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Power of Two System

  • #501
  • Jul 16, 2023 8:43am Jul 16, 2023 8:43am
Quoting Bazenga
{quote} Haz, what time zone is the server of the broker you are trading with in? I have the options of using GMT or New York Close in my simulator. The New York Close system isn't a fixed offset from GMT: rather, it simply ensures that the trading day ends at the close of the New York Session, and in practical terms, this means that its offset from GMT shifts by an hour each time there's a Dayllight Savings Time adjustment. Also, are you following Scott's rule to not trade extra big candles? If so, how are you objectively quantifying what's a big...
I did the backtest manually, on Tradingview. I use the FXCM charts. I am using my timezone of GMT +8. So my killzones are 2.30pm - 5pm (London) and 8pm - 10.30pm (NY) local time (GMT+8).
No. I'm not following Scott's rule to avoid big candles.
Perhaps my number of trades is not a lot because I almost always redraw the H4 range and only trading the freshest 1 or 2 trades that occur at the M15 after the confirmation at H4. Most of the time there is no interaction with the tops or bottoms of H4 ranges, so I just have to skip forward.
  • #502
  • Jul 16, 2023 9:26am Jul 16, 2023 9:26am
Quoting HazHazHaz
{quote} I did the backtest manually, on Tradingview. I use the FXCM charts. I am using my timezone of GMT +8. So my killzones are 2.30pm - 5pm (London) and 8pm - 10.30pm (NY) local time (GMT+8). No. I'm not following Scott's rule to avoid big candles. Perhaps my number of trades is not a lot because I almost always redraw the H4 range and only trading the freshest 1 or 2 trades that occur at the M15 after the confirmation at H4. Most of the time there is no interaction with the tops or bottoms of H4 ranges, so I just have to skip forward.
Your trading system is significantly different from the TPOT because of how you are redrawing the H4 range. It means even if I were to backtest within the same time period, my results wouldn't have any bearing to yours. So if you continue backtesting your system and find it profitable over the long run, then maybe we can examine it as a different system altogether. Perhaps if you could get to at least 50 trades in your backtest, then we can see if your system is worth pursuing?
  • #503
  • Jul 16, 2023 9:54am Jul 16, 2023 9:54am
Quoting Merka
{quote} Are you subscribed to their paid mentorship?
no I am not
  • #504
  • Jul 16, 2023 10:34am Jul 16, 2023 10:34am
Quoting Bazenga
{quote} Your trading system is significantly different from the TPOT because of how you are redrawing the H4 range. It means even if I were to backtest within the same time period, my results wouldn't have any bearing to yours. So if you continue backtesting your system and find it profitable over the long run, then maybe we can examine it as a different system altogether. Perhaps if you could get to at least 50 trades in your backtest, then we can see if your system is worth pursuing?
Could be that I have same approach as HAzHazHaz, that is why I got better results?
  • #505
  • Jul 16, 2023 10:46am Jul 16, 2023 10:46am
Quoting El1000
{quote} Could be that I have same approach as HAzHazHaz, that is why I got better results?
Perhaps. We need you and HazHazHaz to try and break down your strategies here. Like, what process are you two using when drawing those 4Hr ranges? How do you ensure that the process is completely objective (i.e. no discretion)? Do you simply draw fresh ranges every new day, based on the most recent fractals?
  • #506
  • Jul 16, 2023 4:35pm Jul 16, 2023 4:35pm
Quoting Bazenga
{quote} Perhaps. We need you and HazHazHaz to try and break down your strategies here. Like, what process are you two using when drawing those 4Hr ranges? How do you ensure that the process is completely objective (i.e. no discretion)? Do you simply draw fresh ranges every new day, based on the most recent fractals?
Isn't drawing a fresh range on H4 each time by using the latest/ most recent fractals, and using that to determine the NFT, FT or SFT, a rule? I always thought it is, so that is what I do when there are new fractals formed on H4.
Anyway, sure, I'm a noob so let me get back on the backtesting if I have time to get around it. Life's a bit hectic of late.
  • #507
  • Jul 17, 2023 12:04am Jul 17, 2023 12:04am
Quoting HazHazHaz
{quote} Isn't drawing a fresh range on H4 each time by using the latest/ most recent fractals, and using that to determine the NFT, FT or SFT, a rule? I always thought it is, so that is what I do when there are new fractals formed on H4. Anyway, sure, I'm a noob so let me get back on the backtesting if I have time to get around it. Life's a bit hectic of late.
Hey Haz:

I had detailed out how the ranges are drawn in post 320. It isn't as straightforward as simply using the most recent fractals. The difference is big enough that the resulting trades would likely not have a meaningful similarity. Kindly reread that post and note the fundamental differences. And the same logic is used in drawing even the 15 minute ranges.
  • #508
  • Jul 17, 2023 12:23am Jul 17, 2023 12:23am
Quoting Bazenga
{quote} Hey Haz: I had detailed out how the ranges are drawn in post 320. It isn't as straightforward as simply using the most recent fractals. The difference is big enough that the resulting trades would likely not have a meaningful similarity. Kindly reread that post and note the fundamental differences. And the same logic is used in drawing even the 15 minute ranges.
Hi Bazenga,
Yes, I meant to say, I use the latest fractal that is relevant (as per post 320) to draw the range. When the price is within this H4 range, I don't open trades, because the price has not interacted with either the latest range high or low yet.

I use the same concept for M15 range. Scott also allows to use the latest fractals for the sweep in M15, however.
  • #509
  • Jul 17, 2023 12:32am Jul 17, 2023 12:32am
Quoting HazHazHaz
{quote} Hi Bazenga, Yes, I meant to say, I use the latest fractal that is relevant (as per post 320) to draw the range. When the price is within this H4 range, I don't open trades, because the price has not interacted with either the latest range high or low yet. I use the same concept for M15 range. Scott also allows to use the latest fractals for the sweep in M15, however.
Perhaps if you could post a few screenshots of typical trades that you take, your methodology might become clearer to us.

For instance, this sentence isn't clear: "When the price is within this H4 range, I don't open trades". By definition, ALL trades within the TPOT are within H4 ranges. They might be within H4 fractals, or they might be within extended ranges, but they ARE within the H4 ranges.

And yes, internal liquidity sweeps consider the most recent 15 minute fractals. What follows the logic I had referred to is the creation of the 15 minute ranges, which Scott illustrates using a box - that rectangle he keeps shifting and resizing as price advances in the 15 minute TF.
  • #510
  • Jul 17, 2023 2:23am Jul 17, 2023 2:23am
Quoting Bazenga
{quote} Perhaps if you could post a few screenshots of typical trades that you take, your methodology might become clearer to us. For instance, this sentence isn't clear: "When the price is within this H4 range, I don't open trades". By definition, ALL trades within the TPOT are within H4 ranges. They might be within H4 fractals, or they might be within extended ranges, but they ARE within the H4 ranges. And yes, internal liquidity sweeps consider the most recent 15 minute fractals. What follows the logic I had referred to is the creation of the...
Attached is the current USDCHF H4. Since there is a new fractal that makes a lower low, we draw the new range, and wait for price to interact with it, is that right?
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  • #511
  • Jul 17, 2023 2:42am Jul 17, 2023 2:42am
Current GU H4 range, am i right?
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  • #512
  • Jul 17, 2023 2:45am Jul 17, 2023 2:45am
Quoting HazHazHaz
{quote} Attached is the current USDCHF H4. Since there is a new fractal that makes a lower low, we draw the new range, and wait for price to interact with it, is that right? {image}
The range defined by the 2 bold red lines is the current one. It stays intact until price interacts with or moves lower thru the bottom bold red line, then there would be a new range, drawn from that most recent fractal high to the lowest point that price would move. (or if price interact the highest red bold line, then the new range goes the other direction)
  • #513
  • Jul 17, 2023 2:52am Jul 17, 2023 2:52am
Quoting 1iquidity
Current GU H4 range, am i right?{image}
It is same as mine right now.
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  • #514
  • Jul 17, 2023 2:53am Jul 17, 2023 2:53am
Quoting HazHazHaz
{quote} Attached is the current USDCHF H4. Since there is a new fractal that makes a lower low, we draw the new range, and wait for price to interact with it, is that right? {image}
Yeah thats right, but you dont have to wait for an interaction with the H4 fractal, your conditions are set to make your trading decisions. But if the H4 fractal does get an interaction, then we wait to find out what the outcome is, whether thats either UC/NFT/FT/SFT
  • #515
  • Jul 17, 2023 2:58am Jul 17, 2023 2:58am
Quoting nitethinker
{quote} It is same as mine right now. {image}
Ive got mine still in the same range from last week.
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  • #516
  • Jul 17, 2023 3:03am Jul 17, 2023 3:03am
Anyone looking at counter trend for USDCHF SFT?
  • #517
  • Jul 17, 2023 3:08am Jul 17, 2023 3:08am
Quoting Paulscaff1
{quote} Yeah thats right, but you dont have to wait for an interaction with the H4 fractal, your conditions are set to make your trading decisions. But if the H4 fractal does get an interaction, then we wait to find out what the outcome is, whether thats either UC/NFT/FT/SFT
I see now... so we just utilise the previous setup on H4 we have until the price interacts with the new high/ low. Got it. I thought we should only entertain the really fresh ranges once a new fractal (that creates a new range) appears. Thanks!
  • #518
  • Jul 17, 2023 3:11am Jul 17, 2023 3:11am
Quoting 1iquidity
Anyone looking at counter trend for USDCHF SFT?
I attempted one off that first sweep bar but didnt work out.
  • #519
  • Jul 17, 2023 3:11am Jul 17, 2023 3:11am
Quoting Paulscaff1
{quote} Ive got mine still in the same range from last week. {image}
Now I re-looked and traced the ranges starting from last week, seemed like mine was wrong. Thanks for pointing out!
  • #520
  • Jul 17, 2023 3:58am Jul 17, 2023 3:58am
Quoting Paulscaff1
{quote} Ive got mine still in the same range from last week. {image}
The GU on the broker I'm using is FT. Just entered a pro-trend FT trade (but the Buy is right at the Fibo 50 level lol).
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