Price Action Dashboard - The most important Price Action Patterns according to IndicatorVault

IndicatorVault - the group of developers who created the Dashboard indicator, thinks that there are 3 most important patterns in Price Action:
  • Pin bar
  • Double Bar Low Higher Close / Double Bar High Lower Close, or Double Bar for short
  • Bearish Outside Vertical Bar / Bullish Outside Vertical Bar referred to as Vertical Bar
Explain each pattern and transaction as follows:

Pin bar: has a long tail, a small body, the body is close to one end of the candle. Price signals could reverse and go in the opposite direction of the tail Pin bar. Place a buy stop order at the bullish Pin bar top and a sell stop at the bearish Pin bar with the stop loss at the other end.

Double Bar: Includes 2 types: Double Bar Low Higher Close (bullish) and Double Bar High Lower Close (bearish). In which, Double Bar Low Higher Close consists of 2 candles, candle 1 is a bearish candle, and 2 is a bullish candle with two nearly equal lows, but candle 2 has a closing price above the closing price of candle 1. This candle shows the possibility of an increase. price after that.

On the contrary, the Double Bar High Lower Close consists of 2 candles, candle 1 is bullish, candlestick 2 is bearish with 2 nearly equal peaks, but candle 2 has a closing price below the closing price of candle 1. This cluster of candles offers the possibility. The price will decrease after that.

Vertical Bar: consists of 2 candles, in which the second candle has a higher top and bottom than the top and bottom of candle 1, which covers all candles 1. This pattern also includes 2 types: Bullish Vertical Bar and Bearish Vertical Bar. This is quite similar to the engulfing bar in Japanese candles.

What is Price Action Dashboard?

Price Action Dashboard will identify and aggregate all the price action patterns mentioned above, including Pin bar, Double bar, and Vertical Bar. These patterns will reside entirely on a Dashboard and are aggregated across all currency pairs and timeframes. You just need to click the last button on each currency pair to display a chart of that setup.

The current job is very simple: find the recently appeared setup price action on your favorite currency pair and timeframe, then evaluate the market situation and trends, finally enter the order and place a stop. loss.

You note that Price Action Dashboard will only determine the pattern and setup, it will not care about the trend as well as the location of these setups, which are the two factors determining whether the setup is successful or not. Therefore, you should not beat big according to the setup of Price Action Dashboard, but need to analyze the trend and market context to see if it is suitable with the setup or not before entering the order.

Price Action Dashboard also has alert notifications sent directly to email as well as your MT4.

Price Action Dashboard - Apply to trading

Some examples of Price Action Dashboard setup are as follows, the rule is to place buy stop/sell stop at the top/bottom of the setup and the stop loss at the top/bottom of the other.