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Attachments: The CARMEN System Indicator
Exit Attachments

The CARMEN System Indicator

  • #61
  • Nov 3, 2009 10:47am Nov 3, 2009 10:47am
I am getting two different set of rules from you. Which is the correct one?

Quote
1.
When the white line falls below the blue line, you exit.

When the white line falls below the yellow and blue line you sell.

When the white line goes above the yellow line, you exit.



Quote
2.
When the white line is above the yellow and blue lines, BUY.
Then when the white lines falls below the yellow and blue lines, close the buy and SELL.
Then when the white lines rises back above the yellow and blue lines, close the sell and BUY again.
{Promotion Removed}
  • #62
  • Nov 3, 2009 10:49am Nov 3, 2009 10:49am
Quoting antonioforex
I am getting two different set of rules from you. Which is the correct one?
The first quote is not from me.

It's from another trader that mis-read the second quote and was asking for clarification.
  • #63
  • Nov 3, 2009 11:02am Nov 3, 2009 11:02am
what is the deal with the indi in post one. every time i try to save it, it is trying to save it as a php file. what is that???
  • #64
  • Nov 3, 2009 11:53am Nov 3, 2009 11:53am
CARMEN Indicator v2.00

Several traders who tried out the CARMEN indicator noticed that the default settings(which are for trending markets) do not work well on ranging markets. To solve this, in carmens_eyes_v2.00 there are 3 groups of settings. Each group can be tailored for a different type of market.

Main New Feature:
Now there can be a group of settings for when a trade is first opened, a second group for when the trade is mildly profitable, and finally a third group of settings for when the trade is deep in profitability.

Take a look at the below picture to see for yourself:
http://fiat-luxx.com/trading/threegroups.gif


Here's the detailed descriptions for the new settings.

till_breakeven_rate : Determines how closely the channel will follow the price till the trade breaks even. RECOMMEND 1
space1 : Determines the width of the channel from the beginning of a trade till profit is greater than start_at_pips_profit2. Each standard deviation is equal to 6 pips. It should be wider than space2 and space3 so the trade has room to grow when it is first opened. RECOMMEND 3-5
expand_rate1 : Determines how closely the channel will follow the price after the trade has broken even. RECOMMEND 20-60
start_at_pips_profit2 : Determines how many pips of profit the trade must be in before following the second group of settings. RECOMMEND 40-60
space2 : Determines the width of the channel after profit is greater than start_at_pips_profit2. Each standard deviation is equal to 6 pips. It should be less than space1 but greater than space3. RECOMMEND 1.5-3
expand_rate2 : Determines how closely the channel will follow the price after profit is greater than start_at_pips_profit2. RECOMMEND 50-100
start_at_pips_profit3 : Determines how many pips of profit the trade must be in before following the third group of settings. RECOMMEND 100+
space3 : Determines the width of the channel after profit is greater than start_at_pips_profit3. Each standard deviation is equal to 6 pips. It should greater than space1. RECOMMEND 0.5-3
expand_rate3 : Determines how closely the channel will follow the price after profit is greater than start_at_pips_profit3. RECOMMEND 100+

CARMEN Indicator v2.00 in Action
Notice the wider channel on the left narrowing as the trade turns profitable on the right.
http://fiat-luxx.com/trading/versiontwo.gif
Attached File(s)
File Type: mq4 carmens_eyes_v2.mq4   7 KB | 850 downloads
  • #65
  • Nov 3, 2009 12:03pm Nov 3, 2009 12:03pm
Quoting hotstorm
May I ask you how do you deal with ranging periods like the one on the image? I counted like 12 - 15 not very good trades that can add up to 150 - 200 pips loss. Do you wait for big trend? These occur every once in a while and may wipe out profits made on bigger moves...

I make 100 pips on previous bigger move, then lose 150, then make 100, then lose 100, ...

Edit: The same period but M5 timeframe looks like is not that bad (second image). So, it looks like we should not go down to M1, right? I am confused a bit since you said TF does not...
You're right, with v1.03 we were forced into fitting one group of setting to every market type. I just uploaded v2.00, it lets you specify 3 different groups of settings, and then will automatically switch from one to the other, depending on the profitability of the current trade.

Check it out here.
  • #66
  • Nov 3, 2009 12:07pm Nov 3, 2009 12:07pm
even more impressive
  • #67
  • Nov 3, 2009 12:12pm Nov 3, 2009 12:12pm
Are you sure space 3 should be greater then space 1? I'm thinking less

thx,
todd

Quoting aicccia
profit is greater than start_at_pips_profit2. Each standard deviation is equal to 6 pips. It should be less than space1 but greater than space3. RECOMMEND 1.5-3
expand_rate2 : Determines how closely the channel will follow the price after profit is greater than start_at_pips_profit2. RECOMMEND 50-100
start_at_pips_profit3 : Determines how many pips of profit the trade must be in before following the third group of settings. RECOMMEND 100+
space3 : Determines the width of the channel after profit is greater...
  • #68
  • Nov 3, 2009 12:29pm Nov 3, 2009 12:29pm
Quoting todd960960
Are you sure space 3 should be greater then space 1? I'm thinking less

thx,
todd
try it, if it works better let me be the first to know.
  • #69
  • Nov 3, 2009 12:34pm Nov 3, 2009 12:34pm
Quoting TraderColin
Confused with the wording of your entries and exits when looking at your charts. Shouldn't the rules be..When the white line is above the yellow and blue line, you should buy.

When the white line falls below the blue line, you exit.

When the white line falls below the yellow and blue line you sell.

When the white line goes above the yellow line, you exit.

Can you add arrows and show us when you enter, exit, sell and exit on your 5 minute charts. Thanks
TraderColin, I've thought a lot about this tonight. The logic you describe is the logic I used on an earlier private version of Carmen. If I can bring it back, it might dramatically increase the profitability in ranging markets.
  • #70
  • Nov 3, 2009 12:40pm Nov 3, 2009 12:40pm
I am using the V.1, amazing I trade on 1M, i keep watching the highest TF also as my main trend controller..awesome


http://img43.imageshack.us/img43/2448/itsworkgreat.jpg


Then i got my TP for EU,...
http://img62.imageshack.us/i/alldonegreat.jpg/http://img62.imageshack.us/img62/1874/alldonegreat.jpg


The new version must be better than the first one..great job aicccia,..two thumbs up..
It's Designed and Balance
  • #71
  • Nov 3, 2009 12:41pm Nov 3, 2009 12:41pm
Hi aicccia,

Please could you expand on how to use these three setting? Do I need to change them as the trade progresses?

Many thanks for sharing such a good indicator.

Take care
Holding my candle high up, my mentor lit it up once!!
  • #72
  • Nov 3, 2009 1:07pm Nov 3, 2009 1:07pm
aicccia, do we enter a buy or a sell when the candle associated with the white line closes, or immediately when the 'white line" crosses the respective yellow or blue line? great work, by the way !!!!!
I feel more like I do now than I did a little while ago...
  • #73
  • Nov 3, 2009 2:14pm Nov 3, 2009 2:14pm
I'm not doubting your settings, i just question it because your instructions are a bit mixed.

space1 : It should be wider than space2 and space3 so the trade has room to grow when it is first opened. RECOMMEND 3-5
space2 : It should be less than space1 but greater than space3. RECOMMEND 1.5-3

space3 : It should greater than space1. RECOMMEND 0.5-3

You see if space 1 recommended is 3-5 and you say space 3 should be greater then space 1, then why is your recommeded space 3 0.5-3?

Either your space 3 recommeded is wrong or your word 'greater' is wrong.

thx,
todd
  • #74
  • Nov 3, 2009 5:49pm Nov 3, 2009 5:49pm
hi aicccia,

thanks 4 sharing this indi. could you resize your charts 4 easier viewing??thanks.

if you are writing an ea for trading this indi. how would you filter false breakouts? would you set a trailing stop that is optional for the user?? can you add alerts too?? thanks
  • #75
  • Nov 3, 2009 6:30pm Nov 3, 2009 6:30pm
Hello,

First of all a great thanks to aicccia for this wonderful indicator, it sure seems to have great promise.

I downloaded version 2 and compiled it how you indicated in a couple of posts back and have been using it. Is that correct so far?

Secondly I was wondering do you recommend using this on the 1M or 5M timeframes and can it be used on any other pairs besides EUR/USD/?, which ones do you find it to work best on?

Thirdly, I was wondering about your rules, after looking at the charts, it seems as if you entered the trade when the white line crosses yellow and blue lines and exit once it crosses below the yellow and blue lines, most often the trade would result in a break even or loss. That is for a buy and vice versa for a sell. Should that always be used a profit taking exit or should profit taking be used on our own discretion?

Thanks
Mannai70
  • #76
  • Nov 3, 2009 6:41pm Nov 3, 2009 6:41pm
Hi All,

Is anyone else having trouble with the blue and yellow lines? I put the indicator on a 1 M chart, but the blue and yellow lines are missing. Any ideas?
Thanks.

pipsacker
  • #77
  • Nov 3, 2009 6:43pm Nov 3, 2009 6:43pm
if you can see them on other tf's, then try zooming out
I feel more like I do now than I did a little while ago...
  • #78
  • Nov 3, 2009 7:16pm Nov 3, 2009 7:16pm
Shows quicker on the higher time frames. Thanks D.

pipsacker
  • #79
  • Nov 3, 2009 7:28pm Nov 3, 2009 7:28pm
Quoting aicccia
Just released v2.00. Check out the intro post here.

I had a pretty good idea for an indicator about a month ago but it had some drawbacks, and me being the perfectionist that I am, I went back and completely changed it.

First I got rid of the MAs.

What's the difference between a 300 EMA and a 400 EMA? There's not much difference, and I promise that the market doesn't care which you think the difference is. How about a 14 EMA or a 21 EMA? Again they're almost...

Hello aicccia

I am stunned by your indicator. My conratulations and thanks.

It seems to contain every aspect of a model I have been trying to trade for some time now - also known as "tunnel method" or "line in the sand".

I only finished reading the thread a few minutes ago and I am very excited to do some back testing and checking the settings in order to fully understand its workings. If it is what I think it is, then you might have here a real winnner.

I will follow this thread with great interest and come back to it with findings or questions soon.

Regards,
  • #80
  • Nov 3, 2009 8:03pm Nov 3, 2009 8:03pm
hi all,

how about the first setting 'till breakeven rate'?,i havnt found it on the last version or i have missed something?

...till_breakeven_rate : Determines how closely the channel will follow the price till the trade breaks even. RECOMMEND 1...
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