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(LCB) Largest Candle Breakout

  • #41
  • May 12, 2009 8:40am May 12, 2009 8:40am
I put the latest EA on a H1 chart and its active with no errors. I know I don't get any arrows until new info forms, but should I have any horizontal lines when first placing it on a chart?
  • #42
  • May 12, 2009 8:47am May 12, 2009 8:47am
Quoting Rastaman
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?
Sorry to hear about your wife. I hope everything turns out OK...

No, you don't need to "allow live trading" for the arrows to display. That only affects the EA placing orders. Yes - arrows will appear only at the time of a break, and they will not repaint. If you shut down and restart the EA or platform, an arrow for a break that happened while you were shut down will not be drawn.

This afternoon, I will be at a PC that I can post screenshots from my platform showing the three arrows (so far) that I've gotten today.
  • #43
  • May 12, 2009 8:50am May 12, 2009 8:50am
Quoting BenQ
I put the latest EA on a H1 chart and its active with no errors. I know I don't get any arrows until new info forms, but should I have any horizontal lines when first placing it on a chart?
Yes, the horizontal lines should draw with the first tick after putting the EA on the chart. Start with a clean chart (no other indicators, EAs, etc), drop the EA on, and after a few ticks, if you don't have lines yet, right-click on the chart, go to "objects list" and tell me what you have there, The lines are "objects", so this will tell us if they're really there and you just can't see them (hidden or something?) or if they're not being put there at all.

Which pair/broker is this happening with?
  • #44
  • May 12, 2009 9:01am May 12, 2009 9:01am
The objects list shows 2 horizontal lines with no description. However they are not visible on the chart. Eurusd H1, broker is Ikon.

Quoting cgrey
Yes, the horizontal lines should draw with the first tick after putting the EA on the chart. Start with a clean chart (no other indicators, EAs, etc), drop the EA on, and after a few ticks, if you don't have lines yet, right-click on the chart, go to "objects list" and tell me what you have there, The lines are "objects", so this will tell us if they're really there and you just can't see them (hidden or something?) or if they're not being put there at all.

Which pair/broker is this happening with?
  • #45
  • May 12, 2009 9:04am May 12, 2009 9:04am
Here's a pic. If this image is too big, I'll delete after you view it.
Attached Image (click to enlarge)
Click to Enlarge Name: LCB.png Size: 26 KB
  • #46
  • May 12, 2009 9:41am May 12, 2009 9:41am
Quoting BenQ
Here's a pic. If this image is too big, I'll delete after you view it.
Very strange. They are correct (HL and SL are the object names).. I can't explain why they're not showing, since according to this, they *are* on the chart...

Can you select one of them, choose "Edit" and look at the parameters tab. That will tell us if their values are wrong...
  • #47
  • May 12, 2009 9:44am May 12, 2009 9:44am
There's a "0" value in the parameters. Could it have anything to do with 5 digit broker or my broker's suffix?
  • #48
  • May 12, 2009 9:48am May 12, 2009 9:48am
Quoting BenQ
There's a "0" value in the parameters. Could it have anything to do with 5 digit broker or my broker's suffix?
Hmm... No, should have nothing to do with digits or suffixes. For some reason that I can't see (yet), the EA is not calculating the values to plot these lines, so they're plotting at "0" (instead of the price).

I'll have to see why this is happening, and evidently, only to you...
  • #49
  • May 12, 2009 11:26am May 12, 2009 11:26am
Ive gone back quite a long way on both swaps..as this is a thread and a system without any clear definitions as yet I will put to paper what I have observed.

I agree for some reason the high and low of the biggest bar on a 15 min chart does draw some attention the next day.

It looks to me that things work best when going long from below the lowest line and short from above the highest line.

To avoid false entries I use the 3 ema when this breaks the line we have our entry

If you look at the chart Ive posted I have marked the entries with the TP..if we assume one line is strong enough once broken to put us in a trade then surely the next line should act just as strong as a TP and take us out.

The SL can be a risk of 1:1 ..or simple use the 161,8 fib level which will give you a great risk reward than 1:1...but for the examples Ive used 1:1

Im also staying on the 15min time frame

This is how I am going to approach this system
Attached Image (click to enlarge)
Click to Enlarge Name: LBC.jpg Size: 133 KB
  • #50
  • May 12, 2009 11:52am May 12, 2009 11:52am
Quoting Paulus
Ive gone back quite a long way on both swaps..as this is a thread and a system without any clear definitions as yet I will put to paper what I have observed.

I agree for some reason the high and low of the biggest bar on a 15 min chart does draw some attention the next day.

It looks to me that things work best when going long from below the lowest line and short from above the highest line.

To avoid false entries I use the 3 ema when this breaks the line we have our entry

If you look at the chart Ive posted I have marked the entries with the...
Interesting. I was also starting to think about coming up from under the bottom and down from over the top. In my case, I would have had losers on 3 of my 7 pairs today with that strategy (EUR/GPY, EUR/CHF, EUR/JPY).

This is, I think, a perfect example of why an EA might not make a whole lot of sense. The basic "concept" of identifying the high and low of yesterday's largest M15 candle seems like a sound one. From there, different people will probably have different approaches on how to build a system around it.

Maybe the best way to move forward is for me to take a step back, and reduce my EA to an indicator to plot these lines, and let everyone else take it from there as far as how they want to proceed. To be honest, my original intent was only to create an indicator for the lines because (a) it seemed like something that could be a pain to do "by hand", and (b) it was something I hadn't done before in terms of programming, so it seemed like a good project.

I am going to continue to explore another direction to this (and will probably further develop my own EA to execute the way I take it). For now, my immediate plans for it were to explore the following (which is different from Rastaman's original "rules"):

 

  1. Look for price (NOT 5EMA) to break the support/resistance line. Long if the resistance line is broken, short if the support line is broken.
  2. Confirm with the RSI(14) over or under 50.
  3. Enter immediately (don't wait for candle closing).

Money Management and Exit Strategy:

 

  1. Initial Stop Loss = the opposite line
  2. Calculate lots so that risk = 1% of account balance.
  3. Take Profit when 1.5% of the account balance is reached (so, positive risk:reward).

The most recent EA I posted will accomplish the goal of plotting those support/resistance lines (I'm still looking into why it isn't working for you, BenQ), and does a little more. For those that don't want the arrows, or don't want them where I'm plotting them based on what was discussed in the first few posts, just go in and delete the code that draws them, or change it to something you like better).

  • #51
  • May 12, 2009 11:59am May 12, 2009 11:59am
Sounds good

Dont forget Im only trading 2 swaps

GBPUSD
GBPJPY

This is a spin off of my thread using the high and low of the asian session..UK traders then open and once the high or low breaks normally pile in...These 2 swaps on the LBC system will hopefully also capture that momentum

Re the 3ema In the ' 1 trade a day thread' once the high or low of the Asian is broken by 10 pips I enter and do not wait for candle close so we similar on that point...the EA is great for produscing the lines and helps a great deal


Paulus
  • #52
  • May 12, 2009 12:14pm May 12, 2009 12:14pm
I've to to look at the 3EMA. I was sort-of incorrect in my previous post. I would have had three losers in seven pairs by looking at PRICE crossing the lines. It looks like the may have never entered if the criteria was EMA crossing the lines.

Worth a second look...
  • #53
  • May 12, 2009 12:26pm May 12, 2009 12:26pm
Quoting cgrey
I've to to look at the 3EMA. I was sort-of incorrect in my previous post. I would have had three losers in seven pairs by looking at PRICE crossing the lines. It looks like the may have never entered if the criteria was EMA crossing the lines.

Worth a second look...

Thanks for the encouragement about my wife.
Yeah, she is basically over most of it, just that she thought the rash was due to using ointment on the leg she bumped into the furniture.
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USD/JPY & EUR/JPY look good to use with this system, I don't think this has anything to do with the London open, might move a bit faster but I doubt you need to limit your pairs to GBP.


And CGREY, I was looking for price to break the S&R lines first, the EMA was just being used for confirmation that price was going to go in the direction of the break.
Starting to see instead of just looking.
  • #54
  • May 12, 2009 12:33pm May 12, 2009 12:33pm
My father suffers from shingles he uses capsaicin cream, which is applied directly to the skin. Capsaicin is an extract of red peppers..not sure where he gets it from but he says it works great and its natural

Hope she recovers ...as one that suffers from the herpes virus I know how painful it can get

Paulus
  • #55
  • May 12, 2009 12:55pm May 12, 2009 12:55pm
Quoting Paulus
My father suffers from shingles he uses capsaicin cream, which is applied directly to the skin. Capsaicin is an extract of red peppers..not sure where he gets it from but he says it works great and its natural

Hope she recovers ...as one that suffers from the herpes virus I know how painful it can get

Paulus

Thanks Paulus.

First time she has had this after having problems sleeping for a couple of weeks. Probably just run down from lack of sleep.

I noticed you mentioned you are using the M15 TF, just checked it out and it also looks good.
Starting to see instead of just looking.
  • #56
  • Edited 1:15pm May 12, 2009 12:59pm | Edited 1:15pm
CGREY, making this a simple indicator is a good idea, then you can play around with it and maybe make an EA out of it.

I know, I posted this as a system and that was probably not a good thing to do as we did not already have anything defined apart from the entry.

That said, I think it is possible to make a system with this concept.

22 EMA also looks good for catching the break after the retracement.
That said I getting dangerously close to overloading indicators with the ADX crossing signals also on the chart.

Don't you just love those 1,2,3 breaks though. LoL
Attached Image (click to enlarge)
Click to Enlarge Name: 22 EMA.jpg Size: 167 KB
Starting to see instead of just looking.
  • #57
  • May 12, 2009 1:32pm May 12, 2009 1:32pm
Do we have a SHORT break soon on EUR/USD?

This makes me wonder about using the upper line as a break for a SHORT trade!

On that note I am going back to bed.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 127 KB
Starting to see instead of just looking.
  • #58
  • May 12, 2009 1:49pm May 12, 2009 1:49pm
Im not trading this pair..but to me we had the break down through the top line from above the only reason I say going short through the top line is good is that you capture a nice part of the move..

When the price goes down through the bottom line Im closing out in profit as others are going in.

The stop of 1:1 seems ok

All in all I its looking promising although I do prefer just to stick to 2 swaps both GBP as the 1st so that I get the momentum when it opens..but hey horses for courses

p
  • #59
  • May 12, 2009 1:57pm May 12, 2009 1:57pm
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...
You guys are brilliant you make me wish I was this smart , cant wait to get everything set up and test at home . Thanks for the contribution and the brain work...........Tom
  • #60
  • May 12, 2009 3:47pm May 12, 2009 3:47pm
A very interesting find, Rastaman, you've got a good eye. I've been looking at it for a while and it's very intriguing as to what's going on. I'll keep looking and post anything I see of value. I've got a couple of ideas as to what's going on and how to trade it.

Cgrey, my eyes are killing me. Is it possible to make an indicator that can go back? Iow, I pick a day and apply it for that particular day? I could use vhands, but it's tedious and slow.

Cheers.
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