Two Reversal Bar Entry System - MT4/MT5 Resources
The origin of the two reversal bar entry system can be found in a thread http://www.forexfactory.com/showthread.php?t=172963
Started at http://www.forexfactory.com/tony_dtrader
It appears to have been abandoned for over a year.
The strategy is very simple and it's best to read the original thread. It's a very short line.
basically:
The bullish candle closes and the new candle rises 5 points to enter the long position.
The bearish candle closes with a new candle down 5 points, entering the short position.
We have 2 positions open.
For long-term trading:
The stop loss is placed below the low of the first candle in the setup.
The first take profit is 20 pips.
When that level is reached, the stop on the second position will move to just above breakeven and rise as the trade progresses.
Different ways to trail a stop.
One approach is to move up as swing lows develop on the lower time frames.
Or a fixed trailing stop.
When the MACD crosses or the 20SMA line goes down, you can exit.
Short trading is just the opposite.
To make things as simple as possible, there is an indicator:
http://www.forexfactory.com/attachme...02009%202:08pm
Coder http://www.forexfactory.com/fxxx
It signals entry (and can be set to determine fixed exits and targets).
I also look at MACD (21,100,9), 200ema, cci55 and 14, quote charts for better pricing, lumber pivots and s/r, market timing, and keep an eye out for other signs of what may be happening in the market.
Most signals are good. Some are obviously not acceptable.
The zipper contains it all.
I'm looking for a 4 hour two candle setup and tracking the 15 minute market.
Intraday candles and 4-hour candles are formed differently depending on the broker's GMT time.
I'm using fxdd, with daylight saving time +2 GMT.
Started at http://www.forexfactory.com/tony_dtrader
It appears to have been abandoned for over a year.
The strategy is very simple and it's best to read the original thread. It's a very short line.
basically:
The bullish candle closes and the new candle rises 5 points to enter the long position.
The bearish candle closes with a new candle down 5 points, entering the short position.
We have 2 positions open.
For long-term trading:
The stop loss is placed below the low of the first candle in the setup.
The first take profit is 20 pips.
When that level is reached, the stop on the second position will move to just above breakeven and rise as the trade progresses.
Different ways to trail a stop.
One approach is to move up as swing lows develop on the lower time frames.
Or a fixed trailing stop.
When the MACD crosses or the 20SMA line goes down, you can exit.
Short trading is just the opposite.
To make things as simple as possible, there is an indicator:
http://www.forexfactory.com/attachme...02009%202:08pm
Coder http://www.forexfactory.com/fxxx
It signals entry (and can be set to determine fixed exits and targets).
I also look at MACD (21,100,9), 200ema, cci55 and 14, quote charts for better pricing, lumber pivots and s/r, market timing, and keep an eye out for other signs of what may be happening in the market.
Most signals are good. Some are obviously not acceptable.
The zipper contains it all.
I'm looking for a 4 hour two candle setup and tracking the 15 minute market.
Intraday candles and 4-hour candles are formed differently depending on the broker's GMT time.
I'm using fxdd, with daylight saving time +2 GMT.
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