This is a bearish candlestick reversal pattern formed by two candlesticks.
Following an uptrend, the first candlestick is a up candlestick which is
followed by a down candlestick which has a long real body that engulfs or
contains the real body of the prior bar. The Engulfing pattern is the reverse
of the Harami pattern.
I've been trying to put a stop loss in the High or Low of the last second bar after I open a position but in this example the only way to close it, is with the opposite action. Does anyone know how to put a stop loss and order with just stop loss and close when there is a bullish or bearish engulfing bar?
This is modified version of Dale Legan's "Confluence" indicator written by Gary Fritz.
Here is Gary`s commentary:
Since the Confluence indicator returned several "states" (bull, bear, grey, and zero),
he modified the return value a bit:
-9 to -1 = Bearish
-0.9 to 0.9 = "grey" (and zero)
This is combo strategies for get
a cumulative signal. Result signal will return 1 if two strategies
is long, -1 if all strategies is short and 0 if signals of strategies is not equal.
This System was created from the Book "How I Tripled My Money In The
Futures Market" by Ulf Jensen, Page 183. This is reverse type of strategies.
This is a bearish reversal pattern formed by two candlesticks in which a short
real body is contained within the prior session's long real body. Usually the
second real body is the opposite color of the first real body. The Harami pattern
is the reverse of the Engulfing pattern.
- For purpose educate only
- This script to change...
This new indicator analyzes the balance between bullish and
One can cay that it is an improved analogue of Elder Ray indicator.
To get more information please see "Bull And Bear Balance Indicator"
by Vadim Gimelfarb.
This modified strategy backtest from HPotter