What's new
By:
Filters

How to adjust Consecutive Signals based on market trends (scalping, day trading and swing trading)

David said:
By seamlessly integrating this technique into your trading approach, fine-tuning both Consecutive Bullish Signals and Consecutive Bearish Signals, you can align Galileo FX with market trends and enhance its contrarian nature. This method empowers you to make informed trading decisions that capture the market's dynamics effectively.

Remember, adjusting consecutive signals based on the market trend is an ongoing process. Continuously monitor the market conditions, adapt your settings accordingly by adjusting Consecutive Bullish Signals and iBearishX, and leverage the contrarian nature of Galileo FX to stay ahead of the curve.

Embrace this technique with confidence, allowing it to guide you towards greater success and profitability in your trading journey with Galileo FX.

Let's delve into the general explanation of how these signals work, along with some examples considering different market trends and timeframes.

1. Bullish Consecutive Signals
When Galileo FX detects a specified number of consecutive bullish signal patterns, it generates a signal indicating a potential upward movement in the market. This suggests that the prevailing bearish momentum may be losing steam, and there is a possibility of a bullish reversal or an upward price continuation. The number of consecutive bullish signals required to trigger a signal is determined by the parameter Consecutive Bullish Signals.

Example 1: On a 1-hour chart, if the parameter Consecutive Bullish Signals is set to 3, Galileo FX would generate a buy signal when it identifies three consecutive bullish signals. This signal suggests a potential shift in market sentiment towards the upside, indicating a possible buying opportunity.

Example 2: On a daily chart, if Consecutive Bullish Signals is set to 5, Galileo FX would require five consecutive bullish signals to trigger a buy signal. This implies a stronger bullish conviction and may indicate a more significant upward trend in the market.

2. Bearish Consecutive Signals
Conversely, when Galileo FX detects a specified number of consecutive bearish signal patterns, it generates a signal indicating a potential downward movement in the market. This suggests that the prevailing bullish momentum may be waning, and there is a possibility of a bearish reversal or a downward price continuation. The number of consecutive bearish signals required to trigger a signal is determined by the parameter Consecutive Bearish Signals in the code.

Example 1: On a 30-minute chart, if Consecutive Bearish Signals is set to 2, Galileo FX would generate a sell signal when it identifies two consecutive bearish signals. This signal implies a potential shift towards bearish sentiment, indicating a possible selling opportunity.

Example 2: On a weekly chart, if Consecutive Bearish Signals is set to 4, Galileo FX would require four consecutive bearish signals to trigger a sell signal. This suggests a more extended bearish trend and may indicate a stronger downward momentum in the market.

Using Consecutive Bullish and Bearish Signals Together
By utilizing both Consecutive Bullish Signals and Consecutive Bearish Signals, traders can gain a more comprehensive view of the market dynamics and potential reversals. For example, if Galileo FX detects a sequence of three consecutive bullish signals (Consecutive Bullish Signals) followed by two consecutive bearish signals (Consecutive Bearish Signals), it could indicate a potential shift from a bullish to a bearish market sentiment, signaling a possible exit point or even a short-selling opportunity.

It's important to note that the effectiveness of these consecutive signals may vary depending on market conditions, timeframes, and other factors. Traders should conduct thorough analysis, consider additional indicators or filters, and exercise proper risk management to enhance the reliability of these signals.

Furthermore, it's recommended to backtest and forward test Galileo FX with different parameter settings, timeframes, and market conditions to evaluate the performance and suitability of the consecutive signals for your trading strategy.

Let's explore practical examples of integrating this technique on various timeframes:

1. Scalping Strategy
Timeframe: M1, M5, M15
- Strong Uptrend: Increase Consecutive Bearish Signals to 8 or 10 for robust buy signal confirmation. Set Consecutive Bullish Signals to 3 or 4 for nimble responses to quick sell signals.
- Weaker or Sideways Trends: Decrease Consecutive Bearish Signals to 3 or 4 for quicker buy signal recognition. Set Consecutive Bullish Signals to 1 or 2 for faster sell signal confirmation.

2. Day Trading:
Timeframe: H1
- Strong Uptrend: Amplify Consecutive Bearish Signals to 8 or 10 for enhanced buy signal confidence. Set Consecutive Bullish Signals to 3 or 4 for reliable sell signal confirmation.
- Weaker or Sideways Trends: Reduce Consecutive Bearish Signals to 3 or 4 for swift adaptation to shorter-term fluctuations. Set Consecutive Bullish Signals to 1 or 2 for quicker sell signal recognition.

3. Swing Trading:
Timeframe: D1, W1
- Robust Uptrends: Raise Consecutive Bearish Signals to 8 or 10 for reliable buy signal confirmation during longer holding periods. Set Consecutive Bullish Signals to 3 or 4 for smoother sell signal recognition.
- Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 to align with smaller price swings and optimize entry and exit points. Set Consecutive Bullish Signals to 1 or 2 for faster sell signal confirmation.

Always stay informed about market trends, use sound risk management techniques, and adapt your approach as necessary to align with the ever-changing dynamics of the financial markets.
Click to expand...
So am I really better off opening and closing trades manually? If so, how do I manually open trades not using Galileo?
 
Chris said:
Hey Kendall,
You could try the following steps:
1. Increase Consecutive Signals (Galileo will make fewer trades).
2. In MT4, in the Common tab, select Long Only or Short Only, not Long & Short
Click to expand...
What does LONG only or SHORT only mean?
 
Chris said:
Hey Kendall,
You could try the following steps:
1. Increase Consecutive Signals (Galileo will make fewer trades).
2. In MT4, in the Common tab, select Long Only or Short Only, not Long & Short
Click to expand...
Good afternoon Chris, could you help me to know how to select only Long or Only Short in MT5
 
David, you did an excellent job of explaining the settings EXCEPT by example The Trailing Start points and the Trailing step. Could you please do that?
Thanks
 
ajohng51 said:
What does LONG only or SHORT only mean?
Click to expand...
It means that you can set the robot to trade only short or selling, if you think that the trend is bearish, and you think that you can make betterr results...but I don't sugest that if you don't have enough experince in trading,
 
Hey admins, I really appreciate you sharing your test results every week (by vVnz). Could you tell us more about how you determined the bullish and bearish values for these tests. It would be valuable for many here on the forum to provide more insight here because these are the most important settings. of the robot And a more specialized answer with: 'you have to find out by testing yourself' is appreciated
 
Ellement2002 said:
Thank you Peter!! your advice and strategy with Galileo is solid :) I'll set my charts up this way in my trading next week :)
Click to expand...
Hello Ellement2002,

I tried exactly the same but no trades were taken. Chart 1 is for Long and chart 2 is for short. Unfortunately, it is not executing the trades if I have 2 charts for the same currency. One for Long and the other for Short.

Any idea why it is not executing?
 
Emma said:
It means that you can set the robot to trade only short or selling, if you think that the trend is bearish, and you think that you can make betterr results...but I don't sugest that if you don't have enough experince in trading,
Click to expand...
Hi Davud, why is it, a sell trade opens and value is moving down, I have to 'x' out to stop/cancel trade? I thought a sell is where I made a profit and sold at high value? It continues fluctuating down?
Thx!
Gus
 
Iqbal said:
Hello Ellement2002,

I tried exactly the same but no trades were taken. Chart 1 is for Long and chart 2 is for short. Unfortunately, it is not executing the trades if I have 2 charts for the same currency. One for Long and the other for Short.

Any idea why it is not executing?
Click to expand...
Usually if the trade is not executed you did not setup the robot properly, check it again step by step
 
GusV said:
Hi Davud, why is it, a sell trade opens and value is moving down, I have to 'x' out to stop/cancel trade? I thought a sell is where I made a profit and sold at high value? It continues fluctuating down?
Thx!
Gus
Click to expand...
I am not sure that I am understand you
 
At bottom yu see yur bal and if yu are in a trade, buy/sell w bot. I understood a 'sell' means trade closed, with profit. It does not, a sell trade opens and value is fluctuating and moving down. I have manually close the trade to stop it. Why does this happen?
 
Hi Emma, do yu have phone app? The Forex app I signed into doesn't have GFX or my bal?
Thx!
Gus
 
GusV said:
At bottom yu see yur bal and if yu are in a trade, buy/sell w bot. I understood a 'sell' means trade closed, with profit. It does not, a sell trade opens and value is fluctuating and moving down. I have manually close the trade to stop it. Why does this happen?
Click to expand...
I think that you missunderstood sell trade with closed trade....that happens often with newbies. When you sell, it is not like you are closing trade, but you are opening a new sell trade.. The easiest way to understand the logic of this is to check out on google long and short or buy and sell concept on forex. ON forex you can bet on the price that is going up with buying and you can also bet on the price to go down which is selling, or short, so you can make money no mater if the price goes up or down....Hope that helps a bit :D
 
You must log in or register to reply here.

Similar threads

D
Buying when should be selling and visa versa
Replies
1
Views
457
Vinitrader
Vinitrader
J
I would appreciate it if anyone can clarify on setting the Consecutive Bullish and Bearish signals for the Galileo FX EA
Replies
15
Views
767
Vinitrader
Vinitrader
DavidLee35
Why
Replies
3
Views
154
Natasa
Natasa
D
Bullish and bearish signals reversed
Replies
2
Views
255
Vinitrader
Vinitrader
C
Daily Bias
Replies
1
Views
281
Brando
B
Back
Top