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Attachments: Weekly Range Method
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Weekly Range Method

  • #21
  • Sep 26, 2006 6:31am Sep 26, 2006 6:31am
Thanks for the wonderful indicator, I was just wondering is it better to use it in the 1hr chart instead of the 4hr chart bc Im getting to dirrent things that are showing. In the 4hr chart they show more lines I thought that if it was a weekly range no matter what time frame u are on you should have the same numbers. Thankyou for your help
  • #22
  • Sep 26, 2006 7:24am Sep 26, 2006 7:24am
Quoting saltcafe
Any chance of posting the source code, rather then the compiled version of this indicator?
Hey

Yeah of course I'll post it. I just have to clean up the script so it's more readable. I'm a total amateur programmer....my principle is "make it work" so I don't really adhere to conventions when it comes to naming variables etc. But I'll post it shortly.

happy trading
L
"The market will rally from this or lower levels"
  • #23
  • Sep 26, 2006 7:30am Sep 26, 2006 7:30am
Quoting fbd83
Thanks for the wonderful indicator, I was just wondering is it better to use it in the 1hr chart instead of the 4hr chart bc Im getting to dirrent things that are showing. In the 4hr chart they show more lines I thought that if it was a weekly range no matter what time frame u are on you should have the same numbers. Thankyou for your help
Hey

Tx for your question.
Let me explain......
I did say in my previous post that it only works on 1H charts. There's a reason for this. I had to tell the indicator how long the lines have to be so that they only go across one week. I haven't bothered as yet putting in the script a function that will detect what time frame chart you're in. Once I do, that function will adjust the length of the lines accordingly. The reason why you see more lines in 4H is that they overlap more than 1 week. Simply, previous week's lines appear in current week's data.

So, it does work in 4H but it just clutters the screen with overlapping lines.
I'll fix that, maybe even today.

Happy trading
L
"The market will rally from this or lower levels"
  • #24
  • Sep 26, 2006 8:13am Sep 26, 2006 8:13am
Here it is
Attached File(s)
File Type: mq4 Weekly Fade 2.mq4   7 KB | 582 downloads
"The market will rally from this or lower levels"
  • #25
  • Sep 26, 2006 8:42am Sep 26, 2006 8:42am
By the way, one bug I can't seem to get around is....when you have the indicator on the chart and you change time frames, it'll delete anything else you've drawn on that chart. So be mindful of that.

And if anyone here can tell me how to delete only the objects created by the indicator, I'll be greatful.

Thanks
L
Attached File(s)
File Type: mq4 Weekly Fade 3 - ok thats it for now.mq4   7 KB | 667 downloads
"The market will rally from this or lower levels"
  • #26
  • Sep 26, 2006 8:45am Sep 26, 2006 8:45am
Thanks for the new stuff, this is really nice
  • #27
  • Sep 26, 2006 10:14am Sep 26, 2006 10:14am
Quoting LightKeeper
By the way, one bug I can't seem to get around is....when you have the indicator on the chart and you change time frames, it'll delete anything else you've drawn on that chart. So be mindful of that.

And if anyone here can tell me how to delete only the objects created by the indicator, I'll be greatful.

Thanks
L
Hi, Just a sugestion ... I suspect that there is a way of setting some magic number per object ... then in the init or deinit routine only delete the objects that have your magic number. I think that should work.
Just my 2 pips worth
  • #28
  • Sep 26, 2006 10:19am Sep 26, 2006 10:19am
Quoting saltcafe
Hi, Just a sugestion ... I suspect that there is a way of setting some magic number per object ... then in the init or deinit routine only delete the objects that have your magic number. I think that should work.
Hi

Thanks for the suggestion. I think you're talking about buffers. I haven't used them at all on this script....fact of the matter is I can't really work out how they work and there's very little by way of teaching resources about MQ4 for MT4 available online!. Do you know how to do the magic number trick?
"The market will rally from this or lower levels"
  • #29
  • Sep 27, 2006 10:47am Sep 27, 2006 10:47am
Quoting LightKeeper
Hi

Thanks for the suggestion. I think you're talking about buffers. I haven't used them at all on this script....fact of the matter is I can't really work out how they work and there's very little by way of teaching resources about MQ4 for MT4 available online!. Do you know how to do the magic number trick?
Hi,

I should've checked before opening my mouth. For orders you can set a comment field and in there you can put a magic number there that you later check for. I've had a look at the objects stuff and it doesn't appear that you can do this with objects, unless some MT4 guru out there knows better?

Any sugestions anybody?
Just my 2 pips worth
  • #30
  • Sep 28, 2006 5:22pm Sep 28, 2006 5:22pm
Quoting jhathawa
First result in....unfortunately it was a loss, although small. These are based on Interbank feeds. Others may have slightly different numbers with other brokers.

SELL GBP @ 1.9029

STOP @ 1.9062
LIMIT @ 1.8899

Stopped out for 33 pip loss. Until next week.....
This week could of easily been a winner!!!!
2 observations:
#1- I would not of set an entry order at 9029 since the market actually closed below that level on Friday........if we waited for the market to "peter out" on it's Long trend Monday morning (3am EST), it would of made it's move South and then triggered the Sell at 9029, and you'd be doing the "money dance" as of Wed morning (4am EST).

#2- In addition, and regardless of the above opinion, this could of still worked if you left a little room since you are using highs or lows as Stops. Often times there is a few pips variation in the hi/lo of many double tops or bottoms............you can even see that by looking at the GBP weekly looking at the double tops of 8/4-8/11, 9/1-9/8, and the double top we will most likely have this week compared to last week!! Personally I would place the stops 10-20 pips further away than the the actual Hi/lo of the previous week.

I am watching and testing this method out myself, as I believe Pip Rage is onto something here........I too am constantly trying to develop a somewhat mechanical weekly strategy, as it seems almost crazy that someone could not take advantage of the approx. 300 pip wkly range of a pair like GBP/USD!!!!!

Although some may have time constraints, or just desire a "set it and forget it" type system, I still believe trader participation is a little necessary, as pointed out in my 1st observation. One solution would be to follow my advice to wait for the market to be at least moving in the right direction.........if you have charts will intelliscript, you can command it to text message your cell when the price went higher past 9029, then you could of set an entry order as soon as you could get back to your trade station to sell at 9029 when it started coming back down from the levels it hit in the 9060's.

Does this help? Am I making sense? Anything else I can offer?
  • #31
  • Sep 29, 2006 5:29am Sep 29, 2006 5:29am
Quoting learningtheropes
Although some may have time constraints, or just desire a "set it and forget it" type system, I still believe trader participation is a little necessary, as pointed out in my 1st observation. One solution would be to follow my advice to wait for the market to be at least moving in the right direction.........if you have charts will intelliscript, you can command it to text message your cell when the price went higher past 9029, then you could of set an entry order as soon as you could get back to your trade station to sell at 9029 when it started coming back down from the levels it hit in the 9060's.

Does this help? Am I making sense? Anything else I can offer?
Hey

Thanks for doing this. It seems that your conclusion is the same as mine; this would not work as a fire-and-forget type of method. You'd just get whipsawed. There are too many price hesitations around the key levels in this method and strong discretion would have to be used.
"The market will rally from this or lower levels"
  • #32
  • Sep 29, 2006 2:26pm Sep 29, 2006 2:26pm
Quoting LightKeeper
Hey

Thanks for doing this. It seems that your conclusion is the same as mine; this would not work as a fire-and-forget type of method. You'd just get whipsawed. There are too many price hesitations around the key levels in this method and strong discretion would have to be used.
No Prob, I will provide my take this week for those interested sometime between tonight and Sunday a.m. (CST) for those interested.

Any comments or suggestions on my read will be welcomed, as hopefully it benefits all of us!!!

Now let's book those pips damn it!!!
  • #33
  • Sep 30, 2006 12:05am Sep 30, 2006 12:05am
Quoting learningtheropes
No Prob, I will provide my take this week for those interested sometime between tonight and Sunday a.m. (CST) for those interested.

Any comments or suggestions on my read will be welcomed, as hopefully it benefits all of us!!!

Now let's book those pips damn it!!!
OK....per my data feed:

Previous Week GBP/USD Hi/Lo - 1.9061 & 1.8733 (328 Range)
This Past Week Hi/Lo - 1.9072 & 1.8632 (440 Range)
Position Created is a Long "Fade" from past week's Bearish movement
Projected Entry (aka Friday's Median) - 1.8706
Take Profit (aka This week's Median) - 1.8852
Stop Loss (This week's low + 10 pips buffer) - 1.8622
Potential T/P = 146 - spread
Potential S/L = 84 + spread
Comments: Friday's close was 1.8719 and we want to go Long, therefore, I would wait for price to dip below our desired entry of 1.8706 and retrace back "North" b/4 entering a position. (Pip Rage does actually mention this towards the end of his very 1st post)

Previous Week EUR/USD Hi/Lo - 1.2829 & 1.2630 (199 Range)
This Past Week Hi/Lo - 1.2820 & 1.2637(183 Range)
Position Created is a Long "Trend" from this last week's Bullish movement
Projected Entry (aka Weekly Median) - 1.2728
Take Profit (aka This week's Median) - 1.2820
Stop Loss (This week's low + 10 pips buffer) - 1.2627
Potential T/P = 92 - spread
Potential S/L = 101 + spread
Comments: Because Friday's close was 1.2674 we can just set an entry order to get in the market as soon as our entry of 1.2728 is hit.

******Please, Pip Rage, LightKeeper, anyone else, please confirm that I have interpreted the assumptions and method correctly, and even check my math?! Even with different data feeds, our values should all be w/in a few pips on each level noted if we/I'm doing this right?!?!?!!?

P.S. Assuming my values are correct, I was a little concerned with the R/R of a little less than 1:1 on the EUR trade, however, if you get it right 80% of the time......oh well, it can't hurt to net out 200-400 pips per month (depending on pair, T/P's and S/L's, etc).............has anyone been able to do any significant backtesting to determine win % and avg net pips, etc???? I have only manually back-tested a small data batch. The results were promising, but we probably want 2-3 years worth????

I would also suggest some $$ management and not 100% live and die with the T/P limits........you may get the trade right and fall shy of the T/P and have a reversal that may eat some or all of the profit "earned" (example: EUR trade for week of 8/25. 30 Pips were left on the table b/c it did not hit the limit of the previous week's low and retraced before closing out- although still up 37 pips )......I suggest mutiple lots guaranteeing profit at certain levels of either support/resistance or Fib's.........I know we don't want to complicate things, but an exit strategy is crucial in trading...........it's taken me 4 years to learn that!! It's easy to enter a trade, and more difficult to know when to get out........all of the "Greats" in this Forum will drive home the same point if you ask them?!

Sorry to be so long-winded....Happy Trading,
Jim
  • #34
  • Oct 2, 2006 11:24am Oct 2, 2006 11:24am
Previous Week GBP/USD Hi/Lo - 1.9061 & 1.8733 (328 Range)
This Past Week Hi/Lo - 1.9072 & 1.8632 (440 Range)
Position Created is a Long "Fade" from past week's Bearish movement
Projected Entry (aka Friday's Median) - 1.8706
Take Profit (aka This week's Median) - 1.8852
Stop Loss (This week's low + 10 pips buffer) - 1.8622
Potential T/P = 146 - spread
Potential S/L = 84 + spread
Comments: Friday's close was 1.8719 and we want to go Long, therefore, I would wait for price to dip below our desired entry of 1.8706 and retrace back "North" b/4 entering a position. (Pip Rage does actually mention this towards the end of his very 1st post)

***Pretty cool stuff.........we would all be 146 (-spread) richer and closed on the pound this morning, and we have touched profits near 30 today on the EUR.

dare I try this live with the mini account next week??????

Anyone brave enuf to take the plunge with me?
  • #35
  • Oct 7, 2006 8:35am Oct 7, 2006 8:35am
I'm still intrigued by this strategy, so I'm going to keep the thread going. Below are the recco's for the new week.............

Previous Week GBP/USD Hi/Lo - 1.9072 & 1.8632 (440 Range)
This Past Week Hi/Lo - 1.8897 & 1.8670 (227 Range)
Position Created is a Short "Trend" from past week's Bearish movement
Projected Entry (aka Weekly Median) - 1.8784
Take Profit (aka This week's Low) - 1.8670
Stop Loss (This week's High + 10 pips buffer) - 1.8907
Potential T/P = 114 - spread
Potential S/L = 123 + spread
Comments: Friday's close was 1.8711 and we want to go Short, therefore, I would wait for price to rise above desired entry of 1.8784 and retrace back "South" b/4 entering a position.

Previous Week EUR/USD Hi/Lo - 1.2820 & 1.2637 (183 Range)
This Past Week Hi/Lo - 1.2765 & 1.2570 (195 Range)
Position Created is a Long "Fade" from this last week's Bearish movement
Projected Entry (aka Friday's Median) - 1.2644
Take Profit (aka This week's Median) - 1.2668
Stop Loss (This week's low + 10 pips buffer) - 1.2560
Potential T/P = 24 - spread
Potential S/L = 84 + spread
Comments: Because Friday's close was 1.2597 we can just set an entry order to get in the market as soon as our entry of 1.2644 is hit.


Any comments?
  • #36
  • Oct 13, 2006 5:27pm Oct 13, 2006 5:27pm
Since no one seems to be commenting or asking questions.....I'm just going to complete this weekly excercise and maybe treat it more like a little journal for myself, and anyone else who is watching from the sidelines.

Not sure if it is all pure luck, but this strategy is working (per my interpretation......haven't been able to determine if I'm doing it right from the original Poster), and I think it has potential if proper money management practices are applied.

Since I am the only one posting, and to conserve my time, I will no longer write up all the weekly variables that give me the entry triggers, however, I have it all in a personal journal if anyone wants me to come forward with specifics.

For now, I will just provide results and any observations of the previous week, then create one more post that just states my desired entry price, along with potential take profit area and stop loss threshold.

If you are just silently observing, that's cool, I don't mind sharing the results...it's probably a little boring for FF members b/c it is weekly and doesn't provide daily trade opportunities like most methods on FF.

Thanks,
Jim
  • #37
  • Oct 13, 2006 5:31pm Oct 13, 2006 5:31pm
EUR/USD did not trigger, therefore, no trade.

The GBP/USD, however, triggered a sell @ 8784 with a max profit of 154, but requiring a minimum S/L of 38. Targets were 114 pip T/P and 123 max S/L...therefore, this trade worked 100% within the rules of the method!!

Total profit for the week: 114-154
Losses: 0
  • #38
  • Oct 13, 2006 5:39pm Oct 13, 2006 5:39pm
GBP/USD Short:
Projected Entry- 8613 (requires upward move past trigger, then downward move to open trade.....do not set an entry order on platform until price is above 8613)
T/P goal - 8515 (98 pips potential gain)
S/L max - 8722 (109 pips risk)

EUR/USD Short:
Projected Entry- 2548 (again, retrace upward, and new move downward required to open trade)
T/P goal - 2483 (65 pips potential gain)
S/L max - 2623 (75 pips risk)
  • #39
  • Oct 18, 2006 10:10am Oct 18, 2006 10:10am
learningtheropes; Do you use the program or is it best to do the calculations by hand? Thanks in advance
  • #40
  • Oct 18, 2006 3:38pm Oct 18, 2006 3:38pm
Quoting fbd83
learningtheropes; Do you use the program or is it best to do the calculations by hand? Thanks in advance
I'm pretty much a "brick & mortar" kind of guy in general......it's not very hard for me to display the chart data from the weekly and Friday daily and do some quick figuring with a good 'ol calculator and scratch piece of paper. It only takes me a few minutes each time (getting quicker with each week with more real time practice )........but that doesn't mean automating it somehow is wrong?!?!
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