this looks like avery useful thread. Thanks for posting. May I ask where you can get woodies CCI
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Dislikedthis looks like avery useful thread. Thanks for posting. May I ask where you can get woodies CCIIgnored
DislikedClansman
Thank you for your tips on time frames. Right now, i am watching / trading only during the asian markets using 5min chart for entry and exit. i look at 15m and 30m to help gauge and create an area of a range.
based on what your saying, should i go down to a 2 or min chart to help find better entry and more importantly skip false signals?
Another thing about your post, you mention daily and 4H charts too. do you apply this method to trade based daily chart? so that all your work is done after the close of the daily bar in the following 1-3 hours?
I would be very interested in hearing yours and anyone else's comments or thoughts on using this to trade using the daily chart. It sure would make for a better fit to my life style.
T4LIgnored
DislikedClansman
sounds like you have a traders work station dream! nice job!
i set up daily charts and 4H to begin my evaluation of 18 pairs to determine which ones provide potentially good daily or weekly moves. It will take some time to figure out TP or multiple TPs and stop loss so that it could be profitable.
I did take a look at some pairs. there are runs that go 500 to 1000pips over the course of 1-4 weeks. Thinking this is needed to off set those false signals even if the 4H can void some false signals.
After some evaluation, we should discuss ideas to take this method and apply it to a daily chart. That is if you are interested. I also invite anyone else to join in this challenge.
T4LIgnored
DislikedHi,
Stay out of this type of market....WaterFlame refers to this as a sick or lazy market...and goes into some detail in how to recognize it......In the "search this thread" box, type in "sick market" and you'll find more posts about it.Ignored
DislikedHi,
Stay out of this type of market....WaterFlame refers to this as a sick or lazy market...and goes into some detail in how to recognize it......In the "search this thread" box, type in "sick market" and you'll find more posts about it.Ignored
DislikedCLANSMAN,
I completed a 5 year back test starting 1/1/03 to april 2008. signals were mechanical based only on 3 cross 34 and cci cross 0 line. I calculated from entry bar draw down required to reach 60 and 80pips. Then draw down in order to reach 100 and 120 pips. Then i lookd for maximum move and number of bars (or trading days) the move would make before the 3 and 34 cross the other way AND price would have to go below the low of the signal bar (this is key!!!).
There were a total of 58 trades and 45 were winners for at lest 60 pips, resulting in 77.6% winning trades.
There is much interpretation for the information i gathered to help formulate TP#1, TP#2, and SL for the GBPJPY pair.
This took 2 hours plus to gather. so, may have to pick and choose from the pairs. thinking only those with 100+ pips daily and above.
Anyway, take a look at the attached excel sheet to review. Let me know if you think this is enough info to establish guidelines for trading this using the daily charts.
I think the TP#2 will be the biggest challenge because we will not get the max move. so, consider 50-80% of max move as possible and maybe the 10 cross of the 3 will acheive that. Maybe this should be included in the back testing for a better idea. Any other mechanisms for exit to easily back test other pairs?
T4LIgnored
DislikedCLANSMAN,
I completed a 5 year back test starting 1/1/03 to april 2008. signals were mechanical based only on 3 cross 34 and cci cross 0 line. I calculated from entry bar draw down required to reach 60 and 80pips. Then draw down in order to reach 100 and 120 pips. Then i lookd for maximum move and number of bars (or trading days) the move would make before the 3 and 34 cross the other way AND price would have to go below the low of the signal bar (this is key!!!).
There were a total of 58 trades and 45 were winners for at lest 60 pips, resulting in 77.6% winning trades.
There is much interpretation for the information i gathered to help formulate TP#1, TP#2, and SL for the GBPJPY pair.
This took 2 hours plus to gather. so, may have to pick and choose from the pairs. thinking only those with 100+ pips daily and above.
Anyway, take a look at the attached excel sheet to review. Let me know if you think this is enough info to establish guidelines for trading this using the daily charts.
I think the TP#2 will be the biggest challenge because we will not get the max move. so, consider 50-80% of max move as possible and maybe the 10 cross of the 3 will acheive that. Maybe this should be included in the back testing for a better idea. Any other mechanisms for exit to easily back test other pairs?
T4LIgnored
DislikedTry using a lower TF as a filter for entry. In my forward testing of this system, I have been experimenting with using the 5M as a filter for the 15M, and the 4H as a filter for the Daliy. Since trends start on the lower TF's and build up to the longer TF's, checking to see a solid trend is already in motion on a lower TF can help. I also use pivot points to help determine entry and exit.Ignored