bar previous (an oustide bar on both ends essentially).
Yes
-- Then as an additional entry criteria, you want the open to be less than the high of of the previous bar and more than the low of the previous bar?
The next bar open is < H and >L
With next bar open the H and L of the pattern would be consider H[1] L[1] because the current bar is the next bar open currently
-- Secondly, as I'm understanding...there's only a buy order....no sell order...is that correct?
The sell is opposite
-- Thirdly, so I understand, your stop is the low of the "pattern" bar previous to entry
Yes
and the profit target is the H[1]-H[2] or the difference between the two?
