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Trading system using relative strength

  • #981
  • Oct 14, 2008 2:45pm Oct 14, 2008 2:45pm
Hello In10tion,

Many thanks for participating in this thread. I believe this will be a terrific benefit to people.

Regards,
Jeff

Quoting In10tion

:: If this indicator can be of any use... I'm sorry, but I didn't follow this thread totally... perhaps little by little I will... you can adjust many things in this indicator, you don't need everything to display like on the picture...



regards,


IN10TION



Ps. this is not an EA & you have to allow DLL's. (do this before you install it on your chart, you can adjust this in the options menu under the experts tab, select allow DLL's )

  • #982
  • Oct 14, 2008 2:50pm Oct 14, 2008 2:50pm
Quoting FerruFx
V1.01 and v1.02 have absolutely no difference in calculation.

FerruFx
Thanks, I reset v1.02 and it is a match with ver 1.01. Maybe it got stuck!

And, thanks so much for all your work on this thread. I think your indicator is a "peace of art" too!
  • #983
  • Oct 14, 2008 2:53pm Oct 14, 2008 2:53pm
Quoting cobraforex
Uffff, it took me four hours to read the entire thread, over reading some posts.
This is a really promising strategy, congrats EStrader. I fell that you need a strong market condition to have success with the calls. Thanks also to FerroFX for the excellent work on the indicator, I feel that it runs smoother than the original one and the overall view is very easy. I sure that you will develop it even more, for example should be helpful to know the spread for each pair before the arrow.
Some traders mentioned that there should be some kind of filter to avoid bad trades, there is one and that is the only one that works, it is you.
Every trade should be investigated if it’s worth to take or not and not blindly follow the Indicator to take a trade.

You have plenty of time; let’s say 15M before and after the indicated candle closed to find a good entry on lower TF or at the end to decide not to take it.
I think it is not that easy just run with the original rules and an indicator and go, it will help a lot to know about candlestick formations and pattern, respecting TL’s, Psychlines, Fibs etc. There are pairs that have huge spreads and a bad decision can cost a lot, you win more not to trade than to trade bad.

I will give it a try on two different Broker times, but during Europe and London overlapping (like I mentioned before, I think this system need speed) after studying the system rules very well. The TP I see as a little difficult but the are some EA’s that take profit at a specified amount, could be a possibility or an EMA cross, until a trader collects some experience when to get out of the trades.

EStrader, please let me know if I’m talking BS and it is necessary to trust the indicator blindly.
BTW, it is amazing how fast this thread grows.
Thanks again
Cobra
I love this thread and I love the thinking and thoughtfulness and work that everyone contributes. Truly inspiring - especially when one looks at the general condition of the world - to have people workign together like this is really inspiring.

As far as the system - ES laid out a brilliant framework - FerruFX and RR have added unbelieveable tools - and looking at the trades that were presented this morning it was obvious to me from both fibs and candles that the reversal was coming and no past based indicator (as they all are) could tell you that - those trades should have been skipped - I took them of course because I am looking to have things be easy and automatic - but ultimately thinking for oneself and being present will provide the largest opportunity to make pips.

Cobra's point is well made. An indicator that you follow blindly would need to be a Holy Grail for it to work all the time. Thank you for your contribution.
  • #984
  • Oct 14, 2008 3:21pm Oct 14, 2008 3:21pm
Well, given that mentioning. I think we have the entries settled.

What about the exit?
I'm exiting when the retracement is larger than 30 pips.

I'm looking to use my grid-EA (somewhere in trading discussion) which adds on lots every x pips.

I was considering the expansion and contraction of the individual currencies in the line-based indicator as a means to do entry and exit, but I guess I'm looking for that sweet spot where I exit at about 20% off the peak.

That link where the crossing of currencies looks interesting, and that's another exit option.

You could of course turn this into a scalping system where you only look to pull 5-10 pips per trade. So far all my trades hit 5-10 pips profit within the bar. I've never had the entry bar go against me yet.
  • #985
  • Oct 14, 2008 3:21pm Oct 14, 2008 3:21pm
SteveH,

I like your multi purpose trade manager. I think it's the best of the lot for managing the manually opened trades. I've tried all the ones in this thread, and others, and they all have issues. Your is clean and works great and closes trades when it's supposd to.

One thing on the wish list: How about an equity percent trailing stop? I usually set it to exit at 3%, but it would be nice to trail that gain by .5 or .75% until taken out. Thanks

(This is the managment EA by SteveHopwood. It's in his sig line if you need it.)
  • #986
  • Oct 14, 2008 3:21pm Oct 14, 2008 3:21pm
I am going to look at this for a while.

4hr to 60 min. charts are pretty flat for now but looking here would have kept you from buying the audjpy @ 11 am est. like the 4 hr called for. The 1 hr was definetly moving in the other direction by then.
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  • #987
  • Oct 14, 2008 3:22pm Oct 14, 2008 3:22pm
Hi All,

I've traded 3 different 4 hour bars on my IBFX platform and so far I've had 2 massive losses and one win. What I am finding is after I place my trades I'll watch the positions for awhile and then I'll walk away form the computer. When I've come back I'll see that colectively the group may have been up 30-60 pips but now is down 100-150 pips. Each time I have decided to stick with the trade and it has ended with a collective loss of over 500 pips.

I have seen many posts over the past 3-5 days showing profits of 200-500 pips or more. I'm finding it difficult to manage the positions. Are people taking profit when a pair hits say 30 or 50 pips and are they closing a pair when it goes say 50 pips on the negative side.

I see that some people are using an EA to help manage their trades. Does anyone have some feedback on which EA is working well with this system?
  • #988
  • Oct 14, 2008 3:23pm Oct 14, 2008 3:23pm
As far as I know, there's only one EA on this thread...
  • #989
  • Oct 14, 2008 4:06pm Oct 14, 2008 4:06pm
The day was very good until 16:OO. GBP, AUD, NZD were still +.
The others -. I have made enormeus profit during the day but after I have lost all with the same signs.
What is wrong in my trades? Perhaps must we take account on the signs of the 1 TF?
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  • #990
  • Oct 14, 2008 4:13pm Oct 14, 2008 4:13pm
Has anyone managed to get the EA to work on IBFX?
  • #991
  • Oct 14, 2008 4:25pm Oct 14, 2008 4:25pm
Quoting ozziedave
Hi All,

I've traded 3 different 4 hour bars on my IBFX platform and so far I've had 2 massive losses and one win. What I am finding is after I place my trades I'll watch the positions for awhile and then I'll walk away form the computer. When I've come back I'll see that colectively the group may have been up 30-60 pips but now is down 100-150 pips. Each time I have decided to stick with the trade and it has ended with a collective loss of over 500 pips.

I have seen many posts over the past 3-5 days showing profits of 200-500 pips or more. I'm finding it difficult to manage the positions. Are people taking profit when a pair hits say 30 or 50 pips and are they closing a pair when it goes say 50 pips on the negative side.

I see that some people are using an EA to help manage their trades. Does anyone have some feedback on which EA is working well with this system?

RR's EA works well as far as trade selection and management. My only problem is the context busy errors I get that prevent the EA from completing entering orders. But for the orders that are placed you can set a fixed SL as well as a trailing SL. I like the ability to move the stop once to BE (or more) if you want to. You can also set a fixed TP.

And the pairs selected match the pairs you would get if you did the calculations of the candle values yourself.

The other thing ...and i think this is important after today... is you can set it to Signal only. So you can look at the signals and decide which you want to take.
  • #992
  • Oct 14, 2008 4:31pm Oct 14, 2008 4:31pm
Quoting ES Trader
Hi 101,
You can "steal my thunder" anytime. I am a very simple person, just intetested in helping everyone that I come across. I feel good when I know I can make some difference in some ones life. After all the money can buy happiness only when it is shared with others. We all come into this world with nothing and leave with nothing.

I am looking forward for your EA.

thanks
Kris
Hey Kris,

Did Julius ever email you his EA? just curious...
  • #993
  • Oct 14, 2008 4:39pm Oct 14, 2008 4:39pm
Quoting BenQ
SteveH,

I like your multi purpose trade manager. I think it's the best of the lot for managing the manually opened trades. I've tried all the ones in this thread, and others, and they all have issues. Your is clean and works great and closes trades when it's supposd to.

One thing on the wish list: How about an equity percent trailing stop? I usually set it to exit at 3%, but it would be nice to trail that gain by .5 or .75% until taken out. Thanks

(This is the managment EA by SteveHopwood. It's in his sig line if you need it.)
Thanks for your kind comments, Ben.

This is a good idea. Let's keep further discussion of this to pm's, so we don't clutter the thread. We can let people know when we have finalised things. I am going to pm you.

  • #994
  • Oct 14, 2008 5:00pm Oct 14, 2008 5:00pm
Quoting nubchai
RR's EA works well as far as trade selection and management. My only problem is the context busy errors I get that prevent the EA from completing entering orders. But for the orders that are placed you can set a fixed SL as well as a trailing SL. I like the ability to move the stop once to BE (or more) if you want to. You can also set a fixed TP.

And the pairs selected match the pairs you would get if you did the calculations of the candle values yourself.

The other thing ...and i think this is important after today... is you can set it to Signal only. So you can look at the signals and decide which you want to take.
I don't know whether this will help you or not but what I did was set values of 5 through 11 for the minutesdelay start parameter for the nineteen pairs I am trading instead of using the same default value of 10 for all pairs. Consequently there are at most 3 pairs trying to open at the same time. It did seem to help reduce the number of context busy errors for me. Instead of getting 6 or 7 I now may get 1.
  • #995
  • Oct 14, 2008 5:01pm Oct 14, 2008 5:01pm
Can someone send the Metatrader source code for the indicator to me? ---I'd like to adadpt it to eSignal. Unless, of course, someone can tell me where to get it already for eSignal.

Thanks,

Lenoxer
  • #996
  • Oct 14, 2008 5:07pm Oct 14, 2008 5:07pm
I have setup my screen from M1 to H4 as \the lower cycles of the Rstrength filter through to the H4. The M30 and the 60 min possible the M15 should give us early clues about next H4 Rstrength. We can exit if a pair has got opposite signal on M30 of H1 or no signal on H1. what do you think?
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  • #997
  • Oct 14, 2008 5:20pm Oct 14, 2008 5:20pm
Quoting nubchai
Well the RR Ea placed 2 trades on FXDD and then trade context errors prevented more orders. So I entered those manually.

If you have thos problem on fxdd or other brokers you can use the trade recommendations on each screen and enter the trades manually.

I also traded some of the trades the FerruFX indicator recommended and got excellent results. $50 in 5 minutes with 3 trades. What I did was change the time frame to 60 minutes and the level to 2 and took the recommendations.

Very nice for the manual trader who doesn't want to wait 4 hours.

Thanks FerruFX. I have to look at the new version now

Sandy

PS FerruFX any chance you'll make an EA soon?
I think you may be on to something with the way you traded the different timeframe...maybe when volatility calms down the lower timeframes could be the way to go(tighter stops and smaller TP's though)
Just a thought
  • #998
  • Oct 14, 2008 5:23pm Oct 14, 2008 5:23pm
That's interesting, Pipo. But sometimes I find that I have to switch back and forth TF's for the indi to update. Someone else reported that earlier too. So you may have to do a lot of switching with all those TF's you have.

I like your timer color. Did just a color change make it bolder, or did you do something else?

Quoting Pipo
I have setup my screen from M1 to H4 as \the lower cycles of the Rstrength filter through to the H4. The M30 and the 60 min possible the M15 should give us early clues about next H4 Rstrength. We can exit if a pair has got opposite signal on M30 of H1 or no signal on H1. what do you think?
  • #999
  • Oct 14, 2008 5:29pm Oct 14, 2008 5:29pm
Quoting FerruFx
Here's attached the last version with some improvements:

1. Timer: the remaining time before the end of the candle from the Timeframe the indy is watching

2. Comments in colored labels

3. Value in each column for a quicker viewing

4. Remove the "No Trade" pairs in the (long) suggested pairs listing

5. Remove the NZDGBP. I can't retrieve where I found this one!!!

Hope that will help to trade this system smoothly.

FerruFx


I cannot get this version to work on my platform. Shows up under indicators but could not attach it to the chart. Any suggestions?
  • #1,000
  • Oct 14, 2008 5:43pm Oct 14, 2008 5:43pm
Quoting FerruFx
Here's attached the last version with some improvements:

1. Timer: the remaining time before the end of the candle from the Timeframe the indy is watching

2. Comments in colored labels

3. Value in each column for a quicker viewing

4. Remove the "No Trade" pairs in the (long) suggested pairs listing

5. Remove the NZDGBP. I can't retrieve where I found this one!!!

Hope that will help to trade this system smoothly.

FerruFx
Thanks for the new indicator Ferru
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