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Power of Two System

  • #441
  • Jul 14, 2023 9:03am Jul 14, 2023 9:03am
Quoting Outcast918
{quote} This for me wouldn't be valid since its SFT on 4h but congrats! https://www.tradingview.com/x/2ts7swt2/
Aye mate ive got it as an FT after an NFT failed, but I think some brokers have it as SFT which is fair enough, can only go by whats on chart.
  • #442
  • Jul 14, 2023 9:05am Jul 14, 2023 9:05am
Quoting Outcast918
I took a GU Setup NYKZ - Buy 4h: https://www.tradingview.com/x/aZw8rN28/ 15m: https://www.tradingview.com/x/dD4ToiO2/ Proof of execution: {image}
I was about to take it...then realised I couldnt get 2R up to the 4H high.
  • #443
  • Jul 14, 2023 9:06am Jul 14, 2023 9:06am
Quoting Paulscaff1
{quote} Aye mate ive got it as an FT after an NFT failed, but I think some brokers have it as SFT which is fair enough, can only go by whats on chart.
In the group we were following an indicator they are using for fractals + it’s forex.con broker settings.

they never validated setups taken by vanilla fractals indicator and on MT4 broker.

I understand where ur coming from tho. Do whatever works for you sir!
  • #444
  • Jul 14, 2023 9:08am Jul 14, 2023 9:08am
Quoting Paulscaff1
{quote} I was about to take it...then realised I couldnt get 2R up to the 4H high.
oh that sucks

GBPUSD edit: WIN +2R

Yeah the whole strategy was built for a particular trading view fractals indicator with some edited settings.
  • #445
  • Edited 10:01am Jul 14, 2023 9:44am | Edited 10:01am
Quoting Outcast918
{quote} In the group we were following an indicator they are using for fractals + it’s forex.con broker settings. they never validated setups taken by vanilla fractals indicator and on MT4 broker. I understand where ur coming from tho. Do whatever works for you sir!
Ahh yeah, I still had a fractal at that level its just that I didnt get a close past the fractal low, therefore NFT. Then the next bar closed down so FT.

But I think maybe on some brokers the first break closed below.

Edit: Yeah Forex.com did close below so I see where the SFT comes from
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  • #446
  • Jul 14, 2023 10:21am Jul 14, 2023 10:21am
Quoting Outcast918
{quote} oh that sucks GBPUSD edit: WIN +2R Yeah the whole strategy was built for a particular trading view fractals indicator with some edited settings.
Hello Outcast.

Scott Taylor has addressed the question of which fractal he uses several times in his YouTube Channel. The most recent time he addressed it was yesterday, and I have taken a screen shot of it as shown below.

So he uses Fractals by Rachel T. As it happens, Trading View has published the script of this fractal, as it is Open Source. You can examine the script here (Just click through). If you examine that script, you'll see this:

isRegularFractal(mode) =>
ret = mode == 1 ? high[4] < high[3] and high[3] < high[2] and high[2] > high[1] and high[1] > high[0] :
mode == -1 ? low[4] > low[3] and low[3] > low[2] and low[2] < low[1] and low[1] < low[0] : false

isBWFractal(mode) =>
ret = mode == 1 ? high[4] < high[2] and high[3] <= high[2] and high[2] >= high[1] and high[2] > high[0] :
mode == -1 ? low[4] > low[2] and low[3] >= low[2] and low[2] <= low[1] and low[2] < low[0] : false

The above simply means that the fractal is created from 5 candles, labelled as 4,3,2,1 and 0. Now as long as you are using the fractal in "Regular Mode", that is, the default mode on Trading View, then the fractal will always be considering an entire 5 candles sequence, and only printing a fractal high if the middle candle is higher than the other two immediately besides it, and those two are also higher than the last two on the outside of the 5 candle group. The opposite obtains for a fractal low, of course.

I think that Scott prefers this particular fractal because it does not print until ALL the five candles have followed the rules. See, the Bill Williams fractal - found in Metatrader - sometimes appears before the 5th candle has printed, and then disappears if the 5th candle violates the arrangement. You can see the reason in the code above, in the "isBWFractal(mode)" section. There, you can see that the two candles immediately next to the central candle don't necessarily have to be lower or higher than the central one: they can be the exact same level as that central candle. In practice, this sometimes causes the fractal to appear, and then disappear once the fifth candle has printed, and this repainting can be frustrating to a trader.

Just something to note. Otherwise the Bill Williams fractal on Metatrader can also be used successfully, as long as one is careful to consider a fractal complete only when two complete candles have printed AFTER the candle with the fractal symbol. This way, you know that the fractal won't repaint.
Attached Image (click to enlarge)
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  • #447
  • Jul 14, 2023 10:26am Jul 14, 2023 10:26am
Quoting Outcast918
{quote} This for me wouldn't be valid since its SFT on 4h but congrats! https://www.tradingview.com/x/2ts7swt2/
I believe you can still counter an SFT though, as long as you can fit in 3R.

Timestamp:

Inserted Video
  • #448
  • Jul 14, 2023 10:29am Jul 14, 2023 10:29am
Quoting Bazenga
{quote} Hello Outcast. Scott Taylor has addressed the question of which fractal he uses several times in his YouTube Channel. The most recent time he addressed it was yesterday, and I have taken a screen shot of it as shown below. So he uses Fractals by Rachel T. As it happens, Trading View has published the script of this fractal, as it is Open Source. You can examine the script here (Just click through). If you examine that script, you'll see this: isRegularFractal(mode) => ret...
Yeah I use a 3rd party fractal indy on MT4 that waits till the sequence is complete before printing, which is handy.

Either way though, like you say, a five bar fractal, is a five bar fractal. Scott doesnt use any "edited settings"....unless Outkast means he changed the colours
  • #449
  • Jul 14, 2023 10:30am Jul 14, 2023 10:30am
Quoting Paulscaff1
{quote} Ahh yeah, I still had a fractal at that level its just that I didnt get a close past the fractal low, therefore NFT. Then the next bar closed down so FT. But I think maybe on some brokers the first break closed below. Edit: Yeah Forex.com did close below so I see where the SFT comes from {image} {image}
There are two things that might be causing the differences in the candles formed:

1. The broker's server time. This is the biggest contributor. A broker running on GMT will form slightly different 4hr candles than a broker running say a GMT+1 server. But a GMT server should form the same 4hr candles as a GMT -4 server, assuming they have the same price data feed.

2. The Price data feed. The forex market is decentralized, and only the market forces of supply and demand keep the prices very nearly similar across all brokers. But depending on where a certain broker is getting their feed from, there could be minor differences in the prices, from time to time.

Regardless of the above, trading is a statistical game, and a strategy with an edge should play out over the long run, regardless of the discrepancies above, as long as a trader sticks to the same broker over a long enough time frame.
  • #450
  • Jul 14, 2023 10:31am Jul 14, 2023 10:31am
Quoting Paulscaff1
{quote} Yeah I use a 3rd party fractal indy on MT4 that waits till the sequence is complete before printing, which is handy.
If that fractal is freely available online, kindly link us to the repository. Thanks mate.
  • #451
  • Jul 14, 2023 10:41am Jul 14, 2023 10:41am
Quoting Bazenga
{quote} If that fractal is freely available online, kindly link us to the repository. Thanks mate.
This is the one I'm using, I turn off the lines and confirmation personally for neatness but up to yourself mate.

https://indicatorspot.com/indicator/...e%20the%20risk.
  • #452
  • Jul 14, 2023 10:42am Jul 14, 2023 10:42am
Quoting Bazenga
{quote} There are two things that might be causing the differences in the candles formed: 1. The broker's server time. This is the biggest contributor. A broker running on GMT will form slightly different 4hr candles than a broker running say a GMT+1 server. But a GMT server should form the same 4hr candles as a GMT -4 server, assuming they have the same price data feed. 2. The Price data feed. The forex market is decentralized, and only the market forces of supply and demand keep the prices very nearly similar across all brokers. But depending...
Yeah my broker 4H candles are 915 rollover, same as forex.com, just a slight difference in the data
  • #453
  • Jul 14, 2023 10:49am Jul 14, 2023 10:49am
Quoting Paulscaff1
{quote} This is the one I'm using, I turn off the lines and confirmation personally for neatness but up to yourself mate. https://indicatorspot.com/indicator/...e%20the%20risk.
Appreciated .
  • #454
  • Jul 14, 2023 11:44am Jul 14, 2023 11:44am
For SFT and the FT at the H4, can we keep on buying indefinitely when we get a low fractal/range sweep at M15 (eg. Like how Eurusd has been going up these past few days)... we can do that all the way until we get a new range on H4, when we have to consider the new candles then, is that right?
  • #455
  • Jul 14, 2023 12:03pm Jul 14, 2023 12:03pm
Quoting HazHazHaz
For SFT and the FT at the H4, can we keep on buying indefinitely when we get a low fractal/range sweep at M15 (eg. Like how Eurusd has been going up these past few days)... we can do that all the way until we get a new range on H4, when we have to consider the new candles then, is that right?
Yeah, difference between the two is that with FT, you can only buy in discount.
  • #456
  • Jul 15, 2023 9:14am Jul 15, 2023 9:14am
I ran some backtest using the replay button on tradingview, and found these consecutive losses. Would be good if anyone here can go back to the same time period to verify if you see the same valid setups (and losses!)
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  • #457
  • Jul 15, 2023 9:40am Jul 15, 2023 9:40am
Quoting Tibetian
I ran some backtest using the replay button on tradingview, and found these consecutive losses. Would be good if anyone here can go back to the same time period to verify if you see the same valid setups (and losses!) {image}
I just briefly went through the first 2 trades on EU for 21st june, 1st trade was a valid lost, second trade at 0445 was invalid.
Maybe you can show us how you entered the second trade?
  • #458
  • Jul 15, 2023 9:55am Jul 15, 2023 9:55am
0345 trade setup candle was marked by candle 1

0445 trade setup candle was marked by candle 3

Candle 2 swept the M15 Range High (External), and Candle 3 represents the Extended Sweep from Candle 2.

Even without considering the M15 External Range sweep, all the subsequent candles from candle 1 are valid Extended Sweep Candles.

The next candle after candle 3 triggered the sell stop order.
Attached Image (click to enlarge)
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  • #459
  • Jul 15, 2023 10:01am Jul 15, 2023 10:01am
I might be wrong but technically after candle 2 sweeps the external range, you have to make adjustment to the external range right?
  • #460
  • Jul 15, 2023 10:04am Jul 15, 2023 10:04am
Quoting 1iquidity
I might be wrong but technically after candle 2 sweeps the external range, you have to make adjustment to the external range right?

Do you know what is Extended Sweep?
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