(LCB) Largest Candle Breakout | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

MT4 candle-by-candle manual backtesting 9 replies

Indicator for average candle size for up or down candle? 1 reply

How to make EA that send Open Price of Candle for every new candle 5 replies

Day's first H4 candle correlation to daily candle 14 replies

Correlation between first 4 hour candle and daily candle 1 reply

Attachments: (LCB) Largest Candle Breakout
Exit Attachments

(LCB) Largest Candle Breakout

  • #21
  • Edited 8:10pm May 11, 2009 1:42pm | Edited 8:10pm
I hadn't taken into account for different timezones. The attached version should now properly draw the lines based on the broker's past 1-day period (as indicated by the "period separators" Rastaman mentioned).

Previously, it was possible that this wouldn't match up.

** EDIT **
Attachment removed - current version of the EA is here: http://www.forexfactory.com/showpost...66&postcount=9
  • #22
  • May 11, 2009 2:49pm May 11, 2009 2:49pm
Quoting cgrey
I hadn't taken into account for different timezones. The attached version should now properly draw the lines based on the broker's past 1-day period (as indicated by the "period separators" Rastaman mentioned).

Previously, it was possible that this wouldn't match up.
Hi Cgrey,

Thanks for all you have done so far!

I applied the EA to the GBP/USD chart but I don't see any arrows anywhere? Should it show past arrows? Or is this something that will only show as it is happening? I do have the smiley face so I am assuming the indicator is working?
  • #23
  • May 11, 2009 2:58pm May 11, 2009 2:58pm
I have now applied the EA sorry to be the dim wit here but I have 2 red horizontal lines that seem not to relate to yest large bar high and low

Is this correct

sorry to be a pain

Paulus
Attached Image (click to enlarge)
Click to Enlarge Name: lbc.gif Size: 24 KB
  • #24
  • May 11, 2009 3:08pm May 11, 2009 3:08pm
Quoting adsanders
Hi Cgrey,

Thanks for all you have done so far!

I applied the EA to the GBP/USD chart but I don't see any arrows anywhere? Should it show past arrows? Or is this something that will only show as it is happening? I do have the smiley face so I am assuming the indicator is working?
No, it will not show past arrows. Only new arrows that will appear after you apply the EA to your chart. It doesn't "look back", only forward
  • #25
  • May 11, 2009 3:11pm May 11, 2009 3:11pm
Quoting Paulus
I have now applied the EA sorry to be the dim wit here but I have 2 red horizontal lines that seem not to relate to yest large bar high and low

Is this correct

sorry to be a pain

Paulus
One of two things...

(1) Remember, the hi/lo lines will correspond to the largest bar on the 15-minute chart as per Rastaman's rules. This will probably not match up if you apply the EA to the 1-hour chart that you'd actually trade off of. To verify, you could apply the EA to a 15-minute chart, which should then match the hi/lo of yesterday's largest candle to make sure they match, before you switch to 1-hour to watch for the EMA crossing..

- or -

(2) You need to get the latest version I posted if you don't have it. There could have been an issue with timezone on that one, since I wasn't accounting for if your local time happens to be a different timezone than your broker's time.

Edit - I verified GBP/JPY. Even though I'm on a different broker than you (I'm with IBFX) the attached shows what I see on the 15-minute chart for GBP.JPY. The lines look like they match the largest candle from yesterday.
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.jpg Size: 59 KB
  • #26
  • Edited 7:29pm May 11, 2009 5:31pm | Edited 7:29pm
CGREY,
you have been a busy bee. Lol

Sorry, just got up which is another factor that may be variable in this as I am living in Japan, and this concept was stumbled on using the candles prior to the Asian session.

I am still kind of fuzzy so, will read this thread and try to suggest anything that comes to mind, once I get my mind together, which takes a lot of coffee after all the beer I drank last night. Also, I have to take my wife out this afternoon and will not be around.

Basically, I think the more input we get from people testing this the better.
That said, perhaps we should limit and indicators to 2 or 3 at the max.

And CGREY, if it is not too much trouble is there anyway you can trash the old EA and always update the new one to the same post, as not to confuse everyone? Sorry for all these requests and once again thanks for your work on this. Appreciated
Starting to see instead of just looking.
  • #27
  • Edited 7:21pm May 11, 2009 6:39pm | Edited 7:21pm
Quoting cgrey
One of two things...

(1) Remember, the hi/lo lines will correspond to the largest bar on the 15-minute chart as per Rastaman's rules....

I think that is ok, when we switch to the H1 chart the original bar we based the S&R on the lines will not match up with the original candle because the High and low will change but, the lines will be the same as the original 15 min candle price. You can verify this by going back and fourth over the time frames and just look at the price where the H&L lines are.

GBP/USD H1 & M15
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUD H1.jpg Size: 141 KB
Click to Enlarge Name: GBPUSD M15.jpg Size: 113 KB
Starting to see instead of just looking.
  • #28
  • May 11, 2009 8:05pm May 11, 2009 8:05pm
Quoting Rastaman
CGREY,
you have been a busy bee. Lol

Sorry, just got up which is another factor that may be variable in this as I am living in Japan, and this concept was stumbled on using the candles prior to the Asian session.

I am still kind of fuzzy so, will read this thread and try to suggest anything that comes to mind, once I get my mind together, which takes a lot of coffee after all the beer I drank last night. Also, I have to take my wife out this afternoon and will not be around.

Basically, I think the more input we get from people testing this the...
I thought it would be simple - but then I got caught up in it...

Sure, I will update the FIRST post I made with the current version of the EA, and in the future, will refer to that original post when I add an update.

Since I'm in the US, I'll be getting to bed soon myself. Whatever changes, if any, we need to make tomorrow, I'll put them in the EA. I agree it should be simple - I don't see any need for additional indicators. I mostly want to leave the EA running against several pairs in a demo and see how it does. Once we define some stoploss and takeprofit parameters, I'll add the logic so that it actually trades, and we'll be able to gather some real data.
  • #29
  • Edited 8:31pm May 11, 2009 8:13pm | Edited 8:31pm
CGREY, please don't let this or indeed any other system take over your life and use up your precious time, when you probably have other more important things to do.

I am manually marking the previous candle S&R before the new candle takes effect as this may give us some kind of reference point as a TP.
Attached Image (click to enlarge)
Click to Enlarge Name: lines.jpg Size: 172 KB
Starting to see instead of just looking.
  • #30
  • May 11, 2009 8:49pm May 11, 2009 8:49pm
Quoting Rastaman
CGREY, please don't let this or indeed any other system take over your life and use up your precious time, when you probably have other more important things to do.

I am manually marking the previous candle S&R before the new candle takes effect as this may give us some kind of reference point as a TP.
Don't worry - I'll manage it. Keeping the "system" simple will also keep the EA simple. If it grows to the point that I can't keep up, I'll pass on the code to anyone else who wants to pick it up. There are some far more accomplished programmers on these forums than me, and I'm sure my code can be cleaned up quite a bit. I don't always do things the most efficient way possible, but I get them done

I've got the wait vs. not wait answer solved with the external parameter "waitforclose" - now that can be decided by anyone running the EA. I assumed (based on one of your screenshots) that you want to use RSI(14), but if I'm wrong and you want a different period, that's an easy change. Are you looking for a corresponding cross of the RSI from below 50 to above for long (vice-versa for short), or just for it to be over or under 50 when the EMA crosses? Right now, I've just coded it for over or under (not looking for a cross at the same time as the EMA crosses).

Let me know what you think for SL and TP. I made some suggestions earlier - basically what I do for any other "system" is I normally use the last swing low (for a long trade) or high (for a short trade). I calculate that to represent 1% of my account balance (which determines the lot size). As a "TP" I close the trade when profit is 1.5% of account balance. Makes my risk/reward 1.5:1. Sometimes, I program a sort of "trailing stop" - like when the trade hits 0.5% profit, move the "stop" to break-even, and keep moving it to be 0.5% below the top of the trade. In any case, I never put the SL and TP in when the trade is entered. I let my EAs manage that - prevents the broker from "stop hunting"... All of this said, I'll code SL and TP based on whatever you come up with. I can also pretty easily add the previous, previous day's hi/lo (like you did manually here) if you think that is the direction you want to go with it.
  • #31
  • May 11, 2009 8:52pm May 11, 2009 8:52pm
Quoting Rastaman
CGREY, please don't let this or indeed any other system take over your life and use up your precious time, when you probably have other more important things to do.
Maybe an EA is needed.
  • #32
  • May 11, 2009 9:05pm May 11, 2009 9:05pm
Quoting forexisfx
Maybe an EA is needed.
Yep - we already have the beginnings of one ( http://www.forexfactory.com/showpost...66&postcount=9).

We just need to define a few parameters to get it to start trading (as opposed to signaling).
  • #33
  • May 12, 2009 1:53am May 12, 2009 1:53am
nothing good today...
  • #34
  • May 12, 2009 1:55am May 12, 2009 1:55am
ok have it now ..looks good on the 15min chart

A few questions that may need to be clarified in the thread.

 

  1. Do we go long if the bottom line is broken in an upward direction like wise do we go short if the upper line is broken in a down ward direction...or
  2. Do we go long on the break of the top line from below or short on the break of the bottom line from above
  3. What do we do if the price opens below the low line and stay there all day albeit touching it several times
  4. At what time are we clear to take a signal..ie if the top line is broken during the sian session do we take it ?

here are both my charts I have high lighted the 15min candle high low its very true it is respected as the chart clearly shows why this is so I do not know and cannot come up with an suggestions atm....but it makes for a great pivot point.

Cheers

Paulus

Attached Image (click to enlarge)
Click to Enlarge Name: 15min.jpg Size: 129 KB
  • #35
  • May 12, 2009 6:42am May 12, 2009 6:42am
I am running the EA I created against a total of 7 pairs: EUR/USD, USD/JPY, EUR/GBP, GBP/USD, USD/CHF, EUR/CHF and EUR/JPY.

Since 00:00 GMT today, using the RSI filter=True and waitforclose=False, I have signals on EUR/USD during the 07:00GMT candle (which would be in profit now, or possibly even had hit a reasonable TP) and GPB/USD on the 09:00GMT candle, which hasn't moved very much in either direction since entry.

Sorry I can't post screenshots right now, but will update this post later when I'm using a PC I can take screenshots with.

Also discovered another minor bug in the EA that I will correct when I get the next version together.
  • #36
  • May 12, 2009 6:54am May 12, 2009 6:54am
Quoting Paulus
ok have it now ..looks good on the 15min chart

A few questions that may need to be clarified in the thread.

[list=1][*]Do we go long if the bottom line is broken in an upward direction like wise do we go short if the upper line is broken in a down ward direction...or[*]Do we go long on the break of the top line from below or short on the break of the bottom line from above[*]What do we do if the price opens below the low line and stay there all day albeit touching it several times[*]At what time are we clear to take a signal..ie if the top...
Good questions, Paulus. Another question I'd add to this for Rastaman is, do we take more than one trade per pair per day? So, if a pair breaks the resistance and we enter long, if it retraces later in the day and breaks support, do we take that short, or is that pair "done" for the day once any trade is taken?
  • #37
  • Edited 7:01am May 12, 2009 7:00am | Edited 7:01am
http://i211.photobucket.com/albums/bb67/whatchee/a.jpg
Quoting cgrey
I am running the EA I created against a total of 7 pairs: EUR/USD, USD/JPY, EUR/GBP, GBP/USD, USD/CHF, EUR/CHF and EUR/JPY.

Since 00:00 GMT today, using the RSI filter=True and waitforclose=False, I have signals on EUR/USD during the 07:00GMT candle (which would be in profit now, or possibly even had hit a reasonable TP) and GPB/USD on the 09:00GMT candle, which hasn't moved very much in either direction since entry.

Sorry I can't post screenshots right now, but will update this post later when I'm using a PC I can take screenshots with.

Also...
I cannot see arrow
  • #38
  • May 12, 2009 7:31am May 12, 2009 7:31am
Quoting whatchee
http://i211.photobucket.com/albums/bb67/whatchee/a.jpg

I cannot see arrow
You should be applying this EA to H1 charts. Your screenshots are showing M15 and M5 charts. Also, as mentioned previously, the arrows will only show up AFTER the EA has been applied and left to run - it does not look backwards and plot arrows for past entries.
  • #39
  • Edited 8:40am May 12, 2009 8:27am | Edited 8:40am
Quoting cgrey
Good questions, Paulus. Another question I'd add to this for Rastaman is, do we take more than one trade per pair per day? So, if a pair breaks the resistance and we enter long, if it retraces later in the day and breaks support, do we take that short, or is that pair "done" for the day once any trade is taken?


Sorry, just got back from 100 Kilometer round trip and now my wife is ill with Shingles and I need to take care of her.

Tomorrow is the start of my art exhibition and I am going to be really busy these next 10 days.
Sorry to vex my woes, just been a hectic day.


You guys probably have much more experience with these EA than I so, just give a few things a try, you know go wild if you like and we can test them later. Just try to keep the indicators down to no more than 3. Feel free to change them, I was looking at the stochastic as an exit and it looked reasonably good.





I think we can take the trade again at the bounce or retracement of price off the low for the SHORT breakout but it appears very often that the RSI does not break the line. Hey, this RSI setting of 14 is what I am using.
Played around with 13 but it seemed to give too many false breaks.


I am still looking at the breakout lines and where they break, this pattern on GBP USD we would have missed a lot of pips by waiting till the upper line break.
Upper line would give us 95 pips before the retraecment and the lower line would have given us 160 pips. Then again if it bounced before breaking the upper line, we could have been stopped out.
Maybe best to be conservative with this for now, till we have more data concerning these S&R lines.


Sorry, I am totally whacked out today.

Will get back to this tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 121 KB
Attached Image
Starting to see instead of just looking.
  • #40
  • May 12, 2009 8:40am May 12, 2009 8:40am
CGREY

Do we have to have the Allow Live trading box clicked to get the arrows to display?

I don't see any arrows on my charts yet.

Maybe it only shows them at the time of the break and doesn't repaint them if you close down the terminal and restart it?
Starting to see instead of just looking.
0 traders viewing now