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  • #41
  • Mar 19, 2009 4:07pm Mar 19, 2009 4:07pm
When the current candle closes and becomes static, History, IF the close was higher than it's previous candles high or lower than the previous candles low, then (3.) I'd like something to notify me that the last candles close was higher than it's previous candles high or low.

The notification can be like the raznost, a plus green number or a negative red number, but hopefully a sound alert if possible. I am not a programmer. Do you program?

-Reese
  • #42
  • Mar 19, 2009 10:07pm Mar 19, 2009 10:07pm
Quoting reese777
When the current candle closes and becomes static, History, IF the close was higher than it's previous candles high or lower than the previous candles low, then (3.) I'd like something to notify me that the last candles close was higher than it's previous candles high or low.

The notification can be like the raznost, a plus green number or a negative red number, but hopefully a sound alert if possible. I am not a programmer. Do you program?

-Reese
Yes, but not very good at it..
But, I still don't get the system..
1. Where did you put the point C? (read http://www.smarttradingforprofits.co...profit-targets )
2. Entry and Stoploss?
3. Look at attached..Did I pull it right? Did the trade triggered with stoploss?

Thanks..

Ps..I'll try to modify the code this weekend if I am free..
Attached Image
  • #43
  • Mar 20, 2009 12:26am Mar 20, 2009 12:26am
Try this..
It used 2 previous candles
Attached File(s)
File Type: mq4 Raznost modified.mq4   2 KB | 669 downloads
  • #44
  • Mar 20, 2009 2:14am Mar 20, 2009 2:14am
Thanks Mini J for your hard work and making the mq4!


It still needs to be just one candle back. We're almost there.

Take a look at the following pictures.

-Reese
Attached Image(s) (click to enlarge)
Click to Enlarge Name: reply.jpg Size: 63 KB
Click to Enlarge Name: BeforeEURUSD.jpg Size: 57 KB
  • #45
  • Mar 20, 2009 2:24am Mar 20, 2009 2:24am
Thanks again for the mq4.

Notice the new Candle(which was a thin green line, in the "Before" picture(maybe it's hard to see but follow arrow). That very thin green line Qualifies. It's an open below the low of the previous candle. Draw a Fib Extension 'right-away' on the previous Candle before the new candle grows.

Your MQ4 needs to be one Candle back instead of two and then I think it'll work.
Thanks,

Reese
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AfterEURUSD.jpg Size: 60 KB
Click to Enlarge Name: TwoCandlesBackdoesn't work.jpg Size: 67 KB
  • #46
  • Mar 20, 2009 2:45am Mar 20, 2009 2:45am
I meant to use a CLOSE on the "BEFORE And AFTER" example on posts 44 and 45. Instead I used an 'Open'.

Please refer to the multiple examples on posts 35 and 33 of using a "CLOSE" on the last Candle.

My mistake.

Thanks

Reese777
  • #47
  • Mar 20, 2009 4:22am Mar 20, 2009 4:22am
Quoting reese777
I meant to use a CLOSE on the "BEFORE And AFTER" example on posts 44 and 45. Instead I used an 'Open'.

Please refer to the multiple examples on posts 35 and 33 of using a "CLOSE" on the last Candle.

My mistake.

Thanks

Reese777
Still don't get it...
See below numbered candles..
a. no 2 candles close higher then candle 1 high..why don't draw FE at candle 1?
b. no 3 candles close 1 pip above no 2..draw FE at no 2?
c. no 4 candles close higher than no 3..draw FE at no 3?
etc..

Did you mean the "close" was the close of a complete ended candle or a temp/current close price of a candle? And still I don't know when to enter the trade...
Attached Image
  • #48
  • Mar 21, 2009 10:02am Mar 21, 2009 10:02am
Yes, that's right Mini J, you can project a FE(Fib Ext) on candles 1, 2, and 3(I wasn't looking at the upside I guess, no excuses for me).

I've included a little chart to see when I enter.
After the current candle closes(above or below previous candles high or low), then I enter trade.
The Picture will probably explain it better.

I've noticed the London open(hour after Euro) is the best time. I like EURUSD and GBPUSD the best. Try to find No.2 candles that are around the same size or shorter(but still qualify). Long number 2 candles that have already reached FE 1.6 are useless.

Also a strong candle reversal pattern is "3 Black Crows"(www.candlesticker.com/Cs74.asp) and "3 white soldiers". So by the end of the 3rd candle or so it's exhausted so it won't reach FE 1.6. But if you find a qualifier around candle 1 or 2 of 3 candles it works better.
Also Watch out for Daily highs and lows. Friday March 20, had a nice "qualifier' right at the daily high(GBPJPY 1 hour), so it bumped into it and went nowhere. I saw only 1 good qualifier on Friday(GBPJPY 1hr), 3 good ones on March 19 and 2 good ones on March 18(using FXpro).

See chart below for entry.

reese777
Attached Image (click to enlarge)
Click to Enlarge Name: AEx2.jpg Size: 64 KB
  • #49
  • Mar 21, 2009 11:55am Mar 21, 2009 11:55am
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


Q: Size = range ( high - low )?

Q: For longs, would a viable alternative be the close below the midpoint instead of the high below the midpoint?

Looks like the better the risk/reward, the better the outcome.



http://i39.tinypic.com/4j3i2v.gif
TRO
  • #50
  • Mar 21, 2009 6:31pm Mar 21, 2009 6:31pm
Toddfx,

I was trying to follow Paulus's thread with '1hr w/o indicators' but it is a nice chart.

You've opened up my eyes alittle more how things go to FE 1.0, FE 1.6 or higher once they break the previous candles high and low. But that's a whole different thread.

'Spudfyre' has written a thread already on what you're asking me about but he has a much safer stop loss. I see you have a stop loss of 50 pips.
He uses a 5,3,3 stochastic and show you how to do it to get out much faster if the break of the "0" or "1.0" line doesn't continue. He talks about it here at Forex Factory at thread http://www.forexfactory.com/showthread.php?t=30109&page=2 and Post 16.


Take a look at some his charts(zipped) at Post #23. Feb 19, 21 and 22 go to 1.6 or higher. He talks about using a 1 hour chart, like you, or a daily chart.


What's the name of that indicator? Will it show risk ratio at 1:1 and 1:1.6?

Thanks,


reese777
Attached Image
  • #51
  • Mar 21, 2009 8:28pm Mar 21, 2009 8:28pm
Post #1:


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

/////////////////////////////////////////


TP in pips / SL in pips = RR.
TRO
  • #52
  • Mar 22, 2009 4:54am Mar 22, 2009 4:54am
Hi

How I use the 1hour

1st trade short

 

  1. Up bar
  2. A down bar that open in the yellow area which is just the gap between the high and close of bar 1.The high of candle 2 does not go higher that the high of candle 1 this gives us some feeling of security as the high of bar one was respected.The main body of candle 2 is not bigger than 50% of candle 1
  3. We enter at the open of candle 3 the TP is the low of candle 1

2nd trade long

 

  1. Down bar
  2. An up bar that open in the yellow area which is just the gap between the low and close of bar 1.The low of candle 2 does not go lower that the low of candle 1 this gives us some feeling of security as the low of bar one was respected.The main body of candle 2 is not bigger than 50% of candle 1
  3. We enter at the open of candle 3 the TP is the high of candle 1

Note

The sl is always 5 pips above high of candle 1 for shorts the low of candle 1 for longs

Paulus

Attached Image (click to enlarge)
Click to Enlarge Name: 1hour.gif Size: 22 KB
  • #53
  • Mar 22, 2009 7:00am Mar 22, 2009 7:00am
Thanks, Paulus, for this super clear explanation and picture for the setup.
Even a slow yeoman, like myself, can understand and implement this method.
Appreciate your continued support here on the FF.

Cliff


Quoting Paulus
Hi

How I use the 1hour

1st trade short

  1. Up bar
  2. A down bar that open in the yellow area which is just the gap between the high and close of bar 1.The high of candle 2 does not go higher that the high of candle 1 this gives us some feeling of security as the high of bar one was respected.The main body of candle 2 is not bigger than 50% of candle 1
  3. We enter at the open of candle 3 the TP is the low of candle 1

2nd trade long[list=1][*]Down bar[*]An up bar that open in the yellow area which is just the gap...

I get exercise just pushing my luck
  • #54
  • Mar 22, 2009 10:09am Mar 22, 2009 10:09am
Quoting Paulus
Hi

How I use the 1hour

1st trade short

  1. Up bar
  2. A down bar that open in the yellow area which is just the gap between the high and close of bar 1.The high of candle 2 does not go higher that the high of candle 1 this gives us some feeling of security as the high of bar one was respected.The main body of candle 2 is not bigger than 50% of candle 1
  3. We enter at the open of candle 3 the TP is the low of candle 1

2nd trade long[list=1][*]Down bar[*]An up bar that open in the yellow area which is just the gap...

Paulus thank you for the explanation
Do you have an indicator which show the arrow on your chart?
  • #55
  • Mar 22, 2009 11:06am Mar 22, 2009 11:06am
1st trade short

1. Up bar

2. A down bar that open in the yellow area which is just the gap between
the high and close of bar 1.
The high of candle 2 does not go higher that the high of candle 1
this gives us some feeling of security as the high of bar one was respected.
The main body of candle 2 is not bigger than 50% of candle 1

3. We enter at the open of candle 3 the TP is the low of candle 1

2nd trade long

1. Down bar

2. An up bar that open in the yellow area which is just the gap between
the low and close of bar 1.
The low of candle 2 does not go lower that the low of candle 1
this gives us some feeling of security as the low of bar one was respected.
The main body of candle 2 is not bigger than 50% of candle 1

3. We enter at the open of candle 3 the TP is the high of candle 1

Note

The sl is always 5 pips above high of candle 1 for shorts

The sl is always 5 pips below the low of candle 1 for longs


http://i43.tinypic.com/8z40vl.gif
TRO
  • #56
  • Mar 22, 2009 12:12pm Mar 22, 2009 12:12pm
The indicator is work in progress ,the guy that does the coding is a great member of Forex factory he does it all free but his time is precious.

he ask for nothing but gives so much

Il see what I can do ,

Paulus
  • #57
  • Mar 22, 2009 5:22pm Mar 22, 2009 5:22pm
Please let us know when he provides the indicator, that would be really great.
  • #58
  • Mar 22, 2009 6:24pm Mar 22, 2009 6:24pm
Paulus,

I've just discovered that this system produced 413 pips in January on the EUR/USD. But I've also noticed it does not do well in strong trends. Is there a way to filter out trades during strong trends?

I really like the risk/reward of this system.
  • #59
  • Mar 22, 2009 6:37pm Mar 22, 2009 6:37pm
This appears to be a modified inside bar trade. Y/N?
TRO
  • #60
  • Mar 22, 2009 6:49pm Mar 22, 2009 6:49pm
This system is simple psychology and statistics. A trade is placed when price fails to reach a new high, translating to hesitation in the minds of traders (the psych). A trade is only placed if the candle is less than 50% of the previous...because the smaller the candle the closer the stop loss, the farther away the take-profit, and the less risky the trade (the stats). It is a good system when not over thought.
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