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Pivot Point Squeeze, high probability system

  • #621
  • Jan 10, 2008 9:54am Jan 10, 2008 9:54am
Never received a sell signal on my end, in fact I'm showing a buy signal. These are GCT's original settings. I would recommend everyone confirm & backtest before trading live.

dynami - Are you sure you're using GCT's original code (from the Word doc on page 1)? We really shouldn't be getting opposite signals..
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  • #622
  • Jan 10, 2008 10:00am Jan 10, 2008 10:00am
Depending on brokers you might have some different signals depending on the history but more or less it should be the same, just double check make sure your periods on everything are what they are supposed to be and what the other indicators used look like ex. MACD and make sure the code is giving you the right signal, technically after the squeeze you dont need any of the indicators once you know what the ratio is you can tell by eye where macd is and around the pivot if it's a signal or not in general, the buy or sell signal is just there to help or alert you to look at the chart and once you do you'll see whats going on

just my .02
  • #623
  • Jan 10, 2008 3:21pm Jan 10, 2008 3:21pm
Unfortunately, I got in before the candle closed as it was heading down strong and while that candle was open during the first half hour it was showing a sell. Then it powered the other way up showing a buy and thats where it closed. Guess that teaches me for jumping in early. No matter, as soon as it swung around and closed as a buy, I did a stop and reverse and am still showing a hold atm. Lucky I still got to profit from my lack of patience...
  • #624
  • Jan 10, 2008 3:23pm Jan 10, 2008 3:23pm
.
Attached Image (click to enlarge)
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  • #625
  • Jan 10, 2008 3:26pm Jan 10, 2008 3:26pm
Wow, I should have been watching the aussie!
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  • #626
  • Jan 10, 2008 5:47pm Jan 10, 2008 5:47pm
Quoting dynami
Wow, I should have been watching the aussie!
How are your signals triggering regardless of a pivot point break? Can you post your squeeze code?
  • #627
  • Jan 11, 2008 5:24am Jan 11, 2008 5:24am
Hey KGB,

I am using a code which shows the squeeze regardless of pivot points. I can ascertain if it is close enough to the pivot point to make it a valid high probability signal by keeping the pivot points showing on my charts. The aussie has stalled after that large move yesterday. It would not surprise me at all if it continued its move north due to solid fundamentals for the aussie and against the USD.

Here is the current chart showing the squeeze although there is no pivot close to this one...
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_JPY (-).png Size: 30 KB
  • #628
  • Edited 7:59am Jan 12, 2008 7:40am | Edited 7:59am
Quoting GCTrader1
Hi FX97,

It can be traded on other time frames for sure but you must remember that the lower the time frame, the higher the probability of a head-fake. I have 2 pairs up, euroyen and aussie. I have 1 day, 1 hour, 30 min, 15 min and 10 min charts up for both... lucky I have 4 monitors. I am about to get my 5th 37" to free up more space.

Just like Elliott Wave Theory where you have waves within waves, you have squeezes within squeezes. These can be however, a precursor to a squeeze in a higher timeframe. The ones that are signaling an entry at a lower time-frame are a heads up to keep an eye on the higher time frames which are more reliable.

Thats not to say that the lower timeframes are not trade-able, which I do, but are more prone to false signals, or head-fakes.

GCTrader
(When you get out of jail!)
System is tops GC.
Can you tell me why you choose just 2 pairs to trade? Are they uncorrelated to each other? It sounds like a good idea.
  • #629
  • Jan 12, 2008 8:01am Jan 12, 2008 8:01am
Alexish
If you are still on this thread. Could you include the weekly pivot points into your Bands_Squeeze_v5 ?
Excellent programmer!
  • #630
  • Jan 13, 2008 3:13am Jan 13, 2008 3:13am
Hi Tenshi,

Those 2 pairs are used because of the high success rate. Anything that can be traded can be used but some work better than others. Another one you will want to look at is gold on the daily and 1H. It works beautifully on it! Weekly pivot points can be used as well to keep an eye on further confluences with the daily pivot points.

Dynami
  • #631
  • Jan 13, 2008 7:23am Jan 13, 2008 7:23am
Quoting dynami
Hi Tenshi,

Those 2 pairs are used because of the high success rate. Anything that can be traded can be used but some work better than others. Another one you will want to look at is gold on the daily and 1H. It works beautifully on it! Weekly pivot points can be used as well to keep an eye on further confluences with the daily pivot points.

Dynami
Thanks Dynami
Where can you buy and sell gold? You wouldn't want to bid on the Aus at the same time as the gold would you, too closely related?
  • #632
  • Jan 13, 2008 4:20pm Jan 13, 2008 4:20pm
They are fairly closely related, but there are two different mechanisms that drive the two markets. When risk aversion is rampant due to instability in the markets, then people tend to exit their huge carry trade which has the aussie intertwined with it due to the interest rate differential with the yen. So the aussie tends to drop. But also due to this instability, traders and average Joe buy something with intrinsic value like gold. So as you can see, the mechanism behind gold and the aussie are not so clean cut. Sure Australia has alot of gold reserves and when the price of gold goes up, it can be argued that the aussie will also rise. That is simple math, we have alot of something that is getting more valuable every day.

Anyway, I think I am getting off track here. There is a correlation between the aussie and gold but that correlation changes due to differing circumstances. Im doing it again... Bottom line, it produces net profit trading both!

Dynami
  • #633
  • Jan 13, 2008 7:44pm Jan 13, 2008 7:44pm
Quoting dynami

Anyway, I think I am getting off track here. There is a correlation between the aussie and gold but that correlation changes due to differing circumstances. Im doing it again... Bottom line, it produces net profit trading both!

Dynami
Thanks Dynami
I'm just used to Forex, what brokers offer gold? I use MBTrading and they don't have gold available as far as I can see. Charting as well, gold on MT4?
  • #634
  • Jan 13, 2008 7:52pm Jan 13, 2008 7:52pm
Quoting tenshi
Thanks Dynami
I'm just used to Forex, what brokers offer gold? I use MBTrading and they don't have gold available as far as I can see. Charting as well, gold on MT4?
FXDD is offering Gold (XAUUSD) and Silver (XAGUSD) and Oanda as well.
"The only successful substitute for brains is silence."
  • #635
  • Jan 13, 2008 11:32pm Jan 13, 2008 11:32pm
Quoting DXTrade
FXDD is offering Gold (XAUUSD) and Silver (XAGUSD) and Oanda as well.
Thanks DXTrade
  • #636
  • Jan 15, 2008 4:45am Jan 15, 2008 4:45am
Can some of you please do some manual backtesting for this system on the EUR/JPY for the period 26th Nov'07 til 16th Dec'07 (1 hour chart)?

I've done some optimisations and have used some best fit parameters, but my auto results show many losing trades during the period mentioned above.

Thanks, Johnny.
  • #637
  • Jan 15, 2008 7:29pm Jan 15, 2008 7:29pm
Quoting JohnnyFOREX
Can some of you please do some manual backtesting for this system on the EUR/JPY for the period 26th Nov'07 til 16th Dec'07 (1 hour chart)?

I've done some optimisations and have used some best fit parameters, but my auto results show many losing trades during the period mentioned above.

Thanks, Johnny.
Hi Johnny
I haven't done back testing sorry but did you incorporate these tests with the pivot points for those days? Are you using MT4? The bands squeeze is by no means a stand alone indicator and shouldn't in my opinion be used solely for entry and exit. Very useful for describing the present state of the market (ranging or trending or squeezing) and very useful in conjunction with other indicators.
  • #638
  • Jan 15, 2008 7:40pm Jan 15, 2008 7:40pm
Sorry to post a confession of ignorance at using the MT4 platform and programming in general but...!!
Could someone tell me how to set the Bands_Squeeze_v5 indicator to an email alert?

thanks
Tenshi
  • #639
  • Jan 16, 2008 1:41am Jan 16, 2008 1:41am
Is email alerts available on MT4??? That would be great if you can!
  • #640
  • Jan 16, 2008 1:58am Jan 16, 2008 1:58am
Yes, email alerts are available. You need to set up your smtp server information under options and then email.
The standard alert can be found under the terminal, right click and choose create, but you only have the choice of price: if it goes above or below a certain price.
It would be nice if some of those incredible programmers out there could add a few lines of programme for email alerts when the squeeze occurs!!!
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