FIBO on each pinbar
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Hey @lisasmitch50, I’m trying to code at least the first part of your strategy, but there are things I’m not sure I understand.
For 1), if the previous candle was going downwards, you want the close of the pin bar to be below the close of the previous candle?
For 2), would you end the fibonacci retracement (100% line) at the highest of the whole pinbar or the highest of the pinbar’s body? Because it may change depending on whether there’s an upper shadow.
Finally, would you set a minimum length for the whole pin bar candle?
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Hey Bobogden, busy time working and stuff so cant watch the thread all the time sorry.
Ok so answers below –
- (SEE PIC on previous post) – If the pinbar its self has an upward tail (Bearish pinbar / Sell opportunity) the body of the pinbar needs to close above the previous candle body, if the pinbar has a downwards wick (Bullish pinbar / buy opportunity)the body of the pinbar needs to close below the body of the previous candle. It does not matter what the colour of the candle is (Red or green for either direction, its all in the wick).
- (SEE PIC on previous post) – The Fib needs to be an extension from the top of the pinbar wick, to the bottom of the pinbar wick or body whichever is lowest (For a sell), and fib extension from bottom of pinbar wick to the top of the wick or body whichever is the highest (For a buy).
- No – No minimum length for the candle of wick, however the body of the candle (Pinbar candle) MUST close below or above the 61.8 fib. So when drawing the extension, top of the wick to the bottom of the lowest part of the candle or wick for the pinbar for a bearish / sell, and the body MUST be within the 61.8 and 100 Fib.
Notes –
A. If there is NO body to the candle its NOT a pinbar, so there must be at least some candle body, from experience, if it shows some colour then its a pinbar, if all you see is a line then its not.
B. The Stop (Above or below) is my discretion at 10 points above / below.
C. The fib should have the folowing %points on it – 100% – 200% – 250% – 300% – 400%
D. Enter the trade on next bar (Or set order) on the break of the 100% fibo, stops 10 points above / below 0%, take profit is as you wish, but see above posts for my chosen way.
Hope this helps, would love to be able to see how your getting on.
Mitch
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Hey @lisamitch50, I’ve tried to code the very first part even though I’m definitely not a coding wizard haha, more of a beginner.
So here’s what I’ve tried to do:
- Long algo only
- Always active except on weekends
- If there’s a (hammer-shaped) pinbar that closes below the body of the previous candle and within the 61.8%-100% fibo range, then the algo goes long
- 3 bars are allowed afterwards
- SL is 10 points below the low of the pinbar
- TP is 200% Fibo
I’ve used pending orders instead of market orders to have more data, but I think market orders on a 1-min TF would be more accurate (but less data).
You can try and adjust the settings of the pinbar so that they fit your strategy, or tell me and I’ll change them. The different parameters are the length of the whole candle, the length of the body, the length of the lower shadow and the length of the upper shadow.
For now, I haven’t tried to add a second algo that would go all the way up to Fibo 200%. Because the minimum position for DAX is 0.5 for my part, the base positionsize should at least be 2 to close 1.5 at Fibo 100% and leave 0.5 to hopefully run to 200%.
Tell me if you see positions that should have or should not have been opened 🙂
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