SRDC Episode II

Quoting Bobokus

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I see that the 261.8 from weekly fibo is the same as the 100 fibo of friday
Is this correct ?

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Quoting accrete

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I just posted a reply about creating a multi-level channel and it might be applicable for what we are attempting here. Just thought i'd give you a heads up. It's a hack i did tonight after the question was posted on if it was possible...always one for a challenge. . .i did some doodling. This is what i came up with:



feel free to download the indicator if you wish to check it out. You can set it for any number of hours to look back on the chart it is placed on. It will then adjust itself when a new hour arrives.

: ) Thom
The happy doodler

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Quoting Bobokus

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Master,
I see the fibo lines tracking practically each candle from fibo line to fibo line.
I apprectiate the time you spend to teach those of us who are still fairly new to forex, most have to pay for this type of information. Me personally i have already gained more confidence in the trades i make, and see some of the mistakes i have made in the past.

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Quoting Lou G

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That's my thinking about the value of a dependable EA as well. I live in the Midwestern US and need to sleep during most of the London session. I miss many good opportunities and would love to write an EA that could cover for me at that time.

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Quoting lietuve

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Lou G, and Orange Roshan (of course!):

I am looking at this thread for few days now (reading from the begining), and the more I read, the more I like it. From now I am an ardent follower !

Also; I am not a MQL programmer, but if needed I can do function or two , (have some old fashioned mainframe experience). So what I propose:
In mainframe programming environments (which are huge) nobody does the whole programm. Usually single programmers work some small assignments, which are incorporated into a big programm. Do you wanna do the same with an EA? Any EA can be divided into functions: like iterations, trade orders, buffering, whatever... all that is needed is a general flowchart, the incoming data and the data(data type and variables names) to be released for another function. Of course that should be supervised by the most experienced person. Also the parts/functions might be compiled separately. I don't know if I expressed myself clearly - but if you understand what I am talking about - think about it. I am sure there are plenty of people (including me) which would welcom the experience, and a work load when divided would be not big at all, because everybody can work at the same time, - but independently.

Should I also sign for some jedy procedure? Gee, I didn't grow up with "Enterprise" - sometimes I even don't know what you guys are talking about, (I am more of a type of "Dancing Li Wu Masters"), but it is a lot of fun and well, - whatever you say "jedies"

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Quoting OrangeRoshan

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yes, but that is largly dependen on the channel size, which varies a bit (not a problem) due to different method of drawing.

But, what I want you to see is the dance of the candles within the smaller fibo.

Now attach the Fibo on monday, based on the channel projection and you will see more fibo lines that you can use to see macro candle movements.
The 100 is forming a triangle with the top channel. This is the area that uauaslly tells the momentum will stay or not.

With fibo on Friday, do you see the 100 forming a triangle with the upper channel? This is momentum area, and should it stay in the triangle (monday, with a new fibo), this will tell us that momentum is still strong for GBP.

To get the feel of fibo with channel. Do this:

- Do a weekly fibo starting monday lastweek
- Do fibo on everyday of the week and see the candles breaking and bouncing off the fibo.
- Get to know this pair, it tell a lot about the market sentiment or what the big boys are doing.
- Get a feel of it, and when you can find the rhytm, thats when you have winning trades.

its not luck, its anticipation and skill.

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Quoting OrangeRoshan

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Remember: A penetration of Channel or Fibolines is only confirmed when the full candle is forming. Simple price penetration is just merely a test.

Example on 30Nov. The 15th Candle:

It penetrates the FIBO 161.8
-Enter long at 1.9589
-Then the next candle test the Fibo 100.
-It cant maintain the momentum and fall under the Fibo 100. Take profit here as it shows momentum dropping.
-Final TP at 1.9669 at the closing.

80 Jedi Pips - Buuuurp!! Not bad!!

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Quoting OrangeRoshan

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(1) I would suggest all coders to find the best way to check the position of the candle inside a channel. I like LRC better. Can we use it for this EA? Im sure there is a way.....

[aha] So it 's about finding out where the price are in relative to an established channel. I don't see any difficulty in this. Price level is the best coordinates here. Let's say we have calculated the slope of the median line and the best diviations to determine the upper and bottom trend line --- i.e. established the LRC channel. Then the position of the OHLC of the current candle is pretty much known in relative to the channel. It can be easily calculated as x pips away from the boundary or median, or x pips away from fibo levels in parallel with the median line, or x pips away from horizontal fibo levels calculated based on the high/low of the prices or the high low of a channel at certain time point.

(2) An indicator first then only EA. When all these indicators are coded and perform properly after a vigirous test, then we put the pieces of coding and make it into an EA.

- An Indicator will include calculating TP points and SL as the LRC moves

[aha] imho the TP and SL can be easily optimized on the EA tester in MT4 platform. We can code an indicator to do the same thing but the EA tester is already there. Coding a base-line EA should be less complicate than coding the indicator that does all the optimization.

- An Indicator to forcast and act when the candles moves inside the channel dancing between the fibo.

[aha] Let's say we already know where the price is in the channel (refering to my answer to point 1)), now we need to forcast where the candles moves and act accordingly.

I think we can establish a set of coefficients or rules, which can be evaluated and optimized offline or online, in relative to the position of the candles in the channel, and maybe also relate to the candle pattern forming. These coefficients or rules define the possibility that the price will go up or go down in the next move.

For example, if we use coefficients, this can be done in a way like this: when the price is x pips from the top trend line of the channel, the possibility for the price to move down is y (between 0 to 1) and z for the possibility of moving up. When x reduces the y and z change accordingly. If there is a bearish or bullish price pattern forming in the recent two or three candles, the y and z change accordingly. When the possibility reaches to a certain level, an order will be placed.

If we use rules, the rules can be something like this: when a candle close within the distance of x pips from the top trend line of the channel or a predefined fibo level y (horizontal or in parallel with the median line), we place a limit order or market order at certain price with certain SL and TP. Here the parameters x, y, tp and sl can all be optimized.

- An indicator to draw CCI channel and gives out reading that translates as confirmation...

[aha] this should be pretty easy too.

...and so on...

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Quoting hensch

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Master Roshan,

Can you please clarify the following:

I have drawn the fib lines, weekly and daily, like this.

1) This is the way AHA's did it, from the top Monday to the bottom, end of Monday, like a Z shape.
Same daily.

We can see how accurate both fibo projections are.

http://picnac.com/images/1708fibo1.gif

2) This time I've drawn both fibs for TOP to Bottom starting at 00:00. Here we can see that the projections are somehow more "sloppy".

http://picnac.com/images/6993fibo2.gif


Therefore, I assume, that the first one, Z shape, is the correct one?

Henry

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Quoting hensch

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Master Roshan,

Can you please clarify the following:

I have drawn the fib lines, weekly and daily, like this.

1) This is the way AHA's did it, from the top Monday to the bottom, end of Monday, like a Z shape.
Same daily.

We can see how accurate both fibo projections are.

http://picnac.com/images/1708fibo1.gif

2) This time I've drawn both fibs for TOP to Bottom starting at 00:00. Here we can see that the projections are somehow more "sloppy".

http://picnac.com/images/6993fibo2.gif


Therefore, I assume, that the first one, Z shape, is the correct one?

Henry

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Quoting aha

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Hi Henry,

The way I did it in the chart I posted recently was using the high and low of a retracement to draw the fibo lines. It's like using fibo extension except that here I only need to find two points instead of 3 points.

I am not too sure how Orange draws those fibo lines. He seems to choose the two points based the channel (your method 2, but I could be wrong), instead of the direct price highs and lows.

Let's wait for Orange to enlight us on this.

aha

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Quoting aha

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Just threw it out there. . Any comments are welcomed.

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Quoting OrangeRoshan

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Fantastic!!!

First Task on the LRC:

See how MT4 drew tha channel with LRC. Can we mimic that.

- it finds a trend
- that correspondent to the last day of trading.
- A LRC channel has 2 areas, the top and the bottom, draw a TICK on the right area to show where the candle starts. This is just a test that it correctly iddentified the candle first appear.

Additional task on this indicator will be added after it is done. This will enable the EA to LONG or SHORT accordingly on the breakout of the candles over yesterday's candle.

Regarding the EA optimisder, i didnt depend much on it as we foundout, it didnt really give the result we really wanted. Maybe a bug or limitation. So we made indicators and use the findings to optimised our settings.

Later, you will notice, a script of AI must be included to optimised the EA in the long run. We want 100% mechanical.

Can an EA be taught to read certain format of instruction from email and process them. This could be helpful for adding fundamentals so the EA will react to it. This is the final pase tho.

Thanks.

May the pips be with us.

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Quoting aha

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Hi Orange,

Get a lot of questions but here is the first one:

When we draw a LRC on the chart. We determine the time period in which the LRC is calculated. That's discretionary. So for the indicator you are talking about. does the indicator has to find the best time period to draw the channel? or does it only consider the last 24 1H bars? or will it have two input parameter to allow trader decide the time period?

aha

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