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X50 - M5 trend following

  • #221
  • Feb 20, 2008 5:58am Feb 20, 2008 5:58am
Looks good Canuck. I found my most successful trades on the X50 so far have been when paying particular attention to the slope of the AI and how quickly they are pulling away from each other. In demo mode I have been trying this out and jumping into quick trades even when the MACD has not crossed 0 and done well.

Your method really suits me down to the ground as I only have limited time when I'm able to trade. The longer term entries really only avail themselves periodically when the stars align and you can jump on a powerful trend and ride it. Your method however, lets you sit down for a few hours and hopefully catch a few moves and then wrap it up for the day. Perfect.

The aspect of the X50 I like the best is that you can have 12 crosses + oil and silver in my case, and just focus on the MACD crossing 0 and then zoom in for a closer look if it looks ok. Gives you lots of opportunities. The image I have attached is what I usually have on my screen at the same time and thats on a 13.3" MacBook!

Looking forward to the new X50.

Cheers,

Dean
Attached Image (click to enlarge)
Click to Enlarge Name: All.Pairs.gif Size: 106 KB
  • #222
  • Feb 20, 2008 8:44am Feb 20, 2008 8:44am
Are you trading the large arrow signals generated or the x50 signals that can occur after one of the large arrows?

Quoting dfxtrader
...
A signal generator to monitor the trades so you don't have to monitor your computer all the time.. It's an EMA Cross 4 8 alert signal.

The madro golden filter, ... well, it confirms the signal above.. I'm not sure what the indicators are... but it confirms the trade.

The slope detection line will put you on the right side of the trade.. Mind you the higher the time frame, the greater the accuracy.. but it will allow you to enter the trades with tight stops. A Gann Hi Lo Filter.. again putting you on the right side of the trade.

I'm attaching a template in my next post along with some logic behind each trading decision.
  • #223
  • Feb 20, 2008 8:53am Feb 20, 2008 8:53am
Quoting CanuckCT
Should have indicator ready for tomorrow or Thursday. Here is a shot of x50 using an 89EMA as a filter. Must be above it for a buy and beloe it for a sell. I took the last trade on this chart.
Cheers,
CanuckCT
Hmm... wonder where CanuckCT got the idea of an 89EMA filter (grin). Also you might tell them about the colored squares and what they mean as well as post the indicator that produces them.

Keep up the good work!

Neal
  • #224
  • Feb 20, 2008 9:03am Feb 20, 2008 9:03am
Hi neal,
I've been tinkering with 60EMA, 89EMA and 200EMA for filters. But I believe the 89EMA is working the best and it is what you are using.
Cheers
CanuckCT

Quoting nealc99
Hmm... wonder where CanuckCT got the idea of an 89EMA filter (grin). Also you might tell them about the colored squares and what they mean as well as post the indicator that produces them.

Keep up the good work!

Neal
  • #225
  • Feb 20, 2008 9:07am Feb 20, 2008 9:07am
Looking forward to the x-50 indicator. The large colored squares looks like a session indicator -- i-sessions or paramount or one of the others?

Quoting CanuckCT
Should have indicator ready for tomorrow or Thursday. Here is a shot of x50 using an 89EMA as a filter. Must be above it for a buy and beloe it for a sell. I took the last trade on this chart.
Cheers,
CanuckCT
  • #226
  • Feb 20, 2008 9:14am Feb 20, 2008 9:14am
Quoting CanuckCT
Hi neal,
I've been tinkering with 60EMA, 89EMA and 200EMA for filters. But I believe the 89EMA is working the best and it is what you are using.
Cheers
CanuckCT
89 is a Fib level so it should serve you well.
  • #227
  • Feb 20, 2008 9:54am Feb 20, 2008 9:54am
It's a different session indicator, but I think they all do the same thing...for now i shade London and NY but what I'm thinking it will be used for is to shade the times to trade for a pair, so each pair has it's own template....might be an hour before London until noon in NY and it might be different for some pairs. Some will use a different moving average, etc.
Film at 11.
Cheers
CanuckCT

Quoting BenQ
Looking forward to the x-50 indicator. The large colored squares looks like a session indicator -- i-sessions or paramount or one of the others?
Attached File(s)
File Type: mq4 ATM_4Sessions.mq4   4 KB | 690 downloads
  • #228
  • Edited 1:02am Feb 21, 2008 12:50am | Edited 1:02am
hei...

first of all, i would like to thank canuck for the system. it is really great to see green pip for each trade. and thank you to all members who had contributed so much in making the system better.

but, maybe some of you can share with me on when are we going to close the trade? by looking at the indicator? any specific method? or by counting the pips?

anyway, thanx everyone and thanx again to canuck. You are a great man.

one more thing, how do we read the UT fast indicator? i don't realr understand its function. what i do know is that when the green is up, then, it is an uptrend. good for buy and vice versa. Can someone please explain it in detail for me on how to read it?

thank you,
  • #229
  • Feb 25, 2008 4:50pm Feb 25, 2008 4:50pm
Hey Canuck, how's the new indicator coming along?

Some questions if I may.

Are the MACD indicator you use & the Absolute strength indicator able to be used on any time frame? I can't seem to find much info on the ASI itself. Are there any threads on it? I tried the search function but it only shows me the first page out of 67 for some reason. The other search with it in the title shows nothing. Is this an indicator that Glenn5t has put together?

Also, is this the thread that outlines the H4 MACD you use
http://www.forexfactory.com/showthread.php?t=14630

Cheers,


Dean
  • #230
  • Feb 26, 2008 6:05pm Feb 26, 2008 6:05pm
Hello folks. Sorry I haven't been very active on this thread. I'm a tax accountant and real busy right now. So I won't be posting much for a while.

Here is version 1 of the x50 indicator. The attached PDF explains most of the settings and it has a lot of flexibility. Some will say there is too much going on and they may be right. My longer term goal is to create an EA and in fact there is an EA that will read the indicator and do the trades. But you need to get into the code and compile an indicator specifically for each pair and the EA reads the indicator settings...so it's a bit clumsy. By releasing it, I'll only create more questions than I can handle, so it's on the shelf for now. However, if you do find some settings that really seem to work well, post it and I'll compile the indicator/EA for that pair and you can test it. The EA for the default settings it too active to be of any value.

Basically the indicator uses the default settings on post 1. There are other features as follows:
- Can change macd, stoch and Absolute Strength settings
- Has a minimum MACD cross (uses the Metatrader MACD...so add that to your chart for clarity of what exactly the MACD numbers are as they differ for many pairs...some are 0.03 while others will be 0.0003)
- Can use a moving average filter
- Has a simple and advanced entry (advanced entry uses cross of fast ctosh over 50 and back for re-entry in the direction of the prevailing trend.
- It works on all timeframes

I'll leave it at that for now. Any questions, I'll try to get back to you.

Cheers
CanuckCT
Attached File(s)
File Type: tpl !!x50-default.tpl   199 KB | 1,048 downloads
File Type: ex4 x50-I(ver1.0).ex4   28 KB | 1,062 downloads
File Type: pdf X50 Indicator Settings.pdf   19 KB | 1,487 downloads
  • #231
  • Feb 27, 2008 3:31am Feb 27, 2008 3:31am
Hi canuckCT

Thanks for your latest posting, with template,etc.

I'll play around with the indicator over the next few days. But in the meantime, picked up a handy 33 pips on Eur/Jpy early in the London session, thanks to you.

Cheers.
  • #232
  • Feb 27, 2008 6:09am Feb 27, 2008 6:09am
Thanks CanuckCT for all your hard work.
I got through January on the 15min chart for GJ and it seems to give good entries. I love how price seems to bounce off the 100SMA. I also include the 89EMA for resistance and then the 21EMA and 10EMA for good entries (see Phillip Nels thread).
It all seems to be about determining the immediate trend and then getting a good entry.
  • #233
  • Mar 3, 2008 3:52pm Mar 3, 2008 3:52pm
CanukCT,

I just started Forex about 3 weeks ago, the first thing I found was your thread. I've successfully made over 3 thousand dollars with an initial deposit of 600. With a good ammount of luck, and your system I've really found something I can do everyday, the 50X system is great for daytrading inbetween my classes and late at night during homework. I was wondering if you would please release the m4q soon so that I could possibly write an addition for sound notification (i miss alot of trades due to being minimized), and to run some backtesting.

Thanks so much for this system and cheers to you!
  • #234
  • Mar 4, 2008 3:20am Mar 4, 2008 3:20am
Hello Folks,

I was testing the new Indicator and notice some "weird" arrow? I had a look at the settings but I am not sure I really understand the meaning of the following settings,


 X_Value_1 = 0; //Bears - Bulls >= X, where X is the value you set for that pair
 What is Bears-Bulls?
ConfirmationMACDBars_1 = 0; //MACD signal > X (default is 0) with option for confirmation of two or 3 bars
 Is this the number of bar above a certain value (0 I guess) we need to have to get a signal?


 MinimunMACDValue = 0;
 What is this minimum value compared to X_Value_1?

MA_Filter_ma_method = MODE_EMA
 Do we need text or an integer here ?
 MA_Filter_ma_applied_price = PRICE_CLOSE;
 Do we need text or an integer here ?

Last two must be a MetaTrader question I guess.

I would be very grateful if somebody could shed some light on this.
Thanks in advance,
Dids
  • #235
  • Mar 4, 2008 3:39am Mar 4, 2008 3:39am
Ok I found the answer to my 2 last questions.

If those interested information on ..
Price constants and Moving Average methods can be found at

http://docs.mql4.com/constants/prices
http://docs.mql4.com/constants/movings

Dids
  • #236
  • Mar 4, 2008 6:55am Mar 4, 2008 6:55am
Hi,
I can't seem to attach the EA to my charts for some reason its in my expert directory ... !!

Thanks,
Goodbadmas


Quoting CanuckCT
Hello folks. Sorry I haven't been very active on this thread. I'm a tax accountant and real busy right now. So I won't be posting much for a while.

Here is version 1 of the x50 indicator. The attached PDF explains most of the settings and it has a lot of flexibility. Some will say there is too much going on and they may be right. My longer term goal is to create an EA and in fact there is an EA that will read the indicator and do the trades. But you need to get into the code and compile an indicator specifically for each pair and the EA reads the indicator settings...so it's a bit clumsy. By releasing it, I'll only create more questions than I can handle, so it's on the shelf for now. However, if you do find some settings that really seem to work well, post it and I'll compile the indicator/EA for that pair and you can test it. The EA for the default settings it too active to be of any value.

Basically the indicator uses the default settings on post 1. There are other features as follows:
- Can change macd, stoch and Absolute Strength settings
- Has a minimum MACD cross (uses the Metatrader MACD...so add that to your chart for clarity of what exactly the MACD numbers are as they differ for many pairs...some are 0.03 while others will be 0.0003)
- Can use a moving average filter
- Has a simple and advanced entry (advanced entry uses cross of fast ctosh over 50 and back for re-entry in the direction of the prevailing trend.
- It works on all timeframes

I'll leave it at that for now. Any questions, I'll try to get back to you.

Cheers
CanuckCT
  • #237
  • Mar 5, 2008 2:12pm Mar 5, 2008 2:12pm
I'll address these questions later this evening.
Cheers
CanuckCT
  • #238
  • Mar 5, 2008 6:38pm Mar 5, 2008 6:38pm
CanukCT,

I've found an error in the EA, it seems the motion for buy comes almost 1 to 2 candles too late based on your system. Once again I'm hoping you post the mq4 file sometime soon so we can all help improve on this amazing system.

Thanks!
  • #239
  • Mar 5, 2008 7:22pm Mar 5, 2008 7:22pm
Goodbadmas

I think you will find that x50-I(ver1.0) is an indicator, not an EA. At least that's the way I am using it, ie, in the Indicators file, not the Experts file.
  • #240
  • Mar 5, 2008 7:28pm Mar 5, 2008 7:28pm
Quoting orientos
Goodbadmas

I think you will find that x50-I(ver1.0) is an indicator, not an EA. At least that's the way I am using it, ie, in the Indicators file, not the Experts file.
oh .. i m sorry i thought i was a EA my bad
thanks,
Goodbadmas
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