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Simple Daily Trend Reversal Trading System

  • #1,681
  • Edited 3:22am Dec 28, 2017 3:09am | Edited 3:22am

Using automatic S&R levels to filter out low probability trades


Just to give you an idea what i'm working on
Below are 2 trades which are currently active. One on EURCHF and one on CADCHF. Both are on H4

High probability setup: CADCHF
If you look at CADCHF then you'll see that the zigzag arrow appeared right on a S&R level of 2 years old
and that the trade has plenty of room before it will reach the next resistance level of 3 years old.
I would consider this a high probability setup which is likely to give us profit


Low probability setup: EURCHF
Now look at EURCHF. The zigzag arrow appeared in empty space with no S&R level in the neighbourhood.
And the trade seems to be running right into a 6yrs old support level
I would consider this a low probability setup where price is likely to bounce up again off the 6yrs old support level.
You already can see some rejection starting to take place


Now the fun part. The S&R levels are from an new indicator i'm working on.(I've attached a beta version so you can test it)
When its finished i want to include it into the EA. That way the EA will know about S&R levels and so it will only take the
high probability setups. Also it would have a rough idea where to place the TP level since that is the next S&R level
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurchf-lowprobabilty.jpg Size: 365 KB
Click to Enlarge Name: cadchf-highprobabilty.jpg Size: 366 KB
Attached File(s)
File Type: ex4 SupportResistance.ex4   30 KB | 424 downloads
  • #1,682
  • Dec 28, 2017 3:17am Dec 28, 2017 3:17am
Strongly agree, changing and modifying the main strategy is a serious mistake. I would be in favor of not touching anything.
  • #1,683
  • Dec 28, 2017 3:22am Dec 28, 2017 3:22am
Quoting ebeckers
Just to give you an idea what i'm working on Below are 2 trades which are currently active. One on EURCHF and one on CADCHF. Both are on H4 High probability setup: CADCHF If you look at CADCHF then you'll see that the zigzag arrow appeared right on a S&R level of 2 years old and that the trade has plenty of room before it will reach the next resistance level of 3 years old. I would consider this a high probability setup which is likely to give us profit Low probability setup: EURCHF Now look at EURCHF. The zigzag arrow appeared in empty space with...
What opinion do you have of the indicator that Comrade Aronte contributed from the 200-year moving average?
  • #1,684
  • Dec 28, 2017 3:25am Dec 28, 2017 3:25am
Quoting ebeckers
Using automatic S&R levels to filter out low probability trades Just to give you an idea what i'm working on Below are 2 trades which are currently active. One on EURCHF and one on CADCHF. Both are on H4 High probability setup: CADCHF If you look at CADCHF then you'll see that the zigzag arrow appeared right on a S&R level of 2 years old and that the trade has plenty of room before it will reach the next resistance level of 3 years old. I would consider this a high probability setup which is likely to give us profit Low probability setup: EURCHF...
hi ebeckers, thanks for your contribution.
do you know why i got poor result on the backtest? i try to use zigzagSL on and off, both give poor result. i use h4 timeframe
  • #1,685
  • Dec 28, 2017 3:27am Dec 28, 2017 3:27am
looking good setup and on resistance area
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 196 KB
  • #1,686
  • Dec 28, 2017 3:28am Dec 28, 2017 3:28am
Quoting Mistiko
{quote} What opinion do you have of the indicator that Comrade Aronte contributed from the 200-year moving average?
I'm not sure if SMA200 is going to help us.
It might filter out counter-trend trades, but a counter trend trade is not always a losing trade and a with-the-trend trade is not always a winning trade.
Also when market is consolidating the SMA200 is flat and irrelevant but there still could be many interesting trades setups.
I'm running at test on demo with and without SMA200. So lets wait a few weeks and see which one performs the best.
  • #1,687
  • Dec 28, 2017 3:30am Dec 28, 2017 3:30am
Quoting ebeckers
{quote} I'm not sure if SMA200 is going to help us. It might filter out counter-trend trades, but a counter trend trade is not always a losing trade and a with-the-trend trade is not always a winning trade. Also when market is consolidating the SMA200 is flat and irrelevant but there still could be many interesting trades setups. I'm running at test on demo with and without SMA200. So lets wait a few weeks and see which one performs the best.
Agree
  • #1,688
  • Dec 28, 2017 3:30am Dec 28, 2017 3:30am
Quoting alhalawi
looking good setup and on resistance area {image}
What S&R indicator are you using, and could you post it here ? just curious, would like to compare mine with as many others as possible ;-)
  • #1,689
  • Dec 28, 2017 3:35am Dec 28, 2017 3:35am
Quoting ebeckers
{quote} What S&R indicator are you using, and could you post it here ? just curious, would like to compare mine with as many others as possible ;-)
it's your indicator bro hahaha
  • #1,690
  • Dec 28, 2017 3:37am Dec 28, 2017 3:37am
Quoting alhalawi
{quote} it's your indicator bro hahaha
haha lol :-)
  • #1,691
  • Dec 28, 2017 3:39am Dec 28, 2017 3:39am
Quoting ebeckers
{quote} haha lol :-)

i used another indicator before but the problem was when it was broken it used to repaint and move to another level

this one seems to stay in place which is what needed
  • #1,692
  • Dec 28, 2017 3:40am Dec 28, 2017 3:40am
Quoting alhalawi
{quote} i used another indicator before but the problem was when it was broken it used to repaint and move to another level this one seems to stay in place which is what needed
Yeah it does not repaint
  • #1,693
  • Dec 28, 2017 3:42am Dec 28, 2017 3:42am
I have a similar support resistance filter with several settings that I additionally use who wants to can test it
Attached File(s)
File Type: ex4 Support_Resistance.ex4   20 KB | 301 downloads
File Type: mq4 Support_Resistance.mq4   9 KB | 326 downloads
  • #1,694
  • Dec 28, 2017 4:05am Dec 28, 2017 4:05am
Quoting skipper13
I have a similar support resistance filter with several settings that I additionally use who wants to can test it {file} {file}
Yeah i know this one. problem is that it doesn't group levels which are close together
This results in way too many lines. Compare yours with mine:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-12-28 at 11.03.26.png Size: 198 KB
Click to Enlarge Name: Screen Shot 2017-12-28 at 11.04.54.png Size: 198 KB
  • #1,695
  • Dec 28, 2017 4:14am Dec 28, 2017 4:14am
@ebeckers

One that I think is quite popular here on the forums.
Attached File(s)
File Type: ex4 SS_SupportResistance_v07.53 (filter alerts MA).ex4   95 KB | 372 downloads
File Type: mq4 SS_SupportResistance_v07.53 (filter alerts MA).mq4   49 KB | 454 downloads
  • #1,696
  • Dec 28, 2017 4:23am Dec 28, 2017 4:23am
Quoting ebeckers
Using automatic S&R levels to filter out low probability trades Just to give you an idea what i'm working on Below are 2 trades which are currently active. One on EURCHF and one on CADCHF. Both are on H4 High probability setup: CADCHF If you look at CADCHF then you'll see that the zigzag arrow appeared right on a S&R level of 2 years old and that the trade has plenty of room before it will reach the next resistance level of 3 years old. I would consider this a high probability setup which is likely to give us profit Low probability setup:...
Thank you, that will definitely be a big help to all of us.
  • #1,697
  • Dec 28, 2017 4:24am Dec 28, 2017 4:24am
Quoting johnsmith2nd
@ebeckers One that I think is quite popular here on the forums. {file} {file}
Thx, already tested that one and it doesn't make sense too me.
It shows zones, but it does not show the places where price is very likely to reverse. Also it misses lots of levels
I'll stick with mine ;-)
  • #1,698
  • Dec 28, 2017 4:26am Dec 28, 2017 4:26am
Good thread for s&r indicators and input
https://www.forexfactory.com/showthread.php?t=624820
  • #1,699
  • Dec 28, 2017 4:29am Dec 28, 2017 4:29am
Quoting ebeckers
{quote} Thx, already tested that one and it doesn't make sense too me. It shows zones, but it does not show the places where price is very likely to reverse. Also it misses lots of levels I'll stick with mine ;-)

I think yours is great

let's stick to it and see how it goes so we don't get confused
  • #1,700
  • Dec 28, 2017 4:38am Dec 28, 2017 4:38am
[quote = ebeckers; 10624686] {quote} Ja, ich kenne diesen. Problem ist, dass es keine Ebenen gruppiert, die nahe beieinander liegen. Dies führt zu viel zu vielen Zeilen. Vergleichen Sie Ihre mit meiner: {image} {image} [/ quote]

yes you are right, too much is restless
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