LRSF - TMS Expert Advisor - MT5

Hi,

On some charts the Weekly Control Candle doesn't start at the begin of new week.

Please see example

Thanks
T

This can happen when:

1. In the period of the control candle (the red rectangle) there is a change to summer- or winter-time. I haven't been able to solve this yet.
2. When trading starts on strange times. Silver starts earlier then other forex pairs at my broker.

Note that the min- and max are determined correctly, so the discrepancy is just a visual (cosmetic) annoyance.
With the levels determined from the control-week you can determine the risc of your next trade. It takes a little while to learn how to use it but on the charts that you posted you can already see that certain lines act as support or resistance. Also, it shows you that when you enter a trade, what would be a sensible TP-level.

Example - from your first chart. I would expect the price to go up, with a high probability that it will reach the dashed line (between the blue and dark-yellow). I would put my TP a little bit below that line. (went to check this ... aaah bingo!).
Note that this is a different approach to what is often used: a derivative of Average Daily Range.

Now, that risc? If the price would have gone against you, this indicator will also predict how far it will likely go before going back in the desired direction.
So placing a SL too close would most probably resulted in a lost trade. If it would have gone down I would have expected it to bounce in the dashed line in the middle or else on one of the dashed line below that. I would not place a SL but a second (and possibly a third) buy-limit trade at these levels.

Note: LRSF3 is currently not using the WCC-indicator. It uses a derivative of the ADR to place limit orders. But once placed, it is possible to manually shift them to more favourable or more likely positions.

Note: When the "blue shadow" gets to long (like 8 weeks or so after the WCC) the WCC starts to loose influence. So I reccommend to use it only up to a maximum of 8 weeks after the WCC. After that I would wait for a new WCC. The indicator currently can go up to 20 weeks, so way beyond recommended time-span. In fact I should make the time span a parameter so you would be able to set it per forex-pair. That will be for the next version.

Please let us know how you are doing with this indicator.
Cheers...

Just to let you know: I am starting to work on version 4.xx of my LRSF project.
Version 4.00 is an exact copy of my last version 3.09. The 4.xx branch will improve on this.

My focus will be:

1. enable my indicators for Machine Learning algorithms.
2. remove some old silly code that was never needed in the first place.
3. improve the code - cleaner, easier to read.
4. better version management with GIT.
5. focus on positions instead of lists of trades.
6. See what the TMS thread is up to - their approach is now based on price action.
7. Make the automatic trading work better, not just position management.

The last year I have been trading manually mostly. So with these lessons learned I think I have enough ideas to have another go on this project.

Cheers...

Ok, the BIG issue with my previous version was that the Order Management was ok, but automatic trading was virtually non exsistant. I cam e to the conclusion that "my" indicators where not working as I thought they did, but going through them with a debugger turned out to be futile.
("my indicator" is a standard indicator wrapped in code from me to detect signals that the indicator gives visually, but is dificult to see by a computer).

For this version I wrote some extra code to test every indicator and show the result in a graph. Also, for all the indicators that I use I have now a function that signals the direction (sigdir()) and a function to signal a trigger (sigtrg()).

Lets look at an example for the Heiken Ashi indicator just to give you an idea what I am talking about.

Function sigdir() in action:
As you can see, when the HA is RED we signal an DOWN and when it is BLUE we signal an UP. Simple eeh?
For me, the added value is that I created some extra code to just generate these pictures, where I can see(!) that the indicator does what I think it should do.

Function sigtrg() in action:
Again, as you can see I can now nicely detect the first TMS-valid bar of a new color. Looks a bit rough but at least the indicator is now proven to do what I expect it to do. Remember, the first TMS-valid bar is the first bar that breaks the MA-5. According to TMS this should be the first or second bar of the start of a new HA-color sequence.

Cheers...

Hello, good idea yours friend. You can upload the compiled or open expert advisor file to help you work and improve it.

..."According to TMS this should be the first or second bar of the start of a new HA-color sequence. "

this above is not 100% and there are discretionary rules which Big E uses to pick the best setups.

examples:

1) he use Craig Harris NFF swing high / swing low and True REVERSAL candle

2) he use Dean Malone' Synergy PAC' high-low channel

> by blending these two 1) and 2), Big E was able to pick better trade setups

> using his 4hr chart, he would not trade against the 4hr Price Action and his TDI#25

there is a lot more and it is not possible to automate all the technicals into an expert advisor.

market type conditions determination is one are most developers struggle with. this is something which the traders must do their top down analysis and input into their expert advisors and allow it to operate in realtime live market environment.

work on money management and various entries and exits strategies, and trade management.