Trading system using relative strength

Did you check and make sure all currencies are listed. You can enable them by going into the symbols section. Right click in your Market Watch window and select Symbols.

I have the spread sheet(s) for this tool,

Send PM if you want.

Currently the system calls for entry based on opposite positive and negative polarity beween two currencies over the last 2 bars. But isn't the better measure for entry whether one currency has gained on the other during that period even though both were weak. So that one would buy the less weak currency and sell the relatively more weaker currency over the last 2 bars even though both displayed a minus.Entry would be measured by a change from a narrowing of the spread between the two to a widening of the spread (or vice versa) over the last two bars without regard to positive or negative polarity.If you eyeball the charts you will notice there is a strong tendency for the currency to continue a narrowing or widening trend for at least one or two bars after there has been a change from narrowing to widening (or vice versa) even though both currencies displayed same plus or a minus. It would also generally get you in earlier which would not make you as vulnerable in ranging markets

The only filter I can think of for entry is to wait for either of these 2 conditions before placing your order:

1. If price is moving in the direction you want to place your trade in. Wait for price to go at least 10 pips in that direction before you place your order.
2. There are many times when price initially goes in the opposite direction from the open of the candle. This sometimes lasts for minutes up to several hours before turing around and going in the projected direction. The only way to avoid this is to monitor price and when it comes back to the open price of the candle and starts to go in your direction place your order. This one can be a bit time consumming but will reduce your drawdowns.

The biggest problem with these 2 entry methods is you have to be at your PC to monitor price until you place your entry order. I'm going to try these entry techniques this week in an effort to reduce drawdowns and maximise profits.

There we go Again!! Woh! Converting this simple system into more and more complicated.

Guys/Gals.

Repeat after me :

THERE IS NO HOLY GRAIL SYSTEM THAT IS GOING TO CONSISTENTLY MAKE MONEY WHATEVER WE DO"

So let,s all join together and trade this system live or in demo account JUST the way I said, in my FIRST post for ONE week. Then at the end of the week if not satisfied everyone is welcome to go their own way and start their own thread and I will close this and concentrate in my own trading.
Is it a Deal.?

Hope so

Thanks
Kris

One question ES,


does the system work in 1hr or only 4hrs, which is your experience during news and how many pips do you make per month?

ES Trader, I agree 100% with your last post. The indiactor gives pluses or minuses. The great excel file gives you the pairs to buy or sell based on you simply inserting a plus or a minus. No fibs, no moving averages. No rainbow charts. I think there's simple logic in this system because you're buying a strong currency and selling a weak one, and you're buying a basket instead of just one or two pairs. You're always buying/selling a basket of the best probabilities. Like a mutual fund buying or shorting the best candidates. One or two of them may be bad, but the overall odds are with you. I think it's way too early to start trying to optimize this simple system. I have no doubts there are a zillion suggestions on how to do that. For now, I'm with ES on keeping it simple like the first post.

I also agree. So should we use CCFp_v1.0.2 as original indicator?

I'm a believer in this system. Here are my opening trade:

USDJPY - Buy
USDCHF - Buy
USDCAD - Buy
GBPJPY Buy
GBPCHF - Buy
EURUSD - Sell
EURGBP - Sell
AUDUSD - Sell
AUDNZD - Sell

Currently I'm -$11

A related article.

http://articles.mql4.com/484


Enjoy.

Lenoxer

That's an interesting article, but I think the basis for the pairs makes it a cross-type trading system. This one trades the cross of the derivative.

My trades (00:00 GMT +2)

I see few have put trades looking at last 2 bars (4hr) of friday.
I am planning to open trade after the close of todays 1st 4hr bar just to avoid any problem in price due to gap opening.
kris

Kfx,

Interesting, quite a difference. Who is your broker

6 contracts lot .01 $ 35.54

Loss $ 2.32

MIG

I like ccfp v1.0.2b.
I just wanted to know if it is possible to have this indicator to show the Relative strength of a currency on a daily frame as well.(MTF -but just daily and 4hr).
I do not want any lower time frame since it does not work well in anything lower than 4hr,
Thanks
Kris

May be even show +or- ONLY when both day and 4 hr time frame are in tandem .
thanks

Scripts removed - repaired ones later...


I hope this contribution helps everyone.

These 2 SCRIPTS (put them in your SCRIPTS directory) will allow you to MANUALLY open and close orders based on the StrongBase property that you find using the CCFp indicator.

These scripts are tied together with a unique MagicNumber, and should not interfere with other EAs or manual trades.

The Pairs property gives you the ability to match your brokers offerings, as well as limit trading to certain pairs, if you wish. You must edit the Pairs property to match your broker, including any trailing characters such as 'm' on IBFXmini. Pairs and StrongBase are case sensitive.

The CLOSE script will close ALL of the orders opened by the other script.

Both scripts use a reliable method to open and close trades, and post information of every step in the Experts tab of MT4.

Both scripts are ECN compatible, as the StopLoss and TakeProfit are set after the order is entered.

Please demo trade this, as there may be bugs.

Ron(ForexMT4)

ES,

The values in the indicator are based on the time frame of the chart, and ALL HIGHER TIMEFRAMES. So if you put the indicator on, say, M15, it also includes M30 H1 H4 D1 W1 and M1.

I modified the code to use just a single timeframe, as a test, and it ruins the indicator. So I think an MTF version might be out of the question.

Ron(ForexMT4)