The origins of Two Reversal Bar Entry System are found in a thread http://www.forexfactory.com/showthread.php?t=172963
started by http://www.forexfactory.com/tony_dtrader
which appears to have been abandoned for a little over a year.
The strategy is very simple and it is a good idea to read the original thread. It is a very short thread.
Basically:
Bull candle closes, new candle moves 5 pips up enter long.
Bear candle closes, new candle moves 5 pips down enter short.
We open 2 positions.
For long trade:
stop loss is below low of 1st candle in the set up.
1st take profit is 20 pips.
When that is reached the stop loss for the second position moves to just above breakeven and is moved up as trade progresses.
different ways to move the stop loss.
One way is to move up under the swing lows on a lower time frame as they develop.
Or a fixed trailing stop.
Exit can be when there is cross of macd, or the 20sma turns down.
Just the opposite for short trade.
To make things as easy as possible there is an indicator:
http://www.forexfactory.com/attachme...02009%202:08pm
coded by http://www.forexfactory.com/fxxx
which signals entries (and can be set to determine fixed exits and targets).
I also consult macd (21,100,9), 200ema, cci55 and 14, tick charts for better pricing, wood pivots and s/r, market times and keep my eyes open for other signs of what might be going on in the market.
Most signals are good. Some are obviously not good to take.
The zip has it all.
I am looking for two candle setups on the 4hr and following the market on the 15 min.
Day candles and 4hr candles form differently according to broker gmt.
I am using fxdd, daylight savings +2 gmt.
started by http://www.forexfactory.com/tony_dtrader
which appears to have been abandoned for a little over a year.
The strategy is very simple and it is a good idea to read the original thread. It is a very short thread.
Basically:
Bull candle closes, new candle moves 5 pips up enter long.
Bear candle closes, new candle moves 5 pips down enter short.
We open 2 positions.
For long trade:
stop loss is below low of 1st candle in the set up.
1st take profit is 20 pips.
When that is reached the stop loss for the second position moves to just above breakeven and is moved up as trade progresses.
different ways to move the stop loss.
One way is to move up under the swing lows on a lower time frame as they develop.
Or a fixed trailing stop.
Exit can be when there is cross of macd, or the 20sma turns down.
Just the opposite for short trade.
To make things as easy as possible there is an indicator:
http://www.forexfactory.com/attachme...02009%202:08pm
coded by http://www.forexfactory.com/fxxx
which signals entries (and can be set to determine fixed exits and targets).
I also consult macd (21,100,9), 200ema, cci55 and 14, tick charts for better pricing, wood pivots and s/r, market times and keep my eyes open for other signs of what might be going on in the market.
Most signals are good. Some are obviously not good to take.
The zip has it all.
I am looking for two candle setups on the 4hr and following the market on the 15 min.
Day candles and 4hr candles form differently according to broker gmt.
I am using fxdd, daylight savings +2 gmt.
Attached File(s)
2RevBarsEntry_arr0Bar_mtf_alerts.zip
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Uploaded Jan 26, 2011 1:44pm