| StockFetcher Forums · General Discussion · Elephant Bar | << >>Post Follow-up |
| snappyfrog 728 posts msg #160304 - Ignore snappyfrog |
4/23/2023 9:18:27 AM The name Elephant Bar came from a video. This example shows bars that match the following: Bar is "near" the MA(20) or MA(200) Bar has short or no wicks on top and bottom Bar is much larger that the previous 3 or 4 bars Unfortunately, terms like "near", "short" and "larger" are undefined terms. I have EMA on this chart, but should or could be SMA / MA. Claims are that these can be used on any timeframe. Supposedly, it is profitable 70% of the time with a follow through of several bars 80% of the time. 
Location of the video: https://www.youtube.com/watch?v=HKMQLMXVYyc |
| xarlor 585 posts msg #160306 - Ignore xarlor |
4/23/2023 12:23:28 PM Watched the video, wrote a filter. As with all YouTube "coaches" he isn't consistent with his rules. For example, he says not to trade when the candle is far away from both the MA(20) or MA(200). He then proceeds to circle multiple spots to enter a trade when the candle is significantly far away from either MA. Sure, in retrospect they look like great entries, but at the time one would enter that trade they'd be breaking the "near ma" rule. Additionally, he's not clear on the exit rules other than placing protection at the top of the entry candle and taking profit on color change (red-to-green). In my backtesting, it looks like the protection is a recipe for increased losses. Looks like it's better to always exit on next green candle, regardless of profit/loss. You can change how big you want the elephant to be my altering the value of "dayrangex". HIgher vales return less hits, but increases probability of a follow-through. Lower values give you more plays, but accuracy suffers. I found the sweet-spot right now is 1.5. |
| snappyfrog 728 posts msg #160307 - Ignore snappyfrog |
4/23/2023 9:52:03 PM Thanks xarlor. I opened it up a bit and allowed it to show up or down elephant candles. |
| StockFetcher Forums · General Discussion · Elephant Bar | << >>Post Follow-up |