Doji and Hammer Trading systems

• 09/14/2016 at 12:39 PM #13073
  Vish

  Hi,

  Does anyone uses Doji and hammer indicators in trading system ? I have figured out the basuc operational trigger but struggling to set up stop loss and profit parameters. Here is the logic for reference:

  IF close>open and high=close and (open-low)>=3*(close-open) THEN
  //Detection of Hammer / Black hanging man
  Result=1

  ELSEIF close > open and high > close and (open – low) >= 3*(high-close) THEN
  // Detection of Doji
  Result=2

  Idea is to setup stop loss 4 points below the low. I tried lot of combinations but doesn’t seem to work. I will really appreciate if someone can help me on this forum. Thanks…

  

  Vish

  Participant

  Topics: 3

  Replies: 3

  Been thanked: 0 times
  09/14/2016 at 12:55 PM #13074
  Nicolas

  To calculate the stoploss value, you’ll have to find the difference between the price when the trade is initiated and the level where you want it to be set:

  stoploss = close-(low-4*pipsize)

  1	stoploss = close-(low-4*pipsize)

  Then add this stop value to your order:

  SET STOP LOSS stoploss

  1	SET STOP LOSS stoploss

   

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4774 times
  09/14/2016 at 1:47 PM #13081
  Vish

  Thanks Nic. Do i need to define pipsize as a variable or it picks it up automatically ? Sorry If its a basic question. I am quite new to this system.

  

  Vish

  Participant

  Topics: 3

  Replies: 3

  Been thanked: 0 times
  09/14/2016 at 3:28 PM #13094
  Nicolas

  Nope, pipsize is a built-in instruction. PIPSIZE

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4774 times
• Author
  Posts