ICWR Strategy and AutoTrader

i'm starting this thread to explore the ICWR Trading System. It stands for Impulsive/Corrective Wave Retracement. I started playing with this strategy last week and have had my best week so far!

i am attaching a pdf explaining the strategy. The main idea is having the confidence to stay in the trade for the maximum pips. i am also working on an EA for autotrading this system. see the EURUSD chart to see 2 entries. i am setting up a "Standard" trade which would've happened where you see the BLUE line, and a "DARE ME" trade which would've happened where you see the RED line. Both would've been winners....123 (Dare Me) and 106(Standard) pips.

i hope there will be some interest in this topic. i will probably upload the autotrader tomorrow, but here is some info to get started.

i'm also uploading the indicator that works with the system(not created by me). there are a few out there, but this one works pretty well. it draws the fibo automatically for you. i have been using the H1 charts and like that pretty well so far.

Standard Trade requirements
- the 7MA > 21MA
- the 21MA > 49MA
- the STOCH (21,14,14) - the Main line > Signal line
- RSI(14) > 50

Dare Me Trade requirements
- the STOCH (21,14,14) - the Main line is> Signal line
- RSI(14) > 50

i'm always open to suggestions......

**************************Version 2 update uploaded 9/11*******************************

hey guys, i have uploaded version 2 of my EA. you will notice 5 new buttons....CL-25 thru CL-75 and NO SL button.
after you open a trade(with or without a SL set), you can press any of the 4 CL buttons and the SL will automatically be moved to that level. you can press another level and it will be moved to that level for you.
IF YOU KEEP one of the CL buttons on (maroon), the SL will automatically move if that fib level moves during the trade.
IF YOU want the SL to remain wherever you have it at the moment, click NO SL to TURN off the AUTOMATIC SL MOVEMENT.
so, as your trade moves in your direction(we hope) and the fib enlarges...moving the fib levels, you can automatically place the SL and it will move accordingly.


**************************Version 3 update uploaded 9/15*******************************
i added BOF and BOP buttons for placing pending trades based on the fib 0% and 100% levels (BOF) and pending trades based on the current price(BOP).
please refer to post # 108 for a better description.

**************************Version 3.1 update uploaded 9/22*******************************
i have changed the time frame for the Standard and Dare Me buttons to be on the timeframe of your chart. i have not tried it out yet! i also added the pair name and the spread for the pair....color coded green or red depending on what your variable for Spread_Max is. i have it set for 3. so if the spread is >=3, the square will be red for warning. if less than 3, green for ok. just sort of a visual......
maybe when i get the autotrading going, i will incorporate that to be a factor in taking a trade or not.


**************************Version 3.5 update uploaded 9/28*******************************
i have added 2 buttons for AUTOTRADING this EA.
see post # 123 for more info on 2 new buttons i set up for Autotrading so we wont have to babysit all day!!!!

PLEASE use this in a demo account until you verify it works for you!!!!!!

How is the profitability percentage of the EA?

Thanks

i dont know yet. i'm just coding the EA. but using the strategy, this was my week since yesterday.

Hey pipsqueen18,
great work.
can see you have added some additional signals for confirmation which is good.
looking forward to see what you come up with.
I'm certain we can take this strategy forward together.

From the image you've attached, I can see that you've entered the trade on an active wave.
Was this part of your strategy?

Would it be possible to have template please

Do we need PSAR on template?
I have the M5 & H4 set up but I wanted to make sure I have it correct.
Thank you

i hope so. i dont have that much experience so i'm happy for all help, thoughts, suggestions, etc......

yes, one of my problems has always been to be patient and wait for the pullback! this has helped me with increasing the percentage of a continuation or not.

hey mtpockets, the psar is not really valid for this strategy. i just still have them on my chart from my previous template. here are some of the indies i use. the only one you need for sure is the icwr_a or i made a few changes to it and called it ICWR_mrd. all i did was add the percentages to the levels and tried to change the color to red or green if buying or selling, but it doesnt always work (the color change).

something i have noticed about the original ICWR_a (and mine ICWR_mrd) is that it has the RequiredWaveHeight set for 40 default. this is fine. but say you are on a long run, and it starts to regress, and the regression is >40, the fib flips even though it has not reached the 38, 61 or specifically the 75 (the exit level per the strategy). so i have been placing a line manually so i can keep track of that level. anyway....just check it out and see if you see what i mean. i'm not smart enough to edit that indie (and am not even sure if is should be changed)! anyway, just watch out for it and we can discuss it maybe?

also, PERSONALLY, i'm not sure i like that the strategy calls for a pullback all the way to the 75 level, but, again, i have only been using the strategy for about 1 week. i'm looking forward to thoughts and suggestions from people smarter than me!

lets fill ALL our pockets!

With what lot size is that? if 0.01, then I am happy to let you know to continue!...

Congrats and Good Luck, I'll be following this and contributing
Have a nice day!

i usually do .03 to .07

but arent pips the main thing? everybody uses different lots, but pips are pips. i feel like the mother of pips since last week! lol!

I personally look it at it a different way but everyone has their preference!

For ex. If I can make a great daily profit with the minimum lot size which is 0.01 with a good degree of accuracy and low drawdown, then I scale that up.

i agree totally with you. i'm trying to get to a consistent amount of pips/trade, then i will increase lot size too! i will eventually set up my EA with the option of 2 trades/ click.....1 for long run & 1 for high lot for less pips. i guess a combo of long term/scalping. but again, if i am closing positive pips with the strategy, it is proof it works and people can use the EA how they want.

if the EA works well enough, i will probably set up something similar to my dash on other thread(the hare and the tortoise) to watch more pairs in one chart. anyway...this is down the road.

the evolution should be interesting, but hopefully profitable for all!

check out these DARE Me and Standard entries on nzdcad! too bad i didnt get in from the beginning! its been in a free fall for 2 days. it looks like it has not even regressed to the 25% line either, much less 75%!

can you upload the dtrend_4 indicator please?

The setup ist very old from i think 2005 but your twist makes sense to me. even if the rsi is not helpfull for imo.

Is the box with the a fib trade levels part of your ea or could you open the indi for this?

hey arlucad, here's the indie you asked for.

why do you think the rsi is not helpful? can you give more info?

yes, the box with the fib levels is what i am working on. i'm not ready to upload yet...

Hi pipqueen18

Got your template all set up ... looks real busy on right side of template .. could this be an alternative to the fib lines currently on the right side?

Just curious


Forgot to add this. It might need the code upgraded (I don't know a thing about script. I fumbled around with Compiling it but I don't know what I'm doing)

hi MT, i have added some stuff to the template i posted, but you can bring in the indie by itself and add to it as you wish. it looks like this on a regular chart.

your indie looks interesting too! it would solve the problem of the fib switching when you think it should not switch as i talked about earlier in post 9. but i am trying to tie in the EA into trading on the fib levels....either to open another trade on the bounce or to set up an exit like the strategy suggests.

p.s. the indie i "edited" ICWR_mrd, has the levels numbered. so everybody can pick their fav....

mtpocket's icwr would not work on my mt4, so i made a few changes to get it to open. this is what it looks like on my mt4...in case anybody else is having trouble too.

Hi pipqueen
where we can get this EA?