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Backtesting Trading Weekly Candle

This document discusses two examples of trading weekly engulfing candlestick patterns. In the first week, a bullish engulfing pattern was seen and a long entry was taken at 2357, but the trade hit the trailing stop loss at 2355, resulting in a small 2 point loss. In the third week, a sell limit order was placed at 2248 anticipating a retracement after price reached the 161% Fibonacci extension level without retracing first. However, the price reversed with a bullish candle before the sell limit was hit, so no trade was entered. The document emphasizes taking profit or stopping out once price objectives are reached to avoid potential losses from reversals.

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Helmi Abdul Halim
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133 views7 pages

Backtesting Trading Weekly Candle

This document discusses two examples of trading weekly engulfing candlestick patterns. In the first week, a bullish engulfing pattern was seen and a long entry was taken at 2357, but the trade hit the trailing stop loss at 2355, resulting in a small 2 point loss. In the third week, a sell limit order was placed at 2248 anticipating a retracement after price reached the 161% Fibonacci extension level without retracing first. However, the price reversed with a bullish candle before the sell limit was hit, so no trade was entered. The document emphasizes taking profit or stopping out once price objectives are reached to avoid potential losses from reversals.

Uploaded by

Helmi Abdul Halim
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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TRADING WEEKLY CANDLE

ENGULFING/ANCHOR/GAP
WEEKLY ENGULFING WEEK 1 /2015

Entry : buy limit 2357 (78.60%)


SL = 2263 ( 94) . Trailing SL
applied.
Target: 2415 (127%)

BULLISH ENGULFING
SETUP
Week 1/2015
Buy entry : 2357 Hit TSL : 2355

Week 1/2015
Summary
Buy entry :2357
Hit trailing SL :2355
Loss : 2 point (-2 )

Discussion :
When entry made it was in the middle of Monthly R1-R2.
Therefore, the next resistance is R2 (2390).
To avoid loss, I shall take profit at R2 , I make profit 33 pt, and renter the market upon retracement.
TRADING WEEKLY ENGULFING CANDLE WEEK 3/2015

Trading engulfing candle


Apply Fibo retracement
Sell limit : 2248
SL : 2347 (99 points) .TSl after reversal.
Price went to max target 161 %
without retracement.
Therefore, possibly reversal could
happen , and probably, sell limit hit
on bullish reversal candle.
Therefore , no entry for this trade.
Sell limit hit by
reversal candle

This is happen when price reach


max and reversal.
Limit order must revoke if price
hit 127%- 161% without retrace. Reversal candle
pattern

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