Instead of entering a trade immediately following the identification of a candle pattern we need to apply the following system.
BULLISH PIN BAR
Enter a BUY “P10” points above the high of the pin bar candle if the price breaks this level within the next “P11” bars.
BEARISH PIN BAR
Enter a SELL “P12” points below the low of the pin bar candle if the price breaks this level within the next “P13” bars.
BULLISH PIERCING PATTERN
Enter a BUY “P14” points above the high of the piercing candle if the price breaks this level within the next “P15” bars.
BEARISH PIERCING PATTERN
Enter a SELL “P16” points below the low of the piercing candle if the price breaks this level within the next “P17” bars.
BULLISH ENGULFING PATTERN
Enter a BUY “P18” points above the high of the engulfing candle if the price breaks this level within the next “P19” bars.
Additional Notes
1. Trades should be “instant execution” not pending orders.
2. Trades should be placed immediately on tick data, rather than awaiting next bar.
3. Stop Loss / Take Profit as existing code.
4. Add two non-trading time zones.
5. P10, P12, P14, P16, P18, P20 to be floating numbers with 1 decimal point.
6. Add a parameter to define the maximum number of open trades.
7. Change alert text to include the HIGH and LOW values instead of the CLOSE value.