Attachments: Digamber Shankar PATIL's DSP Candle Strategy

Digamber Shankar PATIL's DSP Candle Strategy

#241
Dec 11, 2013 8:12pm Dec 11, 2013 8:12pm

griswold
| Joined Dec 2012 | Status: Trader | 59 Posts

Quoting Anusragger

Disliked

Maybe this indy will make it easier. Just set 'AboveBelowAxis' to 'false'. Now you will see all bars side by side without the useless axis. Now find the largest bar on the indy on the last 24hours (96bars if you're on a 15m). Found it? Is the corresponding bar on the chart a bull? Sell when a bar closes below the open of the DSP. Is the corresponding bar on the chart a bear? Sell when a bar closes above the open of the DSP. {file}

Ignored

thanks..

pls correct..
Sell when a bar closes below the open of the DSP.
Sell when a bar closes above the open of the DSP. --? was it sell or buy?

#242
Dec 11, 2013 10:43pm Dec 11, 2013 10:43pm

S40
| Joined Jan 2011 | Status: Trader | 1 Post

USDMXN yesterday buy

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#243
Dec 12, 2013 2:09am Dec 12, 2013 2:09am

Anusragger
| Joined Nov 2012 | Status: No Impact Member (bottom 1%) | 741 Posts

Quoting griswold

Disliked

{quote} thanks.. pls correct.. Sell when a bar closes below the open of the DSP. Sell when a bar closes above the open of the DSP. --? was it sell or buy?

Ignored

That has to be buy. I'll edit the post. Thanks and apologies.

#244
Dec 12, 2013 2:27am Dec 12, 2013 2:27am

idlehand
| Joined Jun 2011 | Status: Trader | 3 Posts

Very interesting strategy ...
Anyone seen good indicator to marking the 96 candlestick?
with vertical line or box?
thank you before...

#245
Dec 12, 2013 3:27am Dec 12, 2013 3:27am

conglom-o
| Joined Dec 2013 | Status: Heatball User | 23 Posts

Quoting idlehand

Disliked

Very interesting strategy ... Anyone seen good indicator to marking the 96 candlestick? with vertical line or box? thank you before...

Ignored

Built it on my own. Looked ugly. So I chose to start the horizontal line at the candle itself. If wanted, I will share the indicator when it's finished.

#246
Dec 12, 2013 4:20am Dec 12, 2013 4:20am

Anusragger
| Joined Nov 2012 | Status: No Impact Member (bottom 1%) | 741 Posts

Quoting idlehand

Disliked

Very interesting strategy ... Anyone seen good indicator to marking the 96 candlestick? with vertical line or box? thank you before...

Ignored

Try mrs. Google and end up back here @ FF:
http://www.forexfactory.com/showthre...69#post3912769

#247
Dec 12, 2013 5:07am Dec 12, 2013 5:07am

nollej
| Joined Oct 2009 | Status: one day ill get it all... | 248 Posts

Quoting idlehand

Disliked

Very interesting strategy ... Anyone seen good indicator to marking the 96 candlestick? with vertical line or box? thank you before...

Ignored

Hey.
Instead of worrying so much about having exactly 96 candles in your window I think it would just be easier to hit CRTL Y in metatrader to show a vertical line at your daily open (hour 0) and then just use that.. I think whether you have 96 or 106 or 116 candles is not going to matter. I assume the original idea behind the 96 was to look at the previous days extreme moves and showing your daily open line will give you a good idea of that. Just think it looks like people are getting strung up on the exactly 96 candles when its not that crucial.
Josh

nollej is power..

#248
Dec 12, 2013 7:26am Dec 12, 2013 7:26am

idlehand
| Joined Jun 2011 | Status: Trader | 3 Posts

Quoting Anusragger

Disliked

{quote} Try mrs. Google and end up back here @ FF: http://www.forexfactory.com/showthre...69#post3912769

Ignored

thank you so much.
i spent whole day to searching here and there.
never expected the title is that long.

in this case for me the rule is number one.
I am very strict in terms of trading rules to check whether this strategy is suitable for me and my broker .

cheers.

#249
Edited 10:18am Dec 12, 2013 8:30am | Edited 10:18am

rocky1980
| Joined Apr 2010 | Status: Trader | 64 Posts

hi

See this DSP

Deadly in gold --- 1256 ----- 1229 $
Guys this is Money$$$$ Printing Machine... just master it --

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rocky1980

#250
Dec 13, 2013 1:23am Dec 13, 2013 1:23am

jeetvirk
| Joined Feb 2013 | Status: Trader | 826 Posts

HI MIKE, Your EA is doing great job, thanks for your efforts and i would like to thank password and rocky1980 also.. my results with EA are 6 wins out of 8 trades.. i wish to trade with EA on my live account but i request to Mike help me on this..

thanks

jeet

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#251
Dec 13, 2013 2:12am Dec 13, 2013 2:12am

skaprest
| Joined Oct 2011 | Status: Trader | 3 Posts

Nice thread but i will advise anyone who is trading with dsp candle never to trade against the trend...

#252
Dec 14, 2013 10:08am Dec 14, 2013 10:08am

rocky1980
| Joined Apr 2010 | Status: Trader | 64 Posts

Quoting magft

Disliked

Password thanks for bringing us this thread. Here is the EA i wrote for the system based on the rules in post #1. It is locked so only runs on demo accounts and only until the end of January. Please don't ask questions on how to load it and use it, use Google! It is set by default not to trade but to act as an indicator so finds last DSP candle and draws lines for you and the 24hr history box based on NumBars. It doesn't use any indicators all calculations are done internally. The settings are outlined below: SignalOnly=true; //Stops trading and...

Ignored

hi

can you please build another EA on this rules..

Rules :

1) Only frame chart - h4 - h1 (of any financial instrument)
2) Add DSP
3) Mark the candle (High and Low) not Open and close. with the longest Bear | Bull - DSP.
4) Trade in the trend of either side breakout - after the next candle closes, and stops at 2 points below / above the trade executed of the DSP candle.
5) Now just trail that... trade..
5) Very important thing to notice is that on higher Time Frame the previous candles were the DSP is spotted.. that respective candles High - Low also works as superb S/R Zones. Price tends to respect that level and similar Price Action occurs on that particular price levels which indicates the major participation of the traders and institutions.
6) This indicator is build for perfect Price Action Traders. Just have to wait for the Pull backs for entries.
7) After back testing i have confirmed this points.. traders please back test this in major time frames, the results are highly profitable.

thanks

rocky1980

#253
Dec 15, 2013 4:49am Dec 15, 2013 4:49am

Password
| Joined Feb 2011 | Status: Protected | 112 Posts

Thanks everyone for appreciating and participating in this thread.

#254
Dec 15, 2013 4:05pm Dec 15, 2013 4:05pm

Holy pips
| Joined Sep 2009 | Status: Trader | 42 Posts

Quoting Password

Disliked

Thanks everyone for appreciating and participating in this thread.

Ignored

Hi Password, I have been testing this system and so far so good, all though I have questions on this method which has more to do with account management.

If your TP remains 10pips in all trades will your SL ALWAYS remain at the opposite side of the DSP candle that triggered your entry, regardless of its size( number of pips) being used as SL. Showing that it would be over 2:1 or 3:1 Risk/Reward ratio. In other words whats the max SL to use for trading this strategy.

Bearing this in mind, what percentage of account should best be used to trade.

no matter how high the ratio of wins to loss is, added to the strategy should be a sound account management strategy since we know that the market is DYNAMIC!!

Thanks for opening this thread once again... really simple system

#255
Dec 15, 2013 7:56pm Dec 15, 2013 7:56pm

griswold
| Joined Dec 2012 | Status: Trader | 59 Posts

is somebody catch this?

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#256
Dec 16, 2013 5:50am Dec 16, 2013 5:50am

Password
| Joined Feb 2011 | Status: Protected | 112 Posts

Quoting Holy pips

Disliked

{quote} Hi Password, I have been testing this system and so far so good, all though I have questions on this method which has more to do with account management. If your TP remains 10pips in all trades will your SL ALWAYS remain at the opposite side of the DSP candle that triggered your entry, regardless of its size( number of pips) being used as SL. Showing that it would be over 2:1 or 3:1 Risk/Reward ratio. In other words whats the max SL to use for trading this strategy. Bearing this in mind, what percentage of account should best be used to...

Ignored

Money management is the heart of any strategy. Currently I am busy in formulating money management strategy.

#257
Dec 16, 2013 6:49am Dec 16, 2013 6:49am

Holy pips
| Joined Sep 2009 | Status: Trader | 42 Posts

Quoting Password

Disliked

{quote} Money management is the heart of any strategy. Currently I am busy in formulating money management strategy.

Ignored

Found this management script in this forum very useful in trading and thought of sharing it with anyone interested to make use of it. I believe it will help in trading... http://www.forexfactory.com/showthread.php?t=281772. Cheers!!!

#258
Dec 17, 2013 12:43am Dec 17, 2013 12:43am