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Tony's Two Candle trading system

  • #221
  • Jun 29, 2009 1:11pm Jun 29, 2009 1:11pm
This is one of the ways i`ve been trading for about 4yrs, not sure why some people are being so negative about it, you are simply using the high of the previous bar as your entry and taking some pips.

My set up is this:

1hr candles
14 sma
Direction of the sma determines buy or sell, if the sma is pointing up we look for buy set ups, opposite for shorts. Once the current candle closes we simply use the next candle to push through the high for a long entry, as long as the previous bar was bullish and the sma was up, opposite for shorts using the low of the previos bear candle.

Thats it, it was a system used by a trader called shiraz, i think i got around 02/03 time, the formula was called CTF ( champion trader formula), like i said, not my normal stratergy but it works pretty well for a few pips.

Gez
Seek not to change the world; seek only to change your mind about the world
  • #222
  • Jun 29, 2009 4:28pm Jun 29, 2009 4:28pm
Hi MEA,

I followed you on several threads and noticed you spend your time to denigrate the sytems freely offered by others. Are you able to offer us a nice system like this one? If not, why don't you leave the thread and leave us alone???
  • #223
  • Jun 30, 2009 2:05am Jun 30, 2009 2:05am
Quoting alain1
Hi MEA,

I followed you on several threads and noticed you spend your time to denigrate the sytems freely offered by others. Are you able to offer us a nice system like this one? If not, why don't you leave the thread and leave us alone???
Well said

Gez
Seek not to change the world; seek only to change your mind about the world
  • #224
  • Jun 30, 2009 5:42am Jun 30, 2009 5:42am
Quoting Danoid
Not so...I was trying to add my insights to improve the system (and to show that an EA can indeed be implemented).

Every day I discover something new that improves the system, today I discovered that two EMA's with a period of 12 on high and low settings combined with the close of the previous candle improves the number of profit trades.
Hi Danoid,

Thanks for the suggestion of using PSAR, that sure does help.
Can you explain a bit more by what you mean buyt using the two EMA's with a period of 12 on high and low...etc"
I could not figure out what you mean. Although it is eary morning and I have not had coffee yet. :-)

Keith
  • #225
  • Jun 30, 2009 6:10am Jun 30, 2009 6:10am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Demoed 4 times using USDJPY.... 4 winners in a row. Thanks to Tony Two Candles!!!
I have seen the enemy, and it is me.
  • #226
  • Jun 30, 2009 8:12pm Jun 30, 2009 8:12pm
Quoting forexisfx
u don't wanna see an ea for this becoz it will ruin the party.

thanks for the laugh!!

That is so funny and true!
Market Makers are the best
  • #227
  • Jun 30, 2009 10:38pm Jun 30, 2009 10:38pm
Quoting Danoid
I have been following this thread for the past couple days and decided to whip up my own EA for EUR/USD, only I added a couple more indicators (AO, ADX, and PSAR). After tweaking things a bit I got excellent results - 93% profit trades and a profit factor of 11.28! Thanks Tony!

Yeah right! That graph is BS. Maybe your kidding?
Market Makers are the best
  • #228
  • Jun 30, 2009 10:40pm Jun 30, 2009 10:40pm
I've created an ea to test this method. I've added filters for the two 5 SMMA's and for trading hours (which are parameters).

I haven't been very lucky though with the results. I'm sure there is a way to make this work by opening multiple trades, closing one at one rate, letting the others ride, etc but none of that is in the EA.

I'm posting both the compiled version and the original source code so if anyone has any suggestions or spots any bugs, please let me know.

Thanks,
Jason
Attached File(s)
File Type: ex4 jason-two-candle.ex4   7 KB | 875 downloads
File Type: mq4 jason-two-candle.mq4   7 KB | 1,284 downloads
  • #229
  • Jun 30, 2009 10:40pm Jun 30, 2009 10:40pm
Quoting Danoid
My suggestion is to make your own EA, it wasn't very hard for me to do (and by no means am I a programming expert).

Adding PSAR seemed to help DRAMATICALLY!

I was playing around last night and optimal trading time is from 4 AM to 3 PM EST - this leads to 90-95% profit trades. When I trade all hours it seems to get 80-85% (which leads to a shite-load of money for some months, but for a few it leads to huge losses).

Your full of the big sloppy brown stuff.
Market Makers are the best
  • #230
  • Jul 1, 2009 6:36am Jul 1, 2009 6:36am
Quoting Marlow Yip
Your full of the big sloppy brown stuff.
Am not.

I looked at Jason's code for a few seconds, I believe he is not using stop orders, which is what this method calls for.
  • #231
  • Jul 1, 2009 9:45pm Jul 1, 2009 9:45pm
Quoting Danoid
Am not.

I looked at Jason's code for a few seconds, I believe he is not using stop orders, which is what this method calls for.

You shouldnt come on FF and post bogus EA results. What is the point? I dont believe for a second you made an EA from this system and got those results. Your full of it
Market Makers are the best
  • #232
  • Jul 2, 2009 12:21am Jul 2, 2009 12:21am
Hi all...


Marlow Yip.........just taking a look here in some free time.....how long have you tested this idea to come to the conclusion it does not work....Of course I am assuming thats your position on the method..I could be wrong.
  • #233
  • Jul 2, 2009 3:14am Jul 2, 2009 3:14am
Quoting Angler
Hi all...


Marlow Yip.........just taking a look here in some free time.....how long have you tested this idea to come to the conclusion it does not work....Of course I am assuming thats your position on the method..I could be wrong.
I dont know if this system works or not. Seems to work well for Tony. Im just saying that goofball Danoid said he made an EA with great results and I can tell you that is BS!

Im sure if Tony is trading the system then it must work, but 99% of the time EA's dont work and for him to say he took a night and threw together some filters bla bla bla and got those good results is BS.
Market Makers are the best
  • #234
  • Jul 7, 2009 9:32am Jul 7, 2009 9:32am
Hi Tony

Are you still using this system, and if so what has your success rate been? Thank you.
  • #235
  • Jul 8, 2009 8:23pm Jul 8, 2009 8:23pm
can someone please post recent examples of their charts using this system? i keep failing with it
-2 SCOOPS OF PROFITABLE RAISINS
  • #236
  • Jul 9, 2009 4:25am Jul 9, 2009 4:25am
Hi there,

I`ve been reading this thread since yesterday and just made a quiq back test on E/U - one trade / day, at london open.

Sice 13 may till today, i saw that in 25 situations the candle from london open, had the same color as the one before it, generating profit. Also, in 10 situations, observing the wicks, it might of looked like a continuation of the prior bar, validating a buy / sell signal, only for the price to go in the oposit direction, generating losses.

This is only a quick visual test. I`ll be testing some more.

Regards,

Necre
  • #237
  • Jul 9, 2009 6:18am Jul 9, 2009 6:18am
Quoting necre
Hi there,

I`ve been reading this thread since yesterday and just made a quiq back test on E/U - one trade / day, at london open.

Sice 13 may till today, i saw that in 25 situations the candle from london open, had the same color as the one before it, generating profit. Also, in 10 situations, observing the wicks, it might of looked like a continuation of the prior bar, validating a buy / sell signal, only for the price to go in the oposit direction, generating losses.

This is only a quick visual test. I`ll be testing some more.

Regards,...

yea keep us updated man. can u post a chart showing us what u mean as well?

thx
-2 SCOOPS OF PROFITABLE RAISINS
  • #238
  • Jul 13, 2009 1:44pm Jul 13, 2009 1:44pm
I have not read the whole thread so this might have already been covered.

I have used a similar system for years in forex and other markets . This system is profitable if you use common sense and discretion.

I believe tony is trying to make 20-40 pips per day. so its about 2-3 trades. If you trade overlap sessions then you have approx. 7-10 good candles to trade. If you follow a few pairs then you have at least 30-40 apportunities per day.

So pick the best ones. Use filters.

I use the following:
simple moving averages, a 9 period for trend for example, don't trade against trend.
I also look at candle formations and take hammers etc,.

my point is that any system can be simple, but some discretion and trading knowledge is needed even with the simplest system.

If you blindly follow the rules and actually follow them 100% then you will not do any better than an automated system.

this is my opinion for what its worth.
  • #239
  • Jul 13, 2009 2:38pm Jul 13, 2009 2:38pm
Good system.

But doesn't work in choppy markets - then you have to switch to another strategy.
  • #240
  • Jul 16, 2009 6:58pm Jul 16, 2009 6:58pm
hey danoid are u gonna post your EA or rules anytime soon? thx!
-2 SCOOPS OF PROFITABLE RAISINS
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