I am new to FXCM and interested in hearing from anyone that has used their candlestick pattern scanner
My main trading strategy involves using various candlestick patterns in relation to the Bollinger bands
So for me to take a short position, it must meet the following criteria
1.bullish candle breaks through upper Bollinger band
2.next bar must be bearish and be either a dark cloud formation or bearish engulfing formation
3.My stop loss is generally the open price of the bearish candle that triggered the formation
4.I then look to exit close to middle band (SMA 20) or change to trailing stop losses if I feel there is more to run
vice versa for long positions
I generally use 4h and daily charts, may go shorter time frame if I want some excitement
I am looking for a candlestick scanner that
1.identifies various patterns
2.can be operated on various timeframes M15, M30, 1H 4H Daily
3.can be operated on most of the major currencies
4.can scan all currencies at the same time- ie don't need each chart open for each currency- whether that requires its own data feed I am not sure
additional features which would be good is that if it can identify the relationship of the candles
to various indicators- eg Bollinger band , EMA etc , however that's probably impossible. But if the scanner identified a pattern and I was able to bring it up on a chart and then superimpose BB, that would be good
My main trading strategy involves using various candlestick patterns in relation to the Bollinger bands
So for me to take a short position, it must meet the following criteria
1.bullish candle breaks through upper Bollinger band
2.next bar must be bearish and be either a dark cloud formation or bearish engulfing formation
3.My stop loss is generally the open price of the bearish candle that triggered the formation
4.I then look to exit close to middle band (SMA 20) or change to trailing stop losses if I feel there is more to run
vice versa for long positions
I generally use 4h and daily charts, may go shorter time frame if I want some excitement
I am looking for a candlestick scanner that
1.identifies various patterns
2.can be operated on various timeframes M15, M30, 1H 4H Daily
3.can be operated on most of the major currencies
4.can scan all currencies at the same time- ie don't need each chart open for each currency- whether that requires its own data feed I am not sure
additional features which would be good is that if it can identify the relationship of the candles
to various indicators- eg Bollinger band , EMA etc , however that's probably impossible. But if the scanner identified a pattern and I was able to bring it up on a chart and then superimpose BB, that would be good
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