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  • #21
  • Mar 26, 2010 9:22am Mar 26, 2010 9:22am
Quoting MPP
OK here are the charts, i'll remove them later as i got them kinda big so you can see were my low is compaired to the previous matching low - was my first review.

Also i'm looking at 1h 4h daily charts nothing lower
Sorry to be so daft, but what currency pair is that??
  • #22
  • Mar 26, 2010 12:24pm Mar 26, 2010 12:24pm
Hello Bytebodger,
i like your way of thinkin'. I've created indy which should count bars for you.

Happy pips,
D3trax
Attached File(s)
File Type: ex4 d3TrendCounter_v1.ex4   3 KB | 556 downloads
  • #23
  • Mar 26, 2010 12:35pm Mar 26, 2010 12:35pm
Quoting D3trax
Hello Bytebodger,
i like your way of thinkin'. I've created indy which should count bars for you.

Happy pips,
D3trax
Hey, thanks! I create EAs but I've never bothered to create a custom indicator (I know, it's basically the same thing, but I just spend all my time making the programs to juggle this stuff in system memory. I don't often set my own eyes on a chart.)

Good stuff.

MPP: Take this indicator and stick it on your charts. That should clear up the issue of having two, very high, upward/downward counts.
  • #24
  • Mar 26, 2010 12:46pm Mar 26, 2010 12:46pm
Bytebodger,

Great bar counting concept for identifying existing trends and reversal points! Trend is something that is easy to define in retrospect--harder in real time. But your method appears to be a simple and effective way to objectively identify current direction for early entries. Thanks for sharing this.

And thanks to D3Trax for the indicator.
  • #25
  • Mar 26, 2010 2:21pm Mar 26, 2010 2:21pm
@bytebodger: thanks for sharing your idea!!

@d3trax: great indicator! but could you please shift the numbers above the bars a little bit higher? the numbers under the bars are placed correctly but the others are placed directly in the bars. just have a look...

thanks!!
Attached Image (click to enlarge)
Click to Enlarge Name: Unbenannt.JPG Size: 59 KB
  • #26
  • Mar 26, 2010 2:30pm Mar 26, 2010 2:30pm
Quoting more
@bytebodger: thanks for sharing your idea!!

@d3trax: great indicator! but could you please shift the numbers above the bars a little bit higher? the numbers under the bars are placed correctly but the others are placed directly in the bars. just have a look...

thanks!!
Aye,
i moved "above" numbers a bit and added "height_shift" variable which sets distance from high/low...

Happy pips,
D3trax
Attached File(s)
File Type: ex4 d3TrendCounter_v2.ex4   3 KB | 488 downloads
  • #27
  • Mar 26, 2010 2:37pm Mar 26, 2010 2:37pm
Quoting D3trax
Aye,
i moved "above" numbers a bit and added "height_shift" variable which sets distance from high/low...

Happy pips,
D3trax
Sweet! Thanks again!
  • #28
  • Mar 26, 2010 2:39pm Mar 26, 2010 2:39pm
Quoting PiedPipper
Bytebodger,

Great bar counting concept for identifying existing trends and reversal points! Trend is something that is easy to define in retrospect--harder in real time. But your method appears to be a simple and effective way to objectively identify current direction for early entries. Thanks for sharing this.
Thanks, Pipper. I think you succinctly communicated what I was trying to get out in my long posts. It's always relatively easy to look at the last hour/day/week/month and see where the trend WAS, but this counting system allows me to make an educated guess about where the trend is GOING.
  • #29
  • Mar 26, 2010 3:07pm Mar 26, 2010 3:07pm
Hi all,
I must confess i'm a lazy guy, i tested indy only on H1. It looks pretty ugly in different timeframes.
So i split "height_shift" variable into height_shift_high and height_shift_low to allow fine-tune position for desired timeframe.
Attached File(s)
File Type: ex4 d3TrendCounter_v3.ex4   3 KB | 534 downloads
  • #30
  • Edited 5:42pm Mar 26, 2010 4:48pm | Edited 5:42pm
A question for the OP for clarification: how do you deal with equal closes? It seems to fall outside of your rules in post #5. However I note an equal close bar (on post #5) following the -14 bar that is marked with a green zero on top. I believe Metatrader's coloring scheme counts equal closes as green bars. Do you have a rule for equal closes?

Thanks!
  • #31
  • Edited 5:55pm Mar 26, 2010 5:41pm | Edited 5:55pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
here's a 1h and 4h chart , with version 2 of the indy,

Attached Image (click to enlarge)
Click to Enlarge Name: 1h.jpg Size: 66 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 4h.jpg Size: 69 KB


although the numbers seem high, it still looks like the count is giving me a trend in the long direction, as the high point was a larger number than the low point, and the green numbers on the swings in between are pulling bigger numbers than the retracements
  • #32
  • Mar 26, 2010 6:14pm Mar 26, 2010 6:14pm
for MPP:
yeh, problem is that text objects ( written numbers) are positioned by pips - so 10pixel font looks still same but offset must be changed for both low/high placements... that's reason why i created v3, which contains settings for both low and high placements. I'm not sure if it's possible to change position dynamically based on selected TF. If someone know, please gimme advice ...

Happy pips,
D3trax
  • #33
  • Mar 26, 2010 6:25pm Mar 26, 2010 6:25pm
Quoting FXEZ
A question for the OP for clarification: how do you deal with equal closes? It seems to fall outside of your rules in post #5. However I note an equal close bar (on post #5) following the -14 bar that is marked with a green zero on top. I believe Metatrader's coloring scheme counts equal closes as green bars. Do you have a rule for equal closes?

Thanks!
That's good question, indy simply skips dojis ( open=close) completely.
  • #34
  • Mar 26, 2010 6:29pm Mar 26, 2010 6:29pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting D3trax
for MPP:
yeh, problem is that text objects ( written numbers) are positioned by pips - so 10pixel font looks still same but offset must be changed for both low/high placements... that's reason why i created v3, which contains settings for both low and high placements. I'm not sure if it's possible to change position dynamically based on selected TF. If someone know, please gimme advice ...

Happy pips,
D3trax

HI D3trax
i was refering to the candle count (999) not the relationship between position of numbers over candles - i'm not that lazy that i can't make minor adjustments to suit TF, also you could simply create a template for each TF thus the settings will always suit the chart

thanks for the indy

MPP
  • #35
  • Mar 26, 2010 10:29pm Mar 26, 2010 10:29pm
Quoting FXEZ
A question for the OP for clarification: how do you deal with equal closes? It seems to fall outside of your rules in post #5. However I note an equal close bar (on post #5) following the -14 bar that is marked with a green zero on top. I believe Metatrader's coloring scheme counts equal closes as green bars. Do you have a rule for equal closes?
Yes, good point.

 

  1. With the advent of fractional pips, this actually happens much less than it used to (and it did not happen much before). Many bars that look, to the naked eye, to have "equal" opens/closes actually have, technically speaking, slightly different opens/closes when you look at the fractional values.
  2. This is not meant to dodge the question. Even with fractional pips, it is of course still possible to have exactly equal opens and closes. The EA I'm using (I'm not pushing this as a trading system, but it does tie into an EA that I have written and am currently testing in demo mode) is programmed to basically ignore bars with perfectly equal opens and closes. Is that the "optimal" approach? I'm not sure. As I said, I'm still testing the EA and I can't say with any empirical evidence how best to treat these bars. I can only tell you that I am currently treating them as "non-bars" when trying to discern a positive/negative trend.
  3. Please keep in mind that I am not pushing this as a "system" (and that's why I didn't put this thread under the "Trading Systems" forum). Even though I am trying to privately work this into a trading system, it is admittedly, embryonic right now, at best. Instead, if I am "pushing" anything, it is simply the idea that this methodology might be able to give you some more insight into the current trend, and any changing trends as they develop. With that in mind, I would say that if a bar seems to be dang-near equal (even if it, technically, is not), then I would encourage you to approach that bar (and any "signals" it's giving you) with extreme caution.


Hope this helps...

  • #36
  • Mar 26, 2010 11:01pm Mar 26, 2010 11:01pm
Quoting MPP
here's a 1h and 4h chart , with version 2 of the indy,

Attachment

although the numbers seem high, it still looks like the count is giving me a trend in the long direction, as the high point was a larger number than the low point, and the green numbers on the swings in between are pulling bigger numbers than the retracements
Hey MPP, I'm not sure if I properly communicated my counting system because I don't see much of a long trend in either of the charts that you've posted. This is my fault for not being very clear.

On the first (top) chart, I see a non-trend. This is because the most-recent up-trend has a strength of "2" and the most recent down-trend has a strength of "2".

My method of quantifying the trend is only an attempt to quantify the current, IMMEDIATE trend. So when I look at your H1 chart posted above, I see that the highest overall positive value is 381 and the lowest overall negative value is 264. Based on this, maybe you think that the current trend is upward, but that's not how my "system" works.

My "system" is only to look at the most recent up-trend number (which, in this case is "2") and compare it to the most recent down-trend number (which, in this case is also "2").

FWIW, this also confirms my "no duh" check when I look at the chart. There is an obvious downtrend through 22 March, but after that, everything just seems to be sitting in a channel.
  • #37
  • Mar 26, 2010 11:07pm Mar 26, 2010 11:07pm
Quoting MPP
here's a 1h and 4h chart , with version 2 of the indy,

Attachment

although the numbers seem high, it still looks like the count is giving me a trend in the long direction, as the high point was a larger number than the low point, and the green numbers on the swings in between are pulling bigger numbers than the retracements
And looking at the H4 chart, I see a similar stalemate. If you held a gun to my head and forced me to pick a direction, I would pick "down" because the most recent downtrend has a strength of 5. The most recent uptrend has a strength of 0 - so this means that I go back to the previous uptrend which has a strength of 4. So, technically speaking, the bears seem to have a +1 advantage on the bulls, but I'm not claiming that advantage is substantial.

Does that help?
  • #38
  • Mar 27, 2010 1:50am Mar 27, 2010 1:50am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Bytebodger
And looking at the H4 chart, I see a similar stalemate. If you held a gun to my head and forced me to pick a direction, I would pick "down" because the most recent downtrend has a strength of 5. The most recent uptrend has a strength of 0 - so this means that I go back to the previous uptrend which has a strength of 4. So, technically speaking, the bears seem to have a +1 advantage on the bulls, but I'm not claiming that advantage is substantial.

Does that help?
i think i get it now, it's not about the highest or lowest point on the chart is more about the last count for either direction.

So if we look at this daily chart we have a 6-2 in favour of the downside as we don't count the 0

Attached Image (click to enlarge)
Click to Enlarge Name: d1.gif Size: 16 KB


am i getting closer - Bears have the advantage
  • #39
  • Mar 27, 2010 3:39am Mar 27, 2010 3:39am
Bytebodger,

A thought-provoking concept you have developed.. thanks!

I would like to ask if your number counting ever resets to zero - technically, we could have very large numbers if we use hourly bars and have been in an up/downtrend for weeks.
  • #40
  • Mar 27, 2010 5:20am Mar 27, 2010 5:20am
Hi Bytebodger

Thanks for the most illuminating and instructive thread for a novice , like me to read and understand.
My subscription for e-mailing is in and I will follow and ask questions but most of all, to observe.

John from Durban
South Africa
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