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"The Pip Nailer". Any time frame, any pair

  • #821
  • May 23, 2008 1:39am May 23, 2008 1:39am
Quoting forexmoments
Wooah, that must have taken you a while, in just 1 night.

Thanks for your contribution.

Currently, what signal u use? I see a lot of version. what the latest? Counld you name it. I'll choose from the clip later..
  • #822
  • May 23, 2008 2:56am May 23, 2008 2:56am
1.5 is the latest version.
  • #823
  • May 23, 2008 3:41am May 23, 2008 3:41am
Quoting forexmoments
1.5 is the latest version.

Where can i get that new version....
I'm have been outta the loop...
  • #824
  • Edited 8:34am May 23, 2008 8:13am | Edited 8:34am
Hey everyone,

Just went through the entire thread, and noticed something interesting from Goss.

Are Posts #650 and #548 supposed to be the same? Because they show drastic differences in test results from each other.

Goss, do you still have your spreadsheet?
  • #825
  • May 23, 2008 8:28am May 23, 2008 8:28am
Quoting gav1234
Where can i get that new version....
I'm have been outta the loop...
try paperclip upper right posted by swingman
  • #826
  • May 24, 2008 5:54am May 24, 2008 5:54am
Quoting Ronald Raygun
Hey everyone,

Just went through the entire thread, and noticed something interesting from Goss.

Are Posts #650 and #548 supposed to be the same? Because they show drastic differences in test results from each other.

Goss, do you still have your spreadsheet?

Goss posted information about two different test series.

One question I have though: what would happen to the system if you not just tried to find a global optimum ATR-based SL and PT, but instead tried to find such optimal settings for each individual cross? You'd probably have to use time series that go back quit a while to not end up with an over fitted solution, but it might be worth the research.

cheers
Ohka
  • #827
  • May 24, 2008 9:08am May 24, 2008 9:08am
in one of the numerous prior entries, Ash asked:

"If anyone else has any better ideas based upon testing for a better entry, I'd love to hear from you."

I think I have:

  1. 1 - if the size of the nailed candle is smaller than the spread + your minimum profit target, don't take it.
  2. 2 - if STOCH(5,3,3) is going against the nailed candle signal WAIT until STOCH reverses direction.

Ratio for (1):
if the nailed candle is smaller than the spread + your minimum profit target, this system will set the stops far too tight and you will very likely be kicked out too quickly. Adding this filter will reduce the number of such occurrences.

Ratio for (2):
How often have you noticed these little retracements during the first 5 - 8 bars after a nailed candle? In most of these events, STOCH(5,3,3) is actually going against the signal, only to reverse a couple of bars later. If you wait for this STOCH reversal, you'll be able to get a significant part of that retracement as well, i.e. your entries will be better.

The combination of these two extra requirements will keep you out of most of the otherwise bad trades.

That's interesting and worthwhile in itself, but do you want to know where the real benefit is? Read on:

As soon as you manage to achieve a higher ratio of pinpointed entries, you'll be able to tighten the SL without adverse effect. Now, if that is true, your position sizing could also be tweaked a bit to your advantage. And this is where the real benefit comes from: through these measures, without increasing risk, you can increase your leverage somewhat. Think about it...

Enjoy!

Ohka

  • #828
  • May 24, 2008 11:08am May 24, 2008 11:08am
Quoting Pipsnagger
try paperclip upper right posted by swingman

hey thanks allot pipsnagger


lets try this

...i jus did try it....
how do i set it up on interbankfx?

i tried dragging it on the chart and i jus saw something about time periods....
How do i setup this indicator
  • #829
  • May 24, 2008 12:51pm May 24, 2008 12:51pm
For traders who are visual, I am introducing an indicator with an objective of ‘damage control’ in an event of a reversal prior to reaching a desired profit ratio target. It shows an arrow in the direction opposite to the trade as a sign to exit. This indicator repaints and so there are chances of premature exits and can only be useful as an entry signal if used in conjunction with Pip Nailer’s entry rules.
Attached File(s)
File Type: mq4 SHI_SilverTrendSig-3.mq4   4 KB | 447 downloads
Luck is what happens when preparation meets opportunity.
  • #830
  • May 24, 2008 7:15pm May 24, 2008 7:15pm
Quoting gav1234
hey thanks allot pipsnagger


lets try this

...i jus did try it....
how do i set it up on interbankfx?

i tried dragging it on the chart and i jus saw something about time periods....
How do i setup this indicator
ok so you turn alerts on...... it will beep and a pop up will display the hits....suggest set shift signal to 0 since it gets you in earlier....you can alert on whatever time periods you want and the pairs you want it or just leave the defaults and play with it for awhile. There is a lot of choices for you as to how you want to trade this. If you feel inclined you can let the EA go on auto and play with the settings to optimize...myself I like 1.4 dashboard manually and confirm the nailed candle on m30 and above good luck...you can consistently make Pips with this method but as with all methods it is not the holy grail...there is no such thing... you still have to keep in mind support and resistance, stops and your exits...but it is an easy entry with high win loss ratio if managed prudently good luck...thanks..ASH, HAYSEED,RST2,Swingman, GOSS and everyone else who helped with input and different ideas on this great method...
  • #831
  • May 25, 2008 7:44am May 25, 2008 7:44am
Quoting Ohka
in one of the numerous prior entries, Ash asked:

"If anyone else has any better ideas based upon testing for a better entry, I'd love to hear from you."

I think I have:

  1. 1 - if the size of the nailed candle is smaller than the spread + your minimum profit target, don't take it.
  2. 2 - if STOCH(5,3,3) is going against the nailed candle signal WAIT until STOCH reverses direction.

Ratio for (1):
if the nailed candle is smaller than the spread + your minimum profit target, this system will set the stops far too tight and you will very likely be kicked out too quickly. Adding this filter will reduce the number of such occurrences.

Ratio for (2):
How often have you noticed these little retracements during the first 5 - 8 bars after a nailed candle? In most of these events, STOCH(5,3,3) is actually going against the signal, only to reverse a couple of bars later. If you wait for this STOCH reversal, you'll be able to get a significant part of that retracement as well, i.e. your entries will be better.

The combination of these two extra requirements will keep you out of most of the otherwise bad trades.

That's interesting and worthwhile in itself, but do you want to know where the real benefit is? Read on:

As soon as you manage to achieve a higher ratio of pinpointed entries, you'll be able to tighten the SL without adverse effect. Now, if that is true, your position sizing could also be tweaked a bit to your advantage. And this is where the real benefit comes from: through these measures, without increasing risk, you can increase your leverage somewhat. Think about it...

Enjoy!

Ohka

Thanks for the observations Okha, it's something I would recommend.
  • #832
  • May 25, 2008 8:04am May 25, 2008 8:04am
this could be incorporated into the EA either as a stoch confirmation (really just adding another indictaor that needs to be "lined up") or simply allowing a limit order rather than instant market entry.

regards to all, nice thread.
TRADE FOR SWAP
  • #833
  • May 25, 2008 5:01pm May 25, 2008 5:01pm
thanks for your system, i looks good, i will test it.
thanks again.
there are lots of things better than pips...
  • #834
  • May 26, 2008 9:11am May 26, 2008 9:11am
Quoting cgldsmth
this could be incorporated into the EA either as a stoch confirmation (really just adding another indictaor that needs to be "lined up") or simply allowing a limit order rather than instant market entry.

regards to all, nice thread.
When you use my additions/modifications, a limit order can only be used if you know how large the retracement is going to be.
  • #835
  • May 27, 2008 7:22am May 27, 2008 7:22am
Good catch this morning...
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpyh1_naled.gif Size: 26 KB
  • #836
  • May 27, 2008 11:28am May 27, 2008 11:28am
Thanks Ash again for this system. I have been trading it live from 17th April. been trading this system with 17 pairs accross 8 time frames. thats 136 charts using e dashboard.

all the original rules were followed, but i did not take trades with low profit target like 2-5 pips and if the profit level was not more than double of the spread, i did not take it.

attached is the live trades i took, with real emotions. let me try to explain the file as best as i can.

t.no: trade number
m.no: monthly trade number
d.no: daily trade number
time frame: the time frame where the sig came from
p&L: profit or loss
total p&l: total profit / loss for the current mth
notes: how the trade was closed.
-pl hit: profit level hit
-sl hit : stoploss hit
-closed: i manually closed the position for reasons like i did
not like the cht formation, important news coming out,
stuff like tat.
daily total: the P&l made for that current day
mthly total: that mths p&l total
t.p. daily total: if i did not close the trade myself, and excluding slippges,
but including spreads. this is a daily count.
t.p. mthly total: if i did not close the trade myself, and excluding slippges,
but including spreads. this is a ,mthly count.

let me know wat u guys think, and with this performance report / trade logs, is this a good system to follor or should the original rules be changed or left the same. pls Ash, comment too if u can.

andrew

pls note e file is a open sorce doc
Attached File(s)
File Type: zip Trade Logs.zip   22 KB | 440 downloads
  • #837
  • Edited 2:19pm May 27, 2008 1:27pm | Edited 2:19pm
Thanks Ince,
Taking a glance at your trade log, I don't think there's been enough time to evaluate the system as a whole however some things are obvious. I think this confirms what myself and others have said before, that it is probably best to stay away from the smaller 5 minute timeframe atleast. I trade 30 minute and up.

Take a look at the ratio between what was earned per timeframe and the amount of spread paid for all of the trades. As we increase the timeframe the ratio gets smaller. The 4hr is the only one not in line, however you've only had 6 trades on the 4hr. If this continued into the week chart I bet you would find more correlation. I went down the list and plugged in normal spreads for the 5 minute ones and the list averaged to 5.6 pips per trade, so I just multiplied by 5 for all of them.

5 Minute: -21.40 pips/earned 320 pips paid in spread
15 Minute: 88.90 pips/earned 280 pips paid in spread
30 Minute: 221.9 pips/earned 155 pips paid in spread
60 Minute: 183.70 pips/earned 90 pips paid in spread
4hr: -80.10 pips/earned 30 pips paid in spread
The basis of a democratic state is liberty. ~ Aristotle
  • #838
  • May 27, 2008 2:12pm May 27, 2008 2:12pm
Quoting ince07
Thanks Ash again for this system. I have been trading it live from 17th April. been trading this system with 17 pairs accross 8 time frames. thats 136 charts using e dashboard.
You're most welcome. Thanks for testing the system. Remember this system is by no means perfect, and we need more people like you to continue testing. Again, my sincere appreciation to everyone who has tested, continues to test, observe, and provide constructive criticism and feedback.

Quoting ince07
i did not take trades with low profit target like 2-5 pips and if the profit level was not more than double of the spread, i did not take it.
Excellent decision. Okha, also informed this to me in a private message, and I totally agree. Smaller timeframes yield a relatively crap spread ratio, and sometimes the pips accumlulated are hardly worth the effort. In fact, I am going to update the first post to accomodate for this glaringly obvious ommission when I first introduced the system.
  • #839
  • May 27, 2008 2:14pm May 27, 2008 2:14pm
Quoting ince07
pls note e file is a open sorce doc
I just tried to open the file, which program do I associate with it?
  • #840
  • May 27, 2008 2:17pm May 27, 2008 2:17pm
Open Office opens it.
The basis of a democratic state is liberty. ~ Aristotle
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