EURUSD 5-minute chart contrarian scenario and SL reference signal
Hello!
This is Satori of FX research.
Today, I will introduce a case used on the 5-minute chart in the RSIBands contrarian scenario.
This time as well, I examined using “MT4 Contrarian Scenario RSI Bands Indicator & Separate EA 3-Currency Set.”
http://fxmt4indicator.abproducts.biz/wp/?page_id=1554
First, a case on USDJPY 5-minute chart.
An example with +7 pips on a buy and +3.3 pips on a sell.
Spreads vary by broker and are not considered here.
The figure below is an EURUSD example.
On the EURUSD 5-minute chart, selling 1.7 pips and buying 2.8 pips in the example.
Spreads vary by broker and are not considered here.
In this case, the profit potential could have been larger.
It seemed possible to gain around +5 to +10 pips.
Now, an announcement of a feature addition.
Stopped-loss reference horizontal line now displayed.
In the default buy settings, when the close price crosses below Sigma2.5, a buy preparation signal is displayed (1), and when the rate recovers and crosses Sigma1, a buy entry signal is displayed (2).
Between the low of the area in (1) and (2), a three-candle stop-loss reference horizontal line is shown.
If this horizontal line is broken by the candle close, an × mark is displayed, and emails and alerts are sent.
As an example of use, you might set a stop-loss to about 30 pips and manually close when the line breaks at the candle close, or wait for the stop-loss—the choice is up to you.
If you decide the stop-loss scenario in advance, there will be little hesitation, but it can be a useful input for judgment.
With the free upgrade to v2, we added stop-loss reference horizontal line and, should it break, an × signal, email, and alert to give users more confidence.
Incidentally, in EA, the default is HighLowSLClose=true, so unless you set HighLowSLClose=false, closing the position when the stop-loss reference line breaks at close is possible.
Separately, the SL is automatically set to 50 pips (variable) by default.
We introduce a case where the SL reference horizontal line becomes an excellent buying opportunity after a throwaway sell.
It can also happen that the SL reference horizontal line becomes an excellent buying opportunity after a throwaway sell.
This occurs because selling shrugs off the short-term climactic selling by breaking the previous low; once selling pressure subsides, buyers push it up, racing through the vacuum.
In the above example, if you had bought where the × mark appeared, you could have gained +15 pips.
Signals are statistical in nature, but with experience you can respond flexibly.
This is the thrill of discretionary trading.
As you gain experience, you should be able to use it effectively.
Finally, today's USDJPY best-shot signal.
From the sell entry signal, 20 minutes later, a gain signal of 14.4 pips was achieved.
Spreads vary by broker and are not considered here.
The “MT4 Contrarian Scenario RSI Bands Indicator & Separate EA 3-Currency Set” sale runs until the end of July.
http://fxmt4indicator.abproducts.biz/wp/?page_id=1554
The strongest logic for USDJPY automated trading test results was the contrarian scenario of multi-time-frame upper-level Bollinger Bands on the 5-minute chart.
80% win rate over two and a half years, PF 3.04
This is an example for long-term automated trading.
Using multiple currencies is expected to normalize win rate to about 75% and PF to about 2.
Indicator and automated trading tools EA that reflect these test results will continue to be added in future free upgrades of the MT4 Contrarian Scenario RSI Bands Indicator & Separate EA 3-Currency Set.
If GIF images used in the blog and MT4 test reports are available, they will also be downloadable for free as much as possible.
This includes the images in this article as well.
Free downloads for blog images and MT4 reports
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