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Pivot Point Squeeze, high probability system

  • #41
  • Nov 24, 2007 8:08pm Nov 24, 2007 8:08pm
Hi GCTrader1,

How successful have you found this, how many signals occur throughout the day/week?

What time frame is the best?

Thanks,
Guess
  • #42
  • Nov 24, 2007 10:10pm Nov 24, 2007 10:10pm
Quoting cryten
Found this template today on Forex TSD perhaps could help those with MT4, I'm not sure so don't b!tch at me.
You guys are really funny

Thats my template for MT4 which I posted here in this thread on page 2.
Why don't you ever read a thread from the beginning? Come on... it's only 3 pages for now.
"The only successful substitute for brains is silence."
  • #43
  • Edited 3:03am Nov 25, 2007 12:27am | Edited 3:03am
My two cents here..... H1 data without underlying M1 data COULD give false backtests.... simply because MT4 will drop down to the lowest timeframe for entries and exits.....

When you only have H1 data, the backtester won't know where to put the exit (because the movement during the hour isn't available)

Because this system enters at the end of an hour (correct GCT?) then you might be alright.... Just need GCT to verify entries and exits by eyeballing them.

Quoting M.A.C.Doug
Hi all
GCT - My trading buddy, johnnyforex, is good with programming in this language and we have access to 7 years of hourly data as a subscriber to pro realtime. Just eyeballing your system over the last 4 months data shows a succes rate not unlike your backtest. Ive invited him over here so we should have some 7 year results and optimisations soon.

GCT,

This system is extremely systematic. That can work either way. I like the results so far, but am still going to remain skeptical for awhile until I can get my own hands dirty with it.

The one thing that bothers me is your use of wide stops during initial entry. Your Risk:Reward could actually be less than 1:1, which is a red flag in my book.

Sorry if I sound negative, it's just that forex is a tough market to make money in consistently, and I reserve my judgements until I feel confident in them. Thanks for sharing this..... very good combination of PP and BB.... never seen anything quite like it, and its got a professional look.

-TD
  • #44
  • Nov 25, 2007 1:16am Nov 25, 2007 1:16am
Thanks for the template! I have never added a template to my chart before...can you explain to me how to add templates to MT4? Thank you in advance!
Quoting DXTrade
OK, it's not perfect, but at least a try.
Here is a template file attached for MT4.
Just add your favorite pivot indi and it should be at least a start.

Enjoy...
Edit: NEVERMIND...I found it!! Looks GREAT!!! Hope it works!
  • #45
  • Nov 25, 2007 5:48am Nov 25, 2007 5:48am
Quoting tdion
My two cents here..... H1 data without underlying M1 data COULD give false backtests.... simply because MT4 will drop down to the lowest timeframe for entries and exits.....

When you only have H1 data, the backtester won't know where to put the exit (because the movement during the hour isn't available)

Because this system enters at the end of an hour (correct GCT?) then you might be alright.... Just need GCT to verify entries and exits by eyeballing them.




GCT,

This system is extremely systematic. That can work either way. I like the results so far, but am still going to remain skeptical for awhile until I can get my own hands dirty with it.

The one thing that bothers me is your use of wide stops during initial entry. Your Risk:Reward could actually be less than 1:1, which is a red flag in my book.

Sorry if I sound negative, it's just that forex is a tough market to make money in consistently, and I reserve my judgements until I feel confident in them. Thanks for sharing this..... very good combination of PP and BB.... never seen anything quite like it, and its got a professional look.

-TD
This system is very systematic and thats the way I like it. It is not unusual for 2 different people to have the same system when one trader is profitably trading and the other is not. This is due to the psychology of trading which in my opinion is the biggest downfall of many traders.

I wait for the entry candle to close before i enter as retracements can give a false early entry. It has been profitable for me so far and that is trading live. Im sure some more tweaking of the system would help, but I like the old saying, "If something ain't broke, dont fix it!"

GCTrader
  • #46
  • Nov 25, 2007 10:21am Nov 25, 2007 10:21am
The system is great ...the settings have to be changed for each currency pairs..

I being using BB squeeze indicators for some days now and combined with above system..it would give much accurate signal where the potential breakout could be..

Try these indicators and see if we can work out work on this...
Attached File(s)
File Type: mq4 BB_Squeeze_Advanced_v2.mq4   14 KB | 2,031 downloads
File Type: mq4 bbsqueeze1.mq4   4 KB | 1,856 downloads
File Type: mq4 Bollinger Squeeze v7.mq4   4 KB | 2,037 downloads
  • #47
  • Nov 25, 2007 10:38am Nov 25, 2007 10:38am
Quoting GCTrader1
Ok, I removed the bars in post#17 to illustrate that the code is not needed and you can spot the trade without it but the code makes it much easier to spot concise entries and exits.

The missing variables are as follows

P
PIVOT DEVIATION
MIN 0
MAX 40
STEP 1

L
TRIGGER
MIN 0.003
MAX 0.008
STEP 0.0001

B
BOLLINGER BANDWIDTH
MIN 17
MAX 27
STEP 1

A
MACD THRESHOLD
MIN 3
MAX 9
STEP 0.1

Best settings I have found are p = 14, l = 0.0056, b = 18, a = 6.2.
That’s for the euroyen.

These are entered in the right hand part of the indicator on IT Finance charts under variables. This enables you to adjust them without changing code and doing it live to see the results, something very valuable when I was first testing.

The bollinger bands in my pics that are on the main chart are still at 20 because changing all them is a bitch and I still havent got around to it. But the are 18 in the code which gives the best entry.

GCTrader

The Bandwidth cannot work at a constant value (.0056 or whatever).
It is designed to use relative values as a trigger point.

For example, if you look back on a chart, the indicator spent most of it's time well below .0056, during July.

Bollinger recommends using the 6 month extremes as triggers. This means that the Bandwidth indicator doesn't signal a squeeze until it falls below the 6 month low reading.

He was talking about daily charts. Six months of daily bars is equal to about 132 bars.
If you translate that to hourly candles, it equals about 5.5 days.

I would place a line at the 5 or 6 day low and wait for the indicator to fall below that level before I looked for a trade.
  • #48
  • Nov 25, 2007 11:08am Nov 25, 2007 11:08am
Quoting GCTrader1
Hi all,

This is a system I have been trading for a while and thought I would do as my mum taught me and share.

It is a pivot point system that takes into account constricted activity around these points and helps you reach a conclusion as to trade or not. It is a high probability system so the signals do not come around all the time but when they do, you can trade fairly heavily knowing it has the best chance of success. It seems to work best on EUR/JPY but it works on other pairs as well. Here are some pics of the entries it suggests. I will post the PDF soon.

http://img442.imageshack.us/img442/2650/spotfxeurjpy1http://img111.imageshack.us/img111/4...eurjpy1ra8.png

The Red bars up the top signal a sell


http://img101.imageshack.us/img101/5...eurjpy2hm3.png

The Green bars indicate a buy signal.

Let me know what you think...

GCTrader
Wow you have taken a very simple indicator in pivot points and made it very complicated.

Trading pivot points are actually easy. The price breaks thru the pivot point or not.

If in an uptrend the price breaks thru the pivot point then the close of candlestick will confirm the break. So simply buy on the opening of the next candle.

If in an uptrend the price doesnt break thru the pivot point then the candle will not close above the pivot point but below it. And that is your signal to go short.
  • #49
  • Nov 25, 2007 1:16pm Nov 25, 2007 1:16pm
Quoting billbss
The Bandwidth cannot work at a constant value (.0056 or whatever).
It is designed to use relative values as a trigger point.

For example, if you look back on a chart, the indicator spent most of it's time well below .0056, during July.

Bollinger recommends using the 6 month extremes as triggers. This means that the Bandwidth indicator doesn't signal a squeeze until it falls below the 6 month low reading.

He was talking about daily charts. Six months of daily bars is equal to about 132 bars.
If you translate that to hourly candles, it equals about 5.5 days.

I would place a line at the 5 or 6 day low and wait for the indicator to fall below that level before I looked for a trade.
Have to look into that, sounds good! So you have read Bollinger on bollinger I take it? Im going to have to buy that one, heard good things about it. One book I recommend is Forex Conquered, amazing book! Person goes quite in depth about pivot points and like I said in earlier posts they can be a trading strategy all by themselves, im all for a system that dilutes the entry points down to the ones with the best opportunity for success.

GCTrader
  • #50
  • Nov 26, 2007 7:50pm Nov 26, 2007 7:50pm
Any updates on this? Ill post results after my test is complete.
  • #51
  • Nov 26, 2007 10:26pm Nov 26, 2007 10:26pm
i think yesterday got a short position rite??

i am shorted 160.47 and closed this morning with +85 @ 159.62 when m30 rsi is oversold..... http://www.dxtrade.org/forum/images/.../icon_wink.gif http://www.dxtrade.org/forum/images/.../icon_wink.gif

great, but after that ej jump up.... http://www.dxtrade.org/forum/images/smiles/icon_lol.gif luckly safe with RSI http://www.dxtrade.org/forum/images/.../icon_wink.gif http://www.dxtrade.org/forum/images/.../icon_wink.gif
  • #52
  • Nov 27, 2007 1:05am Nov 27, 2007 1:05am
I had the same on this pair as well as the GJ...I doubled my lots and took 20 pips each. Trades triggered after I went to bed...it was nice to see 40 pips sitting in the bank when I woke up!! Great system! I'll used this along with the BAT!!
Quoting nklin88
i think yesterday got a short position rite??

i am shorted 160.47 and closed this morning with +85 @ 159.62 when m30 rsi is oversold.....

great, but after that ej jump up.... http://www.dxtrade.org/forum/images/smiles/icon_lol.gif luckly safe with RSI http://www.dxtrade.org/forum/images/.../icon_wink.gif http://www.dxtrade.org/forum/images/.../icon_wink.gif
  • #53
  • Nov 27, 2007 6:51am Nov 27, 2007 6:51am
Quoting Colostarr
I had the same on this pair as well as the GJ...I doubled my lots and took 20 pips each. Trades triggered after I went to bed...it was nice to see 40 pips sitting in the bank when I woke up!! Great system! I'll used this along with the BAT!!
hi, for the gj, what triggered line u use??

what is BAT??

thanks

lin
  • #54
  • Edited 9:55am Nov 27, 2007 9:45am | Edited 9:55am
I placed a buy and a sell stop 9 pips above the closest resistance line and 9 pips below the closest support line. While I slept they triggered. I used a 50 pip fixed stop for both. It triggered at 223.04
Quoting nklin88
hi, for the gj, what triggered line u use??

what is BAT??

thanks

lin
Here's a link to the BAT system!! Very powerful tool!! Happy piping!
http://www.forexfactory.com/showthread.php?t=12808
  • #55
  • Nov 27, 2007 9:55am Nov 27, 2007 9:55am
Yes there was a trade yesterday but I missed it, have to find a way to auto trade this. but that can be dangerous as well, its just this system has been so good I would at least like to give it a go on autotrade...

Here is the chart for the last couple of days, as you can see yet another great trade!


http://img258.imageshack.us/img258/1...eurjpy6aa5.png

Red bars represent a short where the squeeze co-insides with a break of the pivot points where the pink bars represent a short where it does not...
  • #56
  • Nov 27, 2007 10:18am Nov 27, 2007 10:18am
Hi GCTrader1

How can I get the charts you have got, with the code on the chart?

Is there a free charting tool, company that will provide this?

Thanks,
Guess

Quoting GCTrader1
Yes there was a trade yesterday but I missed it, have to find a way to auto trade this. but that can be dangerous as well, its just this system has been so good I would at least like to give it a go on autotrade...

Here is the chart for the last couple of days, as you can see yet another great trade!


http://img258.imageshack.us/img258/1...eurjpy6aa5.png

Red bars represent a short where the squeeze co-insides with a break of the pivot points where the pink bars represent a short where it does not...
  • #57
  • Nov 27, 2007 10:38am Nov 27, 2007 10:38am
Quoting GCTrader1
Yes there was a trade yesterday but I missed it, have to find a way to auto trade this. but that can be dangerous as well, its just this system has been so good I would at least like to give it a go on autotrade...

Here is the chart for the last couple of days, as you can see yet another great trade!


http://img258.imageshack.us/img258/1...eurjpy6aa5.png

Red bars represent a short where the squeeze co-insides with a break of the pivot points where the pink bars represent a short where it does not...
On the far left of your screenshot there are red bars but the candles seem to be moving slightly up. We can't see the entire price action. Was that a winning or losing trade?

Thanks.
  • #58
  • Nov 27, 2007 2:18pm Nov 27, 2007 2:18pm
That was the end to a very nice trade. I wait till it is obvious that the move is over which sometimes means giving a little back but its much better than missing out on a big move because I was jittery!

GCTrader
  • #59
  • Nov 27, 2007 2:22pm Nov 27, 2007 2:22pm
Guess,

It is free with my Broker(see previous posts). good package that works well for me...

GCTrader
  • #60
  • Nov 27, 2007 2:39pm Nov 27, 2007 2:39pm
Thanks for sharing this method GCT. I currently use Dollies System (check it out if you haven't) but became enamored with your bollinger band squeeze and now are using as my first sign that a trade is coming. I will post a chart soon showing how I use this with Dollie.
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