Hikkake candlesticks pattern

• 03/23/2020 at 11:12 PM #123060
  Gregg

  Hi there,

  I’m wondering if someone is using the Hikkake Pattern.

  I found this indicator: https://www.prorealcode.com/prorealtime-indicators/hikkake-pattern/

  And when I launch it, I had some good results. From timeframe M15 to Daily, more than 80% of trades are won!

  But I’m not sure to use it properly.
  Most of the time, when the indicator is showing an opportunity, we should enter in position very quickly. But as the candle is not closed, it happens that the signal disappear. So difficult to know if we can take position or not.
  Do you see what I mean?

  Thanks in advance for your help and your time.

  Gregg

  

  Gregg

  Participant

  Topics: 12

  Replies: 45

  Been thanked: 10 times
  03/23/2020 at 11:23 PM #123064
  GraHal

  Gregg wrote:

  But as the candle is not closed, it happens that the signal disappear

  Did you try waiting until the bar is closed … as then the  signal would not disappear?

  

  GraHal

  Participant

  Topics: 214

  Replies: 8880

  Been thanked: 2222 times
  03/23/2020 at 11:42 PM #123066
  Gregg

  Yes I did but the results are not the same because the SL is most of the time very far.
  When I did some research about this strategy I thought we had to enter as soon as the price breakout the inside bar level…
  But I’m not sure to be right 🙂

  

  Gregg

  Participant

  Topics: 12

  Replies: 45

  Been thanked: 10 times
  03/24/2020 at 12:03 AM #123082
  robertogozzi

  It seems to me it’s a repainting indicator, like ZigZag or many others that when they are sure an event occurred in the past draw a signal on that past candlestick.

  It can be done on the chart, but in real life it won’t work!

  In your case it might be different. Anyway, indicators plot objects when events occur while the candle is forming, thus you’d better wait for confirmation when a candle closes, because signal are often plotted, the removed… this happens so many times!

  

  robertogozzi

  Moderator

  Topics: 69

  Replies: 17284

  Been thanked: 4128 times
  03/24/2020 at 11:30 AM #123119
  Gregg

  Thanks for your answer.

  Yes I see what you mean Roberto. But if I’m waiting the confirmation of closing, there are too much SL than TP. So the strategy is not successfully working if we use a 1:1 ratio. I will try it with bigger TP and a strict money management…

  

  Gregg

  Participant

  Topics: 12

  Replies: 45

  Been thanked: 10 times
  03/24/2020 at 1:39 PM #123140
  Nicolas

  This is not repainting, but you can’t obviously be sure that the signal is fixed until the bar is closed! Like with any other indicator!

  Therefore during the forming candlestick, you could see some signals not confirmed that could disappear just in the next minute.

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4775 times
• Author
  Posts