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50 pips candle system

  • #361
  • Dec 6, 2009 2:20pm Dec 6, 2009 2:20pm
Quoting herty
Hi Zebulon,

How will you open the trades on Monday? I am confused regarding the pending orders. In my view you have to open at 1.64500 both a short for the trend and a long for the range. What am I missing?

Merci
Herty
Hi,

I'm short since Friday at 1.6500, when the price went down to 1.6450, i've moved my SL to 1.6500 (BE). I'm playing downtrend.

But i've a pending order, buy at 1.6550 playing uptrend if the price climbs up...
  • #362
  • Dec 6, 2009 4:15pm Dec 6, 2009 4:15pm
Quoting optojay
Got the indi to work now! Removed the time start from the pricechangechart code and now it seems to line up with the sweetspot indi. It may get screwy if you switch timeframes.

Here is the modified indicator - put it on the chart with sweetspotgold and set the bar size to be the same in both indi's.

Now, you could more easily backtest a month manually to see if there is an optimal bar size - 25, 50, 75, 100? As was previously suggested, the bar size should perhaps be dependent on ATR/volatility?
You've done a very good job on this indicator.

Thank you,

Constin
  • #363
  • Dec 6, 2009 6:47pm Dec 6, 2009 6:47pm
Quoting optojay
Got the indi to work now! Removed the time start from the pricechangechart code and now it seems to line up with the sweetspot indi. It may get screwy if you switch timeframes.

Here is the modified indicator - put it on the chart with sweetspotgold and set the bar size to be the same in both indi's.

Now, you could more easily backtest a month manually to see if there is an optimal bar size - 25, 50, 75, 100? As was previously suggested, the bar size should perhaps be dependent on ATR/volatility?
Hello Optojay,

Do you think there is an error with the indicator?
Attached Image (click to enlarge)
Click to Enlarge Name: error.png Size: 25 KB


Thanks,

Constin
  • #364
  • Dec 6, 2009 11:05pm Dec 6, 2009 11:05pm
H[ Zebulon,

ok, thanks I understand now.http://cdn.forexfactory.com/images/icons/icon6.gif

Herty
  • #365
  • Dec 7, 2009 2:47am Dec 7, 2009 2:47am
Quoting constin
Hello Optojay,

Do you think there is an error with the indicator?
Attachment

Thanks,

Constin

Change TF to 15min and it should be OK. In very fast moves you may need 5m.
  • #366
  • Dec 7, 2009 6:32am Dec 7, 2009 6:32am
december updated :
initial method = -150 pips
evolution = 0
Attached Image (click to enlarge)
Click to Enlarge Name: 09-12-07 13 29 52.jpg Size: 31 KB
  • #367
  • Dec 7, 2009 7:00am Dec 7, 2009 7:00am
Quoting kostas1
Change TF to 15min and it should be OK. In very fast moves you may need 5m.
Thanks my friend,
I will try to smaller TFs.
I think the indicator draws the moves based on the open/close prices rather than hi/low.A good coder can fix that easily.

Constin
  • #368
  • Dec 7, 2009 10:24am Dec 7, 2009 10:24am
Indeed, Constin & Kostas! If there are price spikes that happen in a short period of time, the indicator won't draw it properly. I have done most of my backtesting on the M5 or M15 timeframe so as not to miss any of the movements.

If anyone ever codes an EA for this system, it will have to rely on "everytick" mode (ie. run the logic after every tick) or will have to be run on a very low timeframe if it checks after the close of a candle (as it would miss the spike).
  • #369
  • Dec 7, 2009 12:48pm Dec 7, 2009 12:48pm
Quoting optojay
If anyone ever codes an EA for this system, it will have to rely on "everytick" mode (ie. run the logic after every tick) or will have to be run on a very low timeframe if it checks after the close of a candle (as it would miss the spike).
Optojay,
Back in post #318Sangmane made a good EA that was following correctly the normal method. I also suggested a few additions to his EA at post #331 that IMO would help this method, but I haven't heard from him yet.
Sangmane, or some other coder could you help us in optimizing this method? It's not that I would trade it with an EA, but an EA can quickly help us optimize and try different filters.

Kostas.
  • #370
  • Dec 7, 2009 8:46pm Dec 7, 2009 8:46pm
Quoting zebulon
december updated :
initial method = -150 pips
evolution = 0

Hello Zebulon,

I believe if we trade with the trend the results will greatly improve.
I am testing this new idea and it seems to give more and less risky wins.
I will show how I determine the trend later and how we should take the entries cutting back some payments on the spread.
  • #371
  • Dec 7, 2009 8:54pm Dec 7, 2009 8:54pm
Here is an example on how I would enter.

I would also enter on a retracement of about 4 or 5 pips. That is if I am supposed to go long at 1.6500, I will wait for the candle to retrace to 1.6496 to go long. Then I will exit at 1.6550. This will give me exactly 50 pips in profit after paying 4pips for the spread.
  • #372
  • Dec 8, 2009 3:01pm Dec 8, 2009 3:01pm
december updated

initial method = -200
evolution = 50
Attached Image (click to enlarge)
Click to Enlarge Name: 09-12-08 14 05 26.jpg Size: 27 KB
  • #373
  • Dec 8, 2009 3:57pm Dec 8, 2009 3:57pm
Quoting zebulon
december updated

initial method = -200
evolution = 50
How about this setup?

-+ = Long

+- = Short

Stoploss & take profit = 50 pips

12 trades on the chart

Wins = 9
Loses = 3

75% hitrate
  • #374
  • Dec 8, 2009 4:18pm Dec 8, 2009 4:18pm
Quoting lcfxtrader
How about this setup?

-+ = Long

+- = Short

Stoploss & take profit = 50 pips

12 trades on the chart

Wins = 9
Loses = 3

75% hitrate
I like it, we should test it on other months
  • #375
  • Dec 8, 2009 4:22pm Dec 8, 2009 4:22pm
Well Spotted!

It looks good!

By the way - Renko for MT4 - anyone know where I can find a script/EA/Indicator that works, as I have looked and cannot find one that works.

Thanks,
Vip

Quoting lcfxtrader
How about this setup?

-+ = Long

+- = Short

Stoploss & take profit = 50 pips

12 trades on the chart

Wins = 9
Loses = 3

75% hitrate
  • #376
  • Dec 8, 2009 4:34pm Dec 8, 2009 4:34pm
Sorry ignore me... I have found one and trying it out.

Quoting guess121
Well Spotted!

It looks good!

By the way - Renko for MT4 - anyone know where I can find a script/EA/Indicator that works, as I have looked and cannot find one that works.

Thanks,
Vip
  • #377
  • Dec 8, 2009 4:44pm Dec 8, 2009 4:44pm
Quoting lcfxtrader
How about this setup?

-+ = Long

+- = Short

Stoploss & take profit = 50 pips

12 trades on the chart

Wins = 9
Loses = 3

75% hitrate
I think the problem is the range .

+ - + - + - + -
  • #378
  • Dec 9, 2009 6:54am Dec 9, 2009 6:54am
Here's the entries for the -+ & +- candles.
Attached Image (click to enlarge)
Click to Enlarge Name: 50 pip trades.jpg Size: 87 KB
  • #379
  • Dec 9, 2009 7:10am Dec 9, 2009 7:10am
I have desided to trade by folowing metod together with a litle bit of martingale system.
My teory is that price moves 3 bars in trend and 3 diferent bars in range.
So after 3 same color bars GGG or RRR I will begin to take oposite trade, and after 3 diferent bars GRG or RGR I will take same direction like the last bar to wait for start of the trend. There will quiet seldom be times where I become very risky becose of martingale.
I will use martingale in this way,-
first loose1(0.1), 2(0.1), 3(0.2), 4(0.4), 5(0.8), 6(1.6), 7(3.2)after six times in a row I will loose 1600 pips in summary. You see I do not start doubling after first time becose when I loose my first goul is to get brake even not profit, but there will be profit as well on the long run. It helps to use martingale one time more and not so risky. You may also lough if you want becose I know that it is posible to get in a very long consolidation or very long trend. You have to be clear what you are doing...
  • #380
  • Dec 9, 2009 7:10am Dec 9, 2009 7:10am
Quoting lcfxtrader
Here's the entries for the -+ & +- candles.

Mmmmm...you are giving me a good idea....i will work on it
Market is like a puzzle, YOU have to fit the pieces!!
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