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Pivot Point Squeeze, high probability system

  • #161
  • Dec 7, 2007 8:16am Dec 7, 2007 8:16am
nice long today, tp 50
  • #162
  • Dec 7, 2007 8:17am Dec 7, 2007 8:17am
I thought so!
  • #163
  • Dec 7, 2007 8:53am Dec 7, 2007 8:53am
Ah, right Chawichsak.

Yep, good trade today.
  • #164
  • Dec 7, 2007 10:28am Dec 7, 2007 10:28am
Update my IBFX platfrom But if we exit by MACD rule then should be exit on vertical red line right? Because the value on that MACD bar(.254) is less than previous MACD bar(0.256)

Attached Image (click to enlarge)
Click to Enlarge Name: bb2.gif Size: 42 KB
  • #165
  • Dec 7, 2007 10:45am Dec 7, 2007 10:45am
Quoting chawichsak
Update my IBFX platfrom But if we exit by MACD rule then should be exit on vertical red line right? Because the value on that MACD bar(.254) is less than previous MACD bar(0.256)

Attachment
May I use your chart to decorate my Christmas tree?
  • #166
  • Dec 7, 2007 1:51pm Dec 7, 2007 1:51pm
Anybody try to download the IT Finance charts? Which product do we use of theirs? The CMC Markets demo looks like it is only good for 14 days. Any help would be appreciated.

Thanks for sharing this method mate. It looks so promising!

thanks

Rob
Longboat
  • #167
  • Dec 7, 2007 3:13pm Dec 7, 2007 3:13pm
O.K. let's have a look at the last trade.

Bbsqueeze prints magenta dot at the waterline giving a heads up to an impending trade (a bollinger band sqeeze is forming). Bbhisto prints red dots indicating a possible short however, there is no cross of the waterline by the DPO so no short entry ( oh boy, there is that hindsite again ). Bbhisto then prints a green dot with Macd histo and DPO (rising) confirming. Bandwidth also rising towards .0056 level. Either of the two bars marked with vertical blue line could have been an entry. Once again, not a completely mechanical signal, some discretion is still required by the trader. A some what later signal could have been taken when the Bandwidth crossed the .0056 threshold - a safer entry but less pips ???

To answer Colostarr's question: Yes the setup is for MT4. The attached template should help with your setup. The indicators are available from post 141. DPO was initially just drag and dropped from the indicators list ontop of bbsqueeze, the rest of the indicators were just attached to the chart as per usual. The magenta dots that appear on the bbsqueeze are your heads up that a bollinger band squeeze is occuring and it may be time to watch for a trade. All of the other indicators must line up - DPO must cross waterline, bbhisto must print appropriate coloured dot, Macd signal must corroborate and Bandwidth must be rising and be ready to or already crossing the .0056 level. When all the ducks are in a row that is theoretically when one pulls the trigger. Please be aware that this is currently just a test set up for MT4 in an attempt to mimic GCT'S entries. Needs some practice as it is not quite as mechanical as GCT's method on the IT Finance platform. Practice before you play!
Attached Image
Attached File(s)
File Type: tpl sqeezeblk2.tpl   4 KB | 744 downloads
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #168
  • Dec 7, 2007 3:19pm Dec 7, 2007 3:19pm
If you already have a broker, than I wouldnt worry about changing them just to have ITfinance charts, even tho they are good. If you dont have one, then IGMarkets are your best bet. If your new, start with $500 rather than a demo and deal with 1 mini unit. This way you introduce yourself to the psychological side of trading. Demo trading is a waste of time for any longer than 3 months.

After losing money for 6 months(you will!) a light bulb will turn on in your head and than everything makes sense and trades are nothing but opportunities to make money(which you can now do regularly).

GCTrader
  • #169
  • Dec 7, 2007 3:41pm Dec 7, 2007 3:41pm
Quoting guess121
1. Is this an error... as the RED bars keep on going so far?
2. In the second pic, I am trying to run the back test as per your doco and get this error, any reason why?
Guess,

One of the variable arguments must be wrongly set. Set them all to floating/no restriction. For some reason the code seems to be putting back a number outside of your min and max variable alotment.

Check that first and then we can go from there...

GCTrader
  • #170
  • Dec 7, 2007 3:47pm Dec 7, 2007 3:47pm
Quoting GCTrader1
If you already have a broker, than I wouldnt worry about changing them just to have ITfinance charts, even tho they are good. If you dont have one, then IGMarkets are your best bet. If your new, start with $500 rather than a demo and deal with 1 mini unit. This way you introduce yourself to the psychological side of trading. Demo trading is a waste of time for any longer than 3 months.

After losing money for 6 months(you will!) a light bulb will turn on in your head and than everything makes sense and trades are nothing but opportunities to make money(which you can now do regularly).

GCTrader
IG won't accept US accounts, even for a demo.
  • #171
  • Dec 7, 2007 3:50pm Dec 7, 2007 3:50pm
Quoting fxhermit
O.K. let's have a look at the last trade.

Bbsqueeze prints magenta dot at the waterline giving a heads up to an impending trade (a bollinger band sqeeze is forming). Bbhisto prints red dots indicating a possible short however, there is no cross of the waterline by the DPO so no short entry ( oh boy, there is that hindsite again ). Bbhisto then prints a green dot with Macd histo and DPO (rising) confirming. Bandwidth also rising towards .0056 level. Either of the two bars marked with vertical blue line could have been an entry. Once again, not a completely mechanical signal, some discretion is still required by the trader. A some what later signal could have been taken when the Bandwidth crossed the .0056 threshold - a safer entry but less pips ???

To answer Colostarr's question: Yes the setup is for MT4. The attached template should help with your setup. The indicators are available from post 141. DPO was initially just drag and dropped from the indicators list ontop of bbsqueeze, the rest of the indicators were just attached to the chart as per usual. The magenta dots that appear on the bbsqueeze are your heads up that a bollinger band squeeze is occuring and it may be time to watch for a trade. All of the other indicators must line up - DPO must cross waterline, bbhisto must print appropriate coloured dot, Macd signal must corroborate and Bandwidth must be rising and be ready to or already crossing the .0056 level. When all the ducks are in a row that is theoretically when one pulls the trigger. Please be aware that this is currently just a test set up for MT4 in an attempt to mimic GCT'S entries. Needs some practice as it is not quite as mechanical as GCT's method on the IT Finance platform. Practice before you play!
FXHermit,

As always, looks like your ontop of it! Glad you have some MT4 skills for all the people out there with meta. While my chart looks great with a signal blatently obvious in the form of red of green bars, this is not needed. Watching those bands narrow far narrower than what has been traded lately is a precursor to a possible large move. MACD threshold turnaround is just one way to exit, pivot points are the other highly effective way to do that. bollinger bandwidth in histogram points out the compression of the bands really well so that is how I started thinking along the lines of a trigger level.

The code I am working on now will not have a set trigger level, more an intuitive level that changes depending on current market data. This new trigger will be superimposed ontop of the bollinger bandwidth so you can keep an eye on the level. Anyway, I hope this system is helping out all you traders out there as it is working VERY well for me and that is why I thought to share...

GCTrader
  • #172
  • Dec 7, 2007 3:58pm Dec 7, 2007 3:58pm
Quoting billbss
IG won't accept US accounts, even for a demo.
That sux. Well if an awesome charting package is needed, than ITfinance can help you out. I just sent them an email to find out prices for their service...

GCTrader
  • #173
  • Dec 7, 2007 4:01pm Dec 7, 2007 4:01pm
Quoting GCTrader1
That sux. Well if an awesome charting package is needed, than ITfinance can help you out. I just sent them an email to find out prices for their service...

GCTrader
There may be an American broker that is also tied in with ITfinance. If so, their demo may include the IT charting.
  • #174
  • Edited 7:34pm Dec 7, 2007 6:31pm | Edited 7:34pm
I can't get these to work on my North Finance I did on FXDD Metatraders platforms. I get error messages about global parameters when I try and attach them after compiling them. Anyone know what I did wrong. Should I not drag them into expert advisers and then indicators?


thanks
Rob
  • #175
  • Dec 8, 2007 1:45am Dec 8, 2007 1:45am
Quoting billbss
May I use your chart to decorate my Christmas tree?


classic!

btw I use cmc and it is one of the preferred brokers for FF and uses it finance charts. you can open an account with 2000 and then withdraw it and keep using the charts forever I think. Ive had zero balances for a year and still logged on and used the charts
BTC Return This Year: na
  • #176
  • Dec 8, 2007 4:24pm Dec 8, 2007 4:24pm
Quoting chawichsak
Update my IBFX platfrom But if we exit by MACD rule then should be exit on vertical red line right? Because the value on that MACD bar(.254) is less than previous MACD bar(0.256)

Attachment
Hey,

I was wondering if you could send me your template with the indicators? I like the way your chart is set up!

Thank you
hello
  • #177
  • Dec 8, 2007 4:50pm Dec 8, 2007 4:50pm
Quoting chawichsak
I just entry long on green vertical line and put stoploss at R2 (162.78)

Attachment
As an MT4 user, I am in love with your chart!! If only I could have a template.
  • #178
  • Dec 9, 2007 8:50pm Dec 9, 2007 8:50pm
Heads up on the euroyen. No signal yet, but the bands are starting to narrow with the price hovering over the central pivot point. If a trade is signaled later I will post the entry with recommended exits.

As you can see, we had a great butterfly formation on friday. An awesome trade that one!

GCTrader


http://img213.imageshack.us/img213/3...xeurjpybe7.png
  • #179
  • Dec 9, 2007 8:56pm Dec 9, 2007 8:56pm
samething on the gj. Get ready it is going to break out one way or the other, just waiting patiently. Will post my charts once it develops...
Enter Signature
  • #180
  • Dec 10, 2007 12:10am Dec 10, 2007 12:10am
Here are some websites that I find invaluable for trading FX.


http://www.dailyfx.com/

http://www.bloomberg.com/news/economy/

http://www.marketoracle.co.uk/

http://www.fxstreet.com/news/forex-news/

http://www.forexpeacearmy.com/forex_news_calendar/

http://news.bbc.co.uk/2/hi/business/default.stm

http://www.tradingeconomics.com/default.aspx

http://www.timingcharts.com/index.php

http://retail.ransquawk.com/

http://finance.yahoo.com/charts#chart1:symbol=^vix;range=6m;indicator=macd;charttype=candlestick;crosshair=cross;logscale=off;source=undefined

and of course the very site you are on now

GCTrader
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