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Attachments: X50 - M5 trend following
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X50 - M5 trend following

  • #181
  • Feb 7, 2008 4:57am Feb 7, 2008 4:57am
I must say that as a true scalping method this approach is very consistent. Well done!!
  • #182
  • Feb 7, 2008 1:30pm Feb 7, 2008 1:30pm
Hi deang001

FWIW I took exactly the same trade you described in #177 - exited for the reason you did, and then watched as more and more pips developed. Not complaining though.

My thanks to Canuck for developing this excellent strategy, which I use for the first 2/3 hours of the Europe/London open with considerable sucess.

Now, if only we could find the perfect exit............that to me is the Holy Grail!!
  • #183
  • Edited 4:19pm Feb 7, 2008 4:02pm | Edited 4:19pm
Hello folks,

Real busy time for me at work...so I won't be posting much for a while but will be quietly trading. However, I have been up late at nights searching for a way to improve this approach. And here it is.

I've been quietly searching for a trend identification filter and x50 is now new and improved. The filter is called UT_Fast and it appears on the bottom of the chart. You can trade x50 as is or with this new approach. It takes a little longer to get into the trade, but wins more often and keeps you out of ranging markets. Isn't that what we all want.

I'm trading this on 5-3-3 and 14-3-3 stochs and the trend filter. MACD is gone because is it redundant. UT_Fast identifies the trend and stochs for entry. Only enter in direction of trend.

Comments? Can someone build this into an EA?

The folks who are testing the indicator...please put this on hold for now.

On the chart of GJ for today...all winners and if you must enter on a bullish candle for a buy and a bearish for a sell, the last trade would not have been taken.

Thanks

CanuckCT
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 23 KB
Attached File(s)
File Type: mq4 UT_FAST.mq4   26 KB | 1,535 downloads
File Type: tpl !!x50.tpl   2 KB | 1,005 downloads
  • #184
  • Feb 7, 2008 9:31pm Feb 7, 2008 9:31pm
Hi CanuckCT,
Am I correct in assuming that when green is above red on the UT_Fast that we're in an up trend and that the opposite is true for downtrend? Also, of what significance are the level lines on that indicator?
Thanks is advance and it's looking good!
  • #185
  • Feb 7, 2008 10:52pm Feb 7, 2008 10:52pm
Have you done away with the AI as well?
  • #186
  • Feb 8, 2008 2:02am Feb 8, 2008 2:02am
Quoting CanuckCT
Hello folks,

Real busy time for me at work...so I won't be posting much for a while but will be quietly trading. However, I have been up late at nights searching for a way to improve this approach. And here it is.

I've been quietly searching for a trend identification filter and x50 is now new and improved. The filter is called UT_Fast and it appears on the bottom of the chart. You can trade x50 as is or with this new approach. It takes a little longer to get into the trade, but wins more often and keeps you out of ranging markets. Isn't that what we all want.

I'm trading this on 5-3-3 and 14-3-3 stochs and the trend filter. MACD is gone because is it redundant. UT_Fast identifies the trend and stochs for entry. Only enter in direction of trend.

Comments? Can someone build this into an EA?

The folks who are testing the indicator...please put this on hold for now.

On the chart of GJ for today...all winners and if you must enter on a bullish candle for a buy and a bearish for a sell, the last trade would not have been taken.

Thanks

CanuckCT
how do you use sto 14 3 3 and 5 3 3 to entry in new method?
in crossing?
thanks
  • #187
  • Feb 8, 2008 3:51am Feb 8, 2008 3:51am
I THINK? I understand your new indicator and how it works but not really 100%. Canuck, could you please give an explanation of how the UT operat
es and how you specifically use it. Thanks.
  • #188
  • Feb 10, 2008 12:59pm Feb 10, 2008 12:59pm
Quoting Jeffalan2112
I THINK? I understand your new indicator and how it works but not really 100%. Canuck, could you please give an explanation of how the UT operat
es and how you specifically use it. Thanks.
You'll find some info on this indicator over on www.forex-tsd.com. I wish I could supply the exact link but I've yet to find out how to do that on FF! Maybe some kind soul could clue me in. I asked the admin. ages ago, but no reply as yet.

Cheers
  • #189
  • Feb 10, 2008 1:39pm Feb 10, 2008 1:39pm
Here is one of the links :
http://www.forex-tsd.com/indicators-...tra-trend.html

PC

Quoting eyevoltage
You'll find some info on this indicator over on www.forex-tsd.com. I wish I could supply the exact link but I've yet to find out how to do that on FF! Maybe some kind soul could clue me in. I asked the admin. ages ago, but no reply as yet.

Cheers
Less is more...
  • #190
  • Feb 10, 2008 5:25pm Feb 10, 2008 5:25pm
Hi psymantis,

That is correct. I believe above 23 and below 8 is the level for a strong trend reading (though I'm not sure that's how I will use it). Because x50 provides a lot of signals, the EA under construction is hyper-active. We are tinkering with using this as a filter to reduce the number of trades that it takes. Entry rules are as per post #1, except that it only takes the trades as per this filter. Think of it as providing the EA with a little discretion.

Some people trade the cross of this filter and I think it's a pretty good indicator to help identify sideways markets that you might want to avoid. I'm still testing, but it seems like it will have some merit.

Original x50 still intact but the idea is to use an indicator for the alert that conditions exist and then glance at the trend...and make a decision. I will share indicator when it's ready, still a few issues to sort out.

See chart below...all of x50 rules met....macd crossed zero, both stochs toght together and below 50 and AS confirms. But as might be expected on Sunday night the markets ranging and this trade is a pass. Sometimes GBPCHF trades quite nicely in the Asian session and would want to take those trades.

As with any indicator, when the trend is changing they lag a bit so following these rules you will miss some trades. But there is always opportunity for re-entry later and you could of course ignore the trend filter all together.

Cheers,
CanuckCT

Quoting psymantis
Hi CanuckCT,
Am I correct in assuming that when green is above red on the UT_Fast that we're in an up trend and that the opposite is true for downtrend? Also, of what significance are the level lines on that indicator?
Thanks is advance and it's looking good!
Attached Image
  • #191
  • Feb 10, 2008 6:52pm Feb 10, 2008 6:52pm
Quoting eyevoltage
You'll find some info on this indicator over on www.forex-tsd.com. I wish I could supply the exact link but I've yet to find out how to do that on FF! Maybe some kind soul could clue me in. I asked the admin. ages ago, but no reply as yet.

Cheers

Good help can be hard to find...

Here you go:

If you want to give a link for the entire page that the post(s) is on, then just highlight and copy the information in your browsers' address bar.

If you want to give a link for the specific post then right click the post # and select properties. Then highlight and copy (by right clicking) the address (url).

If you want to give a link that goes straight to the specific post but also leaves the rest of the thread intact on the screen, then right click the "permalink" and highlight/copy the address.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: webpage hyperlink.GIF Size: 12 KB
Click to Enlarge Name: single post hyperlink.GIF Size: 61 KB
Click to Enlarge Name: thread link starting post.GIF Size: 62 KB
  • #192
  • Feb 11, 2008 1:58am Feb 11, 2008 1:58am
Many thanks indeed for the info, mate.

You are a true gentleman and a scholar.

May your trades be plentiful and profitable.

Cheers
  • #193
  • Feb 11, 2008 3:57am Feb 11, 2008 3:57am
Here is an example of how the filter would be sucessful in an EA. It would filter a bunch of trades and accept the trades that fire once a trend sets in.
Cheers,
CanuckCT

Quoting CanuckCT
Hi psymantis,

That is correct. I believe above 23 and below 8 is the level for a strong trend reading (though I'm not sure that's how I will use it). Because x50 provides a lot of signals, the EA under construction is hyper-active. We are tinkering with using this as a filter to reduce the number of trades that it takes. Entry rules are as per post #1, except that it only takes the trades as per this filter. Think of it as providing the EA with a little discretion.

Some people trade the cross of this filter and I think it's a pretty good indicator to help identify sideways markets that you might want to avoid. I'm still testing, but it seems like it will have some merit.

Original x50 still intact but the idea is to use an indicator for the alert that conditions exist and then glance at the trend...and make a decision. I will share indicator when it's ready, still a few issues to sort out.

See chart below...all of x50 rules met....macd crossed zero, both stochs toght together and below 50 and AS confirms. But as might be expected on Sunday night the markets ranging and this trade is a pass. Sometimes GBPCHF trades quite nicely in the Asian session and would want to take those trades.

As with any indicator, when the trend is changing they lag a bit so following these rules you will miss some trades. But there is always opportunity for re-entry later and you could of course ignore the trend filter all together.

Cheers,
CanuckCT
Attached Image
  • #194
  • Feb 11, 2008 4:45am Feb 11, 2008 4:45am
Hi All,

I have been live trading the X50 method for 10 days now and I wanted to share my experience.

As Canuck mentioned already the X50 is really “reactive”. i.e. you get a lot of signals. However a high percentage is fake signals.

Version 2 of the method seems to add an indicator to avoid false setups.

I’m personally doing 2 thinks to filter out signals.

First I added an EMA 60. Rule are,
Take long trade only when price is above EMA
Take short trade only when price is below EMA

Second I added the “wave”. It comes from Raghee Horner's book. The wave is basically 3 EMA 34, on the close, high and low.

Avoid entering a trade when price is in the wave and/or wave is flat.

Give it a try and may be people developing the indicator and EA could benefit from these.

Good trading to all of you.
Dids
Attached Image (click to enlarge)
Click to Enlarge Name: tpl.gif Size: 29 KB
  • #195
  • Feb 11, 2008 9:12am Feb 11, 2008 9:12am
Quoting CanuckCT
Here is an example of how the filter would be sucessful in an EA. It would filter a bunch of trades and accept the trades that fire once a trend sets in.
Cheers,
CanuckCT
Hi CanuckCT,
Following the rules, doesn't the entry for the Long trade you marked in red should have been taken 3 candles earlier? All the rules including the new UT were met. Am I right ?
BR
Dani M
  • #196
  • Feb 11, 2008 11:09am Feb 11, 2008 11:09am
yes - you are correct. The line should be on the other side of the blue arrow.
CanuckCT
Quoting dan_mir
Hi CanuckCT,
Following the rules, doesn't the entry for the Long trade you marked in red should have been taken 3 candles earlier? All the rules including the new UT were met. Am I right ?
BR
Dani M
  • #197
  • Feb 11, 2008 12:41pm Feb 11, 2008 12:41pm
Quoting Dids
Hi All,

I have been live trading the X50 method for 10 days now and I wanted to share my experience.

As Canuck mentioned already the X50 is really “reactive”. i.e. you get a lot of signals. However a high percentage is fake signals.

Version 2 of the method seems to add an indicator to avoid false setups.

I’m personally doing 2 thinks to filter out signals.

First I added an EMA 60. Rule are,
Take long trade only when price is above EMA
Take short trade only when price is below EMA

Second I added the “wave”. It comes from Raghee Horner's book. The wave is basically 3 EMA 34, on the close, high and low.

Avoid entering a trade when price is in the wave and/or wave is flat.

Give it a try and may be people developing the indicator and EA could benefit from these.

Good trading to all of you.
Dids
Dids,

I would like to learn more about the tweaks you are using with the X50 system. Would you be able to share the "wave" indicator that you added to your chart or point me in the direction where I could obtain it.

Thanks,
Chris
  • #198
  • Feb 11, 2008 12:53pm Feb 11, 2008 12:53pm
Quote
I would like to learn more about the tweaks you are using with the X50 system. Would you be able to share the "wave" indicator that you added to your chart or point me in the direction where I could obtain it.
All you do is go to your indicators list, select moving average, set period to 34, set method to exponential, then set the apply to paramater to close. Repeat that same process two more times only set the apply to paramater to high on one and low on the other. Hope this makes sense! Please correct me if I'm wrong Dids.
  • #199
  • Feb 11, 2008 1:00pm Feb 11, 2008 1:00pm
Hi orientos
I always look back to london open and drool at the setups. That seems to be the best time to trade x50...but that can be said for a lot of systems. You might try this for your exit. Add a 4EMA to your chart with a +10 and -10 for the levels. Use that to move your stop. For a sell, the upper level of channel is used, for a buy the lower level of the channel is used. It seems to be close to a 30 pip trailing stop.
Cheers
CanuckCT

Quoting orientos
Hi deang001

FWIW I took exactly the same trade you described in #177 - exited for the reason you did, and then watched as more and more pips developed. Not complaining though.

My thanks to Canuck for developing this excellent strategy, which I use for the first 2/3 hours of the Europe/London open with considerable sucess.

Now, if only we could find the perfect exit............that to me is the Holy Grail!!
  • #200
  • Feb 12, 2008 2:56am Feb 12, 2008 2:56am
I notice that if on macd cross, by the second bar, the value is 3.0 or preferably 3.5, and the Bulls/Bear ratio on the absolute strength indicator is 2:1, then this is likely to be a good move.

has anyone else observed that. If so, could keep us out of bad moves.

thanks

Pardy
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