Spud's MTF FIB Breakout System | Page 10 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/JPY

Similar Threads

Spud's Predictive MTF Stochastics 1,696 replies

LFB System - London Fib Breakout 45 replies

Fib 4Hour MTF Moving Average 287 replies

Journal related to: Spud's MTF Stochastics 178 replies

Spud's PVX Method 25 replies

Attachments: Spud's MTF FIB Breakout System
Exit Attachments

Spud's MTF FIB Breakout System

  • #181
  • May 27, 2007 7:21pm May 27, 2007 7:21pm
Quoting Spudfyre
...................As such I've been developing a 4 hour trading method of the MTF FIB Breakout system, which I call MTF FIBOx4..............................
Spud does it again. Another great way to trade. This will be great to advise a friend learning to trade.
  • #182
  • May 28, 2007 3:09am May 28, 2007 3:09am
Quoting iya
The first one worked for higher timeframes, JoshDance's worked for lower timeframes, so I figured the next logical step would be one that works for all timeframes. To top it off, I included linear interpolation for higher timeframes, so they don't look as rugged anymore!

Let's hope it works live, as the market is closed right now.
Thanks for this indi iya.

Looks good so far. Lets hope it makes Spuds strategies easier to follow on more pairs.

G-Man
  • #183
  • May 28, 2007 11:14am May 28, 2007 11:14am
I also like the modification you made to the MTF indicator. Now it's much easier to see where the higher time frames have been and and the direction they're moving. Thank you.
  • #184
  • May 28, 2007 12:26pm May 28, 2007 12:26pm
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
I hope you like it!
The repainting of the current candle wasn't as flawless as I thought, but this version should now look and move as close to the actual stochastic from another timeframe as possible:
Attached File(s)
File Type: mq4 #MTF Stochastic.mq4   3 KB | 5,192 downloads
  • #185
  • May 29, 2007 11:25am May 29, 2007 11:25am
Thanks for your work on the indicator but I don't think the adjustments you made in post 184 are working properly. I watched the 4HR time frame stay bellow the 80 line then jumping across when 4HR candle closed. Then when I put my curser arrow to the stoch line just past the break of the 80 line, it shows that the 80 line was crossed several hours earlier (which I know wasn't true since I was watching it). Any ideas?
  • #186
  • May 29, 2007 1:23pm May 29, 2007 1:23pm
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Quoting Toothman
Thanks for your work on the indicator but I don't think the adjustments you made in post 184 are working properly. I watched the 4HR time frame stay bellow the 80 line then jumping across when 4HR candle closed. Then when I put my curser arrow to the stoch line just past the break of the 80 line, it shows that the 80 line was crossed several hours earlier (which I know wasn't true since I was watching it). Any ideas?
I think this lies in the nature of stochastics: they will jump on the formation of a new candle. Things to remember are: the interpolated values are for display only. This are not the values, the stochastic had at these times, because at higher timeframes these times do not exist (on the chart). The values from candle close times should be correct, of course. I also made the active candle from a higher timeframe extend to the current time (of the lower chart), because this way the current values will get displayed.
Hope this helps. Any suggestions are welcome, of course.
  • #187
  • May 29, 2007 4:04pm May 29, 2007 4:04pm
Quoting iya
I think this lies in the nature of stochastics: they will jump on the formation of a new candle. Things to remember are: the interpolated values are for display only. This are not the values, the stochastic had at these times, because at higher timeframes these times do not exist (on the chart). The values from candle close times should be correct, of course. I also made the active candle from a higher timeframe extend to the current time (of the lower chart), because this way the current values will get displayed.
Hope this helps. Any suggestions are welcome, of course.
I think what we would ideally want is the MTF stochs to display the same number of bars for each of the timeframes selected on that chart, e.g. you have a 30 min chart displaying 40 bars, and you want the last 40 bars of the hourly chart and the last 40 bars of the 4hr chart. These would of course relate to a longer time period.

I don't think that this is possible with MT4, but I'm not a coder so I am probobly not best placed to judge.

I actually think that the more blocky MTF stochastic may be more beneficial, where the longer term stochs are displayed for the number of lower timeframe bars that value relates to: i.e. on a 30 min chart the same value is displayed for the last 2 bard for hourly and last 8 bars for 4 hour.

G-Man
  • #188
  • May 29, 2007 4:33pm May 29, 2007 4:33pm
Quoting G-Man
I think what we would ideally want is the MTF stochs to display the same number of bars for each of the timeframes selected on that chart, e.g. you have a 30 min chart displaying 40 bars, and you want the last 40 bars of the hourly chart and the last 40 bars of the 4hr chart. These would of course relate to a longer time period.

I don't think that this is possible with MT4, but I'm not a coder so I am probobly not best placed to judge.

I actually think that the more blocky MTF stochastic may be more beneficial, where the longer term stochs are displayed for the number of lower timeframe bars that value relates to: i.e. on a 30 min chart the same value is displayed for the last 2 bard for hourly and last 8 bars for 4 hour.

G-Man
You're correct. Ideally that's what we want, but we just can't get it that way. The absolutely best setup is different chart windows, although what you mention in the last paragraph is valid also (30 min chart, 1 hour stochs, for example). The only way to have the best view is to line multiple windows up and zoom accordingly.

The fact is that while it's more convenient to have more than 1 TF on a chart, anything more than 1 level of difference (say, a 15-min stoch on a 1-hr chart, 2 levels difference) basically defeats the purpose, as you can't get a picture of what the lower TF stochs are doing at the moment. Even a 30M stoch on a 1HR chart loses much of its effectiveness.
  • #189
  • May 30, 2007 6:32am May 30, 2007 6:32am
Quoting JoshDance
You're correct. Ideally that's what we want, but we just can't get it that way. The absolutely best setup is different chart windows, although what you mention in the last paragraph is valid also (30 min chart, 1 hour stochs, for example). The only way to have the best view is to line multiple windows up and zoom accordingly.

The fact is that while it's more convenient to have more than 1 TF on a chart, anything more than 1 level of difference (say, a 15-min stoch on a 1-hr chart, 2 levels difference) basically defeats the purpose, as you can't get a picture of what the lower TF stochs are doing at the moment. Even a 30M stoch on a 1HR chart loses much of its effectiveness.
Well said. It is a pain to flip time frames or have multiple charts but it is the only way to view stochastics effectively. Trying to display mutliple time frames on one chart is like trying to watch 3 movies at the same time...you can do it, but you miss much. Best to use the MTF on one chart just to watch for line ups and then switch to the individual time frames for trading.
  • #190
  • Edited May 31, 2007 8:54am May 30, 2007 2:42pm | Edited May 31, 2007 8:54am
  •  iya
  • | Joined Oct 2006 | Status: always protect yourself | 129 Posts
Somebody requested adding a timeshift option to the #SpudFibo indicator, so here it is. You can input a start hour and select the timezone between server time, local time and GMT! The defaults will continue to use your broker's daily candle.

Another update: You can now select the timeframe from which the High and Low is taken for the fib calculations; e.g. for weekly and monthly fibs. Only MT4 standard timeframes, and no timeshift for other than daily atm.
Attached File(s)
File Type: mq4 #SpudFibo.mq4   9 KB | 1,117 downloads
  • #191
  • May 30, 2007 9:59pm May 30, 2007 9:59pm
Due to time constraints I'm going to limit my time in the chat for now from 9 am to noon est Mon-Thurs. If you want to discuss trades or walk through trades using my systems, I'll be there to answer any questions.

www.tradingrooms.com room:MTF Traders
  • #192
  • May 31, 2007 2:10am May 31, 2007 2:10am
Quoting skyline
Ooops sorry
ok i fixed it

Download link : http://www.divshare.com/download/724154-183
Skyline is it possible to add the following to the indicator you have already programmed:

1. - add to the indicator the rules for an 80/20 entry. I have written an EA with this but only use this for backtesting and would like the indicator to alert with the text message either for the MTF Fibo Breakout or alert for 80/20 rule

2. - add to the indicator a simple 14,3,3 stochastic moving back across the min / max line or better yet a 14,3,3 stochastic that sends an alert any time it crosses back over any of the stochastic level lines. This function must be able to be turned on and off so that after we are in a trade and want to catch some sleep until the 14,3,3 indicator stops moving in the appropriate direction we simply turn the 14,3,3 portion of the indicator on (true) for the respective direction needed.

As stated above I have most of the code written already but do not know how to add to the great indicator you have created. Thank you in advance.
  • #193
  • May 31, 2007 2:30am May 31, 2007 2:30am
Quoting PiPr Pro
Skyline is it possible to add the following to the indicator you have already programmed:
Also Skyline, if you are able to add this to the indicator; in regard to the 80/20 rule I have an idea how to program something that is helpful for win/loss trade percentage in my trading. the M30 & H1 must agree as spud has stated in his new thread http://forexfactory.com/showthread.php?t=31790 and also the 3rd time frame H4 should have a trend by angle that is either long for long trades (short for short trades) or no greater than +- 10 degrees. i.e. if the trade direction is long on M30 & H1 then the H4 last 4 hours must have a trend by angle no less than 350 degrees. If H1 & M30 indicate short then the H4 must either be short also or a trend by angle of no greater than 10 degrees. Again thank you in advance.
  • #194
  • May 31, 2007 2:59am May 31, 2007 2:59am
Hi Pipr Pro , i'm a little busy in these days, I'll see if I could code what you are asking.

cya,
Skyline
  • #195
  • May 31, 2007 11:58am May 31, 2007 11:58am
Note the graph this post and the next post:

I have utilized a stop loss approach for some time when price reaches known fib levels and begins to consolidate. Once consolidation occurs I see alot of traders close the trade but often I watch consolidaion occur then the stock resumes the trend. I have seen everything mentioned on other threads from sell half your position and let the other run, etc. My experience has been the best way to maximize the returns and pay less pips to the broker are simple. I do not use a trailing stop unless I just HAVE TO SLEEP and then I use a BIG trailing stop. Rarely. Otherwise once I receive my sell trigger I begin to raise the stops to immediately below the appropriate candle and continue raising this "tight stop" with each candle. The next time trend consolidates and drops below the previous bar close more than a few pips I am out. What I really like about this is the ability to check back in every hour to simply raise the stop to below the closing bar low.

Without getting into the fib consolidation you can achieve approximately the same results with Spud's Fib Stochastic. TRUE HARMONY!! I have incorporated Spud's 14,3,3 H1 closing technique with great results. I have spent the last few days backtesting and live trading this and wanted to share with you those results. This will improve both your win/loss ratio and total pips gained without you having to become an expert in fib analysis.

Summary: (for a long trade) wait until the H1 14,3,3 at bar close breaks the 76.4 to the downside. Instead of closing the position immediately, place a stop 3-10 pips below the low of the candle that just completed. The stop will be below the candle that corresponds to the H1 14,3,3 break of the 76.4. Then at the close of each H1 candle simply raise the stop to below the low of the candle each hour.

Results: often the trade will simply be stopped out and you lose a few pips (3-10) from where you could have sold out quickly. But this technique will often give you 20-200 more pips simply because price consolidates and then resumes the trend. In the example of the AUDUSD trade yesterday and today had you closed the trade immediately upon the H1 14,3,3 retracement you would have had a "breakeven" trade. Utilizing the stop loss technique above you would have made 30 pips. If you had a bit of understanding about support and resistance of the daily high you would have made 60 pips. ENJOY !!
Attached Image
  • #196
  • May 31, 2007 11:59am May 31, 2007 11:59am
14, 3, 3 Trade Closer
Attached Image
  • #197
  • May 31, 2007 2:00pm May 31, 2007 2:00pm
Thanks Pipr Pro! That is an extremely interesting analysis.
  • #198
  • Jun 1, 2007 9:27pm Jun 1, 2007 9:27pm
Spud
In #174 you talked about MA's what is your setting for those. Thanks for all your help. I have been trading for almost a year and this month I traded your mtf system and finally had a profitable month. Thanks again for all the time you give teaching.
COG
  • #199
  • Jun 2, 2007 3:02am Jun 2, 2007 3:02am
Quoting COG
Spud
In #174 you talked about MA's what is your setting for those. Thanks for all your help. I have been trading for almost a year and this month I traded your mtf system and finally had a profitable month. Thanks again for all the time you give teaching.
COG
3 & 6 EMA
http://forexfactory.com/showpost.php...&postcount=110
  • #200
  • Jun 2, 2007 5:12am Jun 2, 2007 5:12am
Spud et al

I have been reading this forum since the first day and am really impressed by the results, it has blown lots of other systems I have been looking into and paper trading to bits! The last week being pip-tastic!

I finally feel I have enough knowledge to stump up some of my own cash and was wondering which brokers for MT4 people use and who offers the best spread in GBP/JPY? I have seen Alpari who are UK based like myself and they offer 7pips, is this the best?

Any information greatly appreciated.

Keep up the excellent work Spud
1 trader viewing now