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Digamber Shankar PATIL's DSP Candle Strategy

  • #81
  • Nov 29, 2013 8:51am Nov 29, 2013 8:51am
Quoting moodybot
{quote} Good results.
Keep in mind, I'm not just shooting from the hip on these trades... I am looking at the longer term situation via hourly/4hr charts with my chosen tools and just using the DSP candles to signal that a potential trade opportunity has arrived and then measuring my risk via the size of the DSP candle. Then I go for 1:1 or better RR with my target, but like I said... in order for me to take a DSP candle entry as password has described, it needs to fit within the larger context and I make sure my money management is calculated properly.
  • #82
  • Nov 30, 2013 1:17am Nov 30, 2013 1:17am
UDSCAD made good profit even in last hours of trading yesterday..

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  • #83
  • Edited 7:58am Nov 30, 2013 7:36am | Edited 7:58am
Quoting Password
UDSCAD made good profit even in last hours of trading yesterday.. {image}
Yea, I watched that one go without getting in because I haven't liked trading USDCAD very much in the past with other methods, but truth be told, it would have worked out really nicely with this methodology.

Great method for finding opportunities mate! Kudos to you!

Cheers,

~fighter
  • #84
  • Nov 30, 2013 8:09am Nov 30, 2013 8:09am
it can be traded with 1H time frame or 5M time frame too.. Not only with 15M.
  • #85
  • Nov 30, 2013 8:41am Nov 30, 2013 8:41am
Quoting fighterdude
GBPUSD Short Target hit... Another +2%.... so far I've had +2%, -1.7% and +2%... not too shabby... {image}
cant see you have followed the rule on this one
  • #86
  • Nov 30, 2013 10:33am Nov 30, 2013 10:33am
Quoting whatfx
{quote} cant see you have followed the rule on this one
Which rule specifically? I just use the break of DSP candle opens to alert me to a potential trade, then I use that price as an entry lvl as explained in the pic below.

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  • #87
  • Nov 30, 2013 1:44pm Nov 30, 2013 1:44pm
Quoting fighterdude
{quote} Which rule specifically? I just use the break of DSP candle opens to alert me to a potential trade, then I use that price as an entry lvl as explained in the pic below. {image}

you have chosen the incorrect dsp candle. remember, the dsp candle is the longest candle displayed on the indicator. which is the long red bar on the left near the vertical line you marked , before the green bar you chose. therefore the candle you should choose on the chart should be a red bearish candle.


correct me if iam wrong.
  • #88
  • Nov 30, 2013 2:52pm Nov 30, 2013 2:52pm
Quoting whatfx
{quote} you have chosen the incorrect dsp candle. remember, the dsp candle is the longest candle displayed on the indicator. which is the long red bar on the left near the vertical line you marked , before the green bar you chose. therefore the candle you should choose on the chart should be a red bearish candle. correct me if iam wrong.
Well technically the red candle you are talking about is not within the last 24hrs from when I executed my trade, which is part of the original rules, to only look back across the last 24hr period. So, the green candle becomes the longest DSP bar. However, I don't get into it that fanatically, and I also trade these a bit differently. The red bar would have been the best one to use the day before because the trend was still bullish, but since the longer TFs signaled that a counter trend move was happening, I was looking for the longest bull DSP to use as my short entry lvl.

But that is just me. I am happy with my results so I am going to keep trading this way...

Cheers!

~fighter
  • #89
  • Nov 30, 2013 4:55pm Nov 30, 2013 4:55pm
Quoting fighterdude
{quote} Well technically the red candle you are talking about is not within the last 24hrs from when I executed my trade, which is part of the original rules, to only look back across the last 24hr period. So, the green candle becomes the longest DSP bar. However, I don't get into it that fanatically, and I also trade these a bit differently. The red bar would have been the best one to use the day before because the trend was still bullish, but since the longer TFs signaled that a counter trend move was happening, I was looking for the longest bull...

each to his own.

iam more concerned that this system is losing its identity, like many others on this forum.
  • #90
  • Nov 30, 2013 6:05pm Nov 30, 2013 6:05pm
Hi guys,look like a very simple method to trade or we can integrate this into each and your own method,but dont change the original of this method,let the owner of this to do it. it will be better if the DSP indicator comes with alert, so that we can watch more pairs, currently i believe we have to scan all the chart for the DSP, hope some programers can add a alert to it. Thanks and all the best for you guys
NEVER go against the Daily trend
  • #91
  • Dec 1, 2013 12:06am Dec 1, 2013 12:06am
Quoting whatfx
{quote} each to his own. iam more concerned that this system is losing its identity, like many others on this forum.
Yes, you are right. I suppose I shouldn't be injecting my own ideas into this thread since it is not mine... I apologize to all and to the OP for that.

To be honest, I do think that a proper RR of 1:1 or greater is needed though, as the OP seems to think that a negative RR is OK. That was the main reason for my modifying things from his original idea.

But, I will no longer add my flavor to this thread. Please continue to discuss the original method, it has a lot of promise. :-)

Cheers,

~fighter
  • #92
  • Dec 1, 2013 12:38am Dec 1, 2013 12:38am
Results with some non-standard charts...

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  • #93
  • Dec 1, 2013 6:42am Dec 1, 2013 6:42am
Quoting Password
Results with some non-standard charts... {image} {image} {image} {image} {image} {image} {image} {image} {image} {image}
Very nice examples of how this concept is working across all markets.

Cheers,

~fighter
  • #94
  • Edited 11:09pm Dec 1, 2013 10:44pm | Edited 11:09pm
Missed these opportunities..early in the day (GOLD n SILVER)

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  • #95
  • Dec 1, 2013 11:41pm Dec 1, 2013 11:41pm
Can someone add audible alert to the longest bar in the last 24 hours? Pointing to the appropriate pair.
Please excuse the bad English via Google Translate.
  • #96
  • Dec 2, 2013 12:15am Dec 2, 2013 12:15am
Dear Password,

Looks very promising your strategy and working with all the markets.

But only problem i seen is the TP because of different spread..... can you more explain about TP , please.
  • #97
  • Dec 2, 2013 12:19am Dec 2, 2013 12:19am
Thanks password for wonder full system, i missed this too
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  • #98
  • Edited 12:47am Dec 2, 2013 12:28am | Edited 12:47am
Quoting umpats
Dear Password, Looks very promising your strategy and working with all the markets. But only problem i seen is the TP because of different spread..... can you more explain about TP , please.
As mentioned in the first post TP can be varies -
Min = 10 pips.
Another idea is tp = length of the DSP candle (in pips)
One more idea is to follow the trend until it reverse.. ie till formation of another DPS candle.
  • #99
  • Dec 2, 2013 12:30am Dec 2, 2013 12:30am
Quoting jeetvirk
Thanks password for wonder full system, i missed this too {image}
Cool... but check whether u have 96 candles in chart?
  • #100
  • Dec 2, 2013 12:40am Dec 2, 2013 12:40am
Quoting Password
{quote} As mentioned in the first post TP can be varies - Min = 10 pips. Another idea is tp = length of candle (in pips) One more idea is to follow the trend until it reverse.. ie till formation of another DPS candle.
Thanks password
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