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

[David]

By integrating this technique into your trading approach and adjusting Consecutive Bullish Signals and Consecutive Bearish Signals, you can align Galileo FX with market trends and enhance its contrarian nature. This method allows you to capture market dynamics effectively.

Adjust consecutive signals based on the market trend. Monitor market conditions, change your settings by adjusting Consecutive Bullish and Bearish Signals, and use Galileo FX's contrarian approach to stay ahead of the curve.

Use this technique with confidence. Let it guide you to more success and profitability with Galileo FX.

Here’s an explanation of how these signals work, along with examples from different market trends and timeframes.

1. Bullish Consecutive Signals When Galileo FX detects a set number of consecutive bullish signals, it opens a sell order. The system reads this as an indication that the upward momentum may be overextended. The number of consecutive bullish signals needed to trigger this action depends on the Consecutive Bullish Signals setting.

Example 1: On a 1-hour chart, if the Consecutive Bullish Signals setting is 3, Galileo FX opens a sell order after detecting three consecutive bullish signals. This action aims to capitalize on a potential shift from bullish to bearish momentum.

Example 2: On a daily chart, with Consecutive Bullish Signals set to 5, Galileo FX will open a sell order after five consecutive bullish signals. This strategy seeks to take advantage of a stronger potential for market reversal.

1. Bearish Consecutive Signals When Galileo FX detects a set number of consecutive bearish signals, it opens a buy order. This indicates the downward momentum may be overextended. The number of consecutive bearish signals needed to trigger this action depends on the Consecutive Bearish Signals setting.

Example 1: On a 30-minute chart, with Consecutive Bearish Signals set to 2, Galileo FX opens a buy order after detecting two consecutive bearish signals. The system anticipates a shift to bullish momentum.

Example 2: On a weekly chart, if Consecutive Bearish Signals is set to 4, Galileo FX opens a buy order after four consecutive bearish signals. The system assumes a potential upward reversal.

Using Consecutive Bullish and Bearish Signals TogetherBy adjusting both Consecutive Bullish Signals and Consecutive Bearish Signals, you get a more comprehensive view of market dynamics. For example, Galileo FX may open a sell order after detecting three consecutive bullish signals, followed by opening a buy order after two consecutive bearish signals. This combination highlights the potential market reversal and the opportunity to enter or exit the market based on price movement.

Effectiveness varies with market conditions and timeframes. Always analyze these factors carefully. Use additional indicators and maintain proper risk management to improve the reliability of this approach.

Backtest and test Galileo FX with different settings and market conditions to see how consecutive signals impact your strategy.

Let’s explore practical uses of this approach across various timeframes:

1. Scalping StrategyTimeframe: M1, M5, M15

• Strong Uptrend: Increase Consecutive Bearish Signals to 8 or 10 for strong buy order confirmation. Set Consecutive Bullish Signals to 3 or 4 to initiate sell orders in short-term trends.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 for quicker buy order actions. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Day Trading:Timeframe: H1

• Strong Uptrend: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for effective sell orders.
• Weaker or Sideways Trends: Lower Consecutive Bearish Signals to 3 or 4 to adapt to shorter-term fluctuations. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

1. Swing Trading:Timeframe: D1, W1

• Robust Uptrends: Set Consecutive Bearish Signals to 8 or 10 for reliable buy orders. Use Consecutive Bullish Signals at 3 or 4 for smoother sell orders during longer trends.
• Weaker or Sideways Trends: Reduce Consecutive Bearish Signals to 3 or 4 to capture smaller price swings and optimize entry and exit points. Set Consecutive Bullish Signals to 1 or 2 for faster sell orders.

Stay informed about market trends. Use sound risk management, and adapt your strategy as the financial markets change.

 

[nasos]

what about stop loss take profite.

 

[Ellement2002]

Thank you for the article David What would the settings need to be for example if I notice that the market is in a strong uptrend and I want it to ONLY open up buy trades every two bullish candles.. and ride the market up taking small scalping profits on the way up.... could I achieve this by setting the consecutive bullish to 2 and the consecutive bearish to 8-9. Or would it be better to set the bullish to say 2 and then in the common tab set Galileo to only take LONG positions only? would this work? because form what I have observed it trades very counter trend but how can I make it trade with the trend? by setting it up as you described above?

 

[peterle57]

Hallo Element 2002- das ist auch genau meine Überlegung. Ich beobachte den EUR/USD und Gold. Hier habe ich heute immer genau den falschen Trend erkannt. Ich glaube, dein Ansatz ist genau richtig und es wurde vom Team auch beschrieben.
Beispiel Aufwärtstrend EUR/USD. Hier würde ich 2 Charts im 1-Minuten- oder 5-Minuten-Zeitrahmen anlegen. 1. Chart bullische Signale 2 und bärische auf 8. Dazu NUR LONG Signale.
Der zweite Chart genau umgekehrt: 2 bärische und 8 bullische Signale. Dazu NUR SHORT Signale.
Dazu unbedingt das Risikomanagement nicht vergessen und zum Test vielleicht max. 6 Kerzen einstellen.

Nun verstehe ich die Einstellungen so, dass beim starken Aufwärtstrend Buy Orders erstellt werden.
Kehrt der Trend um, wir im zweiten Chart eine Sell Order erstellt usw.
Ensteht eine Seitwärtstrendbewegung, hat man vermutlich im besten Fall gleiche Buy- und Sell-Gewinne und somit kAUM VERLUSTE:
WAS MEINST DU. Das probiere ich morgen aus.
Grüße aus Deutschland

 

[Ellement2002]

Hello Element 2002- that's exactly what I was thinking too. I monitor the EUR/USD and gold. Here I have always recognized exactly the wrong trend today. I believe your approach is spot on and it has been described by the team.
Example uptrend EUR/USD. Here I would create 2 charts in 1 minute or 5 minute time frames. 1. Chart bullish signals 2 and bearish on 8. Plus ONLY LONG signals.
The second chart is exactly the opposite: 2 bearish and 8 bullish signals. In addition ONLY SHORT signals.
Don't forget risk management and maybe set a maximum of 6 candles for testing.

Now I understand the settings to create buy orders when there is a strong uptrend.
If the trend reverses, a sell order is created on the second chart, and so on.
If there is a sideways trend movement, you probably have the same buy and sell profits in the best case and therefore HARDLY LOSSES:
WHAT DO YOU THINK. I'll try that tomorrow.
greetings from Germany

Thank you Peter!! your advice and strategy with Galileo is solid I'll set my charts up this way in my trading next week

 

[Bill]

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.

Thanks David for this article.

" consider additional indicators or filters" what are your go to indicators at the moment. I am using ATR among one other.

I've a question about the trade time window. I'm using Met5 and my assumption is that for a given market if I select the chart view for H1, for example, does that mean G-Fx is also considering this time frame?

Is it a matter of setting up/ opening new charts with alternate timeframes for the bot to work across these time points?

 

[Emma]

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.

Thank you so much for sharing this, and one more thing, let's be aware that during the summer month, the market has tendency to move go more sideways, less trendy, and the daily high low, or the average true range will be lower, so I beleive we should try this seetings for the weaker or sideways trends....cheers

 

[Kendallr]

Thank you Peter!! your advice and strategy with Galileo is solid I'll set my charts up this way in my trading next week

Thanks for sharing guys. I just set this up too for today. I’m monitoring on EUR/USD. This is a good thought and hope it works out. I’ve been unsuccessful so far for the past month.

 

[Kendallr]

It just placed a trade. I went up and tried to sell out and the long trades that I have won’t allow me to sell this short trade because of the FIFO rule. Any suggestions?

 

[Chris]

It just placed a trade. I went up and tried to sell out and the long trades that I have won’t allow me to sell this short trade because of the FIFO rule. Any suggestions?

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

 

[Emma]

Thank you for the article David What would the settings need to be for example if I notice that the market is in a strong uptrend and I want it to ONLY open up buy trades every two bullish candles.. and ride the market up taking small scalping profits on the way up.... could I achieve this by setting the consecutive bullish to 2 and the consecutive bearish to 8-9. Or would it be better to set the bullish to say 2 and then in the common tab set Galileo to only take LONG positions only? would this work? because form what I have observed it trades very counter trend but how can I make it trade with the trend? by setting it up as you described above?

HI, did you try with Long only setup for bullish trend, and short only for bearish trend, and if yes, can you share some observation?

 

[oj0376]

Hallo Element 2002- das ist auch genau meine Überlegung. Ich beobachte den EUR/USD und Gold. Hier habe ich heute immer genau den falschen Trend erkannt. Ich glaube, dein Ansatz ist genau richtig und es wurde vom Team auch beschrieben.
Beispiel Aufwärtstrend EUR/USD. Hier würde ich 2 Charts im 1-Minuten- oder 5-Minuten-Zeitrahmen anlegen. 1. Chart bullische Signale 2 und bärische auf 8. Dazu NUR LONG Signale.
Der zweite Chart genau umgekehrt: 2 bärische und 8 bullische Signale. Dazu NUR SHORT Signale.
Dazu unbedingt das Risikomanagement nicht vergessen und zum Test vielleicht max. 6 Kerzen einstellen.

Nun verstehe ich die Einstellungen so, dass beim starken Aufwärtstrend Buy Orders erstellt werden.
Kehrt der Trend um, wir im zweiten Chart eine Sell Order erstellt usw.
Ensteht eine Seitwärtstrendbewegung, hat man vermutlich im besten Fall gleiche Buy- und Sell-Gewinne und somit kAUM VERLUSTE:
WAS MEINST DU. Das probiere ich morgen aus.
Grüße aus Deutschland

Moin Peter,
hast du das schon getestet und hast dazu ggf. ein Ergebnis?

Viele Grüße

 

[Emma]

HI, didI you try with Long only setup for bullish trend, and short only for bearish trend, and if yes, can you share some observI t

I tried this only for bearish trend, since the trend was bearish, but basically it is the same , I will set only long when I am sure that the trend is bullish

 

[teedeebee]

Hi all, how do you set the bot to trade just Long or Short? I don't see the option in the settings... I'm on MetaTrader 5, by the way.

 

[Emma]

Hi all, how do you set the bot to trade just Long or Short? I don't see the option in the settings... I'm on MetaTrader 5, by the way.

If you don't have this setup on MT5 , then just try on demo first, to set 0 consecutive bearish for long trade only, and vice versa, 0 consecutive bullish for short trade, I am just thinking out loud, you can try on demo, or ask on live chat administrator

 

[teedeebee]

Thanks, Emma... I'll give it a try on MT4 since it looks like it's not possible on Mt5 for some reason.

 

[teedeebee]

Gave the short versus long concept a try. Doesn't work in the same MetaTrader instance as it blocks both buy and sell signals...anyone else any success?

 

[Emma]

Gave the short versus long concept a try. Doesn't work in the same MetaTrader instance as it blocks both buy and sell signals...anyone else any success?

It is not blocked, it works, did you check @allow live trading@ and did you at the end clicked on a @auto trading@ on MT4 platform?

 

[teedeebee]

It is not blocked, it works, did you check @allow live trading@ and did you at the end clicked on a @auto trading@ on MT4 platform?

Yes, that's all set the way it should be. If I use short only or long only separately it works, but when used together no trades are made....

 

[Emma]

Yes, that's all set the way it should be. If I use short only or long only separately it works, but when used together no trades are made....

Hmmm...you can not use together only long and only short? Then it is long plus short