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10 Pip System Need Indicator Programmed

  • #1
  • First Post: Oct 19, 2006 7:08pm Oct 19, 2006 7:08pm
I have a 10 PIP system with very litte draw down that has been profitable for me.

I would like to share it with you in hopes that someone can help me create an indicator for.

First off I use a 5 minute candle chart with an Exponential Moving Average of 10.

The rules for entering a trade...

I have to sit at my computer and watch for:

1. Three or more consecutive candles to close either above (for a LONG trade) or below (for a SHORT trade) the 10 EMA. These three or more consecutive candles bodies and wicks included MUST NOT touch the 10 EMA line.

2. If the 1st criteria is met, The bodies (only the bodies not the wicks) of these three candles must equal 10 or more pips before I consider entering the trade. These candles can be any color (bullish and bearish combined is ok, Color of the candles DOES NOT matter) so long they are not touching the 10 EMA and they equal 10 or more pips.

If you do not have three consecutive candles whose bodies are equal to 10 pips then you must wait for the next candle to close to accumalate 10 or more pips before entering a trade.

Example: If the first candles body is 4 pips and the second candles body is 2 pips and the third candles body is 2 pips that is only 8 pips total so you must wait till the next candle closes, lets say the next candle closed at 3 pips now you have a total of 11 pips. All candles bodies and wicks MUST NOT touch the 10 EMA line. If all of these requirements are met then a trade can be entered. Long if candles are above 10 EMA or Short if candles are below the 10 EMA.

Take Profits at 10 PIPS. You may ride the trend for as long as each candle opens in the direction of the trend. eg. long trend candle opens bullish short trend candle opens bearish, and candle is above or below the 10 EMA.

Personally I DO NOT ride these I take profit at 10 PIPS.

STOP LOSS is set 10 pips above or below the highest lowest candles wick. eg. Long position look for the lowest candles body or wick to the 10 EMA line add 10 pips to that to get your stop loss.

That is it that is my System.

So I guess what I am asking for is for someone to program an indicator for me basically to let me know when three or more candles close above or below the 10 EMA line (not touching the line) so that I can look for a possible entry.

I am not sure if this is possible or not.

Any questions are welcomed.

Thanks in advanced
Alden
  • #2
  • Edited 7:19pm Oct 19, 2006 7:19pm | Edited 7:19pm
I plotted your setup and it seems like alot of chart watching to get a setup. Made me think of a song-lyrics

The Long and Winding Road-


But still they lead me back
To the long winding road
You left me standing here
A long long time ago
Dont leave me waiting here
Lead me to your door

But still they lead me back
To the long winding road
You left me standing here
A long long time ago
Dont leave me waiting here
Lead me to your door
Yeah, yeah, yeah, yeah
Trade what you see - Not what you think
  • #3
  • Oct 19, 2006 7:48pm Oct 19, 2006 7:48pm
You are correct it is a long winding road but it is profitable. That is why I need some help programming an indicator so that I don't have to do alot of chart watching. It will it me know when I have a setup for a potential trade.
  • #4
  • Oct 19, 2006 7:57pm Oct 19, 2006 7:57pm
let me see if im on the right track

go long when
1) 3 candles in a row are above the 10 ema
2) the first candle's lowest of open/close is 10 less then the 3rd candle's highest of open/close

do each of the candles need to be higher then the previous one?
  • #5
  • Oct 19, 2006 8:13pm Oct 19, 2006 8:13pm
Quoting wishfulpiping
STOP LOSS is set 10 pips above or below the highest lowest candles wick. eg. Long position look for the lowest candles body or wick to the 10 EMA line add 10 pips to that to get your stop loss.
Alden,

I don't fully understand the SL principle (maybe due to lack of sleep last night). 10 pips above what?
"The market will rally from this or lower levels"
  • #6
  • Oct 19, 2006 8:40pm Oct 19, 2006 8:40pm
Quoting wishfulpiping
I have a 10 PIP system with very litte draw down that has been profitable for me.

I would like to share it with you in hopes that someone can help me create an indicator for.

First off I use a 5 minute candle chart with an Exponential Moving Average of 10.

The rules for entering a trade...

I have to sit at my computer and watch for:

1. Three or more consecutive candles to close either above (for a LONG trade) or below (for a SHORT trade) the 10 EMA. These three or more consecutive candles bodies and wicks included MUST NOT touch the 10 EMA line.

2. If the 1st criteria is met, The bodies (only the bodies not the wicks) of these three candles must equal 10 or more pips before I consider entering the trade. These candles can be any color (bullish and bearish combined is ok, Color of the candles DOES NOT matter) so long they are not touching the 10 EMA and they equal 10 or more pips.

If you do not have three consecutive candles whose bodies are equal to 10 pips then you must wait for the next candle to close to accumalate 10 or more pips before entering a trade.

Example: If the first candles body is 4 pips and the second candles body is 2 pips and the third candles body is 2 pips that is only 8 pips total so you must wait till the next candle closes, lets say the next candle closed at 3 pips now you have a total of 11 pips. All candles bodies and wicks MUST NOT touch the 10 EMA line. If all of these requirements are met then a trade can be entered. Long if candles are above 10 EMA or Short if candles are below the 10 EMA.

Take Profits at 10 PIPS. You may ride the trend for as long as each candle opens in the direction of the trend. eg. long trend candle opens bullish short trend candle opens bearish, and candle is above or below the 10 EMA.

Personally I DO NOT ride these I take profit at 10 PIPS.

STOP LOSS is set 10 pips above or below the highest lowest candles wick. eg. Long position look for the lowest candles body or wick to the 10 EMA line add 10 pips to that to get your stop loss.

That is it that is my System.

So I guess what I am asking for is for someone to program an indicator for me basically to let me know when three or more candles close above or below the 10 EMA line (not touching the line) so that I can look for a possible entry.

I am not sure if this is possible or not.

Any questions are welcomed.

Thanks in advanced
Alden
Have you used this method live, and if so for how long, and the anticipated question... what are your results using this and only this?
Stan
  • #7
  • Edited 8:04pm May 1, 2007 7:41pm | Edited 8:04pm
What's going on with this one? Sounds relatively simple to code. I'll make an EA, EA with alerts, or indicator when I have time, IF (keyword there) it is profitable.
  • #8
  • May 1, 2007 8:07pm May 1, 2007 8:07pm
What currencies are you using this on?
  • #9
  • May 4, 2007 11:25pm May 4, 2007 11:25pm
Oops. I made the indicator anyway. :
Attached File(s)
File Type: mq4 EMA Deviator.mq4   3 KB | 1,062 downloads
  • #10
  • May 5, 2007 6:29am May 5, 2007 6:29am
Quoting anamy
Oops. I made the indicator anyway. :
Great job Anamy. Can you explain how to use this indicator
  • #11
  • May 5, 2007 8:39am May 5, 2007 8:39am
I was unable to download your indicator pls assit me am intrested in trying it out. Thanks once more for developing it.
  • #12
  • May 5, 2007 10:16am May 5, 2007 10:16am
Quoting anamy
Oops. I made the indicator anyway. :
nice but not complete yet. the indicator needs to calculate the lenghth of candles' bodies to check if the total length is bigger than or equal 10 pips. (no cookie for you yet )
  • #13
  • May 6, 2007 7:08am May 6, 2007 7:08am
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Here's an update (I hope that's ok) that counts the pips, and the arrows are now drawn on the next candle open, after the entry criteria are satisfied (less hindsight).
From the first look, it can get you in strong intraday trends sometimes, but more often you are buying tops and selling bottoms.
Attached File(s)
File Type: mq4 EMA Deviator.mq4   4 KB | 1,089 downloads
  • #14
  • May 9, 2007 2:22pm May 9, 2007 2:22pm
Quoting iya
Here's an update (I hope that's ok) that counts the pips, and the arrows are now drawn on the next candle open, after the entry criteria are satisfied (less hindsight).
From the first look, it can get you in strong intraday trends sometimes, but more often you are buying tops and selling bottoms.

I really want to appreciate ur effort on the indicator but still don't understand how it works. What does the Blue and Red arrows signifies?

terry
  • #15
  • May 9, 2007 2:56pm May 9, 2007 2:56pm
Which pairs does this seem to work the best on? Do you have a favorite session? Any other trading hints for your program? Thanks for sharing.
"Loss and failure are inevitable but misery is optional"
  • #16
  • May 9, 2007 3:25pm May 9, 2007 3:25pm
Why not make an EA?

Do you have other rules? does not look that good.

Thanks

Smeden
  • #17
  • May 9, 2007 3:59pm May 9, 2007 3:59pm
fiuh this thread is already 7 months ago,
don't know the 1st person idea, still using this method
or still read this
  • #18
  • May 9, 2007 4:24pm May 9, 2007 4:24pm
if i remember correctly, this system was touted by aden rusfeldt as "money tree" that will give setups everyday for 5-10 pips with, not a very profitable setup for a newbie, but if you have some price action experience and are waiting for a breakout, it may do the job.
  • #19
  • Edited 3:57am May 10, 2007 3:54am | Edited 3:57am
I think it a nice stuff for advanced traders but can i have any good one for newbie like me?

terry
  • #20
  • Last Post: May 10, 2007 4:32am May 10, 2007 4:32am
In my experience, this method is like flipping a coin and trading. If you trade in a 5 min timeframe, and look for 10 pips and sl 10-20 pips, in long term, this method will lose, unless you always lucky enough to be with the big trend. Any suggestions?
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