Pullback Candle will signal when price is at the end of a pullback and entering a balance phase in the market (works on all markets)
Also we can expect a Pullback Candle during flash crashes as the theory of this script is when there is a turning point in momentum - this candle will appear and we can look long from this signal.
This candle will only work in Swing Low areas and appear when below an moving average which can be changed in the settings.
This candle will work on all timeframes - HTF provided very good rexpectancy whereas the LTF has a slightly less expectancy.
This candle can be alerted to signal the Pullback Candle when the bar is confirmed and not during.
The way i trade this candle is
1) Candle signal must be in probably area to increase efficiency. 2) Enter on the second candle after candle IS CONFIRMED 3) Set stop loss below Pullback Candle or use ATR value 4) Trade with the trend ie only bullish price action 5) This candle can catch falling knifes - we had one on LUNA before the rally to $7.50 6) Trading with a confluence along with the Pullback is better than solely trading this candle
This is good.. can you make for both bullish and bearish signals.. thanks
LuxTradeVenture
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@paithaned, Bearish signal is labelled as Rally Candles which you can find on my published scripts
paithaned
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@MINTYFRESH97, thanks.. i missed looking at those.. will go through and check how they perform.. thanks for the good work.
LuxTradeVenture
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@paithaned, also you can use the swing candle finder which will show pullbacks, rallies, hammers and dojis on multitimeframe
LuxTradeVenture
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The last Pullback Candle we had on Crude Oil was Mega!!! Entry - 101.50 Stop loss - 98.00 Take Profit 1 - 109.00 Take Profit 2 - 114.82
Who else used the Rexpectancy method for profit taking??
xxxtbluan
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Hi! Thank for sharing script. I'm new bie. This script help me very much. I have some question and It's nice if you can tell me. 1/Can you tell me why you choose swinghigh with 10 and swinglow with 6 ? . It come from your experiance? 2/ With your experience is structure close3 > close2 >close1 and close1 < close with struture close4 > close3 > close2 >close1 and close1 < close, Which one is best for 1H above? 3/ If I use script in 1H frame whether it work well? Because in rally script you have said that it maybe repaint if run in 1H frame? Thank alot. Best regards, Luna