Hi, do the steps that Laura and Roy dictated and the TrendStrength -RSI - MTF indicator does not appear in the graph
- #42
- Apr 18, 2020 7:09pm Apr 18, 2020 7:09pm
- Joined Jan 2020 | Status: Membership revoke | 2,332 Posts
{quote} Thanks for the kind wordsI've actually tried twice already, with patient and skilled coders, to take the elements and turn it into something at least semi-automated but I found that I couldn't replicate my performance. This would suggest human judgement plays a large part in success, which is why I want to caution people about this being something other than a quick fix.
Know what you trade
- #43
- Apr 18, 2020 10:36pm Apr 18, 2020 10:36pm
- | Joined Oct 2008 | Status: Learning | 1,057 Posts
What you do is a reflection of you....what I do is a reflection of me.
- #45
- Apr 19, 2020 5:44am Apr 19, 2020 5:44am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #47
- Apr 19, 2020 5:49am Apr 19, 2020 5:49am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
{quote} Automated trading to replicate manual trading requires a much higher level of expectation. Every rule of engagement has to be objectively quantified for it to be completely represented by codes, a gigantic project by itself. The good part of such a project even though fail is it helps identify the subjective content, we become more aware. The price traders pay for manual trading is time and effort. With AI it might be a reality some day.
In terms of automation, I do have a kind offer from a very respected coder to observe the practical application of trading in the hope that something might be able to be at least partly automated. But this would really be a side-project as I think it's important people learn the steps of a trading strategy manually.
- #48
- Apr 19, 2020 5:55am Apr 19, 2020 5:55am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
- #49
- Apr 19, 2020 6:23am Apr 19, 2020 6:23am
- Joined Oct 2017 | Status: Trader | 1,000 Posts
Anything above the line is an uptrend, below the line is a downtrend.
- #50
- Apr 19, 2020 6:36am Apr 19, 2020 6:36am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
One of the best if not the best introduction to a strategy. OP is very well written and the way you expained with examples going step by step is just perfect. Will keep a close eye on the thread.
It's a tricky balance, knowing how much detail to go into at the beginning. On one hand, I wanted to put it all out there without any 'secrets' but on the other I didn't want to confuse people with an avalanche of information.
Hopefully the balance is about right just now. Actually trading the strategy live is much more complex than it might at first appear, especially when you factor in the fear/greed emotions. My aim will be to gradually introduce those nuances into the thread now that the basic setup is apparent to everyone.
- #52
- Apr 19, 2020 7:21am Apr 19, 2020 7:21am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
Hi Laura, Thank you for sharing with us your system. Is my understanding correct, when the band completely crosses the 200 sma down/up and then when price touches the upper band/lower band we go short/long..provided that the rsi and mfi 200 agree? Do we only take the first time the band crosses the 200 smi? Also, my broker time is different to yours, so i believe my open daily time would be different, does that matter? I added the indicators and looked at some charts. Can you please tell me the if the 2 arrows in the attached chart are valid entries?...
Both entries are valid, but a little late. The first entry could have been taken earlier that day. Take profit would have been when it hit the previous day's high.
The second entry is ok but a slightly better price could have been achieved if entering approximately 7 bars earlier. Again, exit would be at the previous day's low.
- #53
- Apr 19, 2020 7:47am Apr 19, 2020 7:47am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
For anyone who is following this thread but isn't able to get into the Slack group (we're full right now, apologies), I want to set out what we have planned for tomorrow so you can follow along if you wish.
I've asked traders to focus solely on two elements of the roadmap. Namely channel trades (common) and channel failures (less common). As a reminder, here's an example of a channel trade, where I've marked the short entry point with a red line:
To recap, we wait for the channel to fully cross the SMA200 and then we wait for price to go to upper band (or lower band for longs) or close to it before we enter. There will be occasions where price just runs away from us and we never get a 'good' entry point but that's okay. We do not want to chase price.
Here's a reminder of what a channel failure looks like:
There's actually two for the price of one there
To recap, a channel failure is when the channel pokes partially above/below the SMA200 but then falls back under/over.
So that's going to be the focus for tomorrow. I'd advise anyone trading these setups to initially begin with either demo or micro-lots. The reason I'm focusing on just these elements is that I want attention to be on consistent execution rather than profit and loss, in the beginning at least.
I'm also suggesting that those not familiar with Mark Douglas' work do some research and find his writings and talks. My philosophy is very much aligned with his and being able to emotionally detach from individual trades, knowing they are simply a tiny part of your trading history, will serve traders very well indeed.
I've asked traders to focus solely on two elements of the roadmap. Namely channel trades (common) and channel failures (less common). As a reminder, here's an example of a channel trade, where I've marked the short entry point with a red line:
To recap, we wait for the channel to fully cross the SMA200 and then we wait for price to go to upper band (or lower band for longs) or close to it before we enter. There will be occasions where price just runs away from us and we never get a 'good' entry point but that's okay. We do not want to chase price.
Here's a reminder of what a channel failure looks like:
There's actually two for the price of one there
To recap, a channel failure is when the channel pokes partially above/below the SMA200 but then falls back under/over.So that's going to be the focus for tomorrow. I'd advise anyone trading these setups to initially begin with either demo or micro-lots. The reason I'm focusing on just these elements is that I want attention to be on consistent execution rather than profit and loss, in the beginning at least.
I'm also suggesting that those not familiar with Mark Douglas' work do some research and find his writings and talks. My philosophy is very much aligned with his and being able to emotionally detach from individual trades, knowing they are simply a tiny part of your trading history, will serve traders very well indeed.
- #55
- Apr 19, 2020 8:00am Apr 19, 2020 8:00am
- Joined Apr 2020 | Status: Daylight Roadmapper | 1,371 Posts
LauraT, RSI-MTF, must be RED over 50 and BLACK under 50? As per your template? Roy
The colour of the RSI isn't important but yes, it should be over 50 for long entries and below for short entries.
For tomorrow I'm deliberately asking traders to not worry about bias until they get used to executing channel trades/channel failures but you are absolutely right to point out the importance of the figures
- #56
- Apr 19, 2020 8:10am Apr 19, 2020 8:10am
- Joined Oct 2017 | Status: Trader | 1,000 Posts
Anything above the line is an uptrend, below the line is a downtrend.
{quote} Hi there
All you touch and all you see, is all your life will ever be.
