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50 pips candle system

  • #141
  • Nov 15, 2009 7:57pm Nov 15, 2009 7:57pm
I am still not sure if I understood this method thoroughly. Is this correct?

Buy when there are 2 consecutive green candles - 100 pips. And sell when there are 2 consecutive red candles - 100pips.
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  • #142
  • Nov 15, 2009 8:03pm Nov 15, 2009 8:03pm
You will have to restart the script once you modigy it to 50pips.

Quoting CaNaRyTraDeR
Oh maannn ! 3 hours backtesting and I see right now the renko bars are made of 100 pips!... You have to modify it right button in script and "modify"

In the beginning you can see "Size of the box 100 pips"

So, to modify, type 50.... "EDITED, IT DIDN`T WORK; STILL 100 PIPS BARS" HELP!!
It was sooo easy... however, you get good results with 100 pips bar, too
  • #143
  • Nov 15, 2009 8:30pm Nov 15, 2009 8:30pm
Quoting zebulon
No problem, i think it's impossible to make 0 mistakes...

When i will have time free, i will read it month by month.

I'm very happy with your work, it shows the system bring us about 8700 pips this year !
Thanks for sharing your strategy. Upon discussion on Feb. 2009 results, I have backtested that month only by using IBFX (includes Sunday bars).

The results are:

Win: 112
Loss: 98
Net: 112 - 98 = 14 x 50 = +700 pips

One thing to note, on Feb 13th, 16:00 bar we take a long trade at 1.4400 due to Red-Green-Red sequence between 1.4450-1.4400 and then next Monday price opens with a huge gap and we lose -200 pips as there was no way our SL hit at 1.4350, because opening price was 1.4209 (assuming we sold at 1.4200), so above +700 pips result includes this.

Anyway, it is still profitable but then we have spread issue. Considering one is trading this strategy with a 3 pips spread broker and since each buy-sell action includes one 3 pips spread (otherwise backtest results will change because when price is at 1.6700, let's say, your actual buying cost is 1.6703 but since MT4 shows bid price you'll see it as 1.6700 on your chart which means if you put a limit buy order at 1.6700, you'll open position when price is 1.6697-1.6700 and if price reverses from 1.6697 or 1.6698 or 1.6699, MT4 will not show 1.6700 but we actually will open the position), the spread cost for Feb 09 is (112 + 98) x 3 = 630 pips which means we only have +70 pips net profit. If you are trading with a 4 pips spread broker, that means you actually lost money.

I don't know the number of trades for other months (it can be even higher as Feb only had 20 working days), but it seems the spread cost is certainly an issue (considering we are trading mechanically and taking all trades, otherwise, if someone trades this method discretionally, then it is meaningless to backtest). Or another solution for backtesting may be to add spreads and using x.xx50 + 3 pips (or 4 pips) and x.xx00 + 3pips (or 4 pips) levels for all buy orders.
  • #144
  • Nov 15, 2009 10:49pm Nov 15, 2009 10:49pm
Quoting CaNaRyTraDeR
Oh maannn ! 3 hours backtesting and I see right now the renko bars are made of 100 pips!... You have to modify it right button in script and "modify"

In the beginning you can see "Size of the box 100 pips"

So, to modify, type 50.... "EDITED, IT DIDN`T WORK; STILL 100 PIPS BARS" HELP!!
It was sooo easy... however, you get good results with 100 pips bar, too
You have to close m2 offline and restart MT4, then run the script again with 50 pips set and open again m2 offline.

Lubo.
If I know how, I tell You!! Few but Good!!
  • #145
  • Nov 16, 2009 12:45am Nov 16, 2009 12:45am
Considering the post of Blackeagle, I must repeat that 50 pips in February were only noise because the volatility was more than double as it is now. I'd use at least 100 pips for a bar in February.
  • #146
  • Nov 16, 2009 1:56am Nov 16, 2009 1:56am
With my manual system, when i'm playing ranges, i need 53 pips to make 50. I place my order in advance, so i draw a candle when my target is hit.

In a trend, it's clear i don't sell to buy immediatly 3 pips less. i simply move my SL 50 pips up ...

So i don't count the spread....
  • #147
  • Nov 16, 2009 2:04am Nov 16, 2009 2:04am
Quoting logical
Has anybody came across an indicator that highlights 50 pip movement on a chart?

This will save lots of time rather than manually checking each move.

With regards to timeframe - there is none - this system is pip based not time based.

With regards to results - yes everyones will be different depending on open time/price of initial trade.

With regards to this system - I think it can be a good system because just say that 50% of the time price is in a trend and 50% of the time price is is a range we can catch pips both times. Even set a trailing...

the system is called "pip range bars". i use it myself and its wonderful for scalping. youtube it to understand how it works because its a quite much to explain.. great for when the market is moving fast such as news releases.
  • #148
  • Edited 2:35am Nov 16, 2009 2:24am | Edited 2:35am
Quoting zebulon
With my manual system, when i'm playing ranges, i need 53 pips to make 50. I place my order in advance, so i draw a candle when my target is hit.

In a trend, it's clear i don't sell to buy immediatly 3 pips less. i simply move my SL 50 pips up ...

So i don't count the spread....
Thanks for the reply. A few things to clear this spread issue re. your reply:

When your trade is a range trade, do you take long trade at 1.6603 (this means bid rate is 1.6600) or at 1.6600 (this means bid rate is at 1.6597)?

When your trade is a range trade, you say you put +53 pips to your entry price. What about SL for range trades? Do you simply put 50 pips from your entry price as is the case for trend trades?

When your trade is a trend trade, what is your take profit level, again +53 pips from entry?

ps. If you can modify your post #137 with exact entry, TP, and SL figures (including spreads), that would be really helpful as a live example.

Regards,
  • #149
  • Nov 16, 2009 3:22am Nov 16, 2009 3:22am
As I understand, with 3 pips of spread, you always will win 47 pips and lose 53 pips if you want to respect the blocks of 50 pips without counting the spread...isn´t?
  • #150
  • Nov 16, 2009 4:12am Nov 16, 2009 4:12am
You lose 50 and win 47 because you start from -3 and have 50 as target.
  • #151
  • Nov 16, 2009 4:24am Nov 16, 2009 4:24am
Hello all,

This system is simple, but it is very few the profit.
I think 50 - 100 pips/day is good for this job.

I trade without any indicator, but I always get over 50 pips/days.

Here is my result yesterday:
http://tintucfx.com/today.jpg
  • #152
  • Nov 16, 2009 8:07am Nov 16, 2009 8:07am
Quoting socchuot
Hello all,

This system is simple, but it is very few the profit.
I think 50 - 100 pips/day is good for this job.

I trade without any indicator, but I always get over 50 pips/days.

Here is my result yesterday:
http://tintucfx.com/today.jpg
Could you please be more specific?
  • #153
  • Nov 16, 2009 8:11am Nov 16, 2009 8:11am
Quoting Sauron
You lose 50 and win 47 because you start from -3 and have 50 as target.
You are right!

Maybe it would be good to backtest 50 pips bars and 100 pips bars, what do you think...?

Or maybe... depending on and indi, a different bar every month... but, what indi?
  • #154
  • Nov 16, 2009 8:25am Nov 16, 2009 8:25am
A simple way around this issue of 50 pip blocks is to use pip range bars. Sierra charts do it or you can use Ninjatrader for it.

See image below, this is a 50 pip range bar chart. Apologies if this has already been used.
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD 16_11_2009 (50 Range).jpg Size: 73 KB
  • #155
  • Nov 16, 2009 8:56am Nov 16, 2009 8:56am
Quoting socchuot
Hello all,

This system is simple, but it is very few the profit.
I think 50 - 100 pips/day is good for this job.

I trade without any indicator, but I always get over 50 pips/days.

Here is my result yesterday:
http://tintucfx.com/today.jpg
104 pips today again = 96$

http://tintucfx.com/2009-11-16_215330.jpg
  • #156
  • Nov 16, 2009 9:02am Nov 16, 2009 9:02am
Socchuot, would you mind sharing what system you use to get these 100 pips per day? Also, how long have you trade this system????
Quoting socchuot
104 pips today again = 96$

http://tintucfx.com/2009-11-16_215330.jpg
  • #157
  • Nov 16, 2009 9:09am Nov 16, 2009 9:09am
Quoting CaNaRyTraDeR
Could you please be more specific?
Hi CaNaRyTraDeR,

I will share my system later
  • #158
  • Nov 16, 2009 9:14am Nov 16, 2009 9:14am
Quoting SeaPip
Socchuot, would you mind sharing what system you use to get these 100 pips per day? Also, how long have you trade this system????
Hi SeaPip,

I used my 100pips/day system some months ago. It is very accurate. I always use stop loss, maximum= 60 pips, normally about 15 - 20 pips.
But if you want to trade with my system you must be fulltime trader. I spend 10 - 12 hours /day -> get at least 100 pips/day.
------------------------------------
I will share my system later. please wait.
  • #159
  • Nov 16, 2009 9:18am Nov 16, 2009 9:18am
Quoting socchuot
Hi SeaPip,

I used my 100pips/day system some months ago. It is very accurate. I always use stop loss, maximum= 60 pips, normally about 15 - 20 pips.
But if you want to trade with my system you must be fulltime trader. I spend 10 - 12 hours /day -> get at least 100 pips/day.
------------------------------------
I will share my system later. please wait.
hi socchuot,

i spend also more than 10h/day and like scalping,it would be great if i can learn your system!

thanks in advance!
Money is made by sitting, not trading. Jesse L. Livermore
  • #160
  • Nov 16, 2009 9:24am Nov 16, 2009 9:24am
Quoting antonioforex
I am still not sure if I understood this method thoroughly. Is this correct?

Buy when there are 2 consecutive green candles - 100 pips. And sell when there are 2 consecutive red candles - 100pips.
Yes you're right. go to post n° 3
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