Newbie here. I wanted to try to write a code for a price action. I don’t know anything about coding or scripts or anything like that. But I was wondering if someone knows how to write one, and can tell me what sources to go to. I’m a slow reader and I’m still working on a book by Al Brooks. So thats why, if someone has any advice, please mention it. thank u
I have to respect your commitment if you’re a new trader and ploughing through Al Brooks - he’s a clever clever trader but his techniques are not simple to follow in real-life trading situations.
I would recommend trialling your / his strategy in a demo account before going any further.
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Thanks! I have been using my own strategy in live, after understanding a lot more thru books like Al Brooks. The only thing with the strategy is that I have to observe the candles very quickly, likely in the first few seconds of the start of a new timeframe.
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I understand that issue. It doesn’t seem to cause Al problems but then he is Al Brooks and I’m clearly not.
I am only successful using strategies in which I can set a pending entry order in advance.
Have you tried googling ¨coding¨ and ¨scripts¨?
Have you looked online for books? How about youtube?
What did you find there?
The biggest problem is, what do you look for on the chart, Price Action is very discretionary method and you need time to take skills, how to use it.
PS, there are coders in the net which can write it for you
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In the context of trading platforms, I don’t know much…In general, I have some knowledge to latch on to new info quickly. But like I said, I’m still reading a book, which has more priority for me. I’m basically trying to interact with people who have written, or know about custom tools to get a rough idea.
Yeah, I’ll look into it. But they’re for sure gonna ask for money. This is kindofa vague concept, what I’m aiming for, and I wanna hear some people’s opinions first before I start a project.
Ideally, I don’t ‘need’ it, but it would make life easier. The rough idea is to write a code, which would indicate what the first price rejection was at the start of a time period, I have noticed I benefit a lot from just paying attention to the very first wick. If it’s upper price rejection, I go short. And, I don’t ever go long, but a lower wick is a warning sign not to trade for me. This requires a lot of attention, and I can only do one chart at a time.
I think it would be brilliant if I can do more than one chart, and I was wondering if a source code would do the trick.
So that’s basically what I meant by ‘price action’, it probably isn’t the right word, but I made this post in hopes of hearing some people’s own personal experience.
this one is helpful, thanx
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What a lovely user name coffee and danish
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What time frame are you trading?
How many pairs are you following?
If you’re trading H4, you could trade 5 pairs at once. Maybe I’m wrong, but that seems manageable and profitable.
Why the need to automate that?
5 minutes, keeping an eye on about 4-5 pairs
I don’t know what H4 is, sorry, can you tell me?
I like the idea of having an instant indicator to show the wicks of every pair chart.
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4-hour chart. It’s the chart where each candle is 4 hours long. The chart where each candle is 5 minutes long is the M5 chart.
I have limited experience with M5 price action other than seeing how volatile it is.
If you have no coding experience, my suggestion is to learn it yourself. If you need to make changes you’ll know how to do it, instead of contacting someone to do it.
Maybe I’m wrong…
Just an idea, but would it be easier to have multiple screens? Then you can just watch all of them at the same time with your own eyes?
ok, so you are looking for something like pattern recognizer.
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There’s lots of guides to coding on MT5 if that’s what you use. The documentation is pretty good and there’s a German guy that does lots of good tutorials. What you’re looking for sounds quite difficult to code. In a way it’s simple, but defining what rejection of a price is is quite difficult in simple code.
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Thanks for the info
I haven’t tried it personally, but I’d recommend you create a strategy on your own and test it first before applying it to the live market. Check YouTube for some guidance on this. Cheers!
Not all strategies are effective for everyone. It is necessary to experiment and look for one’s own strategy.
Lots of advice for new traders to invent their own strategy. Which is a little like saying to a new learner driver, “The first thing you need to do is invent the automobile and then build a car”.
However, if you’re a new trader and you succeed in inventing a new strategy, just do not think you are the first person who thought of it.
I’m really confused; Price Action is all about the Candle based trading chart; so why do you need coding support for the PA trading strategy?
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