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  • #1
  • First Post: Jan 18, 2009 5:34am Jan 18, 2009 5:34am
Hi

I have had quite a few emails concerning indicator free trading but with a view of trading a longer time frame the 1min for some people just isn't viable.

Ive looked at this on a 1hour time frame and the pattern seems profitable unusable on the 1min as we need a sizable bar to make some pips.

It use 2 bars

The 1st gives us the SL and the TP

Set up for long

A 1hour down candle

Followed by a 1 hour up candle the low of which was supported by the 1st candle,and the size of which is 50% the size no greater

Set up for a short

A 1hour up candle

Followed by a 1 hour down candle the high of which was supported by the 1st candle,and the size of which is 50% the size no greater

SL

The low of either candle for a long
The high of either candle for a short

TP

The high of the 1st candle for a long
The low of the 1st candle for a short

Trade on various pairs as signals are not fast and furious.

Take a look at the chart the entry and set up is very easy..again ideas welcome


Paulus
Attached Image (click to enlarge)
Click to Enlarge Name: 1hour ind free.gif Size: 23 KB
  • #2
  • Jan 18, 2009 6:08am Jan 18, 2009 6:08am
U r getting it..
  • #3
  • Jan 18, 2009 11:39am Jan 18, 2009 11:39am
Quoting Paulus
Hi

I have had quite a few emails concerning indicator free trading but with a view of trading a longer time frame the 1min for some people just isn't viable.

Ive looked at this on a 1hour time frame and the pattern seems profitable unusable on the 1min as we need a sizable bar to make some pips.

It use 2 bars

The 1st gives us the SL and the TP

Set up for long

A 1hour down candle

Followed by a 1 hour up candle the low of which was supported by the 1st candle,and the size of which is 50% the size no greater

[u]Set up for a...
Thank you very much for showing us new ways of approaching trading. One quick question. Do we trade the break of the high/low of the second bar or enter at the open of the bar following the second bar?
  • #4
  • Jan 18, 2009 11:53am Jan 18, 2009 11:53am
Hi

You enter on the close of the 2nd bar we dont wait for a break

All we watching for are 2 candles who highs or lows near enough match

If this happens it means the high in the case of a short has been supported.

We then want the second candle once we enter to test the lows of the 1st candle.

We want the 2nd candle no bigger than 50% of the 1st so that we have a decent amount of pips left to the TP

hope that helps

Paulus
  • #5
  • Jan 18, 2009 12:09pm Jan 18, 2009 12:09pm
Looks fine but isn't this method alike one type of entry - among others-in the James16 thread (double bottoms/tops where most of the bars have about half lengh of first bar) ?
every Saint has a past. Every Sinner has a Future
  • #6
  • Jan 18, 2009 12:21pm Jan 18, 2009 12:21pm
Quoting Paulus
Hi

You enter on the close of the 2nd bar we dont wait for a break

All we watching for are 2 candles who highs or lows near enough match

If this happens it means the high in the case of a short has been supported.

We then want the second candle once we enter to test the lows of the 1st candle.

We want the 2nd candle no bigger than 50% of the 1st so that we have a decent amount of pips left to the TP

hope that helps

Paulus
Hi there Paulus this looks promising good work on FF. I was wondering if someone could write an EA for this system?
He that is from above is above all.
  • #7
  • Edited 12:54pm Jan 18, 2009 12:43pm | Edited 12:54pm
Hey Paulus, thanks for another idea to look at, you keep busy!

Quick question about the 50% size of entry candle, are we looking at the body size, or total candle size including wicks?

Just a quick glance at the eurusd for the past couple weeks, appears if we ignore wicks and as long as the body itself is less than half the previous candle, and the high or low wasn't broken with the wick, looks promising.

Attached chart I have marked with red arrows on the instances I am describing. The total candle including the wicks is over 50%, but the body isn't. You can see they are all winning trades. Just curious if you have any thoughts about this?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: p-1hr.gif Size: 22 KB
  • #8
  • Edited 2:33pm Jan 18, 2009 12:45pm | Edited 2:33pm
Quoting Paulus
Hi

I have had quite a few emails concerning indicator free trading but with a view of trading a longer time frame the 1min for some people just isn't viable.

Ive looked at this on a 1hour time frame and the pattern seems profitable unusable on the 1min as we need a sizable bar to make some pips.

It use 2 bars

The 1st gives us the SL and the TP

Set up for long

A 1hour down candle

Followed by a 1 hour up candle the low of which was supported by the 1st candle,and the size of which is 50% the size no greater

Set up for a short

A...
Ok, let me see if I have the rules right;
Long ENTRY Condition: Check if Candle 2 is a Down candle (Close < Open) then check if Candle 1 is an Up candle (Close > Open) if so, then check if Candle 1 (High-Low) is 50% the size if Candle 2 (High-Low).
Is that right?
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #9
  • Jan 18, 2009 12:47pm Jan 18, 2009 12:47pm
Hi,

is the 32 pip move on the chart a valid entry? It looks like the size of the entry candle is more than 50% of the previous candle.

It shouldn't be too difficult to code an visual indicator for this system. Maybe a programmer would be so kind to...
  • #10
  • Jan 18, 2009 1:01pm Jan 18, 2009 1:01pm
why do people ask for an ea before the concept has fully been explored? It seems to me that the ea comes at the wrong time - to me it would be more effective to fully investigate the varacity of the method being introduced before creating an ea. What seems to happen as I read threads in the FF is the ea development stops the investigation process. Just an observation and judgement I have.
I make money anywhere in the world by taking orders
  • #11
  • Jan 18, 2009 1:03pm Jan 18, 2009 1:03pm
Paulus,
Also, I see on your attached chart example, a few of your entry candles broke the high or low of the previous candle. I would think this would be a pretty important factor in trying to predict where the price is going. If you are giving it a little buffer (ie can break high or low by 3 pips max), then that is something that needs to be addressed in order to create an EA (which I think matrixbiz might be interested in doing?).
  • #12
  • Jan 18, 2009 1:05pm Jan 18, 2009 1:05pm
Yep, I agree, this one shouldn't need an EA. Of course having one makes for easy backtesting to see if the idea is profitable.
IF someone wants to make one, fine by me, but this can be traded without one without too much hassle.
  • #13
  • Jan 18, 2009 1:47pm Jan 18, 2009 1:47pm
Paulus, This seems like an interesting pattern that should be looked at. Especially since the pattern will always set up a greater reward to risk. 50% reliability will give you a profit if you stick to the rules. Simple. simple. simple. Thanks, i may even give this a go on demo since my normal trading is extremely boring.

kburd
  • #14
  • Jan 18, 2009 1:58pm Jan 18, 2009 1:58pm
Just did a manual backtest from 12/1 til now on eurusd only
final result +482 pips

Something worth lookin at further imo
  • #15
  • Jan 18, 2009 2:11pm Jan 18, 2009 2:11pm
Quoting tazmaan
Just did a manual backtest from 12/1 til now on eurusd only
final result +482 pips

Something worth lookin at further imo
Did you the candle or high-low range for the manual backtest?
  • #16
  • Jan 18, 2009 2:13pm Jan 18, 2009 2:13pm
Hi

Yes I have also been looking at just the body size today not the wicks as per your chart ..

If we see the wicks extending to the highs and lows of the previous candle it does give us moral support that our potential TP has been tested already on the entry bar.

And as for the high or low being broken I have been looking at this today also
consider the emotional implications of the candles I have drawn the pyhci behind it
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  • #17
  • Jan 18, 2009 2:47pm Jan 18, 2009 2:47pm
If the body+shadow of the 2nd bar doesn't break the high/low of the first candle, it is a typical harami pattern (if i understood it correctly). In the case the 3rd bar breaks the high/low of the 2nd candle (if 2nd candle does have higher high/lower low than the first one), i used to reverse the position to cover the previous loss with very good success rate. Very important, as Paulus said, is the close of the 2nd bar which has to be lower than the close of the first bar. Btw i wouldn't use this on anything lower than 1H, as for every price action, the higher TF, the higher probability.
  • #18
  • Jan 18, 2009 2:55pm Jan 18, 2009 2:55pm
Quoting aelimian
Did you the candle or high-low range for the manual backtest?
I used candle 1 or candle 2 high/low as the stop, whichever was more.

Same method backtested from 12/1 on gbpusd resulted in -131 pips
  • #19
  • Jan 18, 2009 2:58pm Jan 18, 2009 2:58pm
Thanks for the answer paulus, makes sense to me. Of course it does make it a little more tedious to backtest manually. This is where the EA talk becomes valid, at least just for backtesting sake.
  • #20
  • Jan 18, 2009 3:55pm Jan 18, 2009 3:55pm
Ive been looking most of the day at 15min seems far more accurate only 1 day but £$ Friday +60 pips

How ever if we employ my 1min mechanical TP which is ...

When long close on SL or next down bar

When short close on SL or next up bar we get on the same signals

224 pips no spread taken into account..this method using an opposite candle to close is just a......... 'close on 1st signs of weakness'

+21-3-15+25-4-28+16+95+126-9-8

Cheers

P
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