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Attachments: The CARMEN System Indicator
Exit Attachments

The CARMEN System Indicator

  • #881
  • Dec 21, 2009 11:05am Dec 21, 2009 11:05am
Hi Bolloqz
Stop loss is not recomended for this system, as you should always monitor your position, and exit from it as per carmen's instructions. Read and re-read the first post and make sure you understand it well !!

Sotos
  • #882
  • Dec 21, 2009 11:15am Dec 21, 2009 11:15am
Quoting Bolloqz
Hi Guys, im a newbie and now testing this indicator on my demo account.. what about SL? i cannot find any information on setting up SL level on the 1st page..
Does it mean that we dont need to set SL when using this indicator?
You must always always have Stop Loss, in case of connection problems, etc. Stop Loss is subjective and people disagree what should be the stop loss. Some people use support / resistance levels , some use a % of the ATR and some put the entry + or - certain number of PIPS (e.g if profit target is 30 pips S/L 15 pips). So there is no set rule.
I hope this helps, although there are many contributors who are more experinced than me and may ahve better suggestions.
  • #883
  • Dec 21, 2009 11:32am Dec 21, 2009 11:32am
astral77,

I believe this was a typo and was meant to be "NEW". I have seen nothing in the thread about trading the news.
  • #884
  • Dec 21, 2009 12:29pm Dec 21, 2009 12:29pm
Observing carmen on the side-line until next year...looking good so far.

Based on aicccia's system rule, hope I made the correct observation on the attached cable 1min. chart...
Attached Image (click to enlarge)
Click to Enlarge Name: carmen.jpg Size: 143 KB
  • #885
  • Edited 6:29pm Dec 21, 2009 12:47pm | Edited 6:29pm
Quoting Big E!
astral77,
I believe this was a typo and was meant to be "NEW". I have seen nothing in the thread about trading the news.
I think that must be it. I must have left my brain somewhere!!! It is saying a anew trade. However, since this was designed for GBPUSD and I am running other pairs on it the alert does not say which pair and have to go through them one by one. I do not know how practical it is or indeed possible to add the name of the pair to the alert.
Attached Image
  • #886
  • Dec 21, 2009 9:26pm Dec 21, 2009 9:26pm
thanks guys.. --> sotos n astral77 for the reply n advice
  • #887
  • Dec 21, 2009 9:45pm Dec 21, 2009 9:45pm
sorry guys, but i need your advice here..

when i change my chart to 1min TF the chanel line dissapeared. But on other higher TF it works fine.. any advice?

thanks
  • #888
  • Dec 22, 2009 12:28am Dec 22, 2009 12:28am
Quoting Bolloqz
sorry guys, but i need your advice here..

when i change my chart to 1min TF the chanel line dissapeared. But on other higher TF it works fine.. any advice?

thanks
Try Zooming Out.

Maybe you can see the Channel in TF 1min
Smile Chankl78
  • #889
  • Dec 22, 2009 1:23am Dec 22, 2009 1:23am
Quoting astral77
Hi Aicccia

you have created something quite unique here. I have been testing it during the London session all day today with 14 different pairs. I like the feature of constantly reminding you with messsages (i.e. close position, marekt ranging, etc), to keep out of trouble. The system demands constant price watch and for most of us who have jobs the EA would be very useful. I guess the EA would also stop people from jumping the gun and taking chances when the market conditions are not optimum.

Just one question, sometime it comes with message...
I understand that this system has been created specifically for GBP/USD and the 1min timeframe. However as a test I have this indicator loaded on 18 different currency pairs - each with two or three different chart timeframes. From my initial observations (and not serious backtesting) over the last few days Carmen would seem to have worked with the majority of pairs on the 1hr and 15min timeframes. By "work" I simply mean buying when the line goes above the channel (either green or yellow line), and exit or sell when the line goes through the bottom of the channel. No trade if the channel is red, and no selling half size.

The occassions that it didn't work the losses were kept small by exiting when the line crossed the other side of the channel. Conversely when it does go into profit the system lets them run thereby enabling the gains to far outway the losses.

An extreemly choppy day could result in a loss, however I believe that under standard trading conditions this system has real potential. Like others have commented it lends itself to an EA, due to the need to watch until it exits the other side of the channel. This is especially true of the longer timeframes which can be in a trade for a number of days.

Just my initial observation for what it's worth.
Cheers
ForexKiwi
  • #890
  • Dec 22, 2009 3:44am Dec 22, 2009 3:44am
Hi Guys,

For some reason version 4.01 doesnt download correctly on my Computer? It downloads as a Attachment PhP file? Mt4 doesnt reconize it when I try to compile it?
I have tryed downloading it on my other computer and I got the same thing. Can some please help me.

Thanks in Advance
Clayton
  • #891
  • Dec 22, 2009 4:13am Dec 22, 2009 4:13am
Hi Clayton
I had trouble too. I saved to documents than dragged and dropped to indicators , works fine now. hope that helps
" When the ship starts to sink, don't just pray. JUMP "
  • #892
  • Dec 22, 2009 4:40am Dec 22, 2009 4:40am
Quoting astral77
I think that must be it. I must have left my brain somewhere!!! It is saying a anew trade. However, since this was designed for GBPUSD and I am running other pairs on it the alert does not say which pair and have to go through them one by one. I do not know how practical it is or indeed possible to add the name of the pair to the alert.
LOL. yeah at the last minute I relized I'd only put in alerts for when to open a trade, but forgotten about alerts for closing a trade. I'll fix the typos and make the alerts more specific tonight. thanks for the heads-up.
  • #893
  • Dec 22, 2009 4:42am Dec 22, 2009 4:42am
Quoting candletrader
Observing carmen on the side-line until next year...looking good so far.

Based on aicccia's system rule, hope I made the correct observation on the attached cable 1min. chart...
thats exactly right.
  • #894
  • Dec 22, 2009 4:44am Dec 22, 2009 4:44am
Nope still doesnt work. I have no clue what to do? When I download it this is what is says

Name: attachment. php
Type: Application, 13.7KB
From: cdn.forexfactory.com

I figure it doesnt work because it is recognized as a attachment. php file? Even though it is cleary posted as an carmens eyes v4.01.ex4

I honestly no clue on how to get it to work, I have done everything I know and still have come up short. By chance is version 4.01 an MQ5 Indicator?
In advance thanks for the help
Clayton
  • #895
  • Dec 22, 2009 4:44am Dec 22, 2009 4:44am
Quoting astral77
HI

You are right that there were only three colours (no yellow confirmation), If I see direction candles and no change of colour to yellow I will take the trade. I notice from your chart that the indicators were RED in colour when movement started however, on my platform it had turned Olive earlier. I have noticed that the indicator looks slightly different with different brokers ( I have it running on FXCM, Forex.com& IBFX). Please see attached which is from Forex.com account.

regards
the indicator will look slightly different depending on the amount of history for the timeframe you've put it on. If you have very little history then it might look very different.
  • #896
  • Dec 22, 2009 4:46am Dec 22, 2009 4:46am
Quoting astral77
Hi Aicccia

you have created something quite unique here. I have been testing it during the London session all day today with 14 different pairs. I like the feature of constantly reminding you with messsages (i.e. close position, marekt ranging, etc), to keep out of trouble. The system demands constant price watch and for most of us who have jobs the EA would be very useful. I guess the EA would also stop people from jumping the gun and taking chances when the market conditions are not optimum.

Just one question, sometime it comes with message...
its a typo, it should be "open a new trade". sorry about the confusion, I'll put out a fix soon.
  • #897
  • Dec 22, 2009 4:58am Dec 22, 2009 4:58am
Quoting enewbold
Ahh... perhaps you could offer a couple of suggestions regarding the "quick changes" we can make to Carmen. I, for one, would like to experiment a bit with various settings, but don't know which ones to modify. Thanks for any advice you might have to offer in this area.

Merry Christmas!
Ed
Sure. I've ranked the settings in the order of how strongly they affect the indicator. For a slower system that makes trades less frequently, increase the expand_rate settings. Start_trending and Xindi_period determine the red, no trading periods of the indicator. breakeven_rate and expand_rate_1 control the channel's distance from the price at the beginning of a trade.

start_trending
breakeven_rate
expand_rate_1
Main_expand_rate_2
Main_expand_rate_3
bufferplus
Xindi_period
start_at_pips_profit_2
start_at_pips_profit_3.
start_at_pips_profit_3
  • #898
  • Dec 22, 2009 5:04am Dec 22, 2009 5:04am
Quoting ClaytonA
Nope still doesnt work. I have no clue what to do? When I download it this is what is says

Name: attachment. php
Type: Application, 13.7KB
From: cdn.forexfactory.com

I figure it doesnt work because it is recognized as a attachment. php file? Even though it is cleary posted as an carmens eyes v4.01.ex4

I honestly no clue on how to get it to work, I have done everything I know and still have come up short. By chance is version 4.01 an MQ5 Indicator?
In advance thanks for the help
Clayton

Clayton, this is a problem associated with Internet Explorer. Download the file then change tne .php to .ex4 then just drag and drop it to the indicators folder. I find this usually works
  • #899
  • Dec 22, 2009 5:42am Dec 22, 2009 5:42am
Based on aiccia rules, what happens if the MA is yellow throughout? should we exit or remains? cos from the attachment, once the MA is outside the channel line, should do a buy then now is all yellow.... what is the decision? thanks
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 96 KB
  • #900
  • Dec 22, 2009 5:54am Dec 22, 2009 5:54am
Primarily thanks to the author for the great work!
I have tried to receive values of the indicator through iCustom () and have found out the following. Received values are equal in the work beginning to values of the indicator on the chart. And through any operating time of value from the buffer 1 and 2 (the top and a channel bottom) start to differ that is drawn on the chart (7-15 pip). Looked in a tester and on an operating chart. Besides, if through any operating time to enter into properties of the indicator and, without changing them, to leave, lines of the indicator (channel) change the position.
If it is necessary, I will try to put drawings.
Why the such can be? Thanks.
For creation EA it is very important.
I apologise for my English...
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