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the Set and Forget Pivot Net system

  • #121
  • Sep 5, 2008 9:31am Sep 5, 2008 9:31am
Yes, those are Oanda numbers.

Quoting blueace
Thanks Scott for posting.

With such small discrepancies as that I'm fine. Are those Oanda numbers too?

I hope everyone walked away a winner from this week. Next week will be interesting for use because with such a high averages we'll have more signals for trades. It's important to make sure to keep your RR in check when we have a week like this one coming up.
Prices are never too high to begin buying or too low to begin selling.
  • #122
  • Sep 6, 2008 9:11am Sep 6, 2008 9:11am
Here are last weeks M-F averages from OANDA:

EU - 172.9
GU - 209.6
GJ - 378.8
UJ - 168.2
EJ - 300.3

And for IBFX:

EU - 173.0
GU - 208.8
GJ - 363.6
UJ - 158.6
EJ - 288.0

Glen
  • #123
  • Sep 6, 2008 9:45am Sep 6, 2008 9:45am
Here are the numbers I got from both Oanda. WAY OFF I've attached the excel file that I used to calculate the numbers as well...I have no idea why it's not even close...

173.9 EU
209.6 GU
300.3 EJ
168.2 UJ
378.8 GJ


At least I'm close to someone (gnllr)
Attached File(s)
File Type: xls Numbers from OANDA.xls   37 KB | 420 downloads
  • #124
  • Sep 6, 2008 12:08pm Sep 6, 2008 12:08pm
Here are my averages from last week

EU 173.9

GU 210.0

GJ 377.2

EJ 300.2

UJ 168.2

Looks like they are very close to both of yours. Thank you for posting. It's curious that they are not all the exact same though. I personally do the HH to LL calculation on a calculator so I know I'm not error free but I do double check. So I don't round any numbers until I enter in the day's overall movement. So all of my averages look like 123.4

But overall a pip here and there is no big deal. It's when we're all off by 5-10 that I'll worry. We had a good week and I'm looking forward to the next one.
  • #125
  • Sep 6, 2008 10:17pm Sep 6, 2008 10:17pm
Quoting blueace

Here is my formula:

R1-R2=X
X*.667=Y

R1 + 2 pips = BUY
R2 – 2 pips = TP
Y – R1= SL
Not trying to be nit-picky and I'm sure this is obvious to most, but the formula for longs is:

R2-R1=X

and

R1 - Y = SL

Thank you Blueace for sharing your method. Looking forward to this week.

Glen
  • #126
  • Sep 6, 2008 11:21pm Sep 6, 2008 11:21pm
Quoting gnllr
Not trying to be nit-picky and I'm sure this is obvious to most, but the formula for longs is:

R2-R1=X

and

R1 - Y = SL

Thank you Blueace for sharing your method. Looking forward to this week.

Glen
Thanks Glen. You are correct sir. We're not looking for negative numbers.
  • #127
  • Sep 6, 2008 11:48pm Sep 6, 2008 11:48pm
Hi there. Just thought you might want to know my Oanda numbers match yours perfectly.

Scott


Quoting fkforex
Here are the numbers I got from both Oanda. WAY OFF I've attached the excel file that I used to calculate the numbers as well...I have no idea why it's not even close...

173.9 EU
209.6 GU
300.3 EJ
168.2 UJ
378.8 GJ


At least I'm close to someone (gnllr)
Prices are never too high to begin buying or too low to begin selling.
  • #128
  • Sep 7, 2008 12:15am Sep 7, 2008 12:15am
Quoting blueace
Correct there are no trades for tonight. Friday's are inconsistent. Plus having the NFP tomorrow there will probably some big head fakes. My rules state: no trading.

If you want to get picky about my EJ trade from this morning; I'm game.
It took place at 10:05 EST. I was sitting here responding to a post when it was triggered. I'm pretty strict about keeping to my canceling orders rule. This order did not violate my system.

As for using another time period for this system feel free; though it's no longer the same system. I know you said "personally I think a good system should work regardless of which time is used." I have to respectfully disagree. Timing is everything in Forex. Timing is one of the few variables that traders have control over in the market. We decide when to enter and when to exit. By changing the time of setting up this system you are in fact invalidating all of the testing I have done for it. It is based on PPs at a certain time. If the time is changed the whole system breaks down.
My mistake in calculating the time. My bad
Anyway, your time works perfectly for me also. Just want to make sure, are you only trading on Tues, Wed and Thurs only? Looking forward for next week.
  • #129
  • Sep 7, 2008 8:23am Sep 7, 2008 8:23am
Quoting thehenryfam
Hi there. Just thought you might want to know my Oanda numbers match yours perfectly.

Scott
Hmm...I get numbers close to fkforex's, but not entirely the same. The differences are very small though. I used the pipettes during calculation. Would it be Oanda giving different prices to different customers? Hopefully not.
  • #130
  • Sep 7, 2008 11:08am Sep 7, 2008 11:08am
Quoting jlryan87
My mistake in calculating the time. My bad
Anyway, your time works perfectly for me also. Just want to make sure, are you only trading on Tues, Wed and Thurs only? Looking forward for next week.
That's right, just T, W, and Th.
  • #131
  • Sep 7, 2008 1:14pm Sep 7, 2008 1:14pm
Hi Guys,
I like the idea of this system and wanted to backtest it, without it taking too long. So I modified the Pivot Lines indicator by Jason Normandin - taking out the S3 and R3 and putting in the TP lines for the long and the short trade. I also fixed it so it does not calculate using any Sunday data. If it backtests good enough, then you can trade on a Monday using the Pivots calculated from Friday's data.
Since it is a pain to have to calculate the avearge daily range for the week, I modifuied the indicator to calculate the average daily range for the last 5 days (excluding Sunday again) and only display the TP lines if the previous day's range was less than that of the last 5 days. This was easier than working it out for the last calendar week and I think it should be good enough.

Check it out and let me know if you find any errors in the code.

I did some backtested which was disappointing, but i have just realised that I was using the wrong pivot calculation time. I had thought that BlueAce was calculating the pivots at 17:00 EST but just not entering the orders until 00:00 EST. |I have modified my default Dailystart time now and the values for my pivots seem to be close to those reported by BlueAce but I am using FxPro which is on GMT+3.

I have not had time to re-do my backtest, so I am still not sure yet if I will use this system with real money. (I have been using The Real Thing's 'First Strike' and 'One Night Stand' systems live with some success).

Ian
Attached File(s)
File Type: mq4 BlueAce_PivotSysLines.mq4   8 KB | 619 downloads
  • #132
  • Sep 7, 2008 2:29pm Sep 7, 2008 2:29pm
I don't know. Not sure how others are getting their numbers in Oanda, but I just bring up the daily chart and then just hover my cursor over each day's bar. The open, high, low, and close numbers appear in the lower left corner of the chart. I don't do any rounding during the calculations. I only round the results at the end.

I'm guessing the one wildcard would be timezone that our Oanda platforms are set to. Mine is set to "system time", which would be GMT-4.

Scott

Quoting jlryan87
Hmm...I get numbers close to fkforex's, but not entirely the same. The differences are very small though. I used the pipettes during calculation. Would it be Oanda giving different prices to different customers? Hopefully not.
Prices are never too high to begin buying or too low to begin selling.
  • #133
  • Sep 7, 2008 2:31pm Sep 7, 2008 2:31pm
Quoting ianf0ster
Hi Guys,
I like the idea of this system and wanted to backtest it, without it taking too long. So I modified the Pivot Lines indicator by Jason Normandin - taking out the S3 and R3 and putting in the TP lines for the long and the short trade. I also fixed it so it does not calculate using any Sunday data. If it backtests good enough, then you can trade on a Monday using the Pivots calculated from Friday's data.
Since it is a pain to have to calculate the avearge daily range for the week, I modifuied the indicator to calculate the average daily range for the last 5 days (excluding Sunday again) and only display the TP lines if the previous day's range was less than that of the last 5 days. This was easier than working it out for the last calendar week and I think it should be good enough.

Check it out and let me know if you find any errors in the code.

I did some backtested which was disappointing, but i have just realised that I was using the wrong pivot calculation time. I had thought that BlueAce was calculating the pivots at 17:00 EST but just not entering the orders until 00:00 EST. |I have modified my default Dailystart time now and the values for my pivots seem to be close to those reported by BlueAce but I am using FxPro which is on GMT+3.

I have not had time to re-do my backtest, so I am still not sure yet if I will use this system with real money. (I have been using The Real Thing's 'First Strike' and 'One Night Stand' systems live with some success).

Ian
Hey Ian thank you for making an indicator based on my system. I will be very interested to see how a backtest turns out using the correct times. I manually backtested 1 1/2 years and it turned out well. That was a chore though. As you mentioned the entry time is very important. All PPs are calculated at 00:00 EST. Thanks again. I also use TheRealThings systems. They're a wondrful addition to any traders toolbox.
  • #134
  • Sep 7, 2008 2:33pm Sep 7, 2008 2:33pm
Quoting jlryan87
My mistake in calculating the time. My bad
Anyway, your time works perfectly for me also. Just want to make sure, are you only trading on Tues, Wed and Thurs only? Looking forward for next week.
No problem it happens. And yes you are correct we only do set ups for Tues, Wed and Thurs movements. Meaning the time zone I'm in I set up at 11:00 PM CST on M, T, W.
  • #135
  • Sep 7, 2008 2:33pm Sep 7, 2008 2:33pm
Hello there. I don't put a lot of stock into backtesting. Blueace has been trading this system live for 8 months, and he's confident enough to now share it with the FF community; I think that speaks volumes.

This system has such a good risk:reward ratio, you only need to win more than 40% of your trades to be profitable. I'm going live with it on Tuesday.

Scott

Quoting ianf0ster
Hi Guys,
I like the idea of this system and wanted to backtest it, without it taking too long. So I modified the Pivot Lines indicator by Jason Normandin - taking out the S3 and R3 and putting in the TP lines for the long and the short trade. I also fixed it so it does not calculate using any Sunday data. If it backtests good enough, then you can trade on a Monday using the Pivots calculated from Friday's data.
Since it is a pain to have to calculate the avearge daily range for the week, I modifuied the indicator to calculate the average daily range for the last 5 days (excluding Sunday again) and only display the TP lines if the previous day's range was less than that of the last 5 days. This was easier than working it out for the last calendar week and I think it should be good enough.

Check it out and let me know if you find any errors in the code.

I did some backtested which was disappointing, but i have just realised that I was using the wrong pivot calculation time. I had thought that BlueAce was calculating the pivots at 17:00 EST but just not entering the orders until 00:00 EST. |I have modified my default Dailystart time now and the values for my pivots seem to be close to those reported by BlueAce but I am using FxPro which is on GMT+3.

I have not had time to re-do my backtest, so I am still not sure yet if I will use this system with real money. (I have been using The Real Thing's 'First Strike' and 'One Night Stand' systems live with some success).

Ian
Prices are never too high to begin buying or too low to begin selling.
  • #136
  • Sep 7, 2008 7:17pm Sep 7, 2008 7:17pm
Quoting gnllr
Not trying to be nit-picky and I'm sure this is obvious to most, but the formula for longs is:

R2-R1=X

and

R1 - Y = SL

Thank you Blueace for sharing your method. Looking forward to this week.

Glen
Sorry. So does this that we are looking at a reverse at R1 to go long? We're not looking for price to keep going south?
  • #137
  • Sep 7, 2008 7:21pm Sep 7, 2008 7:21pm
Quoting fkforex
Sorry. So does this that we are looking at a reverse at R1 to go long? We're not looking for price to keep going south?
No Glen was just pointing out that I had written
my mathematical formula incorrectly. Everything is still the same.

Hey Gnllr I'm a pilot too. Glad you joined the thread.
  • #138
  • Sep 7, 2008 7:22pm Sep 7, 2008 7:22pm
LOL ok. Thanks. I thought I was ok with it and was worried I was actually going to be wrong
  • #139
  • Sep 8, 2008 12:33am Sep 8, 2008 12:33am
Quoting thehenryfam
I don't know. Not sure how others are getting their numbers in Oanda, but I just bring up the daily chart and then just hover my cursor over each day's bar. The open, high, low, and close numbers appear in the lower left corner of the chart. I don't do any rounding during the calculations. I only round the results at the end.

I'm guessing the one wildcard would be timezone that our Oanda platforms are set to. Mine is set to "system time", which would be GMT-4.

Scott
I did exactly the same things. I am also using GMT-4. That is strange indeed.
  • #140
  • Sep 8, 2008 12:37am Sep 8, 2008 12:37am
Quoting blueace
No problem it happens. And yes you are correct we only do set ups for Tues, Wed and Thurs movements. Meaning the time zone I'm in I set up at 11:00 PM CST on M, T, W.
How about the effect of daylight savings? Does the system have any modifications to the trading time when daylight saving ends?
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