Working on Trading Patterns
After accomplishing the latest set of charts to generate both a long and short term view on forex pairs, the next challenge is determine what is happening to them when they consolidate. It seem the financial pros use many type of trading patterns to determine potential pricing action. This enables traders to see if any currency pair will have a breakout moment to perfect time a market entry.
There are so many different patterns but I have identified the ones NicTrades uses most often. After reviewing the rationale behind them, it makes sense to test them out. As I am using JForex, it seems this pattern functionality is rather limiting in the platform. It is also not quite as advanced in other platforms including Metatrader 4. I even tried looking for coding samples in Python. Unless I use machine language for chart pattern recognition, the choices are somewhat limited. I am also finding to try machine learning at this point will only further delay the implementation of my automated trading. It will be a nice to do this project later in the near future but I will not be able to do it right now.
Onto Metatrader 4 scripts the forex trading platform
Being on Mac has its advantages but I will tell you it can limit youth certain software. Metatrader is one of them. You can attempt to run a ‘MacOS’ version through a Wine packaged version. The brokers out there do a poor job at this. I tried running the one from FXPro but it did not run. I did get a version running from XM but they seem to be an unreliable broker being based out of Cyprus. They also take European only customers as well. These were the only ones I tried so I will not further waste anymore time going down this path. Also, I still refuse to run anything on Windows as it is just seems to run like a dog. I even tried running Linux via a virtual machine but I still would rather put staples in my head.
Note that I did find 3 MQL4 scripts that prove to have all the trading patterns I would like to try.
This is where you could come in
Then I had this Eureka moment! Why not hire someone to translate these MQL4 scripts into Python 3? It should be a problem to find people through this ;community’ since Metatrader/MT4 /MQL4 is super popular. It also involves simple math judging from the source code. There may be some wonky translation of charting code to something within a Python Matplotlib package. Up for a challenge? If so, get in touch with right away.
FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!