Breakout system with JL-Lines

Hello jolimoney,

For calculating values for Break A/B or stop High/Low, you are adding pip difference for the previous five days, whether Open is greater or smaller than Close.

You are not making any difference between bear or bull bars.

Whether at any time, you have considered subtracting values for one type of bars from the values for other type of bars.

Regards


kapanil

Hi Jolimoney

The buy lines and sell lines for some of days are located on one side of the open line, is such thing possible at all or is something wrong with the indicator?
For example on Dec the 15th all 4 lines are below the open line.

Also you mentioned before that you had 900 pips gain over a period of 6 weeks which is on avarage 150 pips weekly, has this result been based on one lot and one pair or a number of pairs?

Regards

howard

Hi, iya! Thanks for the indicator!

Can I ask you to add the line of the "current day open price" into your indicator? Thank you!

kapanil:

I only measure the amount of pips between open - close and high - low.

If you don't want to calculate please use the indicator that is avalible in this thread.

----------

Howard:

I have noticed this to. to correct it i change from 1H to 4H chart and then back to 1H chart.
I'm don't know how to program indicators so i don't know whats wrong with it.

The 900 pips is not only one pair. At the begining a only traded GBP/USD but latley i have also traded other currency.

---------

aktaurus:

I will update the indicator right away.

Templates and indicators:
Change the extension from .txt to .rar and then extract it.

Hi, jolimoney! What is your broker, what other currencies do you use for trading? Thanks!

I trade at:

www.fxsol.com

www.titanfingroup.com/

http://www.cmsfx.com/

and

http://www.forex.ch/

But for this system i use the miniaccount at FXsolution. I will trade mini-lots till the end of februari.

I have so far only traded this system at GBP/USD, EUR/USD, USD/CHF, AUD/USD and EUR/GBP.

But as i mension in a post this system should work for any currency pair.

/ joacim

My position (refer to post #39) was closed during my walk to town. Only 15 pips this day.

But hey.... 15 is better then nothing. You can't win them all....

Hi! Can anybody explain, why does this thing in the picture happen with the JL-lines indicator posted in the beginnig of this thread? Jl-lines are plotted on the chart without any relation to the OPEN price of the day. Thanks for help!

I understood. That happens when new week starts. Request to the author of that indicator: is it possible to correct that error?

Interesting nice and simple simple. Thanks for sharing this with us Joli. And also, lets keep it simple unlike most other systems which started simple and ended in a very different complex system.

I will try to trade with it and see what i can get from it.

Keep it up.

I quote from post #44:



Hope this will help you Trader83.

bossxero:

Thank you. And YES keep it simple. I will NOT make changes that makes this difficult. Of course if someone (or myself) comes up with an idea of a change that really are impressive we must take it into considuration.
But i will keep it as simple as i can.

Hi!

Today i have had two fantastic trades. One at the cable and one at AUD/USD.

I have just closed both positions at a total profit of 59 pips. (AUDUSD = 28 pips and Cable = 31)

I really hope that there are someone else then me that also have catched these two trades.

Jolimoney, what is GMT shift of your broker?

Trader83:


I don't really understand your question but i live in sweden were the time is CET (GMT +1).
The platform i use is Metatrader 4 (MT4) and the time at that platform seems to be CET-time wich suits me perfect.

I don't really care what time the broker i trade at has. Right now i trade at http://www.titanfingroup.com/ and it seems like they use GMT standard time.

Hope this will answer your question. If not... ask again and i will try to answer in another way.

/ jolimoney

Jolimoney:
I trade in Northfinance, they have +2GMT, so there was not signal to buy GBP, as you had, because the levels of JL lines in my terminal is different from yours. That is why I asked previous question.

Is it possible to put a description on the indicator line or some type of legend: Break A, Break B, Break Stop H, Break Stop L? I typically find that MT does not always show the text associated with the lines [have to move the mouse around alot before it appears].


Must the candle close between the two points in its entirety before you take the trade?

hello,

Im a programmer and im more active in other forums and I just visited now in this forum to see whats new around here. And I would have to say that it is really quite refreshing to be in another forum. Ive just read a few new threads and I have to say I love the way you guys think and share ideas.

Anyways I was reading through your thread Jolimoney and you mentioned somewhere that this is not a mechanical system...? where does the discretion come in?

I would love to try to code this into an EA but can you correct me im wrong. The way I understand is when price closes between the two upper pivot points take OPen a buy position, if it closes between the 2 lower pivot points open a sell positon. And stops are specifically specified in your first post also.

So did I understand your system correctly? do you think we could make this into an EA? or am I missing something is there a gap in the JL trading system that requires some traders discretion?

Sorry for all the questions

Thank you sharing this beutiful system,

Kind Regards and a Firm Handshake,
Mikhail

Trader83:

I strongly suggest that you download Metatrader 4 (it's totaly free) and use MT4 for your signal. When you do get a signal you ofcourse take possitions at your broker.
That's how i do it anyway. I check my charts and my strategies at MT4 and when i have a signal i move to my borker and place a trade.

I'm not familliar of Northfinance and i don't know if they have a platform were you can use customized indicators?


et_phonehome_2:

About the programing of the indicator i can not help you. I don't even know how to program. I did not do the indicator

As i describe in the first post you can use different timeframes. But remeber that a lower timeframe gives less imoprtance to the price.
I only trade on 1H timeframe and allways wait until the candle close.
If you use a lower timeframe... say 15 minutes it will close 4 times during a hour. But there is much more riskier.
I will not tell you how to trade but i will recommand you to have patience and wait until a 1H candle close.

Can We Turn This Into An Ea?

I have been following this forum closely and thank god , they are many helping hand coming to the picture. Since we have programmer who volunteer to make it the EA , why not give it a try ?

The idea behind this strategy is to indentify which way the price is moving to. If it goes between the above two line , we open buy position and vice versa for open sell position.

I would suggest two strategy here- Number One you can trade manually but it would be grateful if they are alert alarm if it in the buy or sell position.

Number two using EA.

I 'm using next bar close alarm to decide when to enter the market within the line.

Presently still testing this strategy and thank you for your sharing- May god bless You