The best trade set-up starts when wave 5 of the wave 5 ends.
Without going into details, there is nothing beyond a Wave 5, this wave simply lasts as long as it does.
The Swan Sings in the Bull Zone 1 or a Bear Zone 1.
T1 would be 8-pips shy of the Green River’s closer end and
T2 would be 2-pips shy of the Green River’s further end.
1. The right configuration – E-16 closer than Mr. Maroon, separated.
2. Red tail made: price making a 3-4 candle run away whilst being separated from the Water line (E-16) for the last 9 candles.
3. Price makes a 46 sample high on the upside or a 26 sample low on the downside.
Load up & enjoy the run!
As for automated trading, when you need multiple puzzle pieces fall into place for a trigger combination, here’s how you can do it:
Store the Red Tail Switch in an integer array (I named it pkdir) – initialize it with zeros, and if you have a red tail to the upside, change the value to -1… and of course keep on copying the last one.
Now, once you have the pkdir in negative mode, you would be looking for a 46-sample highest high to make the switch in the other array, which I called pkcol (same, integer kind with -1 or +1 or 0) sometimes these two would coincide, other times they won’t.
For additional sophistication later you may decide to make a switch back up the color-direction to keep the opening on the right side.
if (ChoppinessIndex(7,i)<38 && ChoppinessIndex(7,i+1)>38 && pkcol[i]==-1 && Close[i]>iMA(symbol,30,39,0,MODE_EMA,PRICE_HIGH,i) && iMA(symbol,0,32,0,MODE_EMA,0,i)>iMA(NULL,0,135,0,MODE_EMA, PRICE_HIGH,i) ) pkcol[i]=1;
This image shows a switch back up, so that the EA does not try to short at the wrong place.
The image below features multiple directional logic, that are basis of my auto trading routines.
By the way, if your thinking is in the right place, then having the direction wrong temporarily may not result in losses:
If you are trying to open at extremes, there should be large enough rebound from your level, that would the trail stop would be able to apply the preventive 1-pip stop loss:
The EA took small profits on the misfires, thanks to the broker having low enough commission (and virtually no spread) and to the well thought-out smart trail stop routine.
The program did not try to open for the 3rd time, for the opening condition subsided by then. You can however shorten the opening window even further for example by comparing the 15-minute open and the 30-minute one.